The Press.
London, England, 1855-04-21 00:00:00

THE NEW LOAN.

A MEETING was held at the Treasury on Monday in
pursuance of the notice given in the last PRESS re-
specting the issue of a new loan. The Prime
Minister, the Chancellor of the Exchequer, and some
other members of the Administration, attended on
the part of the Government, and were met by a con-
siderable number of the chief City capitalists, inclu-
ding Messrs. Rothschild, Sir I. L. Goldsmid, Mr. Ald.
Selomans, Mr. T. M. Weguelin, Governor of the
Bank of England, and Mr. S. Neave, Deputy
Governor; Mr. Hutchinson, chairman of the Stock
Exchange ; Messrs. Norbury, Hammond, Trotter,
Robarts, Uzielli, Gibbons, R. and S. Cohen, &c.
The CHANCELLOR of the EXCHEQUER read the pro.
gramme of "particulars" setting forth the principles
on which the loan was to be raised, and according to
which the biddings of the capitalist community were
invited. This programme ran as follows :

1. The loan to be for the sum of 16,000,0001.
2. For every 1001. subscribed in money, the contractors to
have 1001. Three per Cent Consolidated Annuities, and a termi-
nable annuity fur thirty years, ending on the sth of April, 1884.
The biddings to be wade iu the terminable annuity.
1 The interest on the Three per Cent. Consolidated Annuities
to commence from the sth of January., 1855, and the terminable
annuity to commence from the sth of April, 1335.
4. 'tile days of payment, and the proportions of the contribu-
tions to be paid, to be as follows:
On Tuesday, Anvil 24, 1855, deposit of 101. per cent.
- May 29, —.- payment of 151. -
- June 19, 101. -
- July 17, 151, -
- August 21, 101. -
- September 18, 101. -
- October 18, 101. -
- November 20, lbL -
- December 18, 1111.
5. For each instalment after the deposit a proportional amount
of Stock to be created for the contributors.

The Stock payable on the deposit to be created at the same
time with that which will be due on the last instalment, when
the terminable annuity will be also written into the contributors'
names in the books of the Bank of England.
6. The biddiugs to be made at the Treasury, on Friday morn-
ing, the 20th of April, 1556, at ten o'clock.
Some conversation then took piece, in the course o f
which various queries were put to the Finance
Minister, eliciting replies to this effect :

That there would be no reserve for public companies.
That no discount would be allowed for prompt payment,
the payment of the instalments having been so arranged
as to meet the requirements of the public service ; but
that contributors who might wish to pay up their contribu-
tions for the purpose of obtaining Stock would be at liberty
to do so, without an allowance of discount.
That there would be no exemption from income tax on
the first scrip dividends.
That it was not the intention of the Government to con•
tinue the sales of Savings-bank Stock for the purposes of
the Government during the payment of the instalments,
but that the demands of the savings-banks alone would be
their guide in selling stock.
That the Government had no intention of funding
Exchequer Bills.
That a vote of credit for the extraordinary expenses of
the war might be submitted to Parliament, and that, if
granted, the amount would be raised by Exchequer Bills,
and that there was no present expectation that the vote
would exceed 3,101,0001., or that any of such additional
Exchequer Bills would be brought into the market during
the payment of the instalments.
That the Government did not contemplate any farther
loan (luring the period fixed for the payment of the instal-
ments of the present loan, which was founded on the full
amount of the provision estimated to be required for the
service of the whole year, but that the Government could
not pledge itself not to resort to a further loan if unfore-
seen circumstances should arise to render that step
necessary.
Sir G. C. Lewis further stated, in answer to an in-
quiry whether, if a further loan were resorted to, the
subscribers to the present loan would be placed in
the same position as to their unpaid instalments as
the subscribers to the new loan, that the conditions
of the present loan must be fulfilled without reference
to those of any future loan. The Chancellor of the
Exchequer afterwards observed that his statements
had reference solely to the intentions of the Govern-
ment, and that lie could not undertake to pledge
himself that no foreign Government should come
into the market with a loan guaranteed or not by the
British Government, during the pavment of the in-
stalrnent, of the present loan ; and, finally, that the
bidding.; must be made for the whole loan of
V 3,000,0001.

370

THE WAR.

THE BOMBARDMENT RECOMMENCED.

Telegraphic advices from the camp report at
length that the preparations of the besiegers were
complete, and that the bombardment of Sebastopol
was resumed on the 9th, and continued day and
night. The results of the fire have been reported
by General Canrobert in successive despatches to
the French Government, which come down to the
14th instant. On the first day it was announced that
the advantage appeared to be on the side of the be-
sieger•, but that no signal success had been obtained.
The close of the second day's bombardment was
grated to he more sati,tactory than the first. 'the
French operated chief y against the Malakoff Tower,
and with success. At first the Russians appeared to
repair the damage done when the bombardment
commenced ; but, as far as could be a• certained, at
the close of the second day they had not sought to
do so.

On thel2th, the third day, the despatch announced
that the fleets were raugt-d in line of battle before
the port of Sebastopol. The bombardment was kept
up against the Malakoff Tower, but without result,
up to the 12th.
Under date of the 14th, the General states that the
superiority of the artillery of the allied armies was
more and more confirmed. Our troops on the pre-
ceding night, having twice driven the Russians from
their strong position on the left, remained masters of
them ; they are much nearer to the town.
Rumours prevailed in Vienna on Wednesday
evening of a sanguinary engagement having taken
place outside Sebastopol, in which the Russians wet e
defeated; but these rumours were of a very indistinct
shape.
HEAVY LOSS OF THE RUSSIANS.

The Russian accou►►ts state that the allies opened
their fire on the 9th, at five o'clock in the morning ;
kept up a heavy cannonade till ten in the evening,
and a sharp bombardment during the night; repeating
the same course on the 10th. Prince Gortschakoff
says he inflicted a severe loss on the allies by a suc-
c3ssful return of the fire, but atimns having lost 833
men k►lled and wounded.
The allies have demanded 20,000 men to be sent
down to Sebastopol, ►t was imagined, for the assault.
The embarkation began on the sth. Omar Paella
was to leave on the oth. _ .

The Military Gazette of Vienna learns, by Russian
letters from the Crimea, that Prince Gortschakoff
bas modified his original plan of operations. The
centre f his army will be at Baktchi•Serai and
Simferopol ; the right wing will lean on Perekup.
The defe ce of Seba topul will be independent of
the exterior onerations, but it will be extended as tar
as the lines of the Tschernaya Corps of observat,on
wilt be established in intrenctied camps on the Katcha
and Belbe&k.