The Express.
London, England, 1863-10-08 00:00:00

THE NEW BRAZILIAN LOAN.

The Brazilian Four-and-a-Half per Cent. Loan
for 3,300,0001. is announced through Messrs. Roths-
child& Below we give the official prospectus

IMPERL&L BRAZILIAN POUR-AND-A-HAL? PER CENT.

wax 1863 roe 3,300,0001.
Ilia Majesty the Emperor of Brazil having,
under date of the Bth June, 1863, authorised a
loan of 3,300,0004 sterling, for the purpose of
redeeming in London the Five per Cent. Loan of
1843, amounting to 382,000., due on the Ist
January, 1864 ; likewise redeeming the Five per
Cent. Loans of 1824 and 1825, amounting together
to 2,357,90 W., due on the lst April, 1864, and of
discharging in Brazil with the balance the dusting
Treasury Bonds, N. M. Rothschild and Sons, Um,.
cial agents of the imperial government, have to
announce that they are ready to receive at their
office subscriptions for this loan. It will be
emitted in bonds to bearer for 10W., 500!., and
1,0001. each, carrying interest at 4* pa. cent. per
annum, in coupons payable half-yearli in LJudon
on the Ist April and Ist October each year, the
first half-year's dividend being due the let April,
1864.

The bonds are to be issued for 30 years, and will
be redeemed by a sinking fund of it. 13e. per
cent. per annum, operating half-yearlyby purchases
on the market when at or under par, and by draw.
ings by lot when above par.
The price of emission is 881. for every 100/.
stock, payable as follows :
15 per cent. on allotment.
15 19 16th November, 1863.
15 15th December, 1863.
10 PP 15th January, 1864.
33 IP 22nd March, 186 i.

To subscribers who prefer payment by anticipa.
tiou of the above periods a discount at the rate of
5 per cent. per annum will be allowed.
Applications for this loan must be made, and be
accompanied with a deposit of five per ceut. on the
amount applied for. In case the allotment should
not require the whole deposit, the surplus will be
returned ; if it be insufficient for the first instalment
on the amount allotted the balance required must
be paid forthwith.
Scrip receipts will be issued, which will be
exchanged for the bonds after payment of the last
instalment.

Applications will be received until Monday even-
ing the 11th inst.
_ _

New-court, St. Swithin'sdane, E.C., Oct. 7, 1863.

We have reason to believe that this loan has not
been brought forward until arrangements have been
completed for securing to it substantial support. It
is known, indeed, that a number of the principal
monied houses have already signified their wish to
take large amounts. The success of the operation
is thus assured. This result has been rendered the
more easy because the present loan differs from
some that have preceded it in being offered to the
public at a price which affords a fair margin of
profit to the subscriber. The price of issue is 88
per cent., and the allowances for deferred payment
bring it down to a fraction below 87, while the
present market quotation for the existing Brazilian
Four-and-a-Half per Cent. stock is 93 to 94,
including dividend from the Ist of June
last. The price three days ago (which per-
haps affords a better criterion) was 94 to
95. As another point in favour of the new
loan, it will be noticed that it makes no addi-
tion to the existing debt of Brazil, the form of
which is merely changed—that is to say, bonds
maturing in London on the Ist January and Ist
April next to the amount of 2,719,900 i. will be
redeemed, as will also certain treasury bonds afloat
in Brazil. It is satisfactory to remark that apart
from the virtual funding of this latter form of
loud debt into foreign bonds, the affair will involve
no draught upon our stocks of gold, or our money
market, as the foreign bonds to be paid off are held
chiefly in England. The list is to be closed on
Monday evening next, and it is not doubted that
the loan will be covered several times over.