The Express.
London, England, 1855-04-17 00:00:00

THE NEW LOAN.

Tan real form and pressure of the proposed loan
will only become known on Friday. The bidding,
are to be made at the Treasury on Friday, at 10
o'clock, and thus the CHANCELLOR of the EXCHEQUZZ
will have it in his power to give a full and explicit
meant of the operation, in all its details, in his
bedget speech. At present we only know that for
every 1001. subscribed in money the contractors are
to have 1001. Three per Cent. Consolidated Annuities,
and a Terminable Annuity for 30 yews. The Ter-
minable Annuity is the value to compensate for the
difference between the actual selling price of Con-
sols and 1001. According u a high or a
low pries is obtained for this Terminable Annuity will
the loan be raised at a cheap or a dear rate. When
we know what bidding for his Terminable Annuity
the Cliassantoit of the ExcnEcluss has accepted, we
shall be in a condition to conjecture whether he has
made a good or a bad bargain for the country. At
present we have no data to proceed upon. All depends
upon that elastic margin, the price of the Terminable
Annuity.
iM far, however, u regards the general question,
whether the CHANCELLOR has judged wisely in de-
ter■isdeg to raise the loan partly upon a creation of
Three per Cents., and partly upon a creation of
Terminable Annuities, we are disposed to an-
swer it in the affirmative; and that for the
reasons so ably stated by Mr. Nswitincs,
in hie recently published pamphlet on lie.
Pres loans. With respect to the preference of
Three per Cents. to some higher denomination, Mr.
NEWHAM/1. by an elaborate analysis of the Irish
Loan 0E8,000,0001. is 1847, demonstrates how much
the former are preferable. With regard to the superior
eligibility of Three per Cents., with a Terminable
Annuity margin. to a creation of Terminable Annuities
exclusively, he thus expresses himself:
I am gaits swan that. is essay quarters, a stets' °phase
is 'eternised to the effect that, even from the eaninesee•
I meat et the was is 1743, a very considerable portks et the
Leese Midi have been raked, sot only in Fire per COMLs
bat, it alai bees so desired, eves to Terminable Snosillles
end that leading opotatioas eosdeetod is Twolnitills
Amides would have involved only a slight atiallks lin Ilho
terns ritually paid is Three per Gate.
Upon am Almada grounds a pabile loan, senkaited
in Terminable Amities, is, perhaps, ter the State the tore

of borrowing meet &skalds, lot at the lapse of the term the
anneal barden of the debt ewes. Bet maseeted with the
plan of Terminable Annuities, there an other mendentireas
of a bleier and are postal name than them of mere
Goatee ; end when tie whale gelation has to be dimmed,
,it will appear, I think, that while Terminable Annuities
may be employed with edrantap aa one of sevenl forms of
fending, it would be exceedingly unwise to resort to them
as the sole, or even tit principal. method.

As sews the lam of 1793-181, it will be erideat
hes the alts usteised /a di/fermi garb of the Mused's,
that the depessiatiea of lan Ansonia', as impend with
Monk wu always in great u to reader it medially ha-
swills to ban sleeted Laag Amain as the peedisiast
steak la whisk to seat for eligible tendon. Ia Kay. 1798,
fee so _t lasi Atheists fell to a pries of LI yeas'
71411111•6 a rata et 71. 12e. per est., while °meth
weft sely IL de. ; aid while, farther, Leas As-
[ *MN Ibened.SS bail hest%weed at 21i la Kink 1793,
*Whig GAOL Wiest a than ustesperary peke of Coa-
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essiledieg that
bat ea raw se.
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tom sash*
aware that as a
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