The Express.
London, England, 1864-04-18 00:00:00

THE MEXICAN LOAN.

The prospectus of the Anglo-Freoeh Six per
Cent. Loan of the Empire of Mexico hair been
issued. The agents in London are Messrs.
Glyn, MIL, and Co., and the International
Financial Society, and in France the Credit Mo-
biller Society. The amount of the loan, as finally
arranged, is 7,790,000/, representing a nominal
amount of 12,365,0001. Of this amount 8,000,0004
bonds will be negotiated on account of the Mexican
government, and the remaining 4,365,0001. on
account of the French government, by whom these
bonds have been accepted in payment of expenses
incurred in Mexico. The price of issue is 63 per
cent, with interest from the Ist instant
The half-yearly coupons will be payable on the Ist
April and Ist October of each year, in London, in
sterling, at the bank of Messrs. Glyn, Mills, and
Co., and in Paris, at the fixed exchange of 25L 90c.
per £ sterling, at the bankers of the Mexican go-
vernment. There is to be a 'inking fund of 1 per
cent., commencing in 1869. The bonds will be ex-
pressed in francs, as well as in sterling, so as to
admit of their negotiation in Paris and other con-
tinental markets. They will be of the convenient
denominations of 1,0004, 5001., 2004, 1001., and
501. each, but smaller amounts will be provided to
meet the wants of limited investors on the conti-
nent. The loan prospectus further describes
arrangements harmonising with those already
spoken of at the meeting of the old bondholders
in London : thus, two years' dividends on
both the old bonds and the capitalised
arrears will be retained out of the proceeds, and
will be deposited in the Caisae des Depots et Con-
signations of the French government at Paris. The
subscription list will be closed on Saturday, the
23rd inst.

Such are the leading features of this transaction.
That the loan will be snocensfid, and especially
popular in France, may be regarded as certain from
the complete identification of the French govern-
ment with it. The Minister of Finance has
authorised a public subscription to be opened for it
is the principal towns of France. Moreover, this
will be the first Mexican stock to be quoted in the
French market. It would appear from these
arrangements that the protection of the French
government for the dividends on the new loan
is secured. In other respects the arrange-
ments made by the French government with
regard to the new loan wear a frank and bond fide
appearance. The appropriation of a portion of the
proceeds to the war indemnity is plainly stated,
but the French government in this point very pro-
perly takes a secondary position, leaving the Bm-
peror Maximilian's government to be first supplied.
After all, however the distinguishing feature of
the affair is the evidence which it presents of the
existence of en honourable desire on the part of the
new government of Mexico to satisfy as tar m pos.
aible the claims of the old creditor; and the fade
that the customs duties pledged to the latter are
not interfered with in any way, and that so im-
portant a portion of the proms& of the loan is held
in reserve to meet future dividends on both the
old and new bonds, are certainly calculated to com-
mend the present proposals to the attention of
those who value rectitude of intention on the part
of statesmen.