The Press.
London, England, 1854-08-19 00:00:00

774

THE TURKISH LOAN.
THE official proposals for the Turkish loan have at
last been placed in the hands of Baron Goldsmid and
Mr. Horsley Palmer, who are entrusted with its nego-
gotiation in London and Paris. The sum to be raised
is 5,000,0001. sterling, and the money will be borrowed
upon the following conditions :
" The loan is divided into three series—the first consist•
ing of 2,000,0001., the price of which is fixed at 60 per cent.,
bearing interest at the rate of 6 per cent. per annum. The
second series of 1,000,000/ will be held at the disposal of
the subscribers to the first series at the same rate of 80
per cent., and 1 per cent for interest; and they will have
the option of declaring if they accept or not in a period of
one month, dating from the issue of the tirst series. The
third series of 2,000,0001. will be negotiated on account of
the Ottoman Government ; and if it be issued before the
expiration of five months, dating from the first issue, it
shall not be below the rate of 85.
" The payments shall be made in the following manner :
" 15 per cent. on the issue of the scrip.
"15 per cent. one month after the date of the issue of
the scrip ; 20 per cent. after two months; 15 per cent. after
three months ; 16 per cent. after four months.
" The reimbursement will be made at par, and the
amortisation will be effected by drawings within a period
of 30 or 35 years, according to the tabular statement which
will be drawn up to that effect.
''The subscribers will have the option of making the
whole of their payments in anticipation, and such will re-
ceive allowance for interest at the rate of 5 per cent. per

annum.
" The Ottoman Government will have a right to entirely
pay off the loan at par after the expiration of 15 years.
" The funds proceeding from the loan shall be paid in
gold or silver, as shall be specified by the Ottoman Go-
vernment.
" As special and additional guarantee for the half•yearly
payment of the interest and amortisation of the capital,
the Ottoman Government will mortgage the tribute of
Egypt, amounting to the sum of 282,000/. An imperial
firman will impose on the Governor-General of Egypt an
obligation to pay the amount of each half year directly into
he hands of the proper parties."

RAILWAY COLLISIONS.
AN important circular on the subject of collisions has
just been issued by the Railway Department of the
Board of Trade. The document is dated Whitehall,
August, 12, 1861:—
The Lords of the Committee of Privy Council for Trade
are desirous of calling the attention of railway companies
to a system of working the trains which is in use on some
railways to a limited extent, and which promises to afford
security from accidents, occasioned by collision between
trains following each other upon the same line of rails.
The system under which trains are ordinarily worked is,
that trains should not be allowed to approach each other
within a certain interval of space ; and, to effect this object,
signals are exhibited during a certain time after the passage
of a train, and no succeeding train is allowed to follow
until such interval has elapsed. Experience, however,
shows that this mode of endeavouring to secure a certain
interval of space between succeeding trains will occasionally
fail, in cases where the speed of the respective trains
varies, or where accidents occur to the machinery of trains,
and when, from any cause, a train becomes stationary on
a part of the line away from stations, its safety from a col-
lision with a succeeding train is dependent upon the
chance of such succeeding train being at such a distance as to
allow time for the guard to run back with a signal. With the
view of effectually securing that an interval of space shall,
under all circumstances, be at all times maintained between
trains following each other upon a line of rail way, the South-
Eastern Railway Company have, on portions of their railway,
placed electric telegraphic stations at intervals along the line,
and no train is allowed to pass one of these stations, and to
move between it. and the next station, until a notification
has been received from the next station that the preceding
train has passed off that portion of the line. On portions
of the line where the trains are numerous and the intervals be-
tween them are necessarily very short, these stations have
been placed at little more than a mile apart ; but upon parts
of the line where the number of trains is more limited, the
distance between the ordinary passenger-stations has roe
been found too great an interval.
" Into the detailed arrangements my lords purposely ab-
stain from entering ; they would, however, add that, in
order that the system should be effectual, it is necessary that
a telegraphic wire be exclusively reserved for this service ;
and that the instruments used should be simple. and should
exhibit the signals with sufficient clearness for the signalling
to be carried on by a person of ordinary intelligence.
" My lords are aware that, from considerations of expense
or otherwise, this system has not been generally adopted ;
yet, in parts where a single line only has been laid, or where
peculiar difficulties exist in tie working, or in tunnels,
directors of railway companies have resorted to it with the
most beneficial results.
" My lords are, therefore, desirous that the subject should
receive the careful consideration of the directors of the
different companies, in the hope that that consideration
may lead to the more general adoption of a plan which
experience seems to have proved to be so well calculated to
diminish the risk of danger.
" DOUOLAB ()ALTON, Captain Roy al Engineers,"

THE threatened withdrawal of the omnibuses, in
consequence of the rigid regulations issued by the
C3mmksioners of Police, has been averted, chiefly
by the interference of the Chancellor of the Exche-
quer, to whom Mr. Bradfield, on the part of the Stage
Canine Committee, made an appeal.