The Express.
London, England, 1867-11-19 00:00:00

ISSUE OF AN EGYPTIAN LOAN FOR

2,080,0001.

Through the Imperial Ottoman Bank the pro-
spectus has been issued of an Egyptian Nine
per Cent. Loan for 2,080,0001., of which bonds
for 2,009,2001. are now offered for subscrip-
tion, the remainder (70,8001.) having already been
redeemed at par by the first year's sinking fund.
The price of issue is 90 per cent., and the instal-
meats are payable at monthly intervals up to the
22nd of May next, when the first coupon for
41. 10s. per cent. becomes due. The bonds are
to be issued in sums of 201., 1001., 5001., and
1,0001. each. Apart from the advantage derivable
from the delay in the payments, this 9 per cent.
stock at 90 yields 10 per cent. per annum, in addi-
tion to the bonus involved in redemption at par in
fourteen years. Besides the list in London, sub-
scriptions are to be received in Paris, at the agency
of the Imperial Ottoman Bank, 15, Place Ven-
dome, and at Messrs. Oppenheim, Alberti, and
Cie., 17, Rue de Londres ; also at Alexandria,
at the Imperial Ottoman Bank, and at Messrs.
Hermann, Oppenheim, Neveu, and Cie. The
distinctive feature of this loan is, that the
bonds offered, though those of the Viceroy of
Egypt, are secured not only by the free revenues
of his Highness, but also by the spacial guarantee
of the Egyptian government, with whom are de-
posited the title deeds of the property purchased.
The price of Egyptian stocks was prejudiced to-day
by a statement in the telegrams from Alexandria
relative to the embarrassments of the Daira, or pri-
vate treasury of the Viceroy. The Daira has always
paid the claims upon it, but has not done so lat-
terly with punctuality, whereas the engagements
of the Egyptian government have always been met
faithfully to the day and hour. The present opera-
tion is understood to be prompted by the wish of
the new minister to see everything connected with
the finances of Egypt put upon a satisfactory
footing.
An article was published in the Money Market
Review of the 14th Sept. last, in which it was
shown that, irrespective of the private loan
of the Viceroy, which amounted originally to
1,693,6001., but has since been reduced by the
operation of the sinking fund, the entire debt of
the Egyptian government has been reduced from
(in round numbers) 12,000,0001. to 11,000,0001. up
to the present date. We have reason to know that
the particulars given below are accurate :

The issue of the Brat Egyptian loan for 2,195,2001. is
1862, at the price of $2 per cent., was • doubtful opera-
tion ; but its great success put at once a stamp upon
Egyptian credit here. Consequently, • few months after
the firstliasue, the second loan for 1,097,600/. was offered at
AV, per cent., which, calculating the interest accrued,
made the price identical with that of the first issue. The
neat loan of 1864, for 5,704,200/. was issued at 93 per cent.
of which 2,000,000/. was subscribed for privately before
the publication of the prospectus. Early in IS6O we bad
the Egyptian Government Railways Debenture Loan for
3,000,000/., issued at 92 per cent. The following will give
the special particulars of the several loans :

Isfined Redeem-

Amount. at per able at Secured on the
Egyptian Go- cent. par. Revenues of
vernnientLoan

let brae .... A 2.196,300.. 821.. In 30 years.. The Pmvhsoes of
the Delta.
Do. tad d 0.... 1,097,600.. S 4 ..In 30 years .tcl claim on ditto.
Do. of 1864 .. 5,701,200.. 93 _la 15 years.. The Provinces of
Detahlle►, Char-
!deb, and &hers.

Egyptian 110-
ennnent Rail-
way Deben-
ture Loan.... 2,000,000.. 92 ..In Byeas..AU the Egyptian
Governmentßail-
Z. 11,997,000 ways, and di-
rect liability .1

Government for

anT ;fenJrWei—
Of this amount there has already been redeemed at par:
Of the let tome £146,200
Of the 2nd Niue
Of the 11364 Loan "2:1,700

£e43,000
Or, in round figures, of the debt of twelve millions sterling.
one million has been paid off. We may remark, with
regard to the value of the revenues which are specially
hypothecated to the payment of the interest and sinking
funds, that the provinces formed by the Delta of the
Nile are the most fertile and productive in Egypt, and the
estimated revenue is stated to amount to more than
600,0001., whilst the annual sum required for interest and
sinking fund does not exceed 264,0001. Tbe provinces of
Deitahlieh, Cluirkieb, and Behen, whose revenues are
estimated at 700,000/., whilst the demand on the same
amounts to 0n1y1620,0001., are adjacent to the Delta, and
are almost equally fertile, besides comprising some of the
most important towns. The revenue of the Egyptian
Government Railways is stated to exceed 800,0001. per
annum, whilst, until the end of 1868, the total annuity
amounts to only 210,0001. After that date it will be aug-
mented to 710,0001. by the operation of the sinking fund,
by which 500,000/. will be paid off annually ; so that the
lees will be wholly extingued in 1874.

THE FENIAN EXECUTIONS.

(From the Daily News.)

A paper has been left at our office purporting to
be a copy of a circular addressed to the agents and
friends of the Irish Revolutionary Government
residing abroad. It is dated Dublin, Nov. Ili, and
of course bears no recognisable signature, but is
subscribed in cipher by a person styling himself
the Secretary of External Relations. It begins by
giving the views of the body to which the writer
is attached respecting the trials at Manchester
arising out of the rescue of Kelly and Deasy. The
purpose and character of that outrage are thus
described:

In September last two Irish officers, Colonel Kelly and
Captain Deasy, while on secret and special serv;ce in Man-
cheiter, had the misfortune to fall into the hands of the
civil authorities of that city. As it was of the utmost
important* that those officers should regain their liberty
at any cost, a plan of rescue was decided upon, and a party
of men detailed for the duty. On the 18th of the same
month that party attacked a police van which was convey-
ing prisoners to the gaol, and successfully rescued
therefrom the prisoners in question. In forcing open
the van it was found necessary to discharge a
pistol into the lock, and it happened that the
shot killed a police officer who was on duty inside the van.
This mans death was not essential to the success of the
I rescue, and was therefore not specially sought. In fact,
his slaying was accidental, and primarily owing to his own
honourable fidelity, for he had refused to pass oat the key
of the door, which would have rendered it unnecessary to
resort to the (for him) fatal expedient of firing into the
lock. This act of rescue and all its accompanying circum-
stances was of course an offence against the laws of
England, although one inseparable from political motives
and a political object. Disregard for the laws by which an
oppressor seeks to protect himself is, however, the first
and necessary principle in a rebellion against that op.
pressor. The insurgent breaks the law at his peril, the
oppressor enforces the law on the same condition. Hu-
manity has stepped in to mitigate the evils selich would
result from the extreme application of this rule, and in
every civilised country insurgents who refrain from all
wanton and unnecessary acts of violence are, when cap-
tured, treated differently from common law breakers, who
act from no political motive. Hitherto the Irish insurgents
against England have honourably fulfilled their share of
this moral obligation, and neither in Ireland, England, or
Canada have they been guilty of any acts with which
they can be reproached, although both enemy's life and
property have frequently been, and still are, at their
mercy. England has not acted with corresponding mode-
ration, but she has hitherto refrained from deliberately
putting to death any of her Irish political prisoners.
In the case of certain Irishmen condemned to death
for the attack upon the van she seems disposed to depart
from that practice, and it is not impossible that some of
them may be executed on Saturday next at Manchester.
She has an undoubted right to do so, but the exercise of
that right will leave this evernment free to exercise the
right and power of retaliation, which it amply possesses.

The attack on the police van, the writer alleges,
was successful ; " its probable cost was estimated
beforehand, and the actual cost was less than esti-
mated." The writer next proceeds to attack, in
language which we need not repeat, and which is
strangely at variance with the admissions of the
prisoners' counsel, the fairness of the trial, and the
impartiality of the judges. Coming then to what
seems the actual business of the circular, he con-
tinues :

As yet, however, England has not resorted to the open
slaughter of Irish political prisoners, but should she do so,
I am instructed to say that for every judicial assassiuAtiou

she is guilty of, the life of s prominent Englishman will be
exacted by this government, and you will point out that
upon England must rest the odium of having tint inaugn•
rated the policy of assassination in her present struggle
with Ireland. Whether the persons to be put to death by
England on account of the van incident belong to the
Fenian organisation or not, a full measure of retaliation
shall be exacted on their behalf, in recognition of their
claims as Irishmen.

This extract no doubt contains the pith of the
circular. In the belief that the Queen's govern-
ment is too strong to be deterred from doing its
duty by threats, and too generous to allow its
consideration of the case of the convicts to be
prejudiced by the acts of anonymous and irrespon-
sible persons outside their prison walls, we give it
publicity.