The Express.
London, England, 1866-07-20 00:00:00

limits, and through the agency of the Publics Works Lean
Oommimiceiers, in meeting the demands of the holdersaboli
railway debentures or other securities which may be
to fall due, under the circumstance.. .Wed.
"They recommended, accordingly, that the PuhMr
Works Loan Commissioners should be authorised to
leaner, during the next three months, on the mourtty
debentures already issued, and being overdue or falling-
due during that period, same not exceeding in the wk.*/
500,000 f. for one year, at a rate of interest not being lei
than 4 per cent., with the distinct understanding, how-
ever, that the Public Works Loan Commissioners, in se-
cepting these debentures, shall be mtialled as to the MESE
cieney of the security offered.
" Before the expiration of the three months, it will be
open for consideration whether circumstances may render
any farther extension of the period advisable.
" Lord Russell and Mr. Gladstone add, that if it should
be found necessary to obtain the sanction of parliament
for such • relaxation as regards the purposes for which the,
Public Weeks Loan Commissioners are empowered to melte
advances, u this measure may require, they recommend
that a bill for the purpose should be forthwith prepared,
and submitted to parliament. My lords fully concur and
are pleased to adopt the recommendations of the Flat
Lord and the Chancellor of the Exchequer. Their lord-
ships, however, desire that it may be clearly understood
that they reserve to themselves a full discretion as to the
terms upon which the loans are to be made ; but that in
no ease are they to be under 4 per cent., and that the
object of the concession under the extraordinary CiZEIIIM•
stances of the present emergency is to enable railway com-
panies in Ireland to re-issue debentures, which were origi-
nally issued at par, to parties having bond fide invested
their money in those securities.
" Let a copy of this minute be sent to the Public Works
Loan Commissioner. for their information and guidance,
and state that if the commissioners will consent to untlen
take the further and important functions which on the plai-
nest temporary emergency will devolve upon them under
this minute ; and if, in their opinion, it will be necessary
to obtain additional powers from parliament, my lords
request that they will instruct their solicitor to prepare a
bill, to be submitted to parliament, with as little delay as
possible ; and in such bill it appears to my lords that the
following points should be provided for :
" I. That the rate of interest should be at the discretion
of this board, but not less than 4 per ant
" My lords are disposed to think that the interest to be
charged for money advanced to take up any existing de-
benture. Amnia be, under ordinary circumstances, at the
same rate as that to which the debehtures so Wren up et
assigned were liable, otherwise it might become the object
of each company to endeavour to trausfer all their deben-
ture debt. to the government.
"2. The bill should provide for overdue debentures se
well as debentures falling due within the next three
months.
" It would seem desirable that an expeditious and
cheap means of recovering should be provided in the
event of the companies being unable to redeem the deben-
tures transferred to government at the expiration of the
period, by which, without prejudice to other creditors,
the costa of procoediugs might be saved.
"Cory OF TRIANUET MINUTE, DATED JUNE 15, 1866.
" The Financial Secretary states to the board that be
had received • deputation this day, consisting of Lord
Clanricarde, Lord Devon, Mr. Maloolmson, and other
gentlemen interested in Irish railways, with reference to
the Treasury minute of May 14.
" Different members of the deputation, in the Gonne
of their discussion, urged upon the consideration of her
Majesty's government the following point. as alterations
in, or add:none to, the conditions under which the loans
were to be made to railway companies in Ireland, as set
forth in the minute referred to;
" 1. That the power to the Public Works Loan Commis-
sioners to lend should be extended to any legal securities
within the borrowing powers of each railway company,
whether the full amount of borrowing power may have
been already exercised or not.
" 2. That the power of lending should be continued by
the act fora period of three years, so as to enable any de-
benture falling due during that time to be taken up.
" 3. That the eel:unties upon which the Publics Works
Loan Commisaiouers are empowered to make loans should
not be limited to debentures, or such other securities as
are, strictly speaking, issued in accordance with sets of
parliament, as provided in the minute of 24 May, but
should include directors' acceptances.
"4. That the borrowing and lending power with re-
tempos to each company should extend to the entire ca-
pital, so as to enable the Public Works Loan Commissioners
to take preference or other shares as security for loan,.
"5. That the interest to be charged by the Public
Works Loan Commissioners should not necessarily be at
the same rate as that payable in respect of the securities
to he paid off by the loans.
" M.r. Childers states that he is unable to reoornmend
the conoessions involved in the first, third, and fourth
propositions.
As regards the second, be observes that it seems an-
neceesary ; should circumstances hereafter require an
extension of the period during which the lending and
mborrorrri proper
gpor
cowzw to w
aare to':
feroxemrcip.sed"wen, it wtoulind seem the
utare
session an extension of the powers.
" And as regards the fifth proposition, he suggests to the
board that it might be desirable to reserve to this board
the power, under special circumstances, to redone the
rate of interest below that paid in respect of the securities
paid off ; but in such cases the minute should be submitted
to parliament.
" My lords concur and are pleased to direct that • EOM-
munication be addressed to Lord Cie/Inca:de, that m
lord, are unable to entertain the Ist, 2nd, 3rd, and 4th
propositions ; but that they have given instructions to
have the bill modified, so as to admit of the rate of interest
being reduced, under special circumstances, below the rate
previously paid.
" Transmit •a copy of this minute to the Pablo Wachs
• I Loan Commissioners."
an 1

BANK FAILURE IN FRANC& —The hamorial of
Lille announces the failure of M. Join, banker, of that
city, and that a criminal prosecution bas been commenced
against the firm at the instigation of the Bank of
France. The Lille branch of that establishment and the
bank of K. Joire a few days back received simulta-
neously a despatch from a merchant at Nantes, named
Etienne, stating that sonic bills in circulation bearing
his name were forpries. The Lille bank immediately
instituted a judicial thquiry, but IL Henri Join, who was
managing the busier/as of his father in the absence of the
latter, immediately took to flight. It was then discovered
that M. Join, instead of being the victim of a forger, had
himself or kis son honed the fictitious bills. Their books
and accounts were eequeidnitad, and a further asaminatioa
showed that frauds to the amount of 1,600,000 fr. had bean
comadtted. The Me branch of the Bank of Frames is
said to be a wagerer to the amount of a minim. M.
Joins has bass arrested at Vichy, when he was shying
with kis dassititin.