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

(From the Times' City Article of this day.)

The particulars of the new loan were made known at the
Treasbry yesterday morning, according to appointment. The
amount to be raised is 16,00,00 C/. sterling, for which the
Government are to givel6,ooo,oon. Consols, and the balance
(that is to say, the difference between the vane of DN. stock
and 1001. in money) in annuities terminable in 30 years. The
biddings are to take place on Friday, and the method will be
for each applicant to specify the amount of annu ty he will-be
content to receive in addition to 1001. Consols for every 1001.
of money subscribed. Assuming the value of Consols to be
estimated at about 86, the 16,000,t 001. of that stock will be
worth
bu
et 14
created,lo 0
must,OO, atnhdertehfoezablue value
1:11-700teorl.minable an-
nuitiesA
deposit of 10 per cent. is to be payable on Monday, the
24th, and there are to be eight subsequent monthly instal-
ments,—six of 101. each, and two of 151. On the payment
of each instalment a proportionate amount of Consols will be
delivered, but none wil be delivered for the deposit until the
completion of the last instalment, when the terminable an-
nuity will els., be created.

The reception of this plan on the Sto,k-Exchange and 'in
the city generally has not been unfavourable. It is• do .si-
d!nvd, however, that such of the London firms as may be
willing to tender will assume in their calculations the neces-
sity- of a very considerahle margin to guard against the con-
tingenCes of the war, especially under the dispiriting effect
lately produced by the inactivity of the skied armies before
Sebastopol. The anxieties which will be felt until the next
harvest shall have been secured. nye ..b:o to be taken into
account, whii.3.L.,oug the minor elements of uncertainty to
ue•provided for, the extent to which terminable annuities are
liable to be depreciated by. any future increase of the income
tax.

In the course of the afternoon the following notice was
issued by Messrs. Rothschild :
" LOAN OF 16,000,' V/. FOR THE BRITISH GOVERNMENT.

" Messrs. N. M. Rothschild and Sons beg to announce to
the public that- they are ready to receive applications from
parties desirous of participating in the forthcoming loan of
16,000,000/ A and will receive the same until Thursday next
at 2 o'clockf

" It is necessary that every application should be accom-
panied with a (I.:posit of 10 per vent. on the amount applied
for. _ _ .

" If the whole amount applied for be not allotted, the
prop rtion of the deposit will be returned forthwith.
" New-court, St. Swithin's-lane, April 16."

(From the Daily News' City Article of this day.)
The absorbing topic of interest in the City to-day was of
course the Government loan. We give in another column the
conditions fixed by the Treasury, together with an abstract
of the proceedings at the important meeting of capitalists at
the Treasury Chambers this day. The total amount of the
proposed loan is. 16,0011,000/. in cash, to be raised by an
issue of 16,000,0001. in Consols at par. Inasmuch, however,
as Consols are Low at .9.4 per cent. discount in the market
(from which discount, however, must be dedgcted the three
months' dividend now accrued, being equal to, say, per
cent.), capitalists contracting for the loan are to receive a
certain amount in annuities expiring thirty years hence. In
these annuities the bidlings are to, be made, and in fixing a
price in his tender the capitalist will of course make allow-
ance for the excess over the niarket price which he gives
to Government for this new creation of consols, and he will
also reserve a certain margin, which he may deem calculated
to afford him a profit on the transaction, and to secure him
against the chances of loss attendant upon the uncertain con-
ditiou of politics: Per contra, the ease of the money market
will influence the terms of the contractor in a sense favourable
to the Treasury and to the State. ' So far as regards the nego-
tiation between the contractor. and the Chancellor of the
Exchequer, the relations between the contractor and the
monied public di,posed to invest in the proposed new issue
of Government securities come next for consideration. Of
the great capitalists only one firm, that of Messrs. N. M.
Rothschild and Sous, has yet intimated an intention to open
lists to the public. The notice issued by this firm this after-
noon is appended :
" Loan of Sixteen Millions to the British Government.—
Messrs. N. M. Rothschild and Sons beg to announce to the
public, that they arc ready to receive applications from par-
ties desirous of participating in the forthcoming loan of six-
teen millions, and will receive the same until Thursday next
at two o'clock. It is necessary that every application should
be accompanied with a deposit of 10 per cent on the amount
applied. If the whole amount applied for be not al otted,
the proportion of the'deposit will be returned forthwith.
" New court, St. Swithin's-lane, April 16, 1855."
It will be noticed that the price at which he may be dis-
posed to tender is left to each individual applicant, it being
pr6sumed that the bona fides of the application will be en-
sured, and the proffering of inordinately low terms discou-
raged, by the obligation of making a deposit of ten per cent.
on the amount applied for. It may be pointed out that the
Messrs. Rothschild, of any other great firm that may be dis-
Po .ed to step forward and contract, will act as an inter-
mediate agent thyeugli whom the mass of individual ap-
plications will be received. By deciding that the co -tractor
must contract for the whole, and not for any less portion
of the loan, the Chancellor of the Exchequer virtually
leaves the contract open for competition to not more
than two or three firms in the
contracting firm, again, must ascertain what support the
public are likely to give to the project before they commit
themselves to a .contract with the state. In this point of
view the scheme lacks the element of popularity. An appre-
hension is alSo entertained in some quarters that the interval
allowed is scarcely tufficient for the public to fully digest the
terms of the loan, the complexity of which, without lull ex-
lilanatio.), may toud to discourage applicants. The entire
loan, it will be seen, is to be paid up this year, the last in-
stalment on the 18th December, and no discount is to be
allowed for prompt payment of the iustaltnents. The Chan-
cellor of the Exchequer further pledged himself not to make
any further sales of Savings Bank Stock (except to meet the
withdrawal of depositors) until the loan shall have been paid
up.

11.41iKET W,s—tTillb DAY.)

HAY MARKETS.

SMITEITIELD.—Meadow hay, 21 18s to 51 Os Od ; cloves
ditto, 3/ 5s to 51 153 ; and straw, 1/ 43 to 1/ 103 per load.
A fair average supply and a moderate demand.
CUMBERLAND. Meadow hay, 3/ 3s to 5/ Os ; cloves
ditto;-3/.. 53 to 51 153: and straw. if 5s to 1/ 10s ner load.
BothhaY and straw moved off heavily, at late rates.
W EEITECETABi-iL.—Meadow hay, 3/ Os to 5 Os; cloves
ditto, 31 5s to 6, Os ; and straw, 11 4s to 11 lOs per load.
supply good,' and' trade dull.