The Sun.
London, England, 1855-08-15 00:00:00

irT71.,4 .7,:r Tr- A Arm rr
AND
CaALVERCIAL INTELLIGENCE.

TIIE TURKISH LOAN.

Acen CITY, Two o'CLocK.
feel to appointment, the capitalists who
ott:usP°Bed to take an interest in the loan for the
the "elan Government assembled at 10 o'clock at
enc
sz.l'eside of the Turkish Ambassador, M. Mu-
tie folow •
.l
nig t gentlemen being amongstb those
the Sir Alexander Spearman, on behalf of
lent English Government ; M. Baudin, to rep,e-
-1114 of nth Government ; Baron Rothschild
Meyer Rothschild of Frankfort,
;Itarrea Goldsznid, Mr. Florsley Palmer, Mr. Lapel,
t 1 zielji, the
Deputy-Governor of the Bank of
'tog anti) Mr. Mullins, and others. The proceed-
Itielic4nnienced by the Ottoman Minister reading
1,(1 the following
'II3TIMLA.ItS OF THE PROPOSED LOAN.
e loan to be for five millions sterling.
444114 e interest to be at four per cent. per annum, P-
-4ad 44,1 moieties, half-yearly, on the Ist of February
FNee 6'
of Aucrust in every year, until the capital
the first c.ary 18,56 Payment to become due on the Ist of ‘3.
111...1,. addition to the interest of four per cent.,t ae
I.llC4ltind of one per cent. per annum, together with the
beirodee'' on so much of the loan as shall from time to time.
, 14. Thal, will be applied in redemption of thecapi aoln
whol interest and sinking fund are made a charge
spurvenues of the Ottoman empire, and specially
.
144,„-,.l amount of the tribute of Egypt which re-
he iver and above thepart thereof already appropriated
4,4,a',°,410 of 3,000 000/. ne,,•otiated on the 24th August,
Moreover: on the 'customs of Smyrna and Syria.
• tattoed.°, due and regular payment of the interest is. guaf-
%ski. °Y kngland ad Franec, under the authoilty o
1,1,48 ed by the Legislatures of the two countries.
daYB of payment and the proportion of the
04 htnt'°llB to be paid are as follows : -
or before 22d August
t,
12th September ..... 20 ~ 3,
20th October 2O If
23C1 November l5 ~
14th December l5 ~
150440 a.
251 t allowed
January, 1856 .
10 ,
h!i°ll. 414 will be allowed for any payment in antici-
totind4ll4llcsliorPaYments are, to be made to the Bank of
• '4l4eriberiP receipts Nrih
be delivered by the Bank
%,,eoSpo„ the interest, exchanged acminst certificates,
11;va4icl 1.1;illor when thet'whole instalments
9:orhfletglioante.drest, as it becomes due, will be paid at the
Zl:te'ben'eillenzSiontikitoiag fund will be applied from year to year,
f A st 1859, either in the pur-
theq Certificates lePoLoan in the public market, or,
te„ltk°4l),,,ti,i°4 of thes °Ott theman Government, in paying off
-re eert.6. .t
Of be ea et! asoshall be drawn by lot in the pre-
it4Z 81.44:e_a_lef cashier and chief accountant of the Bank
Niedlatelyne some one day i the month of May next
/11 aqiceP,ort. Preceding the Ist ooffnAt August in each year, and
h certificates so drawn
'T circal,°the LnounmdoenrsGnaci-ritnte,r
id
in some news-
11°10itioll t.liekeater.estg
Oran. Ltobnedocertificates so drawn, together
the Wleg Dital, will be payable. on Ist of August next
ttifinell drawing, after which clay all interest on
10 ''ates so will cease altogether.
to,lt Patties
(100 IN with
the
for uch loln must enter into
M•nsister fur payment of the
the
0 tt, o '
111 e I'X tseveralmainstalmenti.
Drioirti,e4l:4-oef failure of payment of any instalment at
ot, 1444_ irated for that purpose, the. deposit and all
N!quaeots shall be forfeited for the service of the
! Tlieveent* shall have a right to
tttp,r Ottoman Government
recleenle the amount of the. certificates then remain-
c„4,t of _ et at the expiration of twenty years from
(~gust, 18,9,
yl o;',‘o,Man Minister will .be dto receive
n‘Pi'e foregoing conditions for e prepared
loan at the
here such tenders must be presented
ei°e- Precisely °erne Monday the 20th day of August."
Were gasno formal discussion as to the terms,
s.,ecnrk'e lPlanations publicly asked ; but in the.
7441,1,1 a conversation among the various catpi-
N0:4(1. the representatives of the Bank and the
tjernnients, it was urged that, as a general,se
e investing public did not like " scrip
b. e
Veri- eeds, and that, consequently, it would
kit delitrable to issue the stock periodicall.ty, as
141gea8(141: Was paid upon. In answer to this
Ntl.:•uat it would. be scarcely possible to get wasthe
11Per„Ished under two or three months, as the
tike,
a-"gt'aving, and signing would occupy that
nothing could be done until the con-
-9allC• iecided into what proportions they would
It bonds divided.
hj Was
the
b
taken M. Musurus that the loan must
.h for the Whole amount, and it will be seen
tDe above statement that the dates for
14$ Ith""annents are tolerably prompt, show-
-1 "tat the loan has been deferred to
;I:ta • latest
possible moment. The inducement
it''°3'Yed-bP the entire sum is to a certain extent d
but
the non-allowance of any discount, bu
'ee desire to secure the stock forthwith,
.theyl
Zpitkßill tin° the 4 per cent. interest on the nominal
jc,.t 100 i. We say nominal, because it does
;;w that the exact contract price will be
11°11,, cash for a bond representing ono hundred
t7tio3'l,ll 8';
(311 the contrary, according to the esti-
Z1';1;11` Which the contractors hold the security,
•'a res necessarily offer more or less than
the
re• -itle•
a' The interest being payable on the Ist
likty t 01.37 offers a small bonus, for, supposing a
P~PaY the total subscription on the 22d inst.,
ct4l itt half a year's interest, although his ea-
"NZ, 'llot have been invested more than five
Ip nd nine days.
!i4k'e}:titnatinc, the probable value of the new
st°ck, we have to take into account not
'"o ope ne
-e guarantee of England and France, but
4ie-qhl.4tion of the sinking fund, and it is of little
`) ..--ie;ecti to the subscribers, however important
)4414:,.'h taxpayers, whether the Ottoman Go-
Zaalt ever pays a farthing of the interest. The
-42 Y 1:- England is close at hand, and there
twhe
sl're the dividend will always be for
1,1,,we -,,W,hen due. We have no apprehension,
tvetVlat the Ottoman Porte will fail to act
,;1141:t spirit of the bond, and even if cir:
aa.on -Ce should at any future time oc.ca
delay in the receipt of the Egyptian
"Ocl ttel', Or a fallinc, off in the customs
the 131,-4el. revenues that would temporarily impedeb
111Ze einlittance of the required sum, we may e
teal(l7',„at the British and French Governments
nil of
be long under advance. The question
'"/ 'sacle of our City capitalists is how long Tur-
ag
(lisPense with another loan if the war
the it 3 slow length along," as it has done dur
111 ; PreSelat year, and although under due
Ice'ttorvi„s`ons and with the exercise of greaterti
toleg-'l5 five millions may go a great way, the
be elaerience of war expenditure warns usi note
that unreasonable in our expectations, or to hope
11°4,14%ih'Ilirti;eY, any more than ourselves, can do in-
-4,"eqt111,-es, and carry on the struggle without
'oe -A-i;e Item's. The favour now accorded. by
t
44(1 -t..4ie(l Governments gives them the right
ter
°title to
tie urge upon the Ottoman Poi to one mat-
its fiscal'4 highest importance, viz., a revision of
4'till sYstem, and the ado tion of such reforms
t
tat. arl'est p
the pilfering of taxes by officials left
c'iiteifi litel4.l Without control. The thing may be
"4e of
.:1°
accomplish but it will be to the acivan-
kl,llll4l7e Sultan and his peole that the effort
,Nethe made without delay, .the aggregate in-
"ht I,,,,t.,reaches Constantinople being much below
• Tut reaches
~`"rl Atio can conveniently raise.
4the h nuaY next the tenders are to be presented
distal atilt of England, and the result will imme-
te 3' a~ontfter be
Utler
- communicated, we presume, if any
to .aceePted. In all probability an arrange-
wil .
l be lade
e hats among. some of the leading capi-
llecta,,J°4l in one tender, but we, nevertheless,
60? In competition, as the loan is undoubtedly
$71:11a ev-ii°;7lcite, and there are three or four powerful
kNeir i0n,(7,e,11 May consider themselves entitled by
4.41ba1';;-'°ll to come forward and endeavour, by
t)4lr)aseTvnegs libyral.. terms, to secure the whole for
rr, ancl friends.. The contractors of the
l'ast "tkiBll calculate
u for example,
„ ,
a,
—e a good claim, and that they
may
can
Itutbar4,ll,l::°n being well. backed ; while Messrs.
'late "q "d might establish a footing by the pri-
alsief,„_c
`'"' Ott- e they are stated to have rendered to
fore uroan
Government. On the whole, there-
bcti. ;eadeilye43ttn;) to the concusion that the loan will
Will t g4t
,Letlioubat4:llll3a:tafair price, although the points
~ lave noted in the course of our remarks
Weigh with capitalists.

The
cotton
t of id.
market at Liverpool yesterday closed
to 11' at all advance in American
1)414 Per lb.
The sales were estiamnadteSduarat 12,0n00.
1,000 (A-Iu of which were taken for export
naamd
ttlad Nara " 4Pecnlation), comprising 700 Per _ ;
2% Zullarn. (chiefly Sawginned), at 6/d.
°l3tiall
and 1)000 Surat. The Railway Share
per lb.