The Sun.
London, England, 1865-05-02 00:00:00

The New Turkish Loan.

The new Turkish 5 per Cent. Loan for £3,636,363
in bonds to bearer of £lOO, £5O, and £lO, and in
francs for similar amounts for the continental
markets has been announced by the General Credit
and Finance Company of London. The debt is
redeemable in 37 years by the operation of a sinking
fund of 1 per cent. The price of issue is £5O, but it
is reduced to £47 108., reckoning the interest due

next July. The subscriptions are payable in six
instalments ending the 13th October next. The
loan for the conversion of the Internal debt, and
which will amount to some £20,000,000 sterling,
will be announced in a few days-. Pending the noti-
fication; the following particulars have been pub-
fished :

" The 'provisions are contained in three laws of the
Ottoman Empire of the 17-29, 18-30, and 19-31 March,
accompanied by an official report, or Expose des Motifs,'
by his Excellency the Finance Minister of Turkey to his
Highness Fuad Pacha, the Grand Vizier. The law No.
_ _

1 creates a Grand Livre' similar to that of France, for
the 'general public debt of the Ottoman Empire.' This
general public debt is to be one uniform denomination,
bearing 5 per cent. interest, payable half-yearly, on
1-13th July and 1-13th January, with 1 per cent.
sinking fund, payable in gold in Turkey, in sterling in
England, and in francs in Paris, and also at Amster-
dam and Frankfort, the Obligations being printed in
Turkish, French, and English. The sinking fund is to be
applied in the purchase of stock in the market, and is accu-
mulative, so that all debts inscribed in the ' Grand Livre'
will be extinguished in thirty-seven years. The difference
between the rate of purchase and the par rate goes to
form a reserve fund, which accumulates at com-
pound interest. The debt inscribed in the ' Grand
Livre' is guaranteed by the general revenues of the empire,
subject only to existing hypothecations 'of certain special
branches for former foreign loans, which on their extinction
by amortisation will merge in the general revenues. No

inscriptions of debt are to take place in the ' Grand Livre,'
unless previously authorised by a special law duly published,
and without previous provision having been made for the
interest and amortissement of each new inscription. The ad-
ministration of the ' Grand Livre' is entrusted to a special
functionary of State called ' Governor of the General Debt,'
assisted by a council of not less than five, or more thannine,
to be chosen among the principal bankers and merchants of
Constantinople. Law. No. 2 authorises the inscription of
40,000,000 medjidies d'or, equal to £3,363,343 nominal
capital, in the 'Grand Livre,' of which 29,000,000 is reserved
for the conversion of the existing internal debt; 4.000,000
is to be issued for the present loan ; and the remaining
7,000,000 is a reserve specially destined for public works,
to be issued not sooner than by three annual issues,
the first not taking place sooner than twelve months
after the present issue. Law No. 3 contains the par-
ticulars of the conversion. Each consolid4 of 100 med-

jidies d'or, or 00 sterling, is to receive 121 medjidies
d'or, or £llO sterling of the new stock, with a provi-
sional coupon Tepresenting the interest between the
1-13 May, when the old coupons are payable, and the 1-13
July. Each sergh4, or on-senelik, receives new stock for
the same nominal amount as the old stock ; and each
tahvilate muntazd receives 143 mejidies d'or for 100 old,
with special provision as to these current coupons. The
conversion is entirely optional ; and those who do not con-
vert within three months will only be allowed to do so for
one and a-half months longer, at a reduction of 10 per
cent. ; and after this latter term no application for con-
version will be admitted."

It is stated that the armour-plated vessel, the
Cheops, constructed by M. Arman for Prussia, will
leave Bordeaux early in the present month for the
Baltic. The officers of the Prussian navy who are
to command the crew have arrived in that city.
REPEAL OF THE TEA DUTY.—On Saturday Mr.
Baines, M.P., waited on the Chancellor of the Ex-
chequer, at the request of 27 of the principal tea-dealing
firms in Leeds, "to suggest to the Government that the
Inland Revenue officers be instructed to allow a drawback

of duty on all original packages which were in the hands
of dealers at the time the new duties came into operation."
The reply of the right hon. gentleman was, that it was
altogether contrary to rule to allow any drawback in such
a case—that it was never done under any circumstances,
and that it would, therefore, be perfectly vain to discuss
the question. Of course this reply applies to all tea which
has paid the duty and been taken out of bend.—Leeds
Mercury.

MR. BuLwER-LrrroN, Secretary of Legation at
Athens, has been appointed Secretary of Legation at
Lisbon.