The Sun.
London, England, 1854-11-09 00:00:00

THE TURKISH LOAN.

A further heavy fall has taken place in Turkish scrip
to-day. The last price yesterday was to premium,
and, after having opened this morning at par to pre-
mium, it has closed with a heavy appearance at 1 dis-
count. The alleged causes of this depression seem
too insignificant to account for it, since they merely
consist in the circumstance of the bonds haring been
issued in a form not quite in accordance with pre-
cedent ; but, as an unusually large proportion of them
is held in the Stock Exchange, where they were origi-
nally received with more favour than by the public, any
slight circumstance proves sufficient, from the market
being over supplied, to create great agitation in prices.
The defect complained of in the form of the bonds is
described in the subjoined letter, which was addressed
to the contractors during the morning : •
" Stock Exchange, Nor. 3.
" Gentlemen,—We, the undersigned, have seen with
great surprise the nature of the bonds to be issued by you
in exchange on payment in full of the scrip of the Turkish
Loan contracted by you.
. .

"Thoso bonds have merely your lithographic signature
in verification of the written names of the agents, Messrs.
Black and Durand, and are consequently open to the pos-
sibility of the most disastrous results.

" \Ye submit that each bond, to give it validity and in-
fluence, must carry your written signature in attestation
of that of the agents, as is done in all similar transactions.
" We feel persuaded this representation of fasts will at
once induce you to remedy the omission.
(Signed) S. J. WALE; and others.
"Sir Isaac L. Goldsmid, Bart., and
John Horsley Palmer, Esq."

It was also remarked that bonds of 2001. and 4001.
each had been issued, in addition to those of 501., 1001.,
5001., and 1,0001. each, which are alone warranted by
the wording of the document. This cause of dissatis-
faction, however, as well as the one mentioned is the
above letter, will, it is understood, be immediately re-
moved. The bonds of 2001. and 4001. were created for
the convenience of the French market to represent
5,000 f. and 10,000 f. ; but, to prevent the possibility of
question, they will forthwith be withdrawn. At the
same time, also, arrangements will most probably be
made for the written signature of the contractors to be
attached to the bonds, if the holders desire it. The pre-
sent stamped signature, however, was adopted under
legal advice, and with the most stringent precautions,
and is precisely analogousto the method followed by the
Bank of England in their notes.
Tho idea of a fall of 2 per cent, occurring in such a
stock on such grounds as these seems almost childish.
but it contains a lesson which may be turned to good
account by all individuals or States who may ever en-
tertain the prospect of becoming borrowers. It is the
penalty which Turkish credit is forced to pay for the way
in which, under Russian influence, the reactionary
party contrived, by repudiating the acts of ,their agents
in the contract for the firmer loan, to throw an element
if uncertainty into all the future transactions of the
Government, which nothing but years ef regular con-
duct will new efface. Although nothing has since oc-
curred to damage the financial honour of the country in
its intercourse with foreigners, which, with that fatal
exception, had always been upheld in a way to serve as
an example to others, the public have now become pos-
sessed of a vague and unreasoning feeling that leads
them at once to magnify even the mere rumour of an
informality into a serious difficulty. The claim recently
put forward by the concocters of the Ottoman Bank
had an effect precisely similar to that now witnessed,
and such is the sensitiveness on all questions of credit,
and the adroitness of speculators in acting upon it, that
the exposure of the worthlessness of that claim and the
proof of the entire good faith of the Turkish Government
in the matter have never sufficed to repair the damage
it occasioned.
It is understood that the firman for the Turkish loan
will forthwith be in the hands of the contractors. Its
terms are perfectly clear and satisfactory, and it instructs
the Pasha of Egypt to transmit the requisite portions of
his annual tribute to the Banks of England and France.

[ADVERTISEMENT.]—HoIIoway's Pills singularly effi-
cacious in curing Liver complaints.—Mrs. Bebbington,
of Bark-street, Hahne, was afflicted for a very long time
with a liver complaint, palpitation of the heart, and
pains in both shoulders, headaches, giddiness, bad appe.
tite, and restless sleep, together with other nervous
symptoms ; fur which she took almost every medicine
generally recommended for such disorders • being unable
to derive any benefit from them, she determined to
give Holloway's Pills a trial, and by persevering with
them for a few weeks she has been restored to a perfect
state of health, which she still continues to enjoy.---
Sold by all vendors of medicine, and at Professor Hol-
loway's establishments, 244, Strand, London, and 80,
Maidewlane, New York.