The Sun.
London, England, 1854-05-04 00:00:00

EXCHEQUER BONDS.

The first positive announcement yesterday morning
regarding the result of the proposals for the 6,000,000/.
of Exchequer Bonds was in the shape of a notice from
the Treasury, that the required amount of the series of
2,000,0001. had not been subscribed, and that applica-
tions would be received at the Bank from persons desirous
of taking at the minimum, price of WI the balance that
remained of that portion. The precise amount of the
tenders that had been accepted was not stated, but it
was known to be moderate even for the first series,
while for the two remaining series of 2,000,0001. each,
maturing respectively in five and six years, it was very
small. Immediately, however, on the notification of
the price at which the remainder of the first series could
be obtained a considerable desire to subscribe was mani-
fested both by capitalists and the public generally ; and,
although the books were open only for a short period,
it was ultimately believed that nearly the whole of the
2,000,0001. had been taken, and the certainty appeared
to be entertained that shortly after 10 o'clock this morn-
ing, when they will be re-opened, the total will be com-
pleted.

The point remains to be ascertained if, upon the com-
pletion of the first series, the additional 4,000,0001. will
be put forward in a similar manner by the announce-
ment of a minimum, price, and it would have been ex-
pedient if this information had been given to-day. As it
is unlikely that any Exchequer bills will be sent in for the
2,000,0001. now in course of subscription, and the Chan-
cellor of the Exchequer will consequently receive cash
to that extent, doubt is expressed in some quarters as to
any further sums being intended to be raised at present.
Others are disposed to anticipate that the original
2,000,0001. may, perhaps, be augmented to 3 000 000/ .
and that this will be deemed sufficient. With regard to
the security itself becoming appreciated according to its
actual convenience and value, the prospects in its favour
would be increased instead of diminished by the issue of
the full amount originally contemplated, so as to make
them more familiar.
It is said that among the offers received the lowest
was at 93 and the highest at 1001. The absence of sub-
scribers, therefore, does not appear to be attributable to
any material difference between the views of capitalists
and those of the Chancellor of the Exchequer as regards
terms, but rather from inaptitude or dislike on the part
of the public to enter into affairs of this sort by the
method of secret tender. This conclusion, indeed, is
established by the readiness with which subscriptions
were sent in as soon as the minimum, price, which
makes the rate of interest equal to four per cent., was
openly made known, and hence every unsatisfactory
feature of the affair is explained and removed. Early
in the day there was a disposition on the part of those
who have been engaged in speculative sales of stock
to congratulate themselves on the public misfortune of
the loan having failed. When, however, it seemed to
become evident that the public were really willing to
subscribe at the Chancellor of the Exchequer's price,
and had simply abstained from fixing that price for
themselves, because each individual was averse to the
risk of finding his estimate higher than that of his
neighbours, it was seen that these gloomy assumptions
were premature, and Consols, which had fallen consider-
ably on the appearance of the Treasury announcement,
experienced at once a favoui able reaction.
Subjoined is the Treasury notice :
"The First Lord of the Treasury and the Chancellor
of the Exchequer hereby give notice, that subscriptions
will be received daily at the Bank of England, between
the hours of ten a.m, and two p.m., up to and including
the Bth May instant, until such subscriptions shall com-
plete the specified sum of 2,000,0001., from such persons
as shall be desirous of subscribing at the reserved sealed
price which has been fixed for such Bonds—that is, at
981. 15s. for each 1001. of such Bonds, for the Exchequer
Bonds described in the notice of 21st April as Bonds A,
payable at par Bth May, 1858, subject to the conditions
as to the payment of the deposit and the instalments
which are set forth in the notice of 21st April above re-
ferred to.
" Downing-street, 2d May, 1854."

The fow subscribers to the series B and C whose ten-
ders had been accepted are understood to have availed
themselves of an option to transfer their subscriptions
to series A. Among the parties by whom large sums
were taken at the Bank this afternoon were the South
Sea Company for 500,0001.—Times City Article.