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

TILE 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 having 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, Nov. 8.
"Gentlemen,—We, the undersigned, have seen with
great surprise the naturei of the bonds to be issued by you
in exchange on payment in full of the scrip of the Turkish
Loan contracted by you.
_

"Those bonds liWo 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.
" We 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. WILE; 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question, they will forthwith be withdrawn.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 analogous to the method followed by the
Bank of England in their notes.
The 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 former loan, to throw an element
ef uncertainty into all the future transactions of the
Government, which nothing but years of regular con-
duct will now efface. Although nothing has since leo-
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 concoctors 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.
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