The Sun.
London, England, 1870-04-26 00:00:00

1870.

MORTGAGE LOAN of His Highness the
KEIEDIVE OF EGYPT,

Secured by Mortgage on his Private Domains
(Dairy Sanieh)
In Bonds for £7,142,860, or Francs 178,571,500.
CON TRACTOns.
The. Franco-Egyptian Bank of Alexandria and Paris.
To be issued in Bonds to Bearer of £2O each, and of £ tOO,
£5OO, and £l,OOO each, Leing multiples of £2O, bearing
Interest at Seven par Uent. per annum, from Ist April,
1870, payable half-yearly.
An accumulative Sinking Fund of £2 7s. 4d. per cent. per
animal, to be applied i❑ redeeming the Loan at par, in
Twenty Years, by Half-yearly Drawings.

The First Drawing will take place on the sth of September,
1870.

The Interest upon the Bonds, and also the Pritcipal of the
Drawn Bonds, to be payable in London in sterling
money, or in Paris at she Fixed Exchange of 25 francs
per £L sterling, at the option of the Bondholder.

Messrs. BISCHOFFSHEIM and GOLDSCHMIDT, of
London, are instructed by the Contractors to receive in
London subscriptions for the above Loan at the price of
£7B 10s. for each £lOO Stock.

The Loan will be represented by bonds to bearer bearing
interest until redeemed at the rate of 7 per cent. per annum,
payable half-yearly on the Ist April and Ist October in
each soar, at the Office of Messrs. Bischoffsheim and Gold-
schmidt in London, or in Paris and Alexandria, at the Office
of the Agents of the Loan.
The first half-year's interest will be payable on the Ist
October, 1870.

A Sinking Fund of £2 7s. 4d. per cent. per annum, toge-
ther with the interest on the Bonds cancelled, will be applied
to the repayment of the Loan in 20 years, by means of half-
yearly drawings by lot, to ba made at Paris, on the sth
March and sth September of each year, and the Bonds so
drawn will he repayable at par on the Ist April and Ist
October immediately following, at the office of Messrs.
Bischoffsheim and Goldschmidt in London, or at the Office
of the Agents of the Loan in Paris and Alexandria, when
the interest thereon will cease. The first drawing will take
place on the Scrip Certificate, as all the definitive Bonds
cannct be ready till after the Ist of October, 1870.
The instalment will be payable as follows :-
5 per Cent. on application.
10 7/ allotment.
15 30th June, 1870.
15 71 30th July, 1870.
15 I/ 30th August, 1870.
181 „ Ist Oct., 1870, deducting dividend of
3f per cent. less English income
tax.

78i per Cent.
Subscribers will have the option of anticipating the in-
stalments either on allotment or on any of the dates when
they fall due, under discount at the rate of 6 per cent. per
annum. In default of payment of any instalment at its due
date, all previous payments will be liable to forfeiture. In
cases where no allotment is made the deposit will be re-
turned without deduction, and where an allotment is
made of a smaller amount than that applied for, the surplus
deposit will be applied towards the amount payable on
allotment.

The Loan is specially secured by the hypothecation set
forth in the Article of the General Bond, of which the fol-
lowing is a translation :
" As a guarantee of the payment of the said half-yearly
sums, the first of which will be made on the let
October, I'7o, and the last completed on the Ist
April, 1890, his Highness has pledged the whole of
the free revenues of the Daira Estates, and has
furthermore specially mortgaged 150,000 feddans
of land free from every incumbrance in accordance
with the Government report, and which, under
culture of the sugar cane, is capable of yielding a
miLimum of a million and a half of quintals of raw
sugar" (estimated at £1,500,000 per annum.)
The main object of the Loan is to supply the means of
carrying out on a large scale the growth of the sugar cane,
•
for which the soil and the climate of Egypt are so well
adapted, and for erecting the establishments and introducing
the machinery necessary for manufacturing sugar. The
ritortg,aged domains will thereby become greatly enhanced
in value by the improved system of cultivation which it is
thus contemplated to introduce, and by the consequent rapid
development of their vast resources.
This being a loan to H.H. the Khedive, on a mortgage of
his private domains, does not interfere with the engagement
entered into by the Egyptian Government not to issue any
further Government loan for five years from tho date of the
last Government loan. The country, however, will derive
the benefit of the stimulus which will be given to trade and
production by moans of the present loanoind the consequent
augmentation to the general revenue of the State.
A general Bond for £7,142,860, signed by
his Highness
the Khedive, and the legal Kachf or Deed of Hypothecation,
will be deposited at the Bank of England.
Scrip Certificates to Bearer will ba issued by Messrs.
BisehoffAieini and Goldschinidt in exchange for Allotment
Letters and Bankers' Receipts, and definitive Bond.' will be
exchanged fur paid-up Scrip Certificates as soon a 3 practic-
able after the let of October, 187 u.

Applications must be made on the annexel Form, and
will bo recrivod

Messrs. RISC} OFFSIIEIM AND COLDSCIIMIDT,
Fouuders'-court, Lothbury, E.C.;

Messrs. P. CAZBNOVE and Co. Brokers to the Loan
02, Tl;retAneed!e• street, E.C.
from whom Prospectuses and Forms of Application may le
obial tied.
Subscription Lists will be opened simultaneously in
London, as above, in Alexandria, and in Paris, at the
Office of
THE COMPTOIR D'ESCOMPTE DE PARIS, Rue Berger°,
on the 26th and 27th April; but no application will be re-
ceived in London after three o'clock on Wednesday, the 27th