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1.) 154
,

L')NDON, SA.TUIMAY, FEBRUARY 23, 1356.

The New Loan has been concluded. The first
tender of Messrs. ROTHSCHILD, the only one put
in, was below the minimum, fixed by the Chan-
cellor of the Exchequer t'c per cent., br
70,000/.. on the entire amount of 8,000,0001.
sterling. The bidding was to receive 1121. ss.
Three per Cent. Consolidated Annuities, with
dividend from January last, which would be
equivalent to 89k, whereas the Chancellor of the
Exchequer refused to give more than 1111.25.2 d.,
or, as nearly as possible, 90 for each 1001. Consols,
being at the rate of 3/. 6s. Bd. dividend per annum.
By these terms the Right Honourable Gentleman
firmly abided, and after a brief consultation with
his friends, Baron LIONEL ROTHSCHILD, who re-
presented the firm, acceded to the Ministerial
proposition, and the contract was finally con-
cluded at 1111. 2s. 2d., or 90 for every 1001.
Consols. A saving of 70,000/. to the nation has
thus been effected by the resolution of the Chan-
cellor of the Exchequer and his colleagues, Lord
PALMERSTON and Mr. JAMES WILSON, for which
ho and they are entitled to much credit, which
we are the more willing to bestow inasmuch as it
has not often fallen to our lot to praise the finan-
cial arrangements of Sir GEORGE CORNEWALL
LEWIS.

The entire proceeding, however, clearly indi-
cates the evils inseparable from the existing
system. Messrs. kornscrtun had a complete
monopoly. In consequence of requiring a single
party to tender for the whole amount there was
no attempt at competition. The country was
practically left at the mercy of the leviathan firm.
It is true, that in consequence of the unflinching
resolution of the parties representing the Trea-1
miry, the loss of 70,000/. has been avoided—as
the bargain was clearly a good one for the eon-
tractors, the profit on the transaction, according
to the present price of Consols, being about 1/
per cent., or 100,0001. in all. But a precedent
has been established for all similar proceedings,
that will effectually prevent any benefit being
derived by Government from the tender system,
and showing that the mode adopted in France, of
stating the price And allowing the public to sub-
scribe, without the intervention of a middle man,
may very judiciously be substituted for that
hitherto in operation.

It was notorious that there was but a single
bidder, consequently the offer might be so low as.
to insure Its being beneath the minimum without
any danger of forfeiting the profits to be obtained.
The option would then be afforded of taking the
sum at the lowest possible rate. The result was
to all intents and purposes the same as if the
price had been publicly stated beforehand ; and
it might just as well have been communicated to
the country in the first instance, and permission.
accorded to every small capitalist to cast his mite
into the Treasury and to participate in the pro-
We of the Loan.

Another very serious evil was alluded to by
Mr. LAPEL. It was ascertained that the secrets
respecting the amount of the Loan and of the fund-
ing had leaked out, and that certain favoured Par-
ties were thus enabled to realise very considerable
sums at the expense of their brethren. We do not
for a moment suppose that the information was
obtained from any Minister ; but when we find that
it bad been, as in almost every similar instance,
acquired surreptitiously, there are additional rea.