The Sun.
London, England, 1856-08-27 00:00:00

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will be formed by shares partly in lb
.and.partly..in-Europe.
"3. The active canital of the ban
ginning 3,300,000 edj idles, or 3,000,, ,it,.
the Ottoman Government or the bank n€yte...„._
cessity of augmenting this capital, the Nov oral-
tbe bank will fix by mutual consent the mina ferYfaich(:
new shares will be issued.
"4. The founders will have to subscribe at least 26
per cent. of the 3,000,000/. sterling which is to form the
capital of the bank, and they will have to. deposit 20
per cent, of this subscription as a guarantee in the Bank
of England or France.
" 5. The bank will be placed under the general lawn
of the Ottoman empire in conformity with the funda-
mental statutes, which will be established from the bed
ginning by the Imperial Government and the founders,
and which will be published.
"6. The bank will be indepondent 'in its administra-
tion; it will be governed by directors, who will be named,
according to its statute', by the foundet3 and the share.-
holders. The administration and revision of the accounts
will be in the hands of a council co:nposed of members
named in equal proportion by the font dTs and the
shareholders. A certain proportion of the directors and
of the members of the council must be sut)jects of the
Sublime Porte. The Imperial Government will lave the
right of surveillance, and will name a governor, whose
authority will be defined by the statutes.
" 7. All the operations of the bank will have to be
made in conformity with its fundamental statutes, be-
yond which no operation,: can be undertaken, and be-
yond which the Imperial Government cannot force it to
make any transactions. If for some reason or other the
Imperial Government or the bank should think it neces-
sary to modify them or to extend the operations of the •
bank, the Imperial Government will come to an under-
standing with the council of the bank to modify the
statutes in a regular manner.
" 8. The fundamental operations of the bank with the
public will be of the same nature as in. the banks of
England and of France :
" (a) To discount bills to facilitate -commercial opera-
tions.
"(b) To receive deposits of money at interest.
"(e) To make advances on moveables and immove•
ables (meubles et immeubles ), according to the special
regulations which will be made for this purpose.
" 9. The fundamental operations of the bank with the
public will be :
" (a). To discount Tr.:awry..bills for a limited period
(a terme), in the same way as commercial bills.
"(b) If the Government wishes, the bank will under-
take the payment in Constantinople of the interest of the
State loans.

" (c) The bank will undertake the transport of the
revenues of the Government, when the latter may think
fit to intrust the bank with it.

"10. The bank will at no time, and in no manner,
lend money to the Imperial Government, or to an;
branch of the Administration.

"11. The central establishment and the princ.malt
cash office of the bank will be at Constantinople. The
bank may open branch banks in the provinces, which
will be chosen for this purpose by the Imperial Govern-
ment, and the bank and the-e branch banks will act in
their operations like the central bank.
_ _

"12. A., in order to aid agriculture and industry, the
bank and its branches in the provinces will make ad-
vances on moveable and immoveable property, the Otto.
arm Government; in order to give to the bank the great-
est possible security, will make special regulations for
this purpose and a mortgage law, in order to insure the
repayment of the 81.1119 thus advanced, and before pub•
lishing these reo,ulations the Government will commune.
cate them to the founders and take their advice on the
subject.

"13. In conformity to the statutes which ,will be
made by the Imperial Government and of the bank, a
part of the capital will be destined exclusively for this
kind of operations,-and a decision of the Imperial Go-
vernment and-of the banks will be necessary in order to
be able to augment the funds destined for this obket.
" 14. The bank will neither lend nor receive money
at an interest higher than the maximum fixed by its sta-
tutes - in the same way a 'maximum will be fixed for the
rate of discount of Treasury and private bills.
"15. The bank will be authorised to issue bank-notes,
which will have the same force as metallic currency, and
the bank, as well as its branches, will have to redeem at
par in specie the notes which it will have thus issuei.
"IG. The bank will not be allowed to issue notes for
a larger sale than its capital of 0,000,0001. sterling, and
it must have always in its possession at least half the
value of the notes which it may have issued.,
" 17. The form and the value or each species of bank-
note will be fixed by a special regulation.
" 18. The Imperial Government will have to with-
draw from circulation all its paper money, and will
never again put into circulation paper money, whether
bearing interest or not. The Imperial Government
will likewise 6ve to alter its monetary system, which
will be never altered afterwards. It will never give to
any bank either in Constantinople or in the provinces
the right to issue bask-notes.
"19. In order to inspire the public with confidence.,
the banks, in conformity to its statutes, will publish at
fixed epochs the results of it operations. It will publish
likewise the general accounts, which it will give to the
shareholders at fixed periods.
"20. The manner and the periods of dividing the pro-
fits of the banks will be 'fixed by special regulations.
"21. The bank will-have a privilege of 25 yew*: At
the end of that time the continuance of this privilege,
.10,4 pr under tho uudei new unpturo4
statutes, will depend on the acceptance of the Govern-
ment and by the bank of the propositions which either
make for this purpose, and at the expiration of this privi-
lege all the accounts of the bank will have to be regu-
lated and paid.
"22. In case of an unforeseen accident, if the bank
were in danger, in order to provide for the safety of the
financial credit of the empire, as well as the interests of
the shareholders, the bank will have, according to its
statutes, the right to invite a general meeting of its
shareholders, and, with their consent, renounce, even
before the expiration of its privilege, -or else suspend for
some time, its operations.

SECOND PART.
"Art. 23. In order to improve the financial system,
the Imperial Government, having decided to withdraw
the paper ,money and the debased currency which are
now in circulation, will intrust the founders of the bank
with the raising of a loan in Europe by commission for
Government account, and for the sum which it will want
for this purpose.

"24. In this loan the bank will have no other function
but that mentioned above, and this will be an entirely
separate enterprise, undertaken by the founders of the
bank ; consequently there will be no connection between
the shares destined to form the bank and those of the
loan.

"25. The Imperial Government wants 5,000,0001.
sterling for the above-mentioned purpose ; in order to
prove this want, it will prove from the Treasury registers
the sums which are in circulation in -paper money and
debased coin. The Government will communicate these
documents to the founders of the bank, and, if necessary,
it will even publish them.
_ _

" 26. The founders of the bank will procura this
5,000,0001. sterling by making a loan by subscription in
Europe. The Government will pay 5 per cent, interest
on this loan, and 1 per cent. for a sinking fund.
" 27. This loan will be issued at 90.
" 28. The founders will act by commission, but they
will take, on forfeit, a part of the loan. (If somebody
else would take, on forfeit, a more considerable sum, he
should have the preference.) •
" 29. In order to give the greatest possible confidence
to the subscribers, the Imperial Government will pay
the interest and the sinking fund of this loan from the
general resources of the empire; and, to give au even
greater guarantee, the necessary sum will be taken from
the proceeds of the Customs which will be designated for
this purpose, and from the tribute of Moldavia, Walla•
chia, and Servia. The sums actually paid on the paper
money bearing interest, which will be withdrawn from
circulation, will likewise be allotted to this object. These
sums will be consigned either to the Imperial Ottoman
Bank or to the bankers designated by the founders. In
order to prove that the interests of this loan are carried
to the budget of State, as likewise the sums required to
pay them, the Imperial Government will produce, ac•
cording to its custom, the budgets of revenues and of
ezpenditui

" 30. The Government having destined this loan for
withdrawal from circulation of the paper money bearing
and not bearing interest, and of the Essam Muntase, and
for the improvement of the debased coin, in crder to
prove to the founders that these sums wilt not be spent
for any other purpose, it will intrust with these operations
the Ottoman Bank—that is, the Imperial Government
will come to an understanding on this subject with the
founitrs of the bank who are charged with the operations
of this lons and the administration of the bank, and a
special convention will be concluded between them, an-
cording to which the proceeds of the loan will be con-
signed to the bank, and in measure as the bank shall
withdraw the paper money from circulation it will pay
the correspondeet sum in cJin ; it will mark them by the
stamping them ; it will show them to the administration
of the bank, after which they will be burnt and destroyed
in the 4linibtry of Finance. As for the debased coins,
in measure as they shall come in to the bank, this latter
I will pay their value, will withdraw them from circulation,
and will ascertain their intrinsic value, which will be
employed for the same purpose.
" 31. As the Ex icution of these measures, and above
all the change of the base coin which has to be with-
drawn from circulation, cannot take place at once, and
as the sums which the Government will have consigned
to the bank for this purpose would thus lie idle, while
the Government would. have to pay interest for them, in
order to guaeaitee the Imperial Government from such
a loss the bank will buy
it withw t hl
lkeeseep
tshuemms, oabeldi g
eaetli
lo
tnhs
of
is for it, and with the interest
tem
he e
noldt
haenr
ed eawn leonaene
t; y
which it will thus recblve the bank will cover the losses
which the Government would otherwise have to bear ;
or, in case that some other sure and advantageous eat
ployment should present itself for these sums, the bank
will take advantage of it., • This operation will have to
be made in conformity viith a convention which will be
concluded for this purpose.
"33. When the bank shall have terminated this pro-
visional service it will render detailed accounts of it, and
will publish them."

TRIBE OF SOUTH WALES.—The commerce of South
Wales is steadily increasing. • In the port of
Swansea
during the last lialf:y,ar there has been an increase of
407 vessels, with 41.000 tons over the correspom jJag
peri.Al of 1855. At Cardiff the shipping has so increased
that more dock accommodation is necessary there and
at Newport. Oa the hills the various collieries and iron
works are in full play, and, more are in progress. The
ship building trade is active. A fine iron ship of 3,000
tons has just been built at Neath, and many vessels of
increased size and tonnage are W the stocks at all th
ports.

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