The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-05-28

peputy Governor of the Bank were also in at
tendance. Among the members OF the monisd
interest were Baron l.. Rothschild, Sir A. Rotchs-
child Baron Goldsnid, the Lord Mayor and Mr. T.
Chapman representing the London and Westm1-
ster Sank: Sir J. Paxton, MIR. r. Thornton, Mr. L.
Thornton, Mr.. J. Capel, Mr.. Norbury, Mr. X hlcars
the Stock Exchange; Mr.. j. Laurence, Mr.. p Gaze
move, Mr.. L. Cohen, Mr. c. Edwards Mr.. W. Pres
cott MI. G. Ansel, Mr.. Stern Mr. B. B. Williams, DC.
Tie Chancellor of the Exchequer opened the pro-
ceedngs by stating that Lord Palmerston would not
be present lowing, it was understood, to indispos
tion). With regard to the Loan the conditions were
given at length Ill the original notice, but ii further
information was required he was prepared to answer
any questions.
Mr.. J. Capel called attention to the circumstance
that two OF tire instaiments were payable in June
one on the 2sth, Saturday which would be most
inconvenient day-and that If this course were per
severed in SO per cent of the loan would be locked
up during the shutting of the bank books. II the
10th Of July fixed for the latter instalment it
would be more suitable.
The Chancellor of the Exchequer, after short
conversation with Baron Rothschild aud Mr.. Capel
intimated that he could not we'll change the date,
and it was agreed that it should remain as an
LouLced.
In answer to Mr.. Capel, the Chancellor further
stated that he does not at present contemplate
funding OF EXchequer bills, or any sales of savings
bank stock, unless necessary for savings bank pur-
poses. Powers will be taken in the act similar to
those arranged in February last, with clauses pro-
tecting members Of Parliament who may take part
III the contract.
Mr.. Capel-As the payments of two instruments
will occur during the shutting may ask the Co
vernon of the Bark who is present. if that estab-
neut viii make advances on the scrip receipts
Tie Governor OF the Bank--The Bank are always
ready 70 make advances n gosErnment securities
during the shutting, at the current rate Of interest
The Chancellor Of tie Excheqier then Observed
that, in order 10 prevent any misappfehension. it
would be well 70 state that the loan which j. now
proposed is calcGited 70 cover The whole OF the es
..ta.l IA flrp tt.s,..
&2oC0GO0, and that for raising this additions
sun, Le proposes to take power to issue EycheQner
htIds or lNcheGner Lills, a. the condition Of the
mcIty nalhet nay It he precise period admit II
i rot Ce tain that the government viii require the
whole Of this amouht Tut, az in tie . the war
il was lot possible urately TO regulate the whole
Of the exp ndi'nie SO it IL now difficult to estimate
what may be the outlay required for the return OF
troops, &c Under no circumstances will the
- 100000 re necessary he ore the last quarter Of
the sent year. the first three months of 1857.
vote, however, may lie taken for contingencies,
since it is in the discretion Of government t. pro-
vide for an eXl ess Of expenditure, although there
IL 10 substantial reason 10 suppose that there will
be apy.
The question with respect to funding Of Ex-
chonuer bills was repeated and answered in the ne
eatiye; ard the Lord Mayor explained that the OBJ
ject was not to extract pledge from the govern
nent, but to enable the bankers and others denti-
fed with these securities to regulate their transac-
tiors, az they are all interested in seeing the GO
sernment issues maintain a respectable position in
the money market.
Mr.. Capel-If funding is not intended may
inquire if you propose to make any alteration in
the rate OF interest.
The Chancellor of the Exchequer-AIl can say
in respect to that is the notice will be given in the
usral form, at the proper time.
Baron Rothschild. Then the contract will be
taken on Monday at 10 o'clock, and he first pay
ment will be made on Thursday, the I'D?
The Chancellor-Yes.
The parties then withdrew.