The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-16

Millions OF Dollars Wanted.
from the London Herald (City Article), Dec. 80
1t was officially announced this afternoon, 10Th
ultimo, that the Victoria (Austraan) Railway Loan
will Immediately be brought forward The pros
pectus has consequently been issued, with the sig
natures of the parties representing the six Austria
liam banks who have engaged in the operation, and
tenders will be forthwith received for the first ell
600 COO. The entire amount authorized to be
raised is fs,oOo,OoO, for 100000 of which
subscriptions will be taken in this country, it be-
ing proposed to spread the amount over period of
about four years. The money is secured principal
and interest under the Railway Loan Act of
the Legislature of Victoria dated Melbourne the
2ith Of November 1857, and the amount is to be
obtained by the issue of debentures bearing inte-
rest at the rate of per cent per annum from the
LIST of October 1868, in series of flO90, $500, and
fl00 each, redeemabe ut the expiration of rs
years the consolidated revenues of Victoria being
pledged to the discharge of the liability. The ten
ders for any portion or for the whole of the first
81 600, 900, will be received by the London and
Westminster Bank up to Friday, the It'll proXimo,
deposit of per cent being previously paid either
to the London and Westminster Bank or the London
Jointstock Bank The balance being adjusted at the
date of the delivery Of the debentures, which
is fixed as the LIST of February. The principal
and interest will be payable at these estab-
lishments, the latter on the lst of April
and first of October in each year, by coupons.
Capitalists who take the debentures1will befenttled
to the two per cent interest accruing from the LIST
of October, 1885, to the LIST of February next From
the statement made it appears that the revenue of
Victoria for 1857 amounted to f3 1907 467 while for
the present year it is estimated at about the same
sum. Different opinions have been expressed with
regard to the success of the transaction Although
it is thought by some individuals that difficulty
will DO Experienced I'm Piacins tie cartier issues,
the nature of the security with the advantages it
possesses, will, it is believed eventually render it
popular. The certainty of six per cent interest
with the accrning two per cent at the date ar
ranged in February, may operate as an induce
ment; but yet the public are far from being prepar
ed to enter into extensive transactions, however, ia
vorable the investment The similar descriptions in
the market, with dividend on the lst of January
range from Ill to ll3; and therefore it has been
estimated that the biddings, whether limited not
may, looking at the quantity offered and the date
Of redemption, vary from los to l0s The highest
is of course the nearest appreciable quotation
though great deal will naturally depend upon the
support afforded BY leading capitalists, and the
tone of the general markets during the next week
or ten days. As was anticipated, the committee
representing the contractors have brought the ope
ration near the date of the payment of the ia
nuary dividends was possible, in order to obtain
whatever advantage that then might arise from
the enlarged circulation Of money.