New-York tribune., 1900-08-08
THE BRITISH WAR LOAN.
oNE-HALF OF THE ISSUE TO BE AL
LOTTED IN THE UNITED STATES

London. Aug Tin the House OF Commons to-
day Benjamin Louis Cohen, Conservative, mem
Der Tor the East Division OF Islington asked the
chancellor Of the ExcheQuer. Sir Michael Hicks
Beach the reason for the early closing of sub
scrfptons for Exchequer bonds The Chancellor
SAID the lists were closed as soon the bonds
had been subscribed for. He had received an
oner from an Anglo American house to place
half the issue In America on the same conditions
as Issued here. This, he added assured the sue
cess OF the loan. but there was another reason.
Last Thursday the reserve Of the Bank of Eng
land stood at the lowest point for years, and he
was advised that great relief might be Afforded
here by the movement Of gold from the United
States II large part OF this loan (f10,000OO0)
were taken there.
In substance the Chancellor OF the Exchequer
said:
When made the usual confidential inquiries
70 ascertain whether the proposed terms were
likely 10 be attractive. I received such very mod
crate encouragement that I accepted an offer
already made to me by leading Anglo-Amerl-
can house in London to place half the issue IN
the United States on the terms I had decided to
oner IT here. This part Of the issue was already
taken When the loan was issued IN Great Britain.
In conclusion the Chancellor OF the Exchequer
said:
I regret any disappointment caused by the
early closing Of the lists, but / hope II may 10
some extent be mitigated by consideration OF the
very important points I have just mentioned
The official announcement Of the proposed issue
OF British Exchequer bonds is as follows:
Bank Of England, London august s. 1900
Exchequer bonds. bearing per cent per & b IN,
payable quarterly the hrst dividend IgH on 6ree
months dividend. will be paid on October o Is2O 4
The issue Of 100000 bonds. repay36 az pat o5I
august I! 1866 in amounts OF tZO' fooV anu --'o''
Price Of issues nxed by Her Majestys Treasury
The Governor and Company OF the Bank Of Eng
an rfZzd nv he I.OT
Of Her MaJesty's Treasury to receive applications
80 o60055 The bonds Will be issued three years.
and viii be dated August Z, 1900 Interest at me me
rate Of per cent Per annum viii De Pai09 $780, oy COZ
pom, the first coupon being payable on OctoOer O.
Applications must be accompanied by a deP6islss
OF per cent, and viii be received at tne iI Gnles 6
eiIorTent the 5aI3nce Of The amount paid as de-
post will be applied toward the payment OF Ile
should there be surplus after making Xxi that Pay pay
dates which the further payments " VIZ II -s os re-
day August Is. 1900 % per cent Friday, sep
ls56; 81 per G cent on Of Thursday Novem6er Is 1850
The instruments may be paid in ful on or afLer @
cent. In cases Of default in the payment OF any any
instruments previously paid VIII be liable 10 for
scrip certificates to bearer, with q coupon 56 al
tached for the dividend payable on OCTOBER o 1gy,
will be issued in exchange Tor the provlsIotia1 i ss
when the defnitive bonds are ready. Apphcatlonss
at the Bank Of England and the Bank Of Ireland
or OF Messrs. MulIens. Marshall Co. No LON
bard-st London, E. {. The Lords CoI1IIlls
Jecting any applications
The allotment OF such a large portion OF the
war loan 20 America has not been well received
IN many quarters. The Daily Chronicle" in
its financial article, says:
The people are angry that they have not
time to consider 10 what humiliation we nave
been brought in having to appeal at all TO for
eign money markets for assistance.
THE Daily Express" says:
There is q chance II the bonds go 20 a high
premium that the Americans may promptly
sell them back and so defeat the object our
bankers have in view, but there is a well
founded belief that the demand for investments
OF g high class by insurance companies and
others in the United States is so great that the
bonds will be retained for the sake OF their
yield