The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-26
THE BASIS OF ALLOTMENT.
Only a Small Proportion of the Sub
scriptiGns to lie Awarded.

LONDON. April 2s.-The Times says
II learns that the new consols have been
subscribed for seven fold. Alotments are
expected to be made on the basis of IL
or 10 per cent. except in the case of small
subscribers who will receive the full
amount of their subscriptions.
Secretary Chamberlain has authorized
the Central News to state that the re-
port that there are dissensions in the Cabi-
net over the budget, particularly over the
export duty on coal. which may lead to
the resignation of the ministry. is untrue
in every particular.
Despite the strong political pressure on
the Government, as evidenced in today s
deputation, and the imminencc of by
election in the great coal centre o. Mon
mouth Burghs, the Chancellor of the Ex-
chequer is determined to persist in his
export coal tax. He will not go beyond
the exemption of prior contracts.
The coal owners alarmist assurances
that Great Britain's export coal trade VIII
pass to America and other countries
leave the public unmoved, for they re-
member how by combines owners have
artifcially raised prices against the pub
lie, benefting to the extent OF S2Sz,5ooVo
upon last years output of 226,Ooo,VO tons.
The Chancellor is, moreover, ignoring
nrorosaIs to exempt West Indian and
other colonial sugar from the new tax.
Replying to a numerous and influential
deputation representing coal owners
miners, shippers, and merchants, today
assembled to protest against the export
duty on coal the Chancellor OF the TX
chequer. Sir Michael Hicks-Beach. de-
clared that he had no intention OF crop
ping the coal tax. The representation OF
the deputation would be carefully consid-
cred by himself and his colleagues. lie
had already admitted that there ought TO
be some exemption in the case of|existing
contracts, and suggested that those inter-
ested appoint a small committee to dis
cuss the question with himself and the
customs authorities. On the second read
ing of the budget bill he ought to be in
n position to announce the terms upon
which exemption would be given.
Sir Michael subsequently received
deputation of Scottish coal owners, and
repeated the reply he had made to the
previous delegation. At conference this
morning of the Miners Federation, rep
reSenting the entire nation. resolution
was adopted protesting against the pro-
posed export tax on coal. Many repre-
sentatives spoke in favor of general ces-
sation Of work.
NEW YORK. April 25.-Bankers con-
nected with the British bond syndicate
anxiously awaited today news from Lon
don respecting the basis of allotment TO
American subscribers. On the smallest
allowance thus far quoted, it is believed
that SIS, eco will be awarded American
investors, and it is possible that twice
that amount will be ultimately secured
syndicate banker pointed out today
that the offering had been most oppor
tune in giving holders of high-priced
railroad shares opportunity TO sell out
at the highest level and reinvest their
funds in something absolutely secure.
This it was said, accounted for the
widespread interest in the loan, which
surpassed anything previously shown.
While the syndicate denies having stipu-
lated to remit any part of the payment
in gold. bankers having the negotiations
in charge admit that sl0.00o.000 or s15.0o.0cO
gold will likely be exported during May,
owing to the financial situation abroad
This they ascribe to the natural outward
gold movement usual at this season and
to this years peculiar demands. 1t is
known, however that some of the insti-
buttons subscribing to the loan have now
on deposit at London considerable money
which, can be drawn upon at a moments
notice to pay for the bonds allotted.