The times., 1901-04-26
THE BASIS OF ALLOTMENT.
Only Small Proportion of the Sub
scriptiGns to lie Awarded.

LONDON. April 2s.-The Times says
it learns that the new consOls have been
subscribed for seven fold. Allotments are
expected to be made on the basis Of u
or 13 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 imminence OF ny
election in the great coal centre of 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 will
pass TO America and other countries
leave the public unmoved, for they re
member how by combines owners have
artificially raised prices against the pub
lie benefiting to the extent of S2S2,5oo,uVo
upon last years output of 226,000,0O0 tons
The Chancellor is, moreover, ignoring
proposals to exempt West Indian ana
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
cheduer, Sir Michael Hicks-Beach, de-
clared that he had no intention of drop
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 10
be some exemption in the case ofexisting
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 bin he ought TO be IN
a position to announce the terms upon
which exemption would be given.
Sir Michael subsequently received a
deputation of Scottish coal owners, and
repeated the reply he had made to the
previous delegation. At a 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 or Senefdt ces-
NEW YORK. April 25-Bankers con-
neCted with the British bond syndicate
anxiOusiy awaited today news from Lon
don respecting the basis OF allotment 20
American subscribers. on the smallest
allowance thus far quoted, IL Is believed
that $i5,000,O60 will be awarded American
investors, and il is possible that twice
that amount will be ultimately secured.
a syndicate banker pointed out today
that the offering had been most oppor-
tune in giving holders Of high-priced
railroad shares opportunity 10 sell out
at the highest level. and reinvest their
funds in something absolutely secure
This, ii 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 $40. 100000 or Sl5g9.OO
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. II IS
known, however, that some of the insti-
tutions subscribing TO the loan have now
on deposit at London considerable money
which can be drawn upon at moments S
notice to pay for the bonds allotted.