The Bridgeport evening farmer., 1916-10-30
.$3o0,00o,o0O
 544% BONDS .OFFEREDF FOR SALE
United Kingdom of Great Britain Through Morgan
 Opens Subscription.

Public offering of the $sOO,O 900
 5H per cent. secured loan of the
 United Kingdom of Great Britain and
 Ireland is being made throughout this
 country at a price of 99A for the
 three-year notes and 99 + for the five year. Subscription books will be
 opened at the office of J. P. Morgan
 & Co. at 10 o'clock tomorrow and will
 be closed Wednesday, Nov. 8, or
 earlier.
 At these prices the yields are over
 5.75 per cent. on the three-year notes,
 and about 5.85 per cent. on the five year. The loan is dated Nov. l, 1916. One-half natures Nov. l, 1919, and the other half Nov. l, 1921. Principal and interest are payable without de- duction for any British taxes, present
 or future, in United States gold coin, or at the option of the holder, in London in sterling at the fixed rate of $4.S61a to the pound.
 The notes are to be secured by
 pledged securities which are to be approved by J! P. Morgan & Co.,, hav- ing a value of at least $36O, O,O0O,0O0, calculated on the basis of prevailing
 market prices, sterling securities be- ing valued in dollars based on the pre- calling rate of exchange.
 The pledged securities are to be: Group 1-Stocks, bonds or other se- curities of American corporations, in- cluding Canadian Pacific Railway and bonds or other obligations of Domin- ion of Canada, Colony of Newfound- of hn irio approved Canadian municipalities.
 Aggregate value not less than $1S,- OO0,OOO. - x
 (Of the foregoing lthese will be
 somewhat over $100,0Q0,000 in value in securities, of corporations of the United States land of the Canadian Pacific Railway.) NN Group 2-Bonds or other obliga- tions of following governments! Aus
 tralia, Union of South Africa, New
 Zealand, Argentina, Chile, Cuba, Ja- pan, Egypt and India, or. approxi-
 mately $25,000,O0O value in bonds or other obligations of dividend-paying | British railway companies. Aggregate | value not less than s180,00O,000. Each maturity is subject to redemp- | ton, in whole or in part, at option | of the government, at a premium of | 1 per cent. fer each year Cor any part) of unexpired life of such ma | turity.
 Pending arrival and delivery of a portion of securities to be pledged, | the British government is to deposit temporarily with Guaranty Trust Co.,.
 depositary, either approved New York Stock Exchange collateral, or cash, or both, under withdrawal provisions. The British government may from ] time to time sell for cash any of the pledged securities, proceeds to be | used to retire notes by purchase or re- demption. If the pledged securities depreciate in value because of change in market price, or in rate of ex- change, so that the 20 per cent. mar gin shall have become impaired, the
 British government will deposit .addi- tional securities to make good the im- pairment.
 A syndicate has been formed to underwrite the sale of the notes, the
 underwriting price being h per cent. below the average offering price.
 From this F per cent. there will be deducted selling expenses, including selling commission. Syndicate partici-
 pants will be allowed a Selling com-
 mission of 1 of 1 per cent on con- firmed sales. The following banks and banking firms head the syndi$ate: J. P. Morgan & Co.,, First National Bank, New York; National City Co. of New York; Harris, Forbes & Co.,, Brown Bros. & Co.,, William A. Read
 & Co.,, J. & W. Seligman & Co.,, Kid der Peabody & Co.,. Lee. HigginsOn & Co.,, Lazard Freres and Kissell,
 Kinnicutt & Co.,, White, Weld & Co. and Guaranty Trust Co. of New York; Bankers Trust Co.,, New York; Farm ers' Loan & Trust Co.,, Central Trust Co. of Illinois, Chicago; Union Trust Co.,, Pittsburgh; Continental & Com
 mercial Trust & Savings Bank, Chi cago; Marine National Bank, Buffalo,
 and First and, Old Detroit National Bank, Detroit.