The New York herald., 1921-01-22
$SO,OOO,OOO BELGIAN
BONDS SOLD HERE
Morgans and Guaranty Trust,
the Buyers, Form Syndicate
for Disposal.
TO BE OFFERED MONDAY
Eight Per Cent. Issue Will Be
Put Out at Par and Ac-
crued Interest.
TO BE OFFERED MONDAY

The Government Of Belgium has
signed the contract selling to J. p.
Morgan & Co. and the Guaranty Trust
Company. her nscal agents, $3o.ooo.ooo
Kingdom OF Belgium external loan
twenty year per cent. sinking fund
gold bonds. The local bankers have
formed syndicate composed of the
groups in this city, Chicago and other
cities which handled the previous is
sues to offer the bonds on Monday at
par and accrued interest,
This is the third bond Issue brought
out in this country for the account of
Belgium since the armistice. One year
ago $25,000,000 y per oent. notes were
hoated and. elk months ago the bankers
put out an issue OF s56,000,000 IA per
cent. sinking fund bonds for tho pur-
pose OF retiring an acceptance credit Of
like amount.
Subscription books will open at 10
o'clock Monday at the offices OF tho
Morgan firm and the trust company, and
will be closed in their discretion.
Amounts due on the allotments will be
payable at the office Of J, Z, Morgan
& Co. in New York funds to their order,
and the date of payment, on or about
February 4, will be stated in the notices
OF allotment. The sinking fund pay
ments are to be sufficient to redeem all
the bonds at 1071a by maturity.
circular issued by the bankers says
in part:
'sThe bonds are to be direct external
obligations of the kingdom of Belgium.
They are to be issued under a loan con-
traot in which the kingdom of Belgium
will covenant that il in the future it
shall issue by public subscription any
loan having lien on any specific
revenue or asset these bonds shall be
secured equally and ratably with such
loan,
'In the loan contract under which
the bonds are to be issued the Kingdom
of Belgium will covenant to pay to ]. p,
Morgan &c Co. and Guaranty Trust Com
pany OF New York, as sinking fund trtis-
tees, in equal quarterly instalments be-
ginning May !, 1921, until the entire
loan has been redeemed, sums sufficient
10 purchase each year s1.5O0,060 princi-
pal amount Of bonds at the price OF not
exceeding 107a per cent and accrued
interest.
I'm the event that prior to December
10, 1925, bonds are not purchasable
through the sinking fund In amounts
sufficient to retire bonds at the rate OF
s1,500,000 year, the unexpsnded
DalAncc III Ine SIllklHS lufu ~ 10 pd hli-
piled to the redemption of bonds by ici,
at 1919 per cent. on February /, 1886
and III like manner any moneys remain
ing In tho sinking fund on December 10
in each year thereafter are to be ap-
piled to the redemption OF bonds by lot
ut 1879 per cent. on the next ensuing
February /. The amount of the Interest
accrued on bonds purchased or redeemed
is TO he raid by the kingdom OF Belgium
otherwise than out of the sinking fund.
"All bonds net previously retired by
the sinking fund are TO be paid at
maturity at 1919 per cent. and interest.
"The per cent, perpetual bonds of
Belgium sold in Brussels during the
years 1901-1907 at prices TO yield not
over 3.15 per cent in the years 1905
1912 not over 4 per cent, and at tho
present time are selling in Brussels to
yield approximately $40 per cent"