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April 21,1855] THE LEADER. 369y
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THE LOAN. At a meeting held at the Treas...
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INDIA. Bar extraordinary express from In...
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AMERICA. By the last mail from America w...
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TESTIMONIAL TO THE LATE LORD DUDLEY STUA...
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Transcript
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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The Paris Exhibition. The Time Is Now Cl...
line stalls are particularly conspicuous for this mutation carving . Hunt and Roskell ' s gallery stall is also in this style . The Nottingham lace stalls are in imitation ebony , picked out -with gold . The effect is yery pleasing . It is hardly possible to say what other nations intend to do in the matter of stall decorations ; but , up to the present time , those of England bid fair to equal any in the Exhibition . The Nottingham stalls -were sent from England . There are a few stalls in the French gallery ; but with this exception , all the stalls actually fitted up in the building two days ago were English . Portugal and Spain were leisurely measuring out their space . Sardinia was desolate . In the German department , there were a few castings perceptible , and great activity prevailed hereabouts ; but in America , Belgium , Mexico , & c , there was no perceptible movement . "
April 21,1855] The Leader. 369y
April 21 , 1855 ] THE LEADER . 369 y
The Loan. At A Meeting Held At The Treas...
THE LOAN . At a meeting held at the Treasury , on Monday , in pursuance of the notice issued with respect to the new Loan , the Chancellor of the Exchequer opened the proceedings by reading twice the following conditions : — " 1 . The Loan to be for the sum of 16 , 000 , 000 / . " 2 . For every 100 / . subscribed in money , the contractors to have 100 / . Three per Cent . Consolidated Annuities , and a terminable annuity for 30 years , ending on the 5 th of April , 1885 . " The biddings to be made in the terminable annuity . " 3 . The interest on the Three per Cent .. Consolidated Annuities to commence from the 5 th of January , 1855 , and the terminable annuity to commence from the 5 th of April , 1855 . " 4 . The days of payment , and the proportions of the contributions to be paid , to be as follows : — On Tuesdav , April 24 , 1855 , deposit of 10 / . per cent .
,, May 22 , „ payment of 15 / . „ „ June 19 , „ „ 10 / . ,, „ July 17 , „ „ 15 / . „ „ Aug . 21 , „ „ 10 / . „ ,, Sept . 18 , „ „ 10 / . „ „ Oct . 16 , „ „ 10 / . „ ., Nov . 20 , „ ,, 10 / . „ „ Dec . 18 , „ „ 10 / . „ " For each instalment after the deposit , a proportional amount of Stock to be created for the contributors . " The Stock payable on the deposit to be created at the same time with that which will be due on the- last instalment , when the terminable annuity will be also written in to the contributors' names in the books of the
Bank of England . " The biddings to be made at the Treasury , on Friday morning , the 20 th of April , 1855 , at 10 o'clock . " ' A conversation then ensued , during which the ensuing additional particulars were elicited : — That there would be no reserve for public companies . £ This refers to the fact that on the occasion of former loans certain corporations and public bodies of London and other places had a large proportion of the loan , whether the total were large or small in amount . The Bank of England had 300 , 000 / .. ; Abraham Newland's 6 ffice , ' 200 ; 000 / .: tlie South Sea'Company , 200 , 000 / .: the
Trinity Corporation , 200 , 000 / . ; the Royal Exchange Assurance Company , 200 , 000 / . ; and the Bank of Dublin had a large sum . It became a custom , and was at lost claimed as a matter of right . ]] The biddings to be for the entire amount of the loan . That no discount would be allowed for prompt payment , the payment of the instalments having been so arranged as to meet , the requirements of the public service ; but that contributors who might wish to pay up their contributions for the purpose of obtaining Stock would be at liberty to do so , without an allownnco of discount .
That there would be no exemption from income tax on the first scrip dividends . ' That it was not the intention of the government to continue the sales of Savings Bank Stock for the purposes of the government during the payment of the instalments ; but that the demands of the savings banks alono -would bo their guide in selling stock . [ On this point the following remarks were mado : — Baron L . Rothschild—I believe it is not an engagement on the part of the government that they will not soli . Tho Chancellor of tho Exchequer—It is a promise extending up to tho payment of tho last instalment . ] That tho Government had no intention of funding Exchequer-bills .
That a vote of credit for tho extraordinary expenses of tho -war might bo submitted to Parliament , and that , if granted , tho amount would bo raided by Exchequerbills , and that there was no present expectation that tho vote would oxeced 8 , 000 , 000 / ., or that any of such additional Exchequer-bills would bo brought into the market during tho payment of tho instalments . That the Government did not contemplate any further Joan during tho period fixed for tho payment of tho instalments of tho prosent loan , which was founded on the full' amount of tho provision estimated to bo required for tho service of tho whole year , but that tho Government could noj ; pledge itself not to rosort to a further loan if unforeseen circumstances should arise to render that step necessary .
The Chancellor of the Exchequer here said— " The meeting ought , perhaps , to be aware that this loan is calculated on the basis of the estimates which have been voted by the House of Commons , and which have been framed upon the assumption that the war will continue for the present year . " He further stated , in answer to an inquiry whether , if a further loan were resorted to , the subscribers to the present loan would be placed in the same position as to their unpaid . instalments as the subscribers to the new loan , that the conditions of the present loan must be fulfilled without reference to those of any future loan . The Chancellor of the Exchequer also said that the meeting should understand that his statements had reference solely to the intentions of the Government , and that he could not undertake to pledge himself that no foreign government should come into the market with a loan guaranteed or not by the British Government , during the payment of the instalments of
the present loan . Sir I . L , Goldsmid—I understand that you reserve to yourself the power of guaranteeing any loan which may be required by a foreign Government . The Chancellor of the Exchequer—We do reserve that power . In reply to a question from Mr . Hammond , the right hon . gentleman said the biddings would be opened on the following Friday morning in that room , and it must be understood that no bidding for less than the entire amount would be received . The interview then terminated .
On Friday morning the First Lord of the Treasury , the Chancellor of the Exchequer , and the Secretary of the Treasury , assembled at the Treasury for the purpose of considering tenders for the proposed loan . There were present the Messrs . Rothschild , Mr . Capel , Mr . Cazenove , Baron Lionel Goldsmid , and several gentlemen well known in the commercial world . The Chancellor of the Exchequer said he believed there was only one tender—that sent in by the Messrs . Rothschild . It was as follows : — " London , 20 th April , 1852 .
" Sir , —In conformity with the public notice issued by the Treasury , we have the honour of submitting the following offer for the loan of sixteen millions . We agree to take the whole of the sixteen millions 3 per cent . Consolidated Annuities , with dividend from the 5 th of January last , at par , payable in instalments at the periods dated in the said notice , upon receiving for each 100 / . an annuity of fourteen and sixpence , say 14 s . 6 d . —terminable in thirty years , to commence from the 5 th inst ., payable half-yearly ; and we are accordingly ready to pay the deposit on the same . " We remain , Sir , " Very repectfully , your obedient servants , " N . M . Rothschild .
" To the Right Hon . the Chancellor of the Exchequer . " The Chancellor of the Exchequer said that the Government had decided upon the acceptance of those terms .
India. Bar Extraordinary Express From In...
INDIA . Bar extraordinary express from India , we have dates from Bombay up-to March-19 , ancL . froin _ Calcutta up to March 9 ; but we hear of no political news of importance . A certain degree of excitement has been created by the announcement that the Government has opened . a Five per Cent , loan of two millions sterling , to be employed on public works . The result ( according to the Bombay Times ') has been tho depression of all other stock , and a general shake in the confidence of the community . The same paper states that the Madras Government , having succeeded in establishing an excellent museum at the presidency , are now endeavouring to bring local
museums into existence all over the districts . —The electric telegraph lias just been carried as far north as Attok . It was expected that in three months the line would extend to Peshnwur , and that shortly the three presidencies of Calcutta , Bombay , and Madras would be able to communicate in a few minutes with the Anglian frontier—the most perilous part of our Indian dominions . —On tho Peshawur fi ontiez " , somo slight disturbances have arisen frum the depredations of the hill people . Vigorous measures , however , having been taken against them , forty were
captured , three killed , and five wounded , and a hundred head of cattle were secured . A story , previously published , stating that a party of the IOth Cavalry abandoned the cattle they were escorting to Fort Mnckeson , and took to their heels before a body of marauders , is untrue . Tho hill tribes have intercepted Ilyder Khan , son of Dost Mahomed , on his way to meet Mr . Lawrence : it appears that they are greatly incensed at the proposed treaty , which offends their Mussulman prejudices . —The cavalry intended for the Crimea have now all loft .
From Calcutta , wo learn that an opinion prevails there that Lord Dalhousio is hatching some scheme for tho annexation of Oude . There are also reports that Lord Dalhousic has been strongly urged to return to England and join tho l ' almerston Ministry . —Trado , both at Bombay and Calcutta , was , with a few exceptions , very flat . A despatch from llangoon , dated February 21 ,
reports the loss of the ship Arrogant , owned by Messrs . S . S . Bennett , Brothers ,. of London , and commanded by Captain Donovan , on the 12 th of January , on a sunken ledge of rocks , about two miles and a half to the north of the Island of Trinecutty , Nicobars—crew saved . The Arrogant was on her voyage from Sydney to Moulrriein , to which port Captain Donovan has proceeded to communicate with her agents ^
America. By The Last Mail From America W...
AMERICA . By the last mail from America we have advices from New York to the 4 th inst . From Washington we learn that the President had decided against an extra session of Congress , and that the action of the Government indicated warlike measures relative to the El Dorado and other outrages committed by the Cuban authorities . It appears from the returns which have as yet been made public of the election in Kansas , which took place on the 30 th ult ., that the Anti-slavery party made a very indifferent stand . The elections throughout the country continued to result in favour of the Know-nothings . , At an election at Cincinnati , a savage riot occured between the Dutch and the Americans . The ballot-boxes were destroyed , and it could not be ascertained which party had elected their candidate . Several severe encounters took place , and the Dutch paraded the streets with a loaded cannon , bidding defiance to the Americans . The latter , however , turned the table upon their opponents by seizing the cannon and using it against them . The result was that three of tho Dutch were killed . The American party , one of whom was severely wounded , formed in procession , and paraded the streets with the cannon . The Germans afterwards took possession of it while it was left on the public landing , and conveyed it to the Freemasohs ' -hall . The Americans then sent a committee to demand its restoration , threatening , if it
were not delivered up , to go and take it . Fears were entertained that further disturbances would occur . The steamer Bulletin had been burnt below Lake Providence , and twenty-three of the passengers and crew were missing . The vessel and cargo , consisting of 3500 bales of cotton , were a total loss . In the steamer Huntsville , 4000 bales of cotton \ ad also been burnt . Terrific gales had been experienced at Albany and Philadelphia . At Philadelphia an extensive glass factory was blown down , and twenty-five of the workmen buried in the ruins . Eight bodies were taken from the ruins , and several persons were severely injured .
Several additional failures have taken place in California . The mob had broken into the vault of a banker , and distributed the money among the holders of certificates . Thousands were flocking to the new diggings at the Kern River . From the Sandwich Islands we learn that the new King had issued a neutrality proclamation , and a notification that the Governments of Great Britain and France and the United States had offered him assistance to maintain his Government . From Mexico we learn that Santa Anna had returned to the capital , and had been received with salvoes of artillery and other demonstrations of joy . The revolution was said to be losing ground . One of the chiefs of the late Boulbon expedition , Captain Matthew , Thomas , representing himself as an American citizen , had been arrested and sent to San Francisco .
The steamship Black Warrior had arrived with dates from Havannah to the 28 th ult . Pinto , the chief of the conspirators , had been put to death , and Cadalzo and Pinclo , it was supposed , would be sentenced to ten years in the chain-gang in Africa . An effort to procure their execution was , however , being made . The Consul of the United States ia reported to have notified to the Captain-General , by direction of Secretary Marey , " that if one drop of American blood is spilled in the present crisis , tho Government of the United States will not be answerable for the result . " An American citizen , Francisco Estranges , is under sentence of death . Arrests continue to be made . Great stagnation of business prevailed at New York .
Testimonial To The Late Lord Dudley Stua...
TESTIMONIAL TO THE LATE LORD DUDLEY STUAUT . A meeting of the inhabitants of M : uylebone was held ia the Vestry Hall , on Tuesday , fur the sake of taking steps to procure some testimonial to Lord Dudley Stuart . Sir Benjamin Hall , M . l \ , presided , and in his opening speech suggested ( lint mi institution for the blind would bo the bast testimonial that could bo mado . His reason far this opinion was contained in the following singular anecdote : — " For one whole year ho ( Sir 13 . Hall ) was afflicted
with blimlnoas , and the wholo duties of tho representation of Marylebonc devolved upon Lord Ihulloy btuart . Directly ho recovered , blindncssa fell upon tho noble lord , and then ho ( Sir U . Hall ) had to discharge all the duties . That wan a singular ciroumst / uico hi their liven ; and tho noblo lord hud often mentioned thnt , if ho ever had the moans at his disposal , ho Hhould like to raise , or assist in racing , a hospital or dispensary for tho reliof of thoflo who Hiiflurod from MhidiifiSH . Ho looked forward to tho timo when ho should bo ablo to found a now institution , or to add a wing to one at present in ox-
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Citation
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Leader (1850-1860), April 21, 1855, page 9, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_21041855/page/9/
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