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line stalls are particularly conspicuous for this imitation carving . Hunt and RoskelTs gallery stall is also in this style . The Nottingham lace stalls are in imitation ebony , picked out with gold . The effect is very 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 . "
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THE LOAN . At a meeting held at the Treasury , on Monday , in pursuance of the notice issued with respect to the new Iioan , 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 , OOOZ . " 2 . For every 1001 . 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 Tuesday , 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 writterr 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 TSngland had 300 , 000 /;; ~ Abraham Newland ' s office , 200 , 000 ? . ; the 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 last 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 allowance 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 alone would bo their guide in soiling stock . [ On this point the following remarks wero made : — Baron L . Rothschild—I believe it is not an engagement on the part of the government that thoy will not sell . The Chancellor of the Exchequer—It is a promise extending up to tho payment of the last instalment . ] That tho Government had no intention of funding Exchequer-bills .
That a vote of credit for tho extraordinary expenses of the war might bo submitted to Parliament , nnd that , if granted , tho amount would bo raised by Exchequerbills , and that there was no present expectation that tho vote would exceed fl , 000 , 000 / ., or that any of such additional Exchequor-bills would bo brought into tho market during tho paymont of tho instalments . That tho Government did not contemplate any further loan during tho period fixed for tho payment of tho instalments of tho prosont loan , which wns founded on the full amount of tho provision estimated to bo required for tho service of tho wholo year , but that tho Government could not pledge itself not to resort to a further lonn if unforeseen circumstances ahould arise to render that stop necessary .
The Chancellor of the Exchequer here said— " The meeting ought , perhaps , to be aware that this loan is calculated on the basis t > f 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 . < Joldsmid—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 , i 852 .
" 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 gar , 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 .
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INDIA . By extraordinary express-from . India , we have dates from Bombay up to March 19 , and from Calcutta up to March 9 ; but - \ ve 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 the 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 . —Tho electric telegraph has just been carried as fur north as Attok . It was expected that in three months the lino would extend to Peshawur , and that shortly the
three presidfllleies of Calcutta , Bombay , and Madras woultl be able to communicate in a few minutes with the AfFghan frontier—the most perilous part of our Indian dominions . —On the Peshawur fi onticr , some slight disturbances have arisen from tho 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 wero secured . A story , previously published , stating that a party of the 10 th Cavalry abandoned the cnttlo they were escorting to Fort Mackeson , nnd took to their heels before a body of marauders , is untrue . The hill tribes have intercepted Hyder 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 Dalhousie 1 ms been strongly urged to return to England and join tho l ' ulmerdton Ministry . —Trade , both nt Bombay and Calcutta' , was , with ft few exceptions , very flnt . A despatch from liangoon , 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 Moulmein , to which port Captain Donovan has proceeded to communicate with her agents .
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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 the 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 Freemasons ' -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 had 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 . u 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 Mattfiew Thomas ; representing himself as an American citizen , had been arrested and sent to San Francisco .
The steamship Black Warrior had arrived with dates from Hnvnnnah to the 28 th ult . Pinto , the chief of the conspirators , had been put to death , and Cadalzo and Pinclo , it was supposed , would bo sentenced to ten years in tho chain-gang in Africa . An effort to procure their execution waa , however , being made . Tho Consul of the United States is reported to have notified to the Captain-General , by direction of Secretary Marcy , " that if one drop of American blood is spilled in the present crisis , the Government of the United Stutcs will not be answerable for tho result . " An American citizen , Francisco Estranges , is under sentence of death . Arrests continue to be made . ^ Great stagnation of business prevailed at New York .
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TKSTIMONIAL TO THE LATE LOUD DUDLEY STUAltT . A mketino of the inhabitants of Mnrylebone wns held iu the Vestry Hull , on Tuesday , for tho sake of taking steps to procure some testimonial to Lord Dudley Stuart . Sir Benjamin Hall , M . P ., presided , and in his opening speech suggested that an institution for the blind would bo tho best testimonial that could be mado . His reason for this opinion was contained in tho following singular anecdote : — " For one wholo year ho ( Sir B . Hall ) was afflicted
with bliiidncstf , and tho whole dut . es of tho representation of Marylobono devolved upon Lord Dudley Stuart . Directly ho recovered , bllndnctis fell upon tho noblo lord , and them ho ( Sir li . Hall ) lmd to discharge all the duties . That wua a singular eiminiHtanco in" their liven ; and tho noblo lord had often mentioned that , if ho over had tho moans nt hto disposal , ho should liko to raise , or asmitt iu raining , a hospital or diapensary for the relief of those who suH ' ored from blindness . Ho looked forward to the tiino when ho ahould bo able to found a new institution , or to add a wing to one at presont in ox-
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Aprzl 21 , 1855 . ] THE LEADER . 36 ?>
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Leader (1850-1860), April 21, 1855, page 369, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2087/page/9/
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