22 APRIL 1854, Page 7

POSTSCRIPT.

SATURDAY.

At a late hour yesterday, the monied world in the City received Mx. Gladstone's project for meeting his immediate or proximate pecuniary wants with a loan, of a peculiar kind. The amount is 6,000,0004, for which tenders are invited ; the loan to be taken upon Exchequer Bonds, in three sets of 2,000,0001. each, respectively redeemable on the 8th of May in 1858, 1859, and 1860 ; the whole to bear n per cent interest. An objection, we perceive, is taken to the trifling preferenoe- premium for payment of the loan in Exchequer Bills ; for such is the effect of the shilling fine per 100/, on payment in money. The ob- jection is to the "complication" introduced for so small a difference. We take the "little shilling" to signify simply that the Chancellor of the Exchequer prefers to receive payment in Exchequer Bills, if it be all the same to the gentlemen who propose to deal with him ; and it would probably make the difference sufficient on a 10001. tender to frank a jour- ney, say from Birmingham to London and back. The objection is that Mr. Gladstone's Exchequer Bills are already at a higher premium, other persons rating them two shillings higher than himself. It will be observed that the general character of the transaction is that of a loan definitely terminable ; and that it is also made to fit in with the prospective arrangements for the expiry of the Income-tax, a considerable decrease in the annual charge of the National Debt, [3,200,0001.,] on the expiry of Annuities, &c. The specific proposals of the Treasury were conveyed to the Stock Ex- change in the following circular.

" Treasury Chambers, April 21, 1854.

" The First Lord of the Treasury and the Chancellor of the Exchequer hereby give notice that tenders will be received at the Bank of England daily, between the hours of ten o'clock a.m. and two o'clock p. m., from the date hereof until Tuesday, the 2d May next inclusive, for the whole or part or parts of the following securities, viz.— " Two millions of Exchequer Bonds, bearing interest at the rate of 31. 10s. per centum per annum, payable half-yearly; and the Bonds to be liquidated and paid of at par, ou the 8th May 1858. " Two millions of Exchequer Bonds, bearing interest at the rate of 31. 10s. per cen, turn per annum, payable half-yearly; and the Bonds to be liquidated and paid off at par, on the 8th May 1359.

" Two millions of Exchequer Bonds, bearing interest at the rate of 31. 10s. per centum per annum, payable half-yearly, and the Bonds to be liquidated and paid off at par on the 8th May 1860.

" The Bonds will bear date on the 8th May 1854, on which day the interest will commence ; such interest to be paid half-yearly on the 8th November and 8th May, be ap41e tenders days s must o nwic they will paid off at par. hsthhe made in separate sealed letters for each set of Bonds, and be marked on the outside as follows :

"A, for the Bonds ending on the 8th May 1858;

" B, for the Bonds ending on the 8th May 1859 ; and

" C, for the Bonds ending on the 8th May 1860. " No tender will be received for a less sum than 10001.

"The tenders will be understood to be made in Exchequer Bills at par; but rtes. scribers will be allowed the option of paying money in lieu of Exchequer Bills, upon paying Is. for every 1001. so paid in money. " The proportions of the subscriptions to be discharged in Exchequer Bills and in

money must be separately stated in the tenders.

" The instalments must be paid in the following proportions and at the following

periods, viz.:— " 10 per cent on Monday the 8th May. "30 per cent on Friday the 9th June. "20 per cent on Tuesday the 11th July.

"20 per cent on Friday the 8th September.

"And the remaining payment to complete the contracts, on Tuesday the 17th

October.

" Parties desirous of paying the instalments at an earlier period will be at liberty to do so; and they will receive interest at the rate of 51.10s. per COIALIIII per annum.

from the day of payment up to the respective days on which the instalments fall due. " When the instalments shall be paid in Exchequer Bills, the interest which shall have accrued on the Bills at the time of such payment will be paid to the subscriber by the Paymaster-General, at the Pay Office, Whitehall.

• Before the hour appointed for the last receipt of tenders on the 2d May, the First Lord of the Treasury and the Chancellor of the Exchequer will deposit with the Governor and Deputy-Governor of the Bank of England sealed papers, in which will be stated the reserved prices at or above which they bind themselves to accept tenders. "All tenders at or above those rates will be accepted to the extent of two millions for each of the three series of Bonds ; but a right of preference will be given to the highest tenders in price. If two or more tenders shall be at the same rates, they will be subject to a pro rad diminution in amount, if the acceptance of such tenders in full would occasion an excess beyond the sum of two millions, to which each of the series of Bonds is to be limited.

"The tenders will be opened by the Lords Commissioners of the Treasury, in the presence of the Governor and Deputy-Governor of the Bank of England, after two o'clock p. m. on the 2d May: and notice will be given by the Governor and Deputy- Governor of the Bank of England, at and after ten o'clock on the morning of the 3d May, to all parties whose tenders have been accepted, on their application at the Bank for that purpose.

"Scrip receipts will be issued by the Bank in the usual manner, which will be exchanged at the Bank of England for Exchequer Bonds as soon as possible after the payments are completed. " The Bonds will be issued in sums of 1001., 2001., 5001., and 10001.

" It is not intended to apply to Parliament during the present session for any further issue of Exchequer Bonds beyond the said sum of 6,000,0001."