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BLADES, EAST & BLADES, PRINTERS, 23, ABCHURCH LANE, E.C.

1901.

FOUNDED 1879.

J. Clark

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President.
RT. Hon. LORD HILLINGDON.

Vice-Presidents.
RT. Hox. LORD AVEBURY.

W. MOKEWAN, Esq. H. F. BILLINGHURST, ESQ,

RICHARD B. MARTIN, ESQ., M.P. HAMMOND CHUBB, ESQ.

GEORGE RAE, Esq. E. B. FABER, ESQ., M.P.

T. G. ROBINSON, ESQ. W. FOWLER, ESQ.

SIR THOS. SALT, BART. J. HOWARD GWYTHER, ESQ.

F. 0. SCHUSTER, ESQ.
W. HOWARD, ESQ.

ROBERT SLATER, ESQ.
J. HERBERT TRITTON, ESQ.

Trustees.
Rr. HON. LORD AVEBURY.

RICHARD B. MARTIN, ESQ., M.P.
GEORGE RAE, ESQ.

Treasurer.
RICHARD B. MARTIN, ESQ., M.P.

Council.
THOS. AITKEN

Bank of Sootland. HORACE GEORGE BOWEN

Bank of England. ROBERT CAMPBELL

National Bank of India, Limited. NATHANIEL CORK

Commercial Banking Company of Sydney, Ltd. J. W. CROSS

London and Provincial Bank, Limited. HENRY DEAN

London and County Bank, Limited. SIR JOSEPH COCKFIELD DIMSDALE Prescott, Dimsdale and Co., Limited. JOHN DUN

Parr's Bank, Limited. W. FIDGEON...

National Provincial Bank of England, Limited. HARRY B. FRANCIS...

Lloyds Bank, Limited. OHAS. GOW

London Joint Stock Bank, Limited. LUKE HANSARD

Martin's Bank, Limited. A. S. HARVEY

Messrs. Glyn, Mills, Currie & Co. G. A. HARVEY

Capital and Counties Bank, Limited. ALFRED HOARE

Messrs. Hoare. ALEXANDER LANG ...

Bank of Montreal. GEO. MARJORIBANKS

Messrs. Coutts & Co. ROBERT H. NUNN

Union Bank of London, Limited. R. H. INGLIS PALGRAVE, F.R.S. Barclay & Company, Limited, Great Yarmouth, F. G. HILTON PRICE

Messrs. Ohild & Co. HENRY SMITH

London and Westminster Bank, Limited. MARTIN RIDLEY SMITH

Messrs. Smith, Payne & Smiths. J. L. WHELEN

National Bank, Limited. TR. WILKINSON

Williams Deacon's Bank, Limited, Manchester.

Honorary Secretaries.
LUKE HANSARD

Martin's Bank, Limited,
J. L. WHELEN

National Bank, Limited.

Bankers.
MARTIN'S BANK, Limited, 68, Lombard Street,

Solicitors.
MESSRS. JANSON, COBB, PEARSON & Co., 22, College Hill, E.O.

Secretary.
W. TALBOT AGAR.

Offices.
34, OLEMENT'S LANE, E.O

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The Institute of Bankers.

JANUARY, 1901.

THE RECENT WAR LOANS.

HE recent loans issued by the Government in connection

with the war in South Africa have been of such universal interest, and have so important a bearing on the finances of the country, that it has been thought de

sirable to include a short record of them in the pages of our Journal. But before giving an account of the issues of 1900, it will be interesting to recall what took place in 1854-5-6, when Turkey, and England, and France, and Sardinia during the latter part of the time, were at war with Russia, in the Crimea and elsewhere.

England declared war on the 26th March, 1854, and in April it was decided to issue £6,000,000 of Exchequer Bonds, with interest at 3! per cent. In pursuance of this decision, bonds for £2,000,000 were issued at once, with a currency until 8th May, 1858. A second issue of £2,000,000 took place on 23rd June, with a currency until 8th May, 1859; and a final issue of £2,000,000 took place on 25th October, with a currency until 8th May, 1857. Exchequer Bills were taken in exchange at par, but tenderers, paying in money, paid ls. per cent. extra.

On 20th April, 1855, there was brought out an issue of £16,000,000 (cash) through Messrs. N. M. Rothschild & Sons, subscribers receiving £100 Consols, and an annuity of 14s. 6d. for thirty years for each £100 cash. The Consols was valued at £88 and the Annuity at £12. The Consols and the Annuity were dealt with either together or separately. Taken together, they constituted an “ Omnium ”—a word familiar enough during the first years of the century, but almost unknown now. The payments on account of this loan were nine in number. The interest on the Consols was calculated as from 5th January, 1855, and the first payment of the Annuity (a six months' payment) was made on 5th October, 1855.

In February, 1856, £5,000,000 (cash) was raised, through Messrs. N. M. Rothschild & Sons, by an issue of Consols with interest from 5th January, 1856. £111 2s. 2d. Consols was given for each £100 cash-Consols being taken at 90. There were six payments in connection with this loan.

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