FIFTY MILLIONS FROM AMERICA

Dominion, Volume 9, Issue 2853, 18 August 1916, Page 5

FIFTY MILLIONS FROM AMERICA

THE NEW BRITISH LOAN

TO STEADY THE EXCHANGE

Australian-Hew Zealand Cable Association

New York, August 16. ilie new British loan is of 250 million dollars (about £50,000,000), with a currency of two years, at 5 per cont. Tho financial firm of J. P. Morgan and Co. announce the details of the loan. It is dated September 1, and Britain will have tho option to redeem the whole or part of it at thirty days' notice, at 101, plus accrued interest, until August 31, .1917;. thereafter at 1005. Securities for 300 million dollars must be approved by the Morgan firm. The notes will shortly bo offered to _ tho public at 99, plus interest. British taxes will) not bo assessed against the notes. The securities consist of three groups—the bonds and stocks of American corporations, Canadian Government bonds, and Canadian Pacific Railway bonds, and the bonds and other obligations of specified neuusl Powers. In each case the bonds must have a total value of a hundred million dollars, and the aggregate market value must bo at least 20 per cent, in. excess of the faco value of the loan.

Jt Is understood that the loan is ch'iefly to steady tho Exchange.,

UNCLE SAM AS MONEY-LENDER. (United Service.) (Roc. August 17, 7.30 p.m.) f New York,. August 16. Since the war began foreign meiits have raised £270,000,000 in tho United States, of which amount £20,000,000 aro for belligerents, .and £110,000,000 wero for Britain.,