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Rhode Island Republican
Newport, Newport County, Rhode Island
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On June 10, prospective bidders for a new 12 million pound government loan met the minister, who specified terms of 3% consols per 100l. sterling, with bidding on long annuities. He outlined intentions to redeem 10 million Exchequer Bills, issue up to 9 million more, and seek a 2.5 million vote of credit, contingent on Bank renewal.
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Yesterday the gentlemen who propose bidding for the new loan, waited upon the minister, who informed them its amount would be 12 millions. The terms were to be 3 per cent. consols, for every 100l. sterling. The biddings to be upon the long annuities.
The contractors asked whether any more money would be wanted in the year? To which no direct answer was given: But the minister said that it was his intention to pay off ten millions of Exchequer Bills, and to make a fresh issue of five millions, and he should ask for a vote of credit for two and a half millions more; and in case the Bank could not renew the million and a half which it now held, he should feel himself obliged to add that amount to the fresh issue. He thus meant to pay off ten millions of Exchequer Bills, & the fresh issue might amount to nine, but possibly not so much.
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Event Date
June 11 (Report Of Yesterday's Meeting)
Outcome
loan of 12 millions at 3% consols; plans to pay off 10 millions exchequer bills and issue up to 9 millions more
Event Details
Gentlemen proposing to bid for new loan met minister, who detailed 12 million amount and terms of 3% consols for 100l. sterling, bidding on long annuities. Contractors inquired about further needs; minister outlined paying off 10 millions Exchequer Bills, fresh issue of 5 millions, vote of credit for 2.5 millions, and possible addition of 1.5 millions if Bank does not renew.