the instalments, which is to be at the rate of
4 per cent. on the payment, as in all former contracts for loans, and
gives a bonus of L1, 19s. 10d. in favour of the contractors. The
subscribers to the loan have now an inducement which did not exist
under the arrangement at first proposed, for completing the
instalments and turning their omnium into stock. Though it is an
advantage, therefore, to them, it is considered somewhat against the
present price of consols, as a large supply may at any time be thrown
upon the market. The Chancellor of the Exchequer assured the gentlemen
who attended the bidding, that all means would be taken on his part to
bring back into circulation the money that might come into his hands
beyond the amount called for to meet the West Indian claims. On the
subject of debentures (they are not named in the contract specially)
against which, as a security not yet created, there were many
objections, it is agreed that they shall be at all times made
receivable to the instalments of the loan. When the terms were first
made known, the scrip bore a premium of 2-3/4 to 3 per cent., but they
produced a decline in consols, which went back to 89, a fall of nearly
1 per cent. at the highest price of the morning. A large amount of
business was done both in the stock and in the scrip; the fluctuations
in them were not, however, very considerable afterwards. The following
are the concluding quotations:--

"Consols for the account, 89-3/4 to ----; omnium 2-3/4, 3 premium;
Exchequer bills, 18s. to 20s. premium."

On the same day he makes the following entry in his journal: "I
accompanied N. M. R. Pattison and J. A. Curtis to the City; called at
the Alliance, Irish Bank, &c.; at six we dined, and took our fast,
&c., this being the anniversary of the destruction of the Temple in
Jerusalem."

Few financiers, perhaps would feel inclined, after all the excitement
incidental to the successful contracting of a loan for L15,000,000, to
comply with so exacting a religious observance as a fast of
twenty-four hours duration. With a mind pre-occupied with business
details, the rise and fall of the public funds, and other matters,
such an observance must be more than ordinarily trying. Nevertheless
Mr Montefiore would not, on this occasion any more than any other,
allow worldly interests to prevail over religious duties.

The loan for the abolition of slavery reminded him of the words of the
Prophet Isaiah (ch. lii., v.