Show j Tho first series of the Transvaal loan i i i was offered In London yesterday and I I it la nald that the amount offered 160 j 11J 000000 will be oversubscribed Pains I p 1 are taken to explain that the American I t 1 llr bidders are not likely to get much of I 1 t i this loan which was probably unnecessary i Ir q unneces-sary but a salve to British financial 1 exclusiveness The loan as a matter 1 of fact Is a fancy one It bears 3 per h I cent interest and will be awarded at I par In this country where Government I i f Govern-ment 12 per cents nre at a premium of j 1 IS r 7 to 8 per cent a fiftyyear bond bearIng q S 1 bear-Ing 3 per cent interest would bo considered consid-ered a map at 10 to 12 per j cent premium tit 1 1 pre-mium |