8.—17

6

We enclose a list of the allotments made by the bank. There were four tenders of £750,000 each at £100 35., by syndicates, all of which had to be rejected. We sent you a telegram yesterday, of which copy is annexed, to inform you of the result. We have, &c, P. G. Julyan, P. D. Bell, The Hon. the Colonial Treasurer, Wellington, Loan and Stock Agents. Copy of Telegram referred to in No. 7. The Agent-Genebal to the Colonial Tbeasueer. Treasurer, New Zealand. London, 4th June, 1885. New Loan. About seven hundred tenders. Amount tendered nearly seven millions. Tenders at hundred three six receive thirty-two per cent., rest in full.

Enclosure in No. 7. The Chief Cashibe, Bank of England, to the Loan and Stock Agents. Gentlemen, — ■ Bank of England, London, E. 0., sth June, 1885. I am directed to inform you that, in accordance with the terms of the advertisement, dated 28th May, 1885, tenders were received yesterday at the Bank of England for the further issue of £1,500,000, New Zealand Government 4-per-cent. consolidated stock. The applications amounted to £0,796,100, at prices varying from £100 15s. 6d. to £97105. Tenders at £100 3s. 6d. receive about 34 per cent, of the amount applied for, those above that price being allotted in full. I forward herein statement of the amounts allotted at the various prices. The subscriptions to the loan shall be paid from time to time to the credit of the account of the " Loan Agents for the Government of New Zealand," to which account the deposit of 5 per cent. —namely, £75,000, has bee transferred to-day. I have, &c, Sir P. G. Juylan, K.C.M.G., C.B., and Sir F. D. Bell, K.C.M.G., P. Mat, Agents under " The New Zealand Loan, Act, 1884," Chief Cashier 7, Westminster Chambers.

Sub-Enclosure in No. 7. New Zealand 4-per-cent. Loan, 1885.—Issue of £1,500,000. Statement of amounts subscribed at the various prices accepted.

No. 8. The Agent-Geneeal to the Colonial Tbeasueee. Sic, — 7, Westminster Chambers, London, S.W., 3rd June, 1885. In the early part of March I renewed a request I had often made at the Bank of England, for a reconsideration of their charge for management. I now transmit herewith copies of the correspondence, from which you will see that the bank will not make any concession beyond the unimportant one of a reduction of £50 per million, when the total of inscribed stock exceeds fifteen millions. The terms will therefore be in future £600 per million up to ten millions, £550 per million between ten and fifteen millions, and £500 per million for any amount exceeding fifteen millions. I have, &c, The Hon. the Colonial Treasurer, Wellington. F. D. Bell.

Subscription. Price. Gross Amount payabje. £ 1,000 20,000 11,000 25,000 8,500 72,000 105,000 10,000 5,000 4,000 1,300 6,000 65,000 21,000 7,500 142,000 148,500 166,000 46,400 173,500 338,200 123,100 £ s. a. 100 15 6 100 14 6 100 13 6 100 12 6 100 12 0 100 11 6 100 11 0 100 10 6 100 10 0 100 9 6 100 9 0 100 8 6 100 8 0 100 7 6 100 7 0 100 6 6 100 6 0 100 5 6 100 5 0 100 4 6 100 4 0 100 3 6 £ a. a. 1,007 15 0 20,145 0 0 11,074 5 0 25,156 5 0 8,551 0 0 72,414 0 0 105,577 10 0 10,052 10 0 5,025 0 0 4,019 0 0 1,305 17 0 6,025 10 0 65,260 0 0 21,078 15 0 7,526 5 0 142,461 10 0 148,945 10 0 166,456 10 0 46,516 0 0 173,890 7 6 338,876 8 0 123,315 8 6 £1,500,000 £1,504,680 6 0 Average price, £100 6s. 2d. P. May, Chief Cashier. Bank of Enj rland, 5th June 1885.