8.—17

8

Additional augmentation at the end of seven years .. .. .. .. 279,601 Viz.: Premium, at 7 per cent., upon the converted debt .. .. .. 255,976 4-per-cent. stock, created at par, to meet enpenses then incident, viz. .. 23,625 Stamp duty, at 12s. per cent., upon the converted debt and premium (£3,912,776) .. .. .. .. .. 23,447 Stamp duty, at 12s. 6d. per cent,, upon the further additional stock (£23,625) .. 148 Total augmentation after seven years .. .. .. .. .. 296,959 (6) Annual Charge — For the first seven years .. .. .. .. .. .. 183,354 Viz.: Interest at the rate of 5 per cent upon the converted debt (£3,656,800) .. 182,840 Interest at the rate of 4 per cent upon the additional stock (£17,358) 694 Eighth and subsequent years .. .. .. .. .. .. 158,150 Viz. : Interest at the rate of 4 per cent, upon the whole debt (£3,953,759) : — Viz.: Converted debt .. .. .. .. ..£3,656,800 Premium upon conversion .. .. .. .. 255,976 Additional stock created .. .. .. .. 17,358 Further additional stock created .. .. .. 23,625 (c) Annual Reduction in Charge: — For the first seven years (sinking fund, as below, not allowed for) .. .. 100,593 Eighth and subsequent years ( sinking fund, as below,"not allowed for) .. .. 125,977 (d) Total Reduction in Annual Charge: — For the remaining years of the currency of the consols (say 21-14) (sinking fund, as below, not allowed for) .. .. .. .. .. .. .. 2,485,466 («) Liquidation of Increase in Debt :— Annual sinking fund (4 per cent, interest) for 44J years (ending Ist November, 1929) for retirement of increase of debt (£296,959) as in (a) .. .. .. 2,514 A. H. Bailey. 18th May, 1885. __ .._....._„_____. Ealph P. Hakdy.

No. 10. The Loan and Stock Agents to the Colonial Teeasuebe. Sir, — 7, Westminster Chambers, London, S.W., sth June, 1885. We have received your telegram of this date, for which we beg to offer our sincere thanks, expressing your satisfaction at the intelligence we were able to telegraph yesterday of the success of the new loan for £1,500,000. We sent you this morning a further message, stating that the average at which the loan was placed was £100 6s. 3d. (accurately £100 6s. 2-88 d.), also the amount offered for the same at and above par, which was nearly £5,555,000. Copies of the telegrams are annexed. We have, &c, P. G. JULYAN, E. D. Bell, The Hon. the Colonial Treasurer, Wellington. Loan and Stock Agents. Copies of Telegrams referred to in No. 10. The Colonial Tbeasueeb to the Agent-General. Agent-General, London. (Eeceived sth June, 1885.) Loan Agents. Hearty thanks, congratulations. Wellington, sth.

The Agent-Genebal to the Colonial Teeasubeb. Treasurer, New Zealand. London, sth June, 1885. New Loan. Average price hundred six three. Amount tendered at and above par five millions five hundred and fifty five thousand (£5,555,000). _^____________

No. 11. The Loan and Stock Agents to the Colonial Teeastjeer. Sir, — 7, Westminster Chambers, London, S.W., 10th June, 1885. We received in due course your telegram of the sth instant, desiring us to telegraph to you the net price realized for the Victorian, Queensland, South Australian, and New Zealand loans, without jouissance. We accordingly telegraphed to you in reply to-day that the net prices realized, after deducting allowances of interest and discount, but exclusive of three-quarters of 1 per cent, for bank charge on issue and for brokerage, were as follows: New Zealand, £99 Bs. 2d. ; South Australia, £99 ss. 6d.; Victoria, £99 4s. 3d.; Queensland, £97 3s. lOd. We now transmit copy of a table made out for us by our brokers (Messrs. J. and A. Scrimgeour), giving several particulars which will be of interest. Copies of the telegrams are also enclosed. We have, &c, P. G JULYAN, P. D. Bell, The Hon. the Colonial Treasurer, Wellington. Loan and Stock Agents.

Copies of Telegrams referred to in No. 11. Exteact from Telegram received sth June, 1885. To Agent-General, London. Wellington, dated sth. Loan Agents. Gable net price realized each by Victorian, Queensland, New Zealand loans without jouissance; also South Australia when tendered. Telegram despatched 10th June, 1885. To Treasurer, New Zealand. Net prices, deducting interest, discount, Victoria, ninety-nine four three ; Queensland, ninety-seven three ten ; New Zealand, ninety-nine eight two ; Adelaide, ninety-nine five six ; every case further deduct fifteen shilings per cent, charges issue.