17

8.—17

With regard to the old provincial loans, anything you can do in the way of bringing these loans, or parts of them, in for payment must be beneficial; and it is well worth while to draw your attention to the subject. In dealing with these loans you might find it desirable to use the discretion I suggested in a late letter upon a subject on which we have previously corresponded, viz. : that of holding money in hand to take up parcels of stock offered from time to time for conversion or for sale upon terms in each case agreed. I further mentioned in my telegram that the session had ended, and that we had not proposed the new loan for a million. The House, as you are probably aware, refused to sanction the increased Customs duties; but the increases in the stamp and succession duties, and the property assessment, were allowed; the effect, however, will not be so much apparent this year, so large a part of it having already passed. With regard to the 10-40 debentures, it appears to me that we had bettor wait till the ten years expire before taking action in the way of converting them ; but I should like to know your opinion on the subject. I have, See., The New Zealand Loan Agents, London. Julius Vogel.

No. 24. The Loan and Stock Agents to the Colonial Tbeasueeb. Treasurer, New Zealand. (Eeceived Ist October, 1885.) Loan of 1856 : perhaps can arrange. Consolidated loan, 1867 : concur conversion desirable, but too short time elapsed since operation : advise waiting February, when drawing will help ; our opinion is, however, hopeless reduce currency debentures. Four-and-a-half-per-cent. 5-30s :We think unsafe give notice at present. Old provincial loans : Consider desirable convert occasion offers. London, 30th. Loan Agents.

No. 25. William F. Dbummond Jbbvois, Governor. ORDER IN COUNCIL. At the Government House, at Wellington, this sth day of October, 1885. Present: His Excellency the Govebnob in Council. Wheeeas by an Act passed by the General Assembly of the Colony of New Zealand, the Short Title whereof is "The Consolidated Stock Act, 1884," it is, among other things, enacted that the said Act shall be incorporated with and read as part of "The New Zealand Consolidated Stock Act, 1877 ;" and that the Agents mentioned in the now-reciting Act shall be the Agents from time to time appointed under "The New Zealand Consolidated Stock Act, 1877;" and by the nowreciting Act it is also enacted that in respect of the loans having sinking funds mentioned in the Schedule to such Act, the Colonial Treasurer shall, within each financial year ending on the thirtyfirst day of March, compute the amount which, from all sources, whether from contributions to the sinking fund or from the produce of accrued investments of the same, including the interest on drawn bonds, will accrue to increase the sinking fund of each loan within each year; and upon such computation being approved by the Controller and Auditor-General, such amount shall be held to be the amount of increase for the year in respect of each loan for the purposes of this Act. The first computation shall be made for the year ending on the thirty-first day of March, one thousand eight hundred and eighty-five. Any error in the said computation for any year shall be adjusted in the year in which such error is ascertained, and shall be included in the computation for such lastmentioned year ; and also that the Governor in Council may authorize the creation of stock to the amount of the annual increases of sinking fund computed as therein provided : And whereas of the loans mentioned in the Schedule to the said in part recited Act, those hereinafter set forth have sinking funds, and the Colonial Treasurer has for the financial year ending on the thirty-first day of March, one thousand eight hundred and eighty-six, computed the amount which from all sources as mentioned in the said Act will accrue to increase the sinking fund of each loan for such year as follows, that is to say:—

3—B. 17.

Name of Loan. Amount of Annual Increase of Sinking Pund on each Loan. " The New Zealand Loan Act, 1856 " ... "The New Zealand Loan Act, 1860" ... "The New Zealand Loan Act, 1863" ... :I The Consolidated Loan Act, 1867 " ... " The Immigration and Public Works Loan Act, 1870 " ... :I The Auckland Loan Act, 1863 " ' The Wellington Loan Act, 1866 " :' The Lyttelton and Christchurch Eailway Loan Ordinance, 1860 " " The Canterbury Loan Ordinance, 1862 " :'The Otago Loan Ordinance, 1862 " ... £ s. 12,646 1 6,118 12 44,211 1 154,669 0 24,671 4 1,366 11 732 13 3,900 16 406 2 3,499 1 a. 4 2 2 4 6 4 8 6 1 7 £252,221 4 8