8.—16

22

further borrowing. The gloomy appearance of foreign politics, and the apprehension of dearer money, were much against us; but the comparative lowness of the price obtained for the present loan must really be ascribed to the declining favour in which New Zealand securities are now regarded, owing to the magnitude and the continual growth of the public debt without clear evidence of a corresponding increase in the power of discharging it; and until the relation of ways to means becomes more evenly adjusted, we fear you must be prepared for less and less favourable terms for every succeeding loan, until, in fact, the negotiation of any more may become practically impossible. Our own feeling in regard to this particular operation is one of thankfulness that you have been enabled to place the whole of your new stock upon the market, even upon the terms actually realized. We have, &c, P. G. Julyan, F. D. Bell, The Hon. the Colonial Treasurer, Wellington. Loan and Stock Agents.

Enclosure in No. 36. Gentlemen, — Bank of England, London, E.C., 15th October, 1886. I am directed to inform you that, in accordance with the terms of the advertisement dated the 6th October, 1886, tenders were received yesterday at the Bank of England for tho further issue of £1,567,800 Now Zealand Government consolidated stock. The applications amounted to £2,094,000, at prices varying from £100 to £97. Tenders at £97 receive about 1 per cent, of the amount applied for, those above that price being allotted in full. I forward herewith a statement of the amounts allotted at the various prices. The subscriptions to the loan shall bo paid from time to time to tho credit of the " Loan Agents for the Government of New Zealand," to which account the deposit of 5 per cent.—viz., £78,390—has been transferred. I am, &c, F. May, Sir P. G. Julyan, K.C.M.G., C.8., and Sir F. D. Bell, K.C.M.G., C.8., Agents under Chief Cashier. " The New Zealand Loan Act, 1884," 7, Westminster Chambers.

New Zealand 4-per-Cent. Loan of 1886 for £1,567,800. —Statement of Amounts Subscribed at the various Accepted Prices: —

Average price, 97 4 11*7. Bank of England, 15th October, 1886. F. May, Chief Cashier.

No. 37. The Loan and Stock Agents to the Colonial Treasurer. Sir, — 7, Westminster Chambers, London, S.W., 22nd October, 1886. Adverting to our letter, No. 569, of the 7th May last, in which w Te sent you the Stock Agents' Conversion Account up to the 31st March, 1886, we now transmit herewith the account brought down to the 30th September. The vouchers in support of the account are enclosed. We have, &c, (For the Stock Agents), The Hon. the Colonial Treasurer, Wellington. F. D. Bell.

No. 38. The Colonial Treasurer to the Loan and Stock Agents. Gentlemen, — The Treasury, Wellington, Bth December, 1886. I have the honour to acknowledge receipt of your letter of the 22nd October last, No. 1,329, forwarding your Conversion Account up to 30th September last, together with the vouchers in support of it. have, &c, The New Zealand Loan and Stock Agents, London. Julius Vogel.

■ ' Subscription. Price. Amount Payable. Subscription. Price. Amount Payable. £ 4,600 100 500 300 300 700 100 3,600 1,200 200 300 1,800 10,800 500 1,000 1,000 1,000 2,000 1,100 2,900 3,000 2,300 8,200 5,800 20,700 £ s. d. 100 0 0 99 12 0 99 10 6 99 10 0 99 6 6 99 0 0 98 15 0 98 10 0 98 5 0 98 2 6 98 1 0 98 0 0 98 0 0 97 18 6 97 18 0 97 17 6 97 17 0 97 10 0 97 15 0 97 15 0 97 13 0 97 13 0 97 12 0 97 12 0 97 11 6 £ s. d. 4,600 0 0 99 12 6 497 12 6 298 10 0 297 19 6 693 0 0 98 15 0 3,540 0 0 1,179 0 0 196 5 0 294 3 0 1,764 9 0 10,584 0 0 489 12 6 979 0 0 978 15 0 978 10 0 1,956 0 0 1,075 10 6 2,834 15 0 2,930 5 0 2,245 19 0 8,005 5 0 5,000 16 0 20,198 0 6 £ 26,300 50,400 68,200 37,100 33,500 30,200 58,000 81,500 53,900 22,500 7,900 76,700 64,400 20,200 9,900 24,400 36,100 59,200 97,900 578,000 21,900 24,800 4,800 £ s. a. 97 11 0 97 10 6 97 10 0 97 9 6 97 9 0 97 8 6 97 8 0 97 7 6 97 7 0 97 0 6 97 6 0 97 5 6 97 5 0 97 4 6 97 4 0 97 3 6 97 3 0 97 2 6 97 2 0 97 1 6 97 1 0 97 0 0 97 0 0 £ s. a. 25,655 13 0 49,152 12 0 66,495 0 0 36,163 4 G 32,645 15 0 29,422 7 0 56,492 0 0 79,360 12 0 52.471 13 0 21,898 2 6 7,686 14 0 74,609 18 6 62,629 0 0 25.472 19 0 9,022 10 0 23,710 14 0 35,071 3 0 57,498 0 0 95,060 18 0 561,093 10 0 21,253 19 0 24,062 4 0 4,656 0 0 £1,524,666 10 0 £1,567,800