25

8.—16,

any lesser amount which shall be issued, shall be at tho rate of £4 per centum per annum, and shall bo payable halfyearly at the Bank of England on the first day of May and the first day of November in each year until the first day of November, 1929, and that the first half of a year's interest or dividend shall be payable on the first day of May, 1887: And, further, that on the said first day of November, 1929, tho capital shall be repaid at par at tho same place: And, lastly, we do further declare that the revenues of the colony of New Zealand alone are liable in respect of the stock hereinbefore described and the dividends thereon, and that the Consolidated Fund of the United Kingdom, and the Commissioners of Her Majesty's Treasury are not directly or indirectly liable or responsible for the payment of the stock or of the dividends thereon, or for any matter relating thereto. In witness whereof we have hereunto set our hands and seals this sixth day of October, one thousand eight hundred and eighty-six. Signed, sealed, and delivered by the above-named Sir Francis Dillon Bell , . in the presence of Leonard J. Maton, Solicitor, 21, Cannon Street, London. (1.5.) i!. 1). Held. Signed, sealed, and delivered by the above-named Sir Penrose Goodchild Julyan , , _ _ _ in the presence of Jno. Macebell, Solicitor, High Trees, Clapham Common. (1.5.) 1. 11. Julyan.

It is hereby declared that, by " The New Zealand Consolidated Stock Act, 1877," being* Act 41 Vict., No. 33 of tho Legislature of the Colony of New Zealand, provision is made in tho terms following, that is to say,— Section 2. Whenever in any Act heretofore passed by the General Assembly, or that may be passed in the present or any future session of the General Assembly, authority is given to the Governor, or to the Governor in Council, to raise by way of loan any sum of money for the public service of the colony, then, unless there be some provision to the contrary in the Act by which such authority is given, such sum may bo raised in the manner hereinafter provided : Section 3. For the purpose of raising such sum or sums of money under tho authority of any such Act as aforesaid, it shall be lawful for tho Governor in Council to create capital stock, to be called " the New Zealand Consolidated Stock" (hereinafter referred to as " Stock"), subject to the provisions of this Act, to be issued in such amounts and manner, at such price and times, on such terms and subject to such conditions, with such dividends, and redeemable at par at such times and on such conditions as the Governor in Council may before the creation thereof from time to time determine : Section 4. The Governor in Council shall have and may exercise the following powers and authorities or any of them:— (1.) He may from time to time declare all or any of the New Zealand loans, whether existing in the form of stock or not, to be convertible into stock, of such denominations, with such conditions and with such dividends, and redeemable at par at such times and on such conditions, as he may before the creation thereof from time to time determine : (2.) He may authorize the creation and issue of such an amount of such stock in exchange for the securities held for such loans as may be necessary : (3.) He may authorize the creation and sale of any such stock for the purpose of raising money for redeeming any outstanding stock or securities and of paying any expenses in the creation of stock and otherwise carrying out the provisions of this Act on such conditions as he may determine : (4.) Any conversion so authorized may be effected either by arrangement with the holders of existing securities or by purchase thereof out of moneys raised by a sale of new stock, or partly in ono way and partly in the other. Section 7. Tho Governor in Council may from time to time enter into any such agreement with the Bank of England as to the Governor in Council seems fit, providing for all or any of the following things (inter alias): — (1.) For inscribing in the books of the bank any stock : (2.) For managing the creation, inscription, and issue of stock : (3.) For eifecting the conversion of loans into stock and managing transfers of stock: (5.) For issuing stock certificates to bearer, and as often as occasion shall require reissuing or reinscribing stock and reissuing stock certificates : (10.) Generally conducting all business connected with stock or loans. For the purposes of this Act tho expression " Bank of England " means the Governor and Company of the Bank of England, and includes their successors. Section 8. Every agreement made with the Bank of England in pursuance of this Act shall bo as valid and effectual as if the terms thereof had been set forth in and enacted by this Act. Section 9. The Governor in Council shall have the powers and duties, and may do tho following things (inter alia) for the purposes of this Act: — (1.) He may from time to time appoint three or more persons in England to be Agents for tho purposes of this Act (which Agents for the time being are in this Act referred to as "tho Agents "), and may empower such Agents or any three or more of them to exercise all or any of the powers by this Act exercisable by the Governor in Council. Section 14. This Act shall not come into operation nor bo of any force or effect whatever until it shall be declared to be so in operation by a Proclamation issued by the Governor in Council and published in the New Zealand Government Gazette. And it is hereby further declared that by a Proclamation made and issued by the Governor in Council on the 9th day of February, 1878, and published in a supplement to the New Zealand Government Gazette of the same date, it was declared that the said Act should be and come into operation on and after the said 9th day of February, 1878 : And it is hereby further declared that under and by virtue of the said Act, New Zealand Consolidated Stock was created and issued to the amount of £5,371,200, which was duly inscribed in the books of the Bank of England in tho names of the several persons respectively entitled thereto on the terms and conditions mentioned in a certain deedpoll, bearing date the Ist day of December, 1879, under the hands and seals of Sir Penrose Goodchild Julyan, K.C.M.G., C.8., Sir Julius Vogel, K.C.M.G., and Montagu Frederic Ommanney, Esquire, who had been duly appointed Agents in England for the purposes of the said Act, and had been duly empowered to exercise all the powers by the said Act exercisable by the Governor in Council, such stock bearing interest at the rate of 4 per cent, per annum, payable halfyearly at the Bank of England on the Ist day of May and the Ist day of November in each year until the Ist day of November, 1929, on which day the capital is to be repaid at par at the same place, And it is hereby further declared that by " The New Zealand Consolidated Stock Act 1877 Amendment Act, 1881," being Act 45 Vict., No. 44, of the said Legislature, it was enacted that notwithstanding anything in " Tho New Zealand Consolidated Stock Act, 1877," contained, the Governor in Council might appoint only two persons to be the Agents for the purposes of such Act, who should have, exercise, and perforin all the powers, authorities, or duties by such Act given to, vested in, or imposed upon the Agents appointed under the ninth section of such Act; and that throughout such Act the words " the Agents " should be deemed to refer to and include the two persons authorized by the Act now in recital to be appointed to be the Agents for the purpose of " The New Zealand Consolidated Stock Act, 1877": And it is hereby further declared that in pursuance of tho power and authority vested in him by the said Acts all previous appointments of Agents having been revoked), the Governor of New Zealand did, by an Order in Council bearing date the sth day of November, 1881, appoint Sir Francis Dillon Bell, of No. 7, Westminster Chambers, Victoria Street, Westminster, K.C.M.G., tho Agent-General for the Colony of New Zealand, and the said Sir Penrose Goodchild Julyan, to be Agents in England for tho purposes of the said Acts of 1877 and|lBBl,<with full power andauthority to them as such Agents to exercise all the powers by such Acts exercisable by the Governor in Council: 4—B. 16.