8.—14

4

Enclosure 3 in No. 9. [Extract from the Times, Friday, 19th July, 1889.] New Zealand.—Wellington, 15th July.—lt is understood that the New Zealand Government is negotiating with the Bank of England for the conversion of the £3,500,000 5-per-cent. debentures into 3fj-per-oent. inscribed stock.

No. 10. The Agent-Geneeal to the Colonial Teeasueee. Sie, — 7, Westminster Chambers, London, S.W., 9th August, 1889. It was the intention of the Loan Agents to send you a set of special ciphers to cover the points they will have to decide when the new 3|--per-cent. conversion loan is brought out. But on trying to prepare these ciphers I find so much difficulty in forecasting at the present time the exact phrases we may have to use that I must give up the attempt. The ciphers already in the code are sufficient to convey what we shall have to state about the loan, except on the question of whether an offer of conversion is to be made to the bondholders; but it is just this question, which may very likely have to be settled at the last moment, in a shape we do not think of, and ciphers prepared for it now may be of no use whatever in October. We should, of course, be glad to save any expense in telegraphing, but we must be content with the ciphers we already have. I have, &c, The Hon. the Colonial Treasurer, Wellington. F. D. Bell.

No. 11. „ The Agent-Geneeal to the Colonial Teeasueee. Treasurer, New Zealand. (Beceived Bth October, 1889.) Theee-and-a-half-peb-cent. Loan.—Cannot say certainly yet when the loan will be announced. Temporary financial scare has taken place in consequence of foreign requirements gold, and moneymarket is unsettled. Must wait a little time, until the financial horizon is clear. London, 7th.

No. 12. The Loan and Stock Agents to the Colonial Teeasueee. Treasurer, New Zealand. (Beceived 19th October, 1889.) Thbee-and-a-half-pee-cent. Loan. —The money-market having improved, it has been decided offer loan at once, without making proposals conversion. Accordingly, after several conferences with the governors of the Bank, the loan will be announced to-night. Total amount of the loan to be now raised, £2,700,000. The loan to be issued by tender. Bank of England brokers wanted price of issue fixed 94, but the minimum has been fixed at 95. Date of receiving tenders next Friday. New loan currency 50 years ; interest, payable in London, commences January first. The instalments are as follow : 20 per cent, immediately, balance February ; rate for paying-up under discount 2_n Loan Agents, London, 18th.

No. 13. The Agent-Geneeal to the Colonial Tbeasueee. Treasurer, New Zealand. (Beceived 20th October, 1889.) Theee-and-a-half-pee-cent. Loan.—Announcement well received ; the Press comments are friendly; quoted 1-J-lf premium. London, 19th.

No. 14. The Agent-Genebal to the Colonial Tbeasueee. Treasurer, New Zealand. (Beceived 26th October, 1889.) Thbee-and-a-half-pee-cent. Loan.—Besult unsatisfactory. Total amount tendered approximately £5,000,000, but prices poor. Tenders £95 Bs. 6d. receive 21 per cent., remainder in full. Will cable average at which loan placed later. London, 25th.

No. 15. The Agent-Geneeal to the Colonial Teeasueee. Treasurer, New Zealand. (Beceived 28th October, 1889.) Theee-and-a-half-peb-cent. Loan.—Number of tenders, 344 ; total amount tendered, £4,942,100 ; average at which loan placed, £95 16s. Bd. London, 26th.

i No. 16. The Colonial Tbeasueee to the Loan and Stock Agents. Loan and Stock Agents, London. Wellington, 31st October, 1889. Theee-and-a-half-peb-cent. Loan.—Has it been yet arranged provide deficiency after costs and debentures paid?