8.—14

10

And whereas various further amounts of New Zealand Consolidated Stock have from time to time been duly created by us, the said Sir Francis Dillon Bell and Sir Penrose Goodehild Julyan, acting as such Agents, and duly empowered as aforesaid, upon the terms and conditions respectively mentioned in certain deeds-poll under our hands and seals,-.and bearing date respectively the Ist day of January, 1883, the 30th day of October, 1883, the Ist day of January, 1884, the 30th day of December, 1884, ths Ist day of January, 1885, the Ist day of June, 1885, the 20th day of May, 188G, the 6th day of October, 1886, and the 30th day of May, 1888, such amounts of stock being in addition to and ranking pari passu with the said amount of £5,371,200 of New Zealand Consolidated Stock so created and issued as aforesaid, and bearing interest at the rate, and payable half-yearly at the Bank of England as aforesaid until the Ist day of November, 1929, on which day the capital is to be repaid at par at the same place ; but the whole amount of New Zealand Consolidated Stock thus created by us has not been issued : And whereas of New Zealand Consolidated Stock so created as aforesaid there has been issued the total amount of £24,564,255 of such stock and no more : And whereas there are now outstanding and will shortly be due debentures representing the sum of £388,000 of the New Zealand 5-per-eent. loan 1879, and £2,207,300 of the 5-per-cent. 10-40 loan of 1878 ; and for the purpose of raising the necessary moneys to redeem such debentures, and other debentures of other Now Zealand loans, and for the payment of the expenses of and attending the creation of the stock, we, the said Sir Francis Dillon Bell and Sir Penrose Goodehild Julyan, in exercise and in pursuance of the powers and authorities in that behalf conferred upon us as aforesaid, have determined to create a further amount of not exceeding £3,000,000 of New Zealand Consolidated Stock, to be issued as hereinafter mentioned, and to be in addition to and to mnk pari passu with the New Zealand Consolidated Stock which has been and shall hereafter be created and inscribed in the books of the governor and company of the Bank of England : And whereas we have further determined that such further issue of stock shall be created, issued, and inscribed under the said " New Zealand Consolidated Stock Act 1877," and we have also determined the amount, manner, price, time, terms, and conditions on, at, and subject to which such stock shall be issued and inscribed, and the dividends thereon be pay.able, and the principal thereof be redeemable, such amount, manner, price, time, terms, dividends, and conditions being those hereinafter mentioned : And whereas it is expedient that our determination to create such additional amount of £3,000,000 New Zealand Consolidated Stock, to be so issued and redeemable, shall be declared and manifested under our hands and seals: Now therefore these presents witness, and we, the said Sir Francis Dillon Bell and Sir Penrose Goodehild Julyan, in exercise and in pursuance of the powers by the said Order in Council vested in us, do by these presents declare, that we have created a further amount of £3,000,000 sterling of capital stock, to be called "New Zealand Consolidated Stock," in addition to and to rank pari passu with the said New Zealand Consolidated Stock heretofore issued as aforesaid, during the existence thereof, and with such further amount of New Zealand Consolidated Stock as may be issued in pursuance of or as mentioned in the said deeds-poll or any or either of them, and also with any further amount of New Zealand Consolidated Stock which shall be hereafter created and issued and be inscribed in the books of the governor and company of the Bank of England: And we have determined that so much of the same capital stock as it shall be necessary to issue to subscribers for any part of the said sum or sums intended to be and about to be raised by us, the said Sir Francis Dillon Bell and Sir Penrose Goodehild Julyan, as aforesaid, shall be issued to such subscribers at the rate of £100 of stock for every nominal amount of £100 which shall be represented by the scrip certificates or letters of allotment respectively to be issued to them when the instalments payable thereon shall have been fully paid : And that the interest or dividend to be paid on the said further amount of £3,000,000 sterling of stock so created by us as last aforesaid shall be at the rate of £3 10s. per centum per annum, and shall be payable half-yearly at the Bank of England on the Ist day of January and the Ist day of July in each year until the Ist day of January, 1940, and that the first half of a year's interest or dividend shall be payable on the Ist day of July, 1890 : And, further, that on the said Ist day of January, 1940, the capital shall be repaid at par at the 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 31st day of October, 1889. Signed, sealed, and delivered by the above-named Sir Francis Dillon Bell , . -p t\ TS EIiL in the presence of Leonabd J. Maton, Solicitor, 21, Cannon Street, E.G. \ t s, l Signed, sealed, and delivered by the above-named Sir Penrose Goodehild Julyan in the presence of William Ford Edgelow, Physician, Braddonfield (1.5.) P. G. Julyan. Torquay.

Enclosure 2 in No. 22. It is hereby declared that, by " The New Zealand Consolidated Stock Act, 1877," being Act 41, Vict. No. 33, of the Legislature of the Colony of New Zealand, provision is made in the 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 be raised in the manner hereinafter provided. Section 3. Por the purpose of raising such sum or sums of money under the authority of any such Act as aforesaid, it shall be lawful for the Governor in Council to create capital stock, to he 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 authorise the creation and issue of such an amount of such stock in exchange for the securities held for such loans as may he necessary : (3.) He may authorise 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 authorised 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 one way and partly in the other. Section 7. The 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 alia) : — (1.) Por inscribing in the books of the Bank any stock : (2.) Por managing the creation, inscription, and issue of stock: (3.) For effecting the conversion of loans into stock and managing transfers of stock : . (5.) Por 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.