8.—14 a

18

No. 15. The Peemiee to the Agent-Gfneeal. (No. 38.) Premier's Office, Wellington, Sic,— 7th September, 189 L Your letter, No. 1016, dated the 10th July last, relating to the result so far of the conversion operations, proved very interesting, and I have to thank you for the exceedingly full information contained therein. With reference to the purchase of £9,500 debentures of the December series of the loan of 1863, I do not find that Commissioners' orders have been issued for the purchase-money, but I assume such will be found in the next account. I am glad that you have been able to effect some sales of the 3f-per-cent. stock, and trust you will succeed in disposing of further parcels at similar satisfactory rates at an early date. The position of the Conversion Account in our books causes some little anxiety, as it shows an overdraft of over £323,000, and the Controller and Auditor-General is naturally inquiring when this large overdraft will be extinguished. I agree, however, with you that it will not be wise to force sales, so we must be content to wait for a favourable turn of the market. I have, &c, The Agent-General for New Zealand, London. J. Ballance.

No. 16. The Agent-Geneeal to the Peemiee. (No. 1106.) Westminster Chambers, 13, Victoria Street, London, S.W., Sic,— 20th July, 1891. I beg to enclose copy of a correspondence with the Bank of England respecting certain discrepancies which appear to exist between the amounts outstanding, as stated by Mr. Burdett in the Official Intelligence, and by the Treasurer, respectively, of the Lyttelton and Christchurch Bailway Loan and the Canterbury Loan. It will be very desirable that if these discrepancies can be explained by the Treasury the particulars should be sent to this office for communication to the Bank of England and Mr. Burdett. I have, &c, The Hon. the Premier, Wellington. F. D. Bell. Enclosure 1 in No. 16. Sir,— Bank of England, E.C., 13th July, 1891. In the course of a correspondence the Bank have had with share and loan department of the Stock Exchange, Mr. Burdett writes :— " With reference to your circular of the 13th February, I observe that it is stated that the amount outstanding (presumably in this country) of the Lyttelton and Christchurch Railway Loan is £77,700, and that this amount is redeemable between 1893 and 1897. According to Burdett's Official Intelligence, the £77,000 in circulation in this country is redeemable on the Ist July, 1893. In the case of the Canterbury Loan, the amount outstanding is given in your circular as £22,800, and the dates of redemption are stated to be 1915 and 1916. According to the Official Intelligence, the amount outstanding in this country is £17,800, and the date of redemption is the 2nd January, 1915. " If you could see your way to clear up these discrepancies at the same time I should be much obliged, and it would probably save trouble in the future. Perhaps it would be well to let me have a statement setting forth the amount of each class of debentures now outstanding— (a) in this country, and (6) abroad." If you are able to furnish the information asked for I shall be much obliged. I am, &c, Sir Francis Dillon Bell, K.C.M.G., &c. H. J. Bowen, Chief Accountant. Enclosure 2 in No. 16. Sir— . 13, Victoria Street, 14th July, 1891. I beg to acknowledge the receipt of your letter of the 13th instant; and, in reference to';the remarks made by Mr. Burdett respecting the Lyttelton and Christchurch Railway Loan and the Canterbury Loan, I beg to inform you that the particulars relating thereto, as given in the Bank prospectus of the 13th February last, were taken from the latest statement issued by the New Zealand Government Treasury, printed extract of which I transmit herewith in triplicate. With regard to the discrepancies which Mr. Burdett points out as existing between what is stated in the prospectus and the particulars given in the Official Intelligence, I will bring the matter under notice of the Treasury in New Zealand, and request them to furnish full and definite information on the points raised, which will be sent on to you for Mr. Burdett's information as soon as received. I am, &c, The Chief Accountant, Bank of England. F. D. Bell.

No. 17. The Peemiee to the Agent-Geneeal. (No. 46.) Sib, — Premier's Office, Wellington, 6th October, 1891. I have the honour to acknowledge the receipt of your letter of the 20th July last, No. 1106, respecting discrepancies between the amounts outstanding of the Lyttelton and Christchurch Bailway and the Canterbury Loans, as stated by the Treasury, and in Burdett's Official Intelligence. The information given in the Public Debt table was arrived at after long and careful research. The debentures were issued by the late Province of Canterbury, and were never registered in the books of the colonial Treasury. The amount outstanding is what is left after the conversion of numerous small parcels, and, as the original issues matured at a variety of dates, it was extremely difficult to ascertain the due dates of those left unconverted. It was intended to ask you to make inquiries of the holders through the bank where the interest is paid. £77,000 is the correct amount of the loan of 1860, and all the interest is payable in London. £22,800 is the correct amount of the loan of 1862, and £5,000 is held in the colony ; and an endeavour is now being made to ascertain the precise due date of the bonds, the result of which I will communicate to you. I have, &c, P. A. Buckley, The Agent-General for New Zealand, London. (For the Premier.)