25

8.—14 a

ture for the £50,000 was signed, in substitution for the scrip, on the 15th April last. On learning this I cabled to my Government that there was a difficulty, because any debentures brought in for conversion should have been in actual existence prior to the 13th February, the date of the conversion prospectus ; and I asked that the original scrip should be sent to me, in order to satisfy the Bank as to the intent and identity of the debenture. But the scrip itself was cancelled by the Controller-General in the colony upon the debenture being issued in its stead, as otherwise there would have been two securities in existence for the same sum ; and, under these circumstances, the proper course seems to be for the Bank to have both the scrip and the debenture. I now attach the same accordingly, and certify that the debenture was issued in simple substitution for the original scrip ; and, on behalf of my Government, I request and authorise the Bank to receive the same for conversion into £53,750 of 3J-per-cent. stock, according to the application also annexed in the usual form. I am, &c, The Chief Cashier, Bank of England. F. D. Bell.

Enclosure 6 in No. 21. The Bank of England to the Agent-Geneeal. Sic,— Bank of England, 13th August, 1891. I beg to acknowledge the receipt of your letter of the 11th instant, enclosing debenture of the Westland Provincial Loan, redeemable 1894, for £50,000, with scrip certificate representing the same, and requesting and authorising the Bank to receive the debenture for conversion into £53,750 New Zealand 3J-per-cent. stock, in terms of the formal request which you also enclosed. The usual certificate of inscription will be forwarded in the course of a few days. I am, &a., Agent-General for New Zealand. E. E. Baly, Deputy Chief Cashier.

No. 22. The Agent-Geneeal to the Pbemiee. (No. 1293.) Westminster Chambers, 13, Victoria Street, London, S.W., Sik,— 4th September, 1891. No alteration has taken place in the figures of the conversion since I last wrote on the 20th August (No. 1229), and the totals remain as they were at that date. On the 27th August I telegraphed to you with reference to your message of the 13th August, stating that further sales of 3-§-per-cent. conversion stock were not practicable at present at the limit I had fixed, of 94, and that I was unwilling to fix any other limit without knowing whether the Treasury were making further remittances to meet the October payments, or what other minimum than 94 the Government would be willing to accept. Since then, however, I have been able to sell £10,000 more at 94, and, as it seemed possible that an offer of might be got for £100,000 in one line, I decided to accept it if made; but the market continues to be so weak that I think it unlikely a sale will be effected. The Crown Agents have paid off £500 more of the 6-per-cent. loan of 1863, June series. I have paid the Union Bank of Australia £264, their commission on the £52,800 debentures of the loan of 1860, which were handed over to me by that bank, and sent in for conversion. The actuaries have completed the calculations to which I referred in previous letters, which are required in the case of the provincial loans and the consolidated loan of 1867 (not drawing) for the half-yearly periods extending up to the Ist July, 1896 ; and I now enclose copies of the tables which will accordingly regulate the terms on which debentures not yet sent in for conversion may be accepted by the Bank of England from time to time, in accordance with instructions which will have to be given as each case arises. I have, &c, The Hon. the Premier, Wellington. F. D. Bell.

Enclosure 1 in No. 22. Conversion of 1891.— Table showing the Equivalent in 3½-per-cent. Stock of a £100 Debenture of the Undermentioned Loans for the Half-yearly Period 1st July, 1891.

4—B. 14a.

•n4 °o <D15 gir. w a is CO Amount of 8J-per-cent. Inscribed Stock, equivalent to each £100 Debenture of the Stocks indicated, taken the Market Prices of 3J-por-cent. Stock, as shown. at Consoli- Auckland Lyttelton and Christchurch Eailway Loan, I860. Canterbury Loan, 1802. Otago Loan. dated Loan, Loan, 18G3. 186-2. 18G7. £23,700. £21,300. .£18,500. £9,200. £10,600. £12,200. Valued at Valued at Valued at Valued at Valued at Valued at Valued at I Valued at I Valued at £101 8s. lOd. £10819s. 8d. ! £10316s. 2d. £10512s. Od. £108 3s. 3d. £10915s. 9d. £130 6a. 9d. £131 8s. Od. ; £112 2s. 2d. Nelson Loan, 1874. Valued at .£113 9s. 6d. 93 93* 94 94* 95 95* 96 96* 97 97* 98 £ s. d. 109 1 7 108 9 11 107 18 4 107 6 11 106 15 8 106 4 5 105 13 5 105 2 5 104 11 7 104 0 10 103 10 8 : £ s. d. | 117 3 8 116 11 2 115 18 9 115 6 6 114 14 4 114 2 4 113 10 6 112 18 8 112 7 1 111 15 7 111 4 2 J £ s. d. ! Ill 12 5 ! Ill 0 6 i 110 8 8 i 109 17 0 : 109 5 5 : 108 14 0 i 108 2 8 107 11 6 107 0 4 106 9 5 105 18 6 i £ s. d. I 113 11 0 112 18 10 112 0 10 111 14 11 111 3 2 110 11 7 110 0 0 109 8 8 108 17 4 108 6 2 107 15 2 £ s. d. 116 6 1 115 13 6 115 1 4 114 9 2 113 17 1 118 5 2 112 13 5 112 1 8 111 10 2 110 18 9 110 7 5 I | & s. a. £ s. a. 118 1 0 140 1 10i 117 8 5 139 6 11 116 15 11 138 12 1 116 3 6 137 17 5 115 11 4: 137 2 10 114 19 2 136 8 6 114 7 31 135 14 3 113 15 5 135 0 3 113 3 8 134 6 4 112 12 1 133 12 7 112 0 7 132 IS 11 ; £ s. d. 141 6 4 140 11 2 139 16 8 139 1 '0 138 6 10 137 12 4 136 18 0 136 3 10 135 9 9 134 15 10 134 2 2 £ s. d. 120 10 11 119 18 0 119 5 3 118 12 8 118 0 2 117 7 9 116 15 7 116 3 5 115 11 0 114 19 8 114 7 11 £ s. d, 122 0 4 121 7 3 120 14 4 120 1 7 119 8 11 118 16 5 118 4 1 117 11 9 116 19 8 116 7 8 115 15 10 Example: 1 that of the i ■-nine years 15th July, 1 fhus, if tli€ 3*-per-cent. hence) is tl 891. e value of £ . inscribed s lie cquivalei: :100 debenti stock is £94, it of £100 di i Lire of the C then £119 ebenture of itago Loan is £112 2s. 5s. 3d. o£ 3*-per-cent. i the Otago Loan. 2d. (taken a inscribed sb it 4 per cent ;ock (repava A. II. Bail tiAl.PH P. 1: ;. interest), -ble at par uul lorfcBY. Iabdy.