8.—14 a

35

Enclosure 2 in No. 32. A. —Statement showing—(l) The Amount of Debentures converted into 3J-per-cent Stock; (2) the Amount of Stock which should be inscribed in the Names of the Agent-General and Audit Officer in respect thereto; (3) the Actual Amount thus inscribed; and (4) the Balance still required to be inscribed. Dr. £ £ Or. £ £ Commissioners' orders issued on ac- Amount of stock inscribed representcount of debentures of the March ing debentures of 6-per-cent. 1863 series of the 1863 loan .. .. 110,900 loan .. .. .. .. 16,432 Commissioners' orders issued on ac- Amount of stock inscribed representoount of debentures of the Juno ing debentures of the 6-per-cent. series of the 1863 loan .. .. 174,500 1860 loan .. .. .. 69,472 Commissioners' orders issued on ac- Amount of stock transferred by Stock count of the 6-per-cent. (1860) de- Agents.. .. .. ..110,000 bentures .. .. .. 66,800 Amount of stock transferred by Stock Agents.. .. .. .. 170,000 352,200 365,904 Add 4 per cent, on £352,100 .. 14,088 Amount of stock inscribed representing £50,000 366,288 Westland Loan scrip .. .. .. 53,750 £50,000 Westland Loan scrip .. 50,000 Balance of stock required to be inscribed at Add 7*. per cent, on £50,000 .. 3,750 this date.. .. .. .. .. 384 53,750 £420,038 ; £420,038 For the Stock Agents, F. D. Bell. London, 25th September, 1891. Examined, C. Wbay Pallisee, Audit Officer. Enclosure 3 in No. 32. Explanatoby Memoranda relating to the Statement showing the Financial Result of the Various Transactions which have passed between the Stock Agents and the Public Account from the 31st January, 1891, to the 25th September, 1891, with respect to the Conversion of the Public Debt. Debit Side. Item £3,100 : For part of the 10-40 debentures outstanding at date (31st January, 1891) of preceding account; leaving £700 outstanding, £500 of which has been dealt with under the Lost Debentures Act. Item £1,500 : Drawn by Stock Agents to provide for sundry conversion expenses. Item £146,600 : This amount represents the Sinking Fund set free on account of drawn Consol 5-per-oent. bonds, which had been converted into 5-per-cent. bonds, convertible in 1892 into 4-per-cent. stock. Item £510 12s. : The actual sale of the £68,000 stock realised £510 12s. less than the estimated amount as credited on the preceding account. This is now adjusted. Item £110,900: This is the amount of 1863 debentures (March series) sent in up to the present date to the Crown Agents for payment, as distinguished from those sent in to the Bank of England for direct conversion into 3J-per-oent. stock. Item £554 : This is part of a Commissioners' order for £1,285, being payment of the Crown Agents' commission (*. per cent.) for paying off £110,800 of the 1863 debentures (March series). Item £15,800: This amount was provided out of the Public Account to meet the payments in respect to the purchase in the open market of 1863 debentures (June series), the debentures being then sent in to the Bank of England for conversion into 3J-per-cent. stock inscribed in the names of the Agent-General and Audit officer. Item £158,700: This is the amount of 1863 debentures (June series) sent in up to the present date to the Crown Agents for payment, as distinguished from those sent in to the Bank of England for direct conversion into 3J-per-cent. stock. Item £731: This is part of the Commissioners' order for £1,285 referred to above, and provides for payment of the Crown Agents' commission (J per cent.) for paying off £146,200 of the 1863 debentures (Juno series). Item £228,000: This amount represents the repayment of the advances made to the Stock Agents by the Bank of England on the security of 3J-per-cent. stock, which, on being released by such repayment, became available for inscription in the names of the Agent-General and Audit Officer. Item £52,800: This is the amount of debentures of the 1860 loan received through the Union Bank of Australia, the debentures being sent in to the Bank of England for conversion into 3J-per-eent. stock, inscribed in the names of the Agent-General and Audit Officer. Item £264 : This is the amount of commission (J per cent.) payable to the Union Bank of Australia in respect of the £52,800 1860 debentures mentioned in the preceding paragraph. Item £14,000: This amount was provided out of the Public Account to meet the payments in respect to the purchase in the open market of 1860 debentures, the debentures being then sent to the Bank of England for conversion into 3J-per-cent. stock, inscribed in the names of the Agent-General and Audit Officer. Item £3,822 Is. 3d.: This is a payment on account for commutation of stamp duty, payable to the Imperial Inland Revenue on the inscription of the 3J-per-cent. stock. Credit Side. Item £146,600: This is the amount of the Sinking Fund set free on account of drawn Consol 5-per-cent. bonds. Items from £100,000 to £7,700, both inclusive : These amounts were provided out of the advances made to the Stock Agents by the Bank of England on the security of 3J-per-cent. stock. Item £831 16s. 3d.: Balance of interest due to Stock Agents, such interest having been computed on daily balances at I*. per cent, per annum below bank rate varying. Items from £10,400 to £100 (19th September) both inclusive: These amounts were provided out of the advances made to the Stock Agents by the Bank of England. Item £352,200 : This amount, on account of which stock has been inscribed in the names of the Agent-General and Audit Officer, holding the same on behalf of the Government, represents the following amounts of debentures :— £ Debentures of 1863 (March series) .. .. .. .. .. .. ..110,900 1863 (June series) .. .. .. .. .. .. .. 15,800 1863 (June series) .. .. .. .. .. .. .. 158,700 1860 .. .. .. .. .. .. .. .. 52,800 1860 .. .. .. .. .. .. .. .. 14,000 £352,200 Item £5,921 lis. 7d. : This amount is the balance payable in cash to the Public Account by the Stock Agents, who will provide the same in due course by the sale of 3J-per-eent. stock. For the Stock Agents, London, 25th September, 1891. F. D. Bell.