8.—21

30

determine : And by the said Act it was further enacted that the Governor in Council might 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 oa such conditions as he might before the creation thereof from time to time determine ; and might authorise the creation and issue of such an amount of such stock in exchange for the securities held for such loans as might be necessary, and might authorise the creation and sale of any of 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 the said Act on such conditions as he might determine ; and any conversion so authorised might be effected either by arrangement with the holders of the existing securities, or by purchase thereof out of moneys raised by a sale of the new stock, or partly in one way and partly in the other : And by the said Act it was further enacted that all stock and the dividends thereon, and all charges and expenses incurred in carrying out the provisions of the said Act, should be a charge on, and be paid out of, the Consolidated Fund : And by the said Act it was further enacted that the Governor in Council might from time to time appoint three or more persons in England to be Agents for the purposes of the said Act, and might empower such Agents, or any three or more of them, to exercise all or any of the powers by the said Act exercisable by the Governor in Council: And, further, that the said Act should not come into operation, nor be of any force and effect whatever until it should be declared to be so in operation by a Proclamation issued by the Governor in Council, and published in the New Zealand Gazette: And whereas by a Proclamation made and issued by the Governor in Council on the 9th day of February, 1878, and published in a supplement to the Neiv Zealand Gazette of the same date, the Governor, with the advice and consent of the Executive Council of the said colony, did proclaim and declare that " The New Zealand Consolidated Stock Act, 1877," should be and come into operation on and after the 9th day of February, 1878 : And whereas, under and by virtue of the said Act, New Zealand Consolidated Stock was created and issued to the amount of £5,371,200, on the terms and conditions mentioned in a certain deed-poll bearing date the Ist day of December, 1879, under the hands and seals of me, tho said Sir Penrose Goodchild Julyan, and of Sir Julius Vogel, a Knight Commander of the said Most Distinguished Order of Saint Michael and Saint George, and of Montagu Frederic Ommanney, Esquire, who had been duly appointed Agents in England for the purposes of the said Act, and had beon duly empowered to exorcise all the powers by the said Act exercisable by the Governor in Council, such stock bearing interest at the rate of 4 per cont. per annum, payable half-yearly at the Bank of England on the Ist day of May and the Ist day of November in each year, until the Ist day of November, 1929, on which day the capital is to be repaid at par at the same place : And whereas by another Act of the Legislature, intitutled " The New Zealand Consolidated Stock Act 1877 Amendment Act, 1881 " (hereinafter referred to as " the New Zealand Stock Amendment Act "), it was enacted that, notwithstanding anything in " Tho Now Zealand Consolidated Stock Act, 1877," contained, the Governor in Council might appoint onlyjtwo persons to be tho Agents for the purposes of such Act, who should have, exercise, and perform all the powers, authorities, or duties by such Act given to, vested in, or imposed upon the Agents appointed under such Act, and that throughout such Act the words " the Agents " should bo deemed to refer to and include the two persons by the now reciting Act authorised to be appointed to be the Agents for the purposes of " The New Zealand Consolidated Stock Act, 1877 " : And whereas various further amounts of New Zealand Consolidated Stock have from time to time been duly created by Sir Francis Dillon Bell, a Knight Commander of the said Most Distinguished Order of Saint Michael and Saint George, and a Companion of the Most Honourable Order of the Bath, and me, the said Sir Penrose Goodchild Julyan, who had been duly appointed Agents in England for the purposes of the said Acts of 1877 and 1881, and duly empowered to exercise all the powers by such Acts exercisable by the Governor in Council upon the terms and conditions respectively mentioned in certain deeds-poll under the hands and seals of the said Sir Francis Dillon Bell and of me, the said Sir Penrose Goodchild Julyan, and bearing date respectively the Ist day of January, 1883, the 30th day of October, 1883, tho Ist day of January, 1884, the 30th day of December, 1884, the Ist day of January, 1885, the Ist day of June, 1885, the 20th day of May, 18S6, 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 which, together with such last-mentioned amount, is hereinafter referred to as tho 4-per-cent. New Zealand Consolidated Stock), and bearing interest at the rate of four pounds per cent, per annum, 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 of the whole amount of New Zealand Consolidated Stock thus created there has been issued the total amount of £29,150,302 and no more : And whereas further amounts of New Zealand Consolidated Stock amounting in the aggregate to £4,000,000 have been duly created by the said Sir Francis Dillon Bell and me, the said Sir Penrose Goodchild Julyan, acting as such Agents and duly empowered as aforesaid, upon the terms and conditions mentioned in certain deeds-poll under the hands and seals of the said Sir Francis Dillon Bell and of me, the said Sir Penrose Goodchild Julyan, and bearing date the 30th day of October, 1889, and the 12th day of March, 1891, respectively, such amount of stock being in addition to and ranking p'iri passu with the four-per-cent. New Zealand Consolidated Stock during the existence thereof, and bearing interest at the rate of three pounds ten shillings per cent, per annum payable half-yearly at the Bank of England on the Ist day of January and tho Ist day of July in each year until the Ist day of January, 1940, on which day the capital is to bo repaid at par at the same place, but of the amount of such New Zealand Consolidated Stock so created there has been issued the total amount of £3,486,888 and no more : And whereas by another Act of the said Legislature, the short title of which is " Tho Consolidated Stock Act, 1884," it is enacted that the Act now in recital should bo incorporated with and read as a part of " The New Zealand Consolidated Stock Act, 1877," and that the Agents mentioned in the Act now in recital should be the Agents from time to time appointed under the said " New Zealand Consolidated Stock Act, 1877 " : And whereas by another Act of the said Legislature, the short title of which is " The Consolidated Stock Act 1891," it is enacted that the Act now in recital should be incorporated with and be deemed to be a part of " The Consolidated Stock Act, 1884," and of "The New Zealand Consolidated Stock Act, 1877," respectively. And it is further enacted that in addition to tho loans set forth in the schedule to "The Consolidated Stock Act, 1884," the several loans raised under the provisions of (inter alia) " The Public Eevenues Act, 1887 (No. 3)," should be and were thereby declared to be convertible into stock, and all the provisions of " The Consolidated Stock Act, 1884," should apply to such conversion : And whereas in respect of the loan raised under the provisions of "The Public Revenues Act, 1887 (No. 3)," debentures to the amount of £400,000 are now outstanding and no more : And whereas in pursuance of the power and authority vested in him by the New Zealand Stock Act, and the New Zealand Stock Amendment Act (all previous appointments of Agents having been revoked), His Excellency the Governor of the Colony of New Zealand, did by an Order in Council bearing the date the Ist day of February, 1892, appoint us, the said Sir Penrose Goodchild Julyan and Westby Brook Perceval, from and after the Ist day of April, 1892, to be Agents for the purposes of the New Zealand Stock Act, and in that capacity to exercise all the powers by such Act exercisable by the Governor in Council: And whereas we, the said Sir Penrose Goodchild Julyan and Westby Brook Perceval, in exercise and in pursuance of the powers and authorities in that behalf conferred upon us as aforesaid, have declared the New Zealand Loan raised as last aforesaid to be convertible into stock, and for the purpose of providing New Zealand Consolidated Stock to be issued for the purpose of raising money for redeeming the outstanding securities for the said loan, and for the payment of the expenses of and attending the creation and issue of the said stock, we, the said Sir Penrose Goodchild Julyan and Westby Brook Perceval, 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 £500,000 of New Zealand Consolidated Stock, to be issued as hereinafter mentioned, and to be in addition to and to rank pari passu with the amount of 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 :