7

8.—13b

been attempted by any colony within the Australasian group marks a most important epoch in colonial history. I can fully recognise the anxious deliberation and extreme care it was necessary to exercise in finally deciding to adopt the lower rate, and upon the issue price which should offer sufficient inducement to our financial friends. The average price obtained of £94 Bs. 9d. fully proves the wisdom of your decision, and redounds to the credit of yourselves and of my able colleague, who, being on the spot, was doubtless of material assistance in your deliberations. Apart from the satisfactory price to the Government, it is a matter of congratulation to know that investors will also reap advantage from the rising premium, and I feel sure that the time cannot be far distant when our 3-per-cents will be quoted at par, and thus prove that the credit of the Colony of New Zealand has been placed upon a firm and solid basis, which the financial world is not slow to recognise. I have, &c, W. P. Beeves, The New Zealand Loan Agents, For the Colonial Treasurer: Care of the Agent-General for New Zealand, London.

No. 28. The Agent-General to the Colonial Treasurer. Westminster Chambers, 13, Victoria Street, London, S.W., Sir,— 26th April, 1895. I herewith enclose copies of the prospectus and form of tender of the 3-per-cent. loan, which will be issued to-morrow, under the provisions of " The Government Advances to Settlers Act, 1894." I also enclose copies of the statement which will be circulated with the prospectus of the loan. I have, &c, The Hon. the Colonial Treasurer, Wellington. W. B. Perceval.

Enclosure 1 in No. 28. NEW ZEALAND GOVEBNMENT £3-PEB-CENT. INSCBIBED STOCK. Issue of £1,500,000. Part of £3,000,000 authorised to be raised under an Act passed by the New Zealand Parliament, and intituled " The Government Advances to Settlers Act, 1894." Bepayable at par, Ist April, 1945. Minimum price of issue, £90 per cent. First dividend, being six months' interest, payable Ist October, 1895. The Governor and Company of the Bank of England give notice that, on behalf of the Agents appointed for raising and managing loans under the above Act (Sir Westby Brook Perceval, K.C.M.G., and Sir Penrose Goodchild Julyan K.C.M.G., C.8.), they are authorised to receive tenders for £1,500,000 New Zealand Government £3-per-oent. Inscribed Stock, repayable at par on Ist April, 1945. The books of the stock will be kept at the Bank of England, where all assignments and transfers will be made. Holders of the stock will be able, on payment of the usual fees, to take out stock certificates to bearer, with coupons attached, which certificates may be reinscribed into stock at the will of the holder. All transfers and stock certificates will be free' of stamp duty. The dividends on the stock will be payable at the Bank of .England half-yearly, on Ist April and Ist October, and the first six months' interest, calculated upon the nominal amount of stock, will be payable Ist October, 1895. Dividend warrants will be transmitted by post if desired. The loan is secured on the Consolidated Pund of the Colony of New Zealand, which includes the revenue derived from the railways, and from the sales and leases of public lands. By the Act 40 and 41 Vict., eh. 59, the revenues of the Colony of New Zealand alone will be liable in respect of this stock and the dividends thereon, and the Consolidated Pund of the United Kingdom and the Commissioners of Her Majesty's Treasury will not be directly or indirectly liable or responsible for the payment of the stock or of the dividends thereon, or for any matter relating thereto. Tenders, which'should be sealed (see below), may be for the whole or any part of the stock, and must state what amount of money will be given for every £100 of stock. Tenders must be for even hundreds of stock, and at prices which are multiples of sixpence. Tenders must be delivered at the Chief Cashier's office, Bank of England, before two o'clock on Friday, 3rd May, 1895: Tenders at different prices must be on separate forms. The amount of stock applied for must be written on the outside of the tender. The minimum price, below which no tender will be accepted, has been fixed at £90 for every £100 of stock. A deposit of £5 per cent, on the amount of stock tendered for must be paid at the same office at the time of the delivery of the tender, and the deposit must not be enclosed in the tender. When tenders are sent by post, the cheque should be sent separately, or the sealed tender and the cheque should be enclosed in a covering envelope. Where no allotment is made the deposit will be returned, and in case of partial allotment the balance of the deposit will be applied towards the first instalment. In the event of the receipt of tenders for a larger amount of stock than that proposed to be issued at or above the minimum price, the tenders at the lowest price accepted will be subject to a pro rata diminution. The dates at which the further payments on account of the said loan will be required are as follows :— On Monday, the 13th May, 1895, so much of the amount tendered for each hundred pounds of stock as, when added to the deposit, will leave seventy pounds (sterling) to be paid ; On Monday, the Ist July, 1895, £35 per cent. ; On Thursday, the Ist August, 1895, £35 per cent. The instalments may be paid in full on or after the 13th May, 1896, under discount at the rate of £1 per cent, per annum. In case of default in the payment of any instalment at its proper date, the deposit and instalments previously paid will be liable to forfeiture. Scrip certificates to bearer will be issued in exchange for the provisional receipts. The stock will be inscribed in the bank books on or after the Ist August, 1895, but scrip paid up in full in anticipation may be forthwith inscribed. Applications must be upon the printed forms, which may be obtained at the Chief Cashier's office, Bank of England; of Messrs. Mullens, Marshall, and Co., stockbrokers, 4, Lombard Street, London, E.C.; of Messrs. J. and A. Scrimgeour, stockbrokers, 18, Old Broad Street, London, E.C.; and at the office of the Agent-General for New Zealand, 13, Victoria Street, London, S.W. Bank of England, London, 27th April, 1895. Note.—A memorandum explaining the objects of " The Government Advances to Settlers Act, 1894," and giving information as to the past and present position of the colony, has been prepared by the Agent-General, and should accompany this prospectus.