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EXHIBIT 49. (Circular —Confidential.) Deab Sir, — Bank of New Zealand, Auckland, Ist May, 1878. It was proposed in 1866 to establish within the bank a guarantee and provident fund, the one for guaranteeing the fidelity of the officers, and the other to make future provision for those who, from age or infirmity, become incapacitated for further employment. The proposal was subsequently abandoned in favour of the Colonial and Foreign Banks Guarantee Fund, which appeared to offer advantages greater than could really be expected from our own fund ; but, though the guarantee afforded by it is satisfactory, tbe contingent benefits are so problematical as to afford little hope of its furnishing any relief in the cases intended to be provided for by our provident fund. The idea of establishing a guarantee and provident fund within the bank has now been revived, and the directors have very heartily taken it up, and have agreed to endow the provident fund liberally, and to make at least temporary endowment of the guarantee fund also on a liberal scale. The proposal is that the bank at once contribute £25,000 to be specially invested, and that this sum and its accumulating interest form the nucleus of a provident fund, to be supplemented by an annual contribution by the staff of 1 per cent, on the amount of their salaries ; and that all officers not already guaranteed by the Colonial and Foreign Banks Guarantee Fund shall further contribute to a guarantee fund within the bank at the same cost as to the Colonial and Foreign Banks Guarantee Fund, to which the directors have assented to allow the £2,500 voted by shareholders in 1866 to be a present endowment, retaining the option of demanding repayment from accumulations beyond £10,000. The proposal of the board is so liberal, and the prospects of the provident fund under such auspices soon becoming of such value as to afford a very appreciable provision for those who, from age, accident, or infirmity, and with the sanction of the board, quit the bank service, so good, that it is unnecessary for me to add a word in its support, feeling assured that the staff will adopt it in the same spirit as the directors have received it. I enclose a sketch of the rules under which it is proposed to inaugurate the two funds, and would invite special attention to the terms of clause 3, in the section setting forth the objects of the provident fund. It is in no way intended to burden this fund with claims of the representatives of deceased officers, the directors making it a distinct stipulation that officers make provision by life assurance or otherwise for those dependent on them. The rules enclosed are only intended as the basis on which the funds are to be formed, and will be altered or added to as occasion demands. Any material alteration or addition will first be submitted for the consideration of all officers who for five years have held the rank of manager in the bank service, with a view to elicit their opinions, but not in any way necessarily to interfere with the absolute control of the trustees, as provided for in clause 2 of the provident fund. Yours faithfully, D. L. Murdock, General Manager.

EXHIBIT 50. BENEFIT SOCIETY OF THE EMPLOYES OF THE COLONIAL SUGAR - REFINING COMPANY (LIMITED). Rules. 1. This society shall be called " The Colonial Sugar-refining Company (Limited) Employes Benefit Sooiety," and the business thereof shall he held at O'Connell Street, Sydney, and at such other places as may be appointed by the committee. 2. The objects thereof shall be to provide funds by the contributions of its members, with the aid of donations, for the following purposes:—Scale A: (1.) A weekly allowance in case of sickness or accident; (2.) A Sum payable on the death of subscribing members; (3.) A subsidy to hospitals for the maintenance therein of subscribing members. Scale B : (4.) Fees for medical attendance and medicines for subscribing members. Scale C : (5.) Fees for medical attendance and medicines for members' families. Scale D : (6.) A sum payable on the death of members' wives, or widowed mothers, or children. 3. At the first meeting of the society after these rules are certified by the Registrar there shall be elected by a majority of the members then present a secretary and treasurer and a committee of management consisting of four persons, who shall act as trustees of the society. The secretary and treasurer and committee of management shall continue in office during the pleasure of the society, and may be removable at a general meeting; and, in case of a vacancy or vacancies, another or others shall oe elected by a majority of the members at a meeting called for that purpose. A copy of every resolution appointing such members of committee shall be sent to the Registrar of Friendly Societies under the hands of three ordinary members of the society, and signed by the members of committee so appointed. 4. In case any member of committee being removed shall refuse or neglect to assign or transfer any property of the society as the remaining members of committee shall direct, he shall (if he be a member of the sooiety) be expelled from the society, and shall cease to have any claim on the society on account of any contributions paid by him. The treasurer shall, in the months of January and July of each year, and also when required by the trustees, render to them a true account of all moneys received and paid by him on account of the society, and shall also, when required by the trustees, pay over all moneys remaining in his hands, and assign and deliver all securities and effects, books, papers, and property of or belonging to the society in his hands or custody, to such person or persons as the trustees shall appoint. He shall be responsible for such sums of money as may from time to time be paid into his hands by any person on account of the society-; he shall balance his cash accounts monthly, and shall— before taking upon himself the execution of his office —give security pursuant to the Friendly Societies Act. The committee of management shall meet at least once in each month, any three of the committee duly assembled at any such meeting shall form a quorum. They shall elect from among themselves a chairman, and shall have full power to superintend and conduct the business of the society according to the rules provided for the government thereof, and shall in all things act for and in the name of the society ; and all acts and orders under the powers delegated to them shall have the like force and effect as the acts and orders of this society at any general meeting. Every question at such meeting shall be decided by a majority of votes, and, if the votes be equal, the chairman shall have a casting-vote. Any two of the committee may call a special meeting thereof by giving seven clear days' notice in writing to the secretary; but at such special meeting no other business than that specified in the notice shall be taken into consideration. The committee shall convene all the meetings of the sooiety on such requisitions as are herein mentioned. The secretary shall record the names of the members of committee present at all meetings and the minutes of their proceedings, which he shall transcribe in a book, to be authenticated by the signature of the chairman as the proceedings of the meeting, and shall prepare the annual and other returns required by the Friendly Societies Act to be sent to the Registrar. All notices of proposed amendment of these rules, or other matters affecting the general welfare of the society, shall be submitted by the committee of management to the various district committees as hereafter provided. 5. The committee of management shall receive, through the proper officers, donations to the funds of the society made by the Colonial Sugar-refining Company (Limited), or any other person or persons, and shall cause proper receipts to be given for the same. 6. All donations, contributions, interest, and income, from whatever source arising, shall be invested by the trustees on deposit with the Colonial Sugar-refining Company (Limited), and shall bear interest at the rate of 6 per cent, per annum, calculated on the monthly balance at the credit of the society.