AN IMPORTANT SCHEME.

New Zealand Mail, Issue 907, 19 July 1889, Page 16

AN IMPORTANT SCHEME.

A rumour was current in thelobbies on Wednesday that a very important financial operation L pending. indeed, the

report reached us from two distinct sources as an absolute statement of an asserted fact. It was to the effect that the Government are negotiating with the Bank of England for the con version of debentures to a large amount —£3,000,000, according to one infor-mant-—into new 3s per cent Inscribed Stock. This would, of course, be the first issue of .New Z> a and 3a, ner cents, and, if .successful, would manif'es’ly be highly beneficial to the Colony. Wo are unable to say whether or not the rumour s well founded, as it would obviously be most improper and indiscreet for the Government to furnish any information on the point, supposing such a scheme to be in negotiation, until the arrangement should be completed If there be any truth in the report, which is very eircumsf au'ial in its particulars, it is a set joaa scaudai as well as exceedingly unfortunate that the actual secret should have been disclosed. There must have been in that case disgraceful treachery somewhere. It is possible, of course, that the rumour may be baseless, but if so, it is odd that it should have obtained, such large currency and in so precise and positive a shape. Meanwhile we can only record the fact of the report being current, and await the elucidation which time may bring.