REPORT OF THE COMMISSIONERS OF THE PUBLIC DEBTS SINKING FUNDS, FOR THE YEAR ENDED 30 JUNE, 1870.

Appendix to the Journals of the House of Representatives, 1870 Session I, B-07

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REPORT OF THE COMMISSIONERS OF THE PUBLIC DEBTS SINKING FUNDS, FOR THE YEAR ENDED 30 JUNE, 1870.

LAID BEFORE BOTH HOUSES OE THE GENEEAL ASSEMBLY IN COMPLIANCE WITH THE SIXTH SECTION OE "THE PUBLIC DEBTS SINKING EUNDS ACT, 1868." WELLINGTON. 1870.

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Wellington 15th, July, 1870. The Commissioners of the Public Debts Sinking Funds, in compliance with the 6th section of " The Public Debts Sinking Funds Act, 1868," have the honor to report as follows: —■ The accounts appended to this Eeport display so fully the operations of the Commissioners, as to render but few remarks necessary. It will be seen from the correspondence in the Appendix hereto, that the Sinking Fund of the General Government Loan of 1863, as well as the Sinking Funds of the Canterbury Loans, have been removed from the control of the Commissioners. In the course of the past year the Commissioners have released so much of the Sinking Funds of all the Loans under their control as appeared to them liable to be released under the operation of " The Public Debts Sinking Funds Act, 1868," being guided, in calculating the amounts to be released, by the principle, that the Commissioners should hold in their hands so much, and no more, of the accrued Sinking Fund as would be sufficient, with accruing payments and interest, to produce the capital debt, at the time when the same becomes payable ; and further, that each Loan, should be considered by itself without reference to the state of the Sinking Fund of any other Loan of the same Province. The Commissioners also required that all Sinking Funds should be paid up to date before making any award releasing any part of the same. The awards made by the Commissioners are published in the Appendix. James Edwaed FitzGeeald, Chairman.

APPENDIX I. No. 1. Mr. W. C. Saegeaunt to Mr. J. E. FitzGeeald. Offices of the Crown Agents for the Colonies, Sic, — Spring Gardens, London, S.W., 21st May, 1869. Adverting to Mr. Julyan's letter of the 19th February last, acknowledging the receipt of your circular of the Bth of December, 1868, I have to state that having been advised that we can legally and rightfully make over to the Commissioners appointed by " The Public Debts Sinking Funds Act, 1868," the debentures and other securities held by us as Trustees appointed by Governor's Warrant of the 13th November, 1865, we have the pleasure to inform you that we now hold the securities mentioned in the enclosed statement to the order of the Commissioners. Besides these securities the following amounts are in our custody, viz., £427 on account of the Sinking Fund of the 5 per cent. Debentures, and £2,696 19s. 7d. on account of the 6 per cents, issued under " The Three Million Loan Act, 1863." Both these sums of money, pending instructions from the Commissioners respecting the future investment of these and similar funds, have been placed on deposit, at interest, with the London and Westminster Bank; and although the rate allowed for deposits is at present higher than it has been for some time past, it is undesirable that the moneys should remain long uninvested. We would therefore request you to be good enough to apprise us what " bonds, debentures, or other securities," may have been prescribed by the Governor in Council, under the provisions of section 13 of the Public Debts Sinking Funds Act, as the securities in which investments may be made by the Commissioners, or at any rate, that you will inform us to what extent we are at liberty to act on behalf of the Commissioners, in tho choice of investments. Tou have been already informed that, in our opinion, the interests of New Zealand will be best advanced by leaving undisturbed the sinking funds invested in this country to pay off debentures issued in this market, and that to realize these funds for the purpose of reinvestment in the Colony, would damage the credit of New Zealand. We are further of opinion that the Commissioners would be but acting in the interests of the Colony, if they continued to invest here the contributions on account of sinking funds on loans of the General Government raised in this country under the Loan Act of 1863. Not knowing who are the Trustees of the Sinking Fund under the Loan Act of 1860, or where the investments on account of that loan have been made, we do not offer any opinion on that subject, except that if hitherto made in this country we would recommend no alteration. The case of the sinking funds on the outstanding Provincial debentures appears to us quite different, for the most of the contributions to those funds, we believe, have been locally invested, and the purchasers of those debentures have never been informed nor led to expect any other mode of investment. We are, as already reported to you, quite prepared to take charge of any securities which may be handed over to us by the trustees of other sinking funds, by direction of the Commissioners ; none, however, have been so tendered to us at present. I have, &c, The Chairman of the Board of Commissioners W. C. Saegeaunt. of the Public Debts Sinking Funds of New Zealand.

REPORT OF THE COMMISSIONERS OF THE PUBLIC DEBTS SINKING FUNDS, FOR THE YEAR ENDED JUNE 30, 1870.

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Enclosure in No. 1. Statement showing the Securities held on account of the Sinking Ftnds of the Government of New Zealand for Redemption of Debentures issued under the Loan Act of 1563. Series 1591.—6 per cent.: — Stock. 3 per cent. Consols... ... ... ... ... £17 13 9 6 per cent. Victoria Debentures ... ... ... 9,200 0 0 6 per cent. Antigua Debentures ... ... ... 300 0 0 6 per cent. Ceylon Debentures ... ... ... 13,400 0 0 5 per cent. New South Wales Debentures ... ... ... 6,600 0 0 5 per cent. Canada Debentures ... ... ... 15,500 0 0 Series 1914.—5 per cent.: — 3 per cent. Consols ... ... ... ... 109 0 5 6 per cent. Antigua Debentures ... ... ... 900 0 0 6 per cent. Cape of Good Hope Debentures ... ... 11,600 0 0 6 per cent. Natal Debentures ... ... ... ... 3,500 0 0 6 per cent. Queensland Debentures ... ... ... 6,300 0 0 6 per cent. Ceylon Debentures ... ... ... 8,500 0 0 6 per cent. Victoria Debentures ... ... ... 1,800 0 0 5 per cent. New South Wales Debentures... ... ... 7,300 0 0 6 per cent. Canada Debentures ... ... ... 6,800 0 0 W. C. Sargeaunt, London, 20th May, 1869. Crown Agent.

No. 2. Mr. J. E. FitzGeeald to Mr. W. C. Saegeaunt.jj Office of the Commissioners of the Public Debts Sinking Funds, Sic, — Wellington, 2nd October, 1869. I have the honor to acknowledge the receipt of your letter of the 21st May last, on the subject of the Sinking Funds of the Loan of 1863. The delay in replying to your letter has arisen, first, from the absence of the Secretary to the Commissioners, and secondly, because it was desirable to wait until the Government had carried the measure they proposed in relation to this matter, before answering your letter. I have now the honor to enclose you a copy of the Act just passed, and of the Gazette containing a Proclamation issued by the Governor thereunder, by which you will see that the Commissioners have now no further control over the sinking funds in question, and that your position relative thereto is unaltered by the opieration of the Act of 1868. It is therefore unnecessary for me to enter further into the questions raised by your letter under reply. I have, &c, James Edwaed FitzGeeald, W. C. Sargeaunt, Esq., Chairman of the Commissioners of the Public Messrs. Julyan and Sargeaunt, Debts Sinking Funds. Crown Agents, Spring Gardens, London.

Enclosure 1 in No. 2. Copy of " The Public Debts Sinking Funds Act Amendment Act, 1869."

Enclosure 2 in No. 2. Copy of New Zealand Gazette No. 55, of 20th September, 1869, containing the following Order in Council. G. F. Bowen, Governor. OEDEE TS COUNCIL. At the Government House, at Wellington, this 18th day of September, 1869. Present: His Excellency the Governor in Council. Whereas by the second section of " The Public Debts Sinking Funds Acts Amendment Act, 1869," it is enacted, that if it shall appear to the Governor expedient that the sinking fund created for the payment of any loan or portion of a loan raised under any of the Acts or Ordinances mentioned in either of the Schedules to the said Act, the sinking fund of which has been invested outside the Colony, should be exempted from the management of the Commissioners of the Public Debts Sinking Funds, it shall be lawful for the Governor, by Order in Council published in the New Zealand Gazette, to direct that tho sinking funds of any such loan or portion of a loan shall be exempted from the management of the said Commissioners : Now therefore, His Excellency the Governor, in exercise and pursuance of all powers and authorities enabling him on this behalf, and with the advice and consent of the Executive Council of New Zealand, doth hereby order that the Sinking Fund created for the payment of so much of the Loan raised under " The New Zealand Loan Act, 1863," and " The New Zealand Debenture Act, 1864," and " The New Zealand Debentures Act Amendment Act, 1865," as is subject to the provisions of "The Public Debts Sinking Funds Act, 1868," hereinafter referred to as " the said Act," shall be exempted from the management of the Commissioners appointed by and under the said Act. FOESTEE GoEING, Clerk of the Executive Council.

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No. 3. The Hon. W. Gisborne to Mr. J. E. FitzGeeald. Sir, — Treasury. Wellineton, 30th September. 1569. I have the honor to forward to you, for the information of the Commissioners of Sinking Funds, a copy of Gazette containing an Order in Council, under the Act of the last Session, relieving the Commissioners from the charge of the Sinking Fund of the New Zealand Loan of 1863. I have, &c. J. E. FitzGerald, Esq., W. Gisborne. Chairman of Board of Commissioners of Public Debts Sinking Funds, Wellington.

No. 4. Mr. H. S. Selee to Mr. J. E. FitzGeeald. Sic, — 15 St. George's Square, London, S.W., 26th August, 1869. I have the honor to acknowledge the receipt of your letter of the 10th June, referring to the Canterbury Sinking Funds. As you inform me that this question may probably have become the subject of discussion in the New Zealand Legislature, and lead me to expect a further communication from you on the subject, I do not think it necessary to trouble you at present with any observations. But I forward for your information copy of a letter I have addressed to Sir Francis Sandford, in answer to the request of the Secretary of State for the Colonies. I am, &c, H. S. Selee. P.S. —May I ask that, if convenient for you, any further communications may be posted to me via Marseilles. Tour letter of the 10th June, being addressed via Southampton, did not reach me in time for me to acknowledge the receipt of it by the outgoing mail of the 13th instant via Marseilles. J. E. FitzGerald, Esq., H. S. S. Chairman of Public Debts Sinking Funds Commission, Wellington, N.Z.

H. S. Selee.

Enclosure 1 in No. 4. Mr. H. S. Selee to Sir Feancis E. Sandeoed. Sic, — St. George's Square, London, 26th August, 1869. I have to acknowledge tho receipt of your letter of the 20th instant, transmitting to me by direction of Earl Granville a copy of a Despatch, No. 61, 20th May, 1869, received from the Governor of New Zealand, with an enclosure, viz., a Memorandum by Mr. E. W. Stafford on tho subject of my letter of the 12th January last, protesting against the Public Debts Sinking Funds Act of the New Zealand Legislature, 1868. I beg first to express my thanks to Earl Granville for affording me the opportunity of perusing the documents you have forwarded. In answer to the request that I will inform you whether the explanations of the New Zealand Government remove in whole or in part my objections to the Act, I beg to submit the following observations :— 1. I wish to be clearly understood as to what my objections to tho Act are, and what they are not. I endeavoured to make this plain in my former letter to Earl Granville ; but I fear I have not been successful, so far as the Government of New Zealand is concerned. Ido not object, and never have objected, to the appointment of new Commissioners of tho Public Debts Sinking Funds. Officially and personally the gentlemen named in section 2 of the Act are, I doubt not, "of high standing and respectability," thoroughly well fitted for the position proposed to be assigned to them. There would —I write for myself at all events —have been no objection on the part of the present Trustees of tho Sinking Funds of Canterbury to transfer and deliver the money and securities in our hands to the new Commissioners, if when so transferred these had been held by them—see section 9— " upon the same trust and for the same purposes upon and for which such moneys and securities were held, according to the provisions of the Ordinances creating such sinking funds." 2. Even then the Act seems to bo defective, in making no provision for the discharge and indemnification of the retiring trustees. But 1 would not urge this as of itself a substantial objection. No doubt, had this been all, the difficulty might have been got over by amicable arrangement, which we should gladly have facilitated. 3. But this is not all. The new Commissioners are to hold these sinking funds (section 9) " subject to the provisions of this Act;" and tho subsequent " provisions of this Act," sections 16 and 18, not only contemplate and sanction, but expressly direct, what seems to us, as to the larger portion of the sinking funds, a departure from tho purposes for which we hold them. No doubt we may be wrong in this opinion, but, holding it honestly, we intend, until better advised, to decline compliance with the request of the new Commissioners, which reached us in February last, to hand over these funds to their custody. We have informed the new Commissioners of our resolution. I need hardly mention, what no doubt Earl Granville is aware of, that trustees who resign their trust with the knowledge and for the purpose of enabling their successors to deviate from the terms of the trust, are liable in law to make good to the parties interested any loss thereby sustained. And I must add, as a matter of fact, that since I wrote my letter to Earl Granville, we have been served with numerous remonstrances from the holders of unconverted Canterbury Debentures, and with formal notices from their legal advisers, that they will hold us responsible if we hand over the funds we hold on their -fcehalf. 2

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4. My objection, therefore, to section 10 of the Public Debts Sinking Funds Act, as stated in January last, remains at present not only undiminished, but it is confirmed by what has since occurred. That section, as Earl Granville will see, was expressly directed against Canterbury and its Agents here, and against them only ; for it now appears that there are no other persons than ourselves holding any Provincial sinking funds who are not beyond " the jurisdiction of the Supreme Court of New Zealand;" and if this be not sufficient proof of its object, I may add that I know a leading member of the then New Zealand Ministry has stated that that section was inserted to induce the Provincial Government of Canterbury to put a pressure on its Agents here in this matter. I am happy to state that no such pressure has been attempted, nor would it have been successful had the attempt been made. The Provincial Council of Canterbury, though naturally unwilling to place itself in the meantime in opposition to the General Government by formally requesting the disallowance of the Act, was, with the single exception of Mr. Hall, the author of the Act, unanimous, as Mr. Stafford knows, in deprecating its injustice, and on the same grounds which I have already had the honor of submitting to Earl Granville. 5. There are many points in Mr. Stafford's Memorandum on which I might be tempted to comment, and various assertions which I think erroneous, though I will not imitate his curt incivility by denouncing them as " untrue." I wish, however, to disclaim any imputation on the motives of the Colonial Government, though I wrote strongly as to their conduct, unless it be considered an imputation to state that the " New Zealand Government was in want of money," and that it was " desirable they should obtain as much money as they could get." If Mr. Stafford says this was not so, lam glad to acknowledge I was mistaken. 6. I never desired or expected that the opinion of any " gentleman in London " should override the deliberate legislation of the New Zealand Parliament in matters affecting the Colony only. By all means let all " questions connected (merely) with the financial relations of the General and Provincial Governments "be finally determined by those in whose hands the Constitution has placed them. In these, as in other larger matters, I should, if I may be permitted to express an opinion, deprecate Imperial interference. My protest against the Sinking Funds Act of 1868, on behalf of the bondholders and the trustees in England, remains unaltered and unshaken. As regards the Province of Canterbury, the only Province on whose behalf I had any right to interfere, and to which Province alone I confined my observations, I would say only that my letter to Earl Granville was in this respect intended mainly to give the Province time to speak for itself. I have little doubt that the General Assembly, prorogued on tho 20th October (the day the Act passed) till the Ist of June, has by this time had the question again under consideration, and it may be the result of their deliberations may render unnecessary the disallowance of the Act. If not, I respectfully pray that the assent of the Crown to sections 10, 16, and 18 may be withheld. I have, &c, Sir Francis E. Sandford, Colonial Office. H. S. Selfe.

No. 5. The Hon. the Colonial Teeasueee to Mr. J. E. FitzGeeald. Sic,— Treasury, Wellington, 25th March, 1870. I have the honor to inform you that, in accordance with the recommendation of His Honor the Superintendent of Canterbury, the Government will at once take steps to exempt, under the second section of " The Public Debts Sinking Funds Act Amendment Act, 1869," the loans of that Province from the management of the Commissioners of the Public Debts Sinking Funds. I have, &c, The Chairman of the Commissioners of the Julius Vogel. Public Debts Sinking Funds.

No. 6. Mr. J. E. FitzGeeald to Mr. H. S. Selee. Sic,— Government Buildings, Wellington, 29th March, 1870. Eeferring to former correspondence with you on the subject of handing over to the Commissioners appointed by " The Public Debts Sinking Funds Act, 1868," the whole of the cash securities held by you and your co-trustees on account of the sinking funds of the Canterbury Loans, I have now r the honor to inform you that on the 25th instant the Commissioners received intimation from the Government that steps would at once be taken, under the second section of " The Public Debts Sinking Funds Act Amendment Act, 1869," to exempt from the management of the Commissioners the sinking funds of the loans of the Province of Canterbury. I have, &c, H. Selfe Selfe, Esq., James Edwaed FitzGeeald. 15, St. George's Square, London.

No. 7. Copy of Oedee in Council published in New Zealand Gazette, No. 19, 12th April, 1870. G. F. Bowen, Governor. OEDEE IN COUNCIL. At Wellington, this twenty-eighth day of March, 1870. Present: The Honorable William Fox, the Premier, Presiding, and Members of the Executive Council. Whebeas by the second section of " The Public Debts Sinking Funds Act Amendment Act, 1869," it is enacted that if it shall appear to the Governor expedient that the sinking fund created for the pay-

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ment of any loan or portion of a loan raised under any of the Acts or Ordinances mentioned in either of the Schedules to " The Sinking Funds Act, IS6S," the sinking fund of which has been invested outside the Colony, should be exempted from the management of the Commissioners of the Public Debts Sinldng Funds, it shall be lawful for the Governor, by Order in Council published in the New Zealand Gazette, to direct that the sinking fund of any such loan or portion of a loan shall be exempted from the management of the said Commissioners : Now therefore, His Excellency the Governor, in exercise and pursuance of all powers and authorities enabling him in this behalf, and with the advice and consent of the Executive Council of New Zealand, doth hereby order that the several sinking funds created for tho payment of the loans raised under " The Canterbury Loan Act Ordinance, 1856," " The Canterbury Loan Act, 1860," and " The Canterbury Loan Ordinance, 1862," respectively, shall be exempted from the management of the Commissioners appointed under " The New Zealand Sinking Funds Act, 1868." William Fox, Foestee Goring, Presiding. Clerk of the Executive Council.

No. 8. Awaed by the Commissionees releasing the Sinking Funds of the Auckland Loan of 1863. Know all Men by these Peesents, that Whereas by " Tho Public Debts Sinking Funds Act, 1868," it is provided that if and whenever it shall be made to appear to the Commissioners of the Public Debts Sinking Funds, that any of the debentures issued under any of the Acts specified in the Frst or Second Schedules thereto have been converted or exchanged for debentures issued under " The Consolidated Loan Act, 1867," the Commissioners shall, from time to time, determine what amount of the Sinking Fund held by them and created for the payment of such first-mentioned debentures, shall be released, and that the Commissioners shall make such determination by an award in writing: And whereas it has been made to appear to the said Commissioners that debentures to the amount of four hundred and sixty-one thousand two hundred and fifty pounds, being part of the debentures to the amount of five hundred thousand pounds issued under " The Auckland Loan Act, 1863," being one of the Acts named in the Second Schedule to the said " Public Debts Sinking Funds Act, 1868," have been converted or exchanged for debentures issued under "The Consolidated. Loan Act, 1867," and that the amount of the debentures still outstanding and unconverted of the said loan of five hundred thousand pounds is thereby reduced to thirty-eight thousand seven hundred and fifty pounds: And whereas the sum of fifty-two thousand six hundred and twenty-four pounds eight shillings and nine pence is held by tho said Commissioners as accumulated sinking fund for the repayment of the said loan of five hundred thousand pounds, and the sinking fund hereafter accruing, with the interest thereon, will be sufficient to reproduce the said sum of thirty-eight thousand seven hundred and fifty pounds, being the amount of the outstanding and unconverted portion of the said loan of five hundred thousand pounds, on or before the first day of June, one thousand eight hundred and ninety-six, being the day fixed by law for the repayment thereof: Now know ye, that the Commissioners of the Public Debts Sinking Funds, by this their award in writing, do determine that the sum of fifty-two thousand six hundred and twenty-four pounds eight shillings and nine pence, being the whole of the said accumulated sinking fund so held by them for the payment of the debentures issued under " The Auckland Loan Act, 1863," shall be released and paid over to the Provincial Account of the Province of Auckland, as provided by " The Public Debts Sinking Funds Act Amendment Act, 1869." As witness our hands this fourteenth day of December, one thousand eight hundred and sixty-nine. James Edwaed FitzGeeald, Comptroller. W. Gisborne, Acting Colonial Treasurer. G. S. Coopee, Deputy Auditor.

No. 9. Awaed by the Commissioners releasing a portion of the Sinking Funds of the Wellington Loan of 1862, and the Wellington Loan of 1866. Know all Men by these Peesents, that Wheeeas by " The Public Debts Sinking Funds Act, 1868," it is provided that if and whenever it shall be made to appear to the Commissioners of the Public Debts Sinking Funds that any of the debentures issued under any of the Acts specified in the First or Second Schedules thereto have been converted or exchanged for debentures issued under " The Consolidated Loan Act, 1867," the Commissioners shall from time to time determine what amount of the sinking fund held by them, and created for the payment of such first-mentioned debentures shall be released, and that the Commissioners shall make such determination by an award in writing: And whereas it has been made to appear to the said Commissioners that debentures to the amount of fifteen thousand four hundred pounds, being part of the debentures to the amount of twenty-five thousand pounds issued under " The Wellington Loan Act, 1862," No. 11, being one of the Acts named in the Second Schedule to the said " Public Debts Sinking Funds Act, 1868," have been converted or exchanged for debentures issued under " The Consolidated Loan Act, 1867," and that the amount of the debentures still outstanding and unconverted of the said loan of twenty-five thousand pounds is thereby reduced to the sum of nine thousand six hundred pounds : And whereas the sum of eight thousand six hundred and sixteen pounds six shillings

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and eleven pence is held by the said Commissioners as accumulated sinking fund for the repayment of the said loan of twenty-five thousand pounds, and the sum of three thousand one hundred pounds of the said accumulated sinking fund, together with the sinking fund hereafter accruing thereon, will be sufficient to reproduce the said sum of nine thousand six hundred pounds, being the amount of the outstanding and unconverted portion of the said loan of twenty-five thousand pounds, on or before the first day of July, one thousand eight hundred and seventy-seven, being the day fixed by law for the repayment thereof: And whereas it has also been made to appear to the said Commissioners that debentures to the amount of thirty-six thousand five hundred pounds, being part of the debentures to the amount of fifty thousand pounds issued under " Tho Wellington Loan Act, 1866," No. 3, being one of the Acts named in the Second Schedule to the said " Public Debts Sinking Funds Act, 1868," have been converted or exchanged for debentures issued under " Tho Consolidated Loan Act, 1867," and that the amount of the debentures still outstanding and unconverted of the said loan of fifty thousand pounds is thereby reduced to the sum of thirteen thousand five hundred pounds : And whereas the sum of two thousand nine hundred and eleven pounds seven shillings and eight pence is held by the said Commissioners as accumulated sinking fund for the repayment of the said loan of fifty thousand pounds, and the sum of one thousand and seventy-nine pounds and seven shillings of the said accumulated sinking fund, together with the sinking fund hereafter accruing thereon, will be sufficient to reproduce the said sum of thirteen thousand five hundred pounds, being the amount of the outstanding and unconverted portion of the said loan of fifty thousand pounds, on or before the first day of July, one thousand eight hundred and eighty-six, being the day fixed by law for the repayment thereof: Now know ye, that the Commissioners of the Public Debts Sinking Funds, by this their award in writing, do determine that the sum of five thousand five hundred and sixteen pounds six shillings and eleven pence, being part of the said accumulated sinking fund so held by them for the repayment of the debentures issued under " Tho Wellington Loan Act, 1862," No. 11, and also that the sum of one thousand eight hundred and thirty-two pounds and eight pence, being part of the said accumulated sinking fund so held by them for the payment of the debentures issued under "The Wellington Loan Act, 1866," No. 3, shall be released and paid over to tho Provincial Account of the Province of Wellington, as provided by the sixth clause of " The Public Debts Sinking Funds Act Amendment Act, 1869." As witness our hands this second day of November, one thousand eight hundred and sixty-nine. James Edwaed FitzGerald, Comptroller. William Fox, Acting Colonial Treasurer. G. S. Coopee, Deputy Auditor.

No. 10. Award by the Commissioners releasing a portion of the Sinking Fund of the Otago HalfMillion Loan of 1862. Know all men by these Presents, that Wheeeas by " The Public Debts Sinking Funds Act, 1868," it is provided that if and whenever it shall be made to appear to the Commissioners of the Public Debts Sinking Funds that any of the debentures issued under any of the Acts specified in the First or Second Schedules thereto have been converted or exchanged for debentures issued under " The Consolidated Loan Act, 1867," the Commissioners shall from time to time determine what amount of the sinking fund held by them, and created for the payment of such first-mentioned debentures, shall be released, and that the Commissioners shall make such determination by an award in writing: And whereas it has been made to appear to the said Commissioners that debentures to the amount of three hundred and fifty-four thousand five hundred pounds, being part of the debentures to the amount of five hundred thousand pounds issued under " The Otago Loan Ordinance, 1862," being one of the Ordinances named in the Second Schedule to the said " Public Debts Sinking Funds Act, 1868," have been converted or exchanged for debentures issued under " The Consolidated Loan Act, 1867," and that the amount of the debentures still outstanding and unconverted of the said loan of five hundred thousand pounds is thereby reduced to one hundred and forty-five thousand five hundred pounds : And whereas the sum of thirty-one thousand one hundred and eighty-six pounds one shilling and nine pence is held by the said Commissioners as accumulated sinking fund for the repayment of the said loan of five hundred thousand pounds, and the sum of seven thousand two hundred pounds of the said accumulated sinking fund, together with tho sinking fund hereafter accruing, with the interest thereon, will be sufficient to reproduce the said sum of one hundred and forty-five thousand five hundred pounds, being the amount of the outstanding and unconverted portion of the said loan of five hundred thousand pounds, on or before the first day of July, one thousand eight hundred and ninety-eight, being the day fixed by law for the repayment thereof: Now know ye, that the Commissioners of the Public Debts Sinking Funds, by this their award in writing, do determine that the sum of twenty-three thousand nine hundred and eighty-six pounds one shilling and nine pence, being part of the said accumulated sinking fund so held by them for the payment of the debentures issued under " The Otago Loan Ordinance, 1862," shall be released and paid over to the Provincial Account of the Province of Otago, as provided by " Tho Public Debts Sinking Funds Act Amendment Act, 1869." As witness our hands, this seventeenth day of November, one thousand eight hundred and sixty-nine. James Edwaed Fitzgeeald, Comptroller. William Fox, Acting Colonial Treasurer. G. S. Coopee, Deputy Auditor.

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APPENDIX II. No. 1. BALANCE SHEET of TRANSACTIONS for the YEAR ended 30th June, 1870.

Balances, 30 June, 1869. Tbansactions. Balances 30 June, 1870. Or. Cr. Dr. Cr. £ s. d. £ s. d. £ s. d. £ s. d. " New Zealand Loan Act, I860,"— Securities Cash 17,000 0 0 11,450 0 0 21,201 2 2 17,000 0 0 11,464 19 0 11,450 0 0 9,736 3 2 17,000 0 0 32,651 2 2 28,464 19 0 21,186 3 2 " Auckland Loan Act, 1863," — Securities Cash ..; 19,550 0 0 1,868 13 7 50,75515 2 19,550 0 0 52,624 8 9 72,174 8 9 ! 21,418 13 7.. 50,755 15 2 ... " Wellington Loan Act, 1862,"— Securities Cash 6,045 0 0 56 6 2 6,101 6 2 100 0 0 I 7,103 13 5, 7,203 13 5 | 4,045 0 0 5,616 6 11 9,661 6 11 2,100 0 0 1,543 12 8 3,643 12 8 " Wellington Loan Act, 1866," — Securities Cash ... 1,055 0 0 12 11 3 300 0 0 2,455 16 5 255 0 0 2,132 0 8 1,100 0 0 336 7 0 1,067 11 3 2,755 16 5 2,387 0 8 1,436 7 0 " Otago Loan Ordinance, 1861-2," — Securities ~Cash 5,236 4 10 1,893 2 2 5,728 15 2 3,884 8 5 2,015 0 0 5,731 7 2 8,950 0 0 46 3 5 7,129 7 0 9,613 3 7 7,746 7 2 8,996 3 5 " Otago Loan Ordinance, 1862," — Securities Cash 19,005 12 2 11,300 4 9 100 0 0 12,957 7 0 13,057 7 0 11,805 12 2 24,086 1 9 7,300 0 0 171 10 0 30,305 16 11 35,891 13 11 7,471 10 0 " Otago Harbour Loan Ordinance, 1862," — Securities Cash 3,723 3 0 1,603 16 7 5,200 0 0 3,841 12 0 448 3 0 5,217 11 0 8,475 0 0 227 17 7 " Otago Public Buildings Loan Ordinance, 1862,"— Securities Cash 5,326 19 7 9,041 12 0 5,665 14 0 8,702 17 7 3,460 0 0 0 19 4 3,000 0 0 3,220 7 8 260 0 0 3,019 10 0 ■• 3,279 10 0 6,200 0 0 201 17 0 3,460 19 4 6,220 7 8 6,401 17 0 Hart and Buckley's Account ... 6 18 4 2 2 0 9 0 4 Suspense Account 373 15 0 373 15 0 Totals ... 91,817 12 2 131,674 14 5 165,644 15 5 57,847 11 2

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No. 2. ABSTRACT of the RECEIPTS and DISBURSEMENTS of the SINKING FUND of the NEW ZEALAND LOAN of 1860.

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REPORT OE COMMISSIONERS OE

ient lures in circul ;ion, i—payal .at uly, !ml ang un< per 3enl ., payal :-yearly, on une am 31st leceml ler. De. 0b, Eeceipts. Sbcueities. Cash. Disbuesements. Secueities. Cash. £ s. d. £ b. a. £ s. d. £ B. (I. Sinking Fund from 1st January, 1869, to 30th June, 1870... 2,865 0 0 Treasury Bills, due 30th June, 1869, paid 8,350 0 0 Interest on £955, Sinking Fund due on 30th June, 1869, to 31st December, 1869 23 17 6 Invested in Treasury Bills, dated 1st July, 1869 8,350 O O Treasury Bills, due 30th June, 1869, paid 8,350 0 0 Ditto ditto 1st January, 1870 3,100 0 O Interest on ditto to 30th June, 1869 ... i 251 17 10 Paid accrued interest on ditto to 8th February ... U 19 0 Treasury Bill No. 19 paid 8,650 0 0 Treasury Bills, dated 1st July, 1869, purchased ... 8,350 0 0 ... Interest thereon to 31st March, 1870 ... 381 6 4 Interest on Treasury Bills for £8,650 to 31st March, 1870, No. 19 ... 549 5 6 Treasury Bills, dated 1st January, 1870, purchased 3,100 0 0 ■ Treasury Bill No. 19 paid I I 8,650 0 0 Interest thereon to 29th June, 1870 j ... 129 15 0 11,450 0 0 .1! 17,000 0 0 11,404 19 0 Balances on 30th June, 1869 ... 17,000 0 0 21,201 2 2 _ . ! Balances on 30th June, 1870 ... 11,450 0 0 9,736 8 I Totals 28,450 0 0 21,201 2 2 TOTAM 28,450 0 0 21,201 2 I

B.—No. 7.

No. 3. ABSTRACT of RECEIPTS and DISBURSEMENTS of the SINKING FUND of the AUCKLAND LOAN of 1863.

11

PUBLIC DEBTS SINKING FUNDS.

Debentures in circulation, £38,750— payable 1st June, 1896. Sinking Fund, 2 per cent., payable annually on 1st July. De. Ck. Eeceipts. Secueities. Cash. Disbubsements. Securities. Cash. £ s. a. £ s. d. £ s. d. JK ,. d. Sinking Fund on £500,000 for one year, received £ s. d. through the General Government ... 10,000 0 0 Interest thereon from 1st Julv, 1868, to 14th December, 1869 ... * ... ... 886 13 4 Bank of New Zealand, fixed Deposit withdrawn 6,000 0 0 , I ! Balance of Sinking Fund 'on £500,000, to 1st July, 1867 ... "... ... ... 13,400 0 0 Sinking Fund on £42,500, 1st Julv, 1868 ... 850 0 0 on £38,750, „ ' 1869 ... 775 0 0 10,886 13 4 Mortgages sold to Provincial Oovermnent of Auckland, — ■ B. Patterson ... ... ... Mortgage, £500 Bemuera Chapel Trustees ... ... ,, 1,000 S. H. Smith ... ... ... „ 1.000 B. N. Manlev ... ... ... „ 500 D.Arthur " ... ... ... „ 500 J.Newman ... ... ... „ 600 S. Cochrane ... ... ... „ 1,000 „ 400 J.Graham ... ... ... „ 3,000 A. Buckland ... ... ... „ 1,000 „ ... ... ... „ 2,000 Henry Hill ... ... ... „ 1,050 J.Hall ... ... ... „ 1,000 15,025 0 0 Balance of Interest on above to 30th September, 1869 ... ... ... ... 4,053 16 9 19,078 16 9 Bank of New Zealand, fixed Deposit withdrawn Interest thereon to 30th September, 1869 Interest on following Mortgages, — J. Newman, to 11th March, 1869 ... 45 0 0 B. N. Mauley, 30 July, 1869 ... ... 12 10 0 6,000 0 0 71 10 1 Payment to Provincial Account, Auckland, of Sinking Fund released under award of Commissioners, 14th December, 1869 13,550 0 0 57 10 0 52, (Wt B 9 Mortgages, as per contra, sold to Provincial Government of Auckland ... ... 13,550 0 0 Interest accrued thereon ... ... ... 1,111 5 0 i 14,661 5 0 50,755 15 2 Balance on 30th June, 1870 | 19,550 0 0 52,624 8 9 Balances on 30th June, 1869 ... 19,550 0 0 19,550 0 0 1,868 13 7 52,624 8 9 Totals Totals 19,550 0 0 52,624 8 9

B.—No. 7.

No. 4. ABSTRACT of RECEIPTS and DISBURSEMENTS of the SINKING FUND of the WELLINGTON LOAN of 1862.

12

REPORT OF COMMISSIONERS OF

lentures in circi ition, * —payal .St uly, tin! ;ing uni per cent., payal '-yearly, on 1st anuary an< .at iy. De. Ce. Eeceipts. Secueities. Cash. Disbursements. Secueities. Cash. £ s. d. £ s. d. £ 8. d. 945 0 0 £ s. d. Sinking Fund on £25,000 from 1st January, £ s. d. 1867, to 1st July, 1868 ... ... ... 1,500 0 0 „ on £9.600, 1st January, 1869 ... 192 0 0 1st July, 1869 ... 192 0 0 Bank of New Zealand fixed Deposits withdrawn ... ... 945 0 0 Mortgages sold to Provincial Government of Wellington, — Lot Cross ... ... ...Mortgage, £200 J. Gell ... ... ... „ 300 150 W. Tonka ... ... ... „ 500 F. Bradey ... ... ... „ 150 D. McKenney ... ... ... „ 200 J. F.E.Wright „ 500| 1,884 0 0 Balance of Interest on ditto to 30th September, 1869 ... ... ... ... 364 4 6 Sinking Fund, due 1st January, 1870 ... ... ... Bank of New Zealand fixed Deposits withdrawn ... ... Interest thereon to 30th September, 1869 j Interest on following Mortgages, — D. Hart ... ... ... ... 20 7 8 Lot Cross, to 10th October, 1869 ... 1000 J. Halliday, 2nd June, 1870 ... ... 143 15 0 J. Gell, on account ... ... ... 11 5 0 H. W. and J. London, 1st March, 1870 ... 30 0 0 ! F. Smith, on account ... ... ... 40 0 0 \ J. F. E. Wright, 1st July, 1869... ... 12 10 0 j J. F. Hooper, on account ... ... 27 10 0 j W. C. Wybourue, 1st April, 1870 ... 20 0 0 ; M. A. Kennedy, 10th May, 1870 ... 72 10 0 I E. Stafford, on account * ... ... 50 O O 2,248 4 6 192 0 0 945 0 0 11 5 3 2,000 0 0 M. A. Kennedy's Mortgage paid off ... ... ... 600 0 0 E.Stafford's „ „ ... ... ... 500 0 0 Payment to Provincial Account, Wellington, of Sinking Fund released under award of Commissioners, 2nd November, 1869 Invested in Treasury Bill dated 1st January, 1870 ... 2,000 0 0 600 0 0 500 0 0 5,516 6 11 100 O 0 - , - i Mortgages as per contra sold to Provincial Government of Wellington ... ... 2,000 0 0 Interest accrued thereon ... ... ... 169 6 0 437 17 S 1 2,169 6 0 600 O 0 500 0 0 M. A. Kennedy's Mortgage paid off ... E. Stafford's „ „ ... ... Treasury Bill, dated 1st January, 1870, purchased ... 100 0 0 100 0 0 7,103 13 5 5,610 6 11 1,648 12 8 Balance on 30th June, 1869 6,045 0 0 0,145 0 0 56 6 2 4,045 0 0 Balance on 30th June, 1870 ... ... ... ... 2,100 0 0 Totals... ... ... ... 6,145 0 0 - Totals 7,159 19 7 7,159 19 7 !

B.—No. r.

No. 5. ABSTRACT of RECEIPTS and DISBURSEMENTS of the SINKING FUND of the WELLINGTON LOAN of 1866.

13

PUBLIC DEBTS SINKING BUNDS.

Debentures in circulation, £13,500 —payable 1st July, 1886. Sinking Fund, 2 per cent., payable annually on 1st January. De. Cn. Eeceipts. Secueities. Cash. Disbursements. Secueities. Cash. £ s. a. £ s. d. £ s. d. £ 8. a, £ s. a. Sinking Fund on £50,000 to 1st January, 1868 1,000 0 0 Bank of New Zealand, fixed Deposit withdrawn 255 0 0 „ to 30th June „ 500 0 0 Payment to Provincial Account, Wellington, of amount released under award of Commissioners, 2nd November, 1869 1,832 0 8 „ £13,500 to 1st January, 1869 135 0 0 £1,635 0 0 Balance of Interest on ditto to 30th September, 1869 ... ... ... ... 197 0 8 Invested in Treasury Bills, dated 1st January, 1870 300 0 0 1,832 0 8 Sinking Fund on £13,500 to 1st January, 1870 270 0 0 Bank of New Zealand, Deposit withdrawn 255 0 0 Interest thereon to 30th September, 1869 ... 309 258 0 9 Interest on the following Mortgages :— E. Eobinson to 1st April ... ... 18 15 0 F. Eobinson, on account ... ... 11 15 0 F. Crowther „ ... ... 15 5 0 E. Eowe „ ... ... 50 0 0 I ... 95 15 0 Treasury Bills, dated 1st January, 1870, purchased 300 0 0 Balance on 30th June, 1869 300 0 0 1,055 0 0 I 2,455 16 5 12 11 3 Balance on 30th June, 1870 255 0 0 1,100 0 0 1,355 0 0 2,132 0 8 336 7 0 Totals 1,355 0 0 2,468 7 8 Totals 2,468 7 8

B.—No. 7.

No. 6 ABSTRACT of RECEIPTS and DISBURSEMENTS of the SINKING FUND of the OTAGO LOAN of 1861-2.

14

REPORT OF COMMISSIONERS OF

Debentures in circulation, £41,100— payable 1st July, 1874, and 31st December, 1875. Sinking Fund, 3 per cent., payable annually on 1st July. De. Ob. Eeceipts. Secueities. Cash. Disbuesements. Secueities. Cash. £ s. d. ; £ s. d. ! ! £ s. a. j £ b. d. Bank of New Zealand fixed Deposit withdrawn ... 2,015 0 0 i i 2,015 0 0 I Bank of New Zealand fixed Deposit withdrawn ... 28 15 2 Interest thereon to 30th September, 1869 24 0 4 | j Adjustment —amount transferred as per contra Adjustment— amount transferred from cash 28 15 2 Invested in Dunedin Waterworks Debentures 5,000 0 O Sinking Fund on £41,100, 1st July, 1869 1,233 0 0 j Invested in New Zealand Treasury Bills, payable Novem400 0 O Interest thereon to 31st October, 1869 ... Interest on Otago Harbour Loan Debentures to 1st May, 1870 Dunedin Waterworks Debentures, January 1877, purchased Interest thereon to 31st January, 1870... New Zealand Treasury Bills, dated 1st January, 1870, purchased 24 14 7 ! ber, 1874 387 13 6 Paid accrued Interest to 8th February on ditto ... 2 18 0 5,000 0 0 Invested in New Zealand Treasury Bills, payable in 300 0 0 200 0 0 November, 1874 700 0 0 j ! . | 5,728 15 2 3,884 8 5 i ! Balances on 30th June, 1870 ... 2,015 0 0 8,950 0 0 5,731 7 8 M 3 5 Balance on 30th June, 1869 ... 5,236 4 10 1,893 2 2 10,965 0 0 5,777 10 7 Totals 10,965 0 0 5,777 10 7 Totals

B.—No. 7.

No. 7. ABSTRACT of RECEIPTS and DISBURSEMENTS of the SINKING FUND of the OTAGO LOAN of 1862.

15

PUBLIC DEBTS SINKING FUNDS'.

iCilt ;ures in circul :ion, i,500 —payal ile 1st July, 1898. Sinking Fund, 1 per cent., payable annually on 1st July. De. Cr. Securities. Cash. j Eeceipts. Disbursements. Securities. Cash. £ s. a. £ s. a. Bank of New Zealand, fixed Deposit withdrawn ... ... ... 4,285 0 0 Bank of New Zealand, Deposit withdrawn Interest thereon to 30th September, 1869 ... ... ... 51 1 4 Dunedin Waterworks Debentures sold ... Interest on Corporation (City of Dunedin) Mortgage, No. 19, : Otago Harbour Loan Debentures „ for £3,300, to 1st January, 1870 ... ... ... ... 231 0 0 II jj Adjustment —amount transferred to Cash £ s. d. £ b. d. 4,285 0 0 5,000 0 0 2,500 0 0 20 12 2 £ b. d. Interest on Dunedin Waterworks Debentures to 31st July, | ,„„„ Payment to Provincial Account, Otago, of Sinking Funds re- ! 1869 ... ... ... ... ... ... ... 200 0 0: leased under award of Commissioners, 17th November, 1869 i ] 23,986 1 9 Dunedin Waterworks Debentures sold ... ... ... ... 5,000 0 0 Invested in New Zealand Government Treasury Bill, dated 1st Otago Harbour Loan Debentures „ ... ... ... ... 2,500 0 0 January, 1870 100 0 0 Adjustment —amount transferred as per contra ... ... I ... 20 12 2 i I Interest on Otago Harbour Loan Debentures £ s. d. to 1st November, 1869 ... ... 513 13 6 Ditto ditto to 1st May, 1870 ... ... 156 0 0 j • 1 ... 669 13 6 i i - New Zealand Government Treasury Bill, dated 1st January, j I ! 1870, purchased ... ... ... ... ... | 100 0 0 i 100 0 0 12,957 7 0 | Balance on 30th June, 1869 ... ... ... ... 19,005 12 2 11,300 4 9 j Balance on 30th June, 1870 Totals ... ... ... 19,105 12 2 24,257 11 9 j Totals 11,805 12 2 24,08(5 1 9 7,300 0 0 171 10 0 19,105 12 2 24,857 11 9 j

B.—No. 7.

No. 8. ABSTRACT of RECEIPTS and DISBURSEMENTS of the SINKING FUND of the OTAGO HARBOUR LOAN, 1862.

16

REPORT OE COMMISSIONERS OE

ientures in circul tation, 1—payal St ovemi ier. iinl :mg 'um per cenl ;., payal .e annual ly on st ovein I ier. Dr. Cr. Eeceipts. Securities. Cash. Disbuesements. Securities. Cash. £ 8. d. £ s. d. £ s. d. £ s. d. £ .. d. Sinking Fund on £47,800, Debentures outstanding, 1st November, 1868 ... ... 1,434 0 0 Bank of New Zealand, fixed Deposit withdrawn 440 0 0 Interest thereon to 31st October, 1869 ... 85 16 1 1,519 16 1 Adjustment, amount transferred to Cash ... 8 3 0 2,500 0 0 Invested in Otago Harbour Loan Debentures, payable 1st November, 1874 Sinking Fund on £46,650, Debentures outstanding, 1st November, 1869 1,399 10 0 Invested in New Zealand Government Treasury Bills, dated 1st January, 1870 2,700 0 O Bank of "New Zealand Deposit withdrawn... 440 0 0 Paid accrued Interest on ditto to 8th February 17 U 0 Interest thereon to 30th September, 1869 ... Interest on Corporation (City of Dunedin) Mortgage, (£3,300), to 22nd May, 1870 346 10 O 5 4 11 Less on account of Sinking Fund of Public BuildingsLoan ... ... 173 5 0 173 5 0 Adjustment, amount transferred as per contra 8 3 0 Interest on Otago Public Buildings Loan Debentures to 1st April, 1870... ... 183 0 0 Otago Harbour Loan Debentures purchased 2,500 0 0 112 13 0 Interest on Otago Harbour Loan Debentures to 1st May, 1870 New Zealand Government Treasury Bills purchased, dated 1st January, 1870 2,700 O 0 3,841 12 0 Balance on 30th June, 1870 Balance on 30th June, 1869 5,200 0 0 448 3 0 8,475 0 0 5,217 11 O 887 17 7 3,723 3 0 1,603 16 7 5,445 8 7 Totals 8,923 3 0 Totals 8,923 3 0 5,446 H 7

EL— Ho. 7.

No. 9. ABSTRACT of RECEIPTS and DISBURSEMENTS of the SINKING FUND of the OTAGO PUBLIC BUILDINGS LOAN, 1862.

17

PUBLIC DEBTS SINKING EUNDS.

leb bent mres in circi non, payal ier, iml ;mg um per cent., payal le annual ly on ier. De. Cr. Eeceipts. Secueities. Cash. Disbuesements. Secueities. Cash. £ s. d. £ s. d. £ s. d. £ s. d. £ h. d. Sinking Fund on £43,150 Debentures, outstanding 1st October, 1868 ... ... 1,294 10 0 Bank of New Zealand, fixed Deposit withdrawn 260 0 0 Interest thereon to 31st October, 1869 ... 84 1 0 1,378 11 0 Invested in New Zealand Government Treasury Bills dated 1st January, 1870 3,000 0 0 " 1 19 io o Sinking Fund on £40,450 Debentures, outstanding 1st October, 1869 ... ... 1,213 10 0 1,219 9 8 Paid accrued Interest on ditto to 8th February Interest thereon to 31st October, 1869 ... 5 19 8 I i Bank of New Zealand fixed Deposit withdrawn 260 0 0 i Interest thereon to 30th September, 1869 ... 3 2 0 263 2 0 ! Interest on Otago Harbour Loan Debentures to 1st May, 1870 186 0 0 Interest on Corporation (City of Dunedin) Mortgage No. 17, to 22nd May, 1870 ... 346 10 0 Less on account of Sinking Fund of Harbour Loan ... ... ... 173 5 0 I 173 5 0 : New Zealand Treasury Bills, dated 1st January, 1870, purchased 3,000 0 0 3,000 0 0 3,220 7 8 260 0 0 3,019 10 0 Balance on 30th June, 1869 3,460 0 0 0 19 4 Balance on 30th June, 1870 6,200 0 0 201 17 0 i Totals Totals 6,460 0 0 3,221 7 0 6,460 0 0 3,221 7 0

B.—Fo. 7.

No. 10. Messrs. HART and BUCKLEY, Solicitors. DR. CR.

18

REPORT OE COMMISSIONERS OE

Eeceipts. Disbursements. £ s. d. £ s. d. Fees —recovering Interest due from Samuel Cochrane, Auckland 2 2 0 Balance on 30th June, 1870 .., Balance on 30th June, 1869 ... 6 18 4 9 0 4 Total 9 0 4 Total 9 0 4 No. 11. Suspense Account. De. Ob. Eeceipts. Disbursements. £ s. d. Payment to Provincial Treasury, Wellington, of Interest due to Province as per contra £ H. ll. Cash paid into Bank of New Zealand at Wellington to credit of the Commissioners, in error, — 12 10 0 23 15 0 Interest due from J. F. E. Wright Payment to Provincial Treasury, Auckland, of Interest £ s. d. recovered from S. Cochrane ... ... ... 350 0 0 Ditto J. Gell 11 5 0 Less Hart and Buckley's fees ... ... ... 220 317 18 0 Interest recovered from S. Cochrane, per Messrs. Hart and Buckley 350 0 0 Transfer to Hart and Buckley's account 2 2 0 Total Total ... ... 373 15 0 373 15 0

B.—No. 7.

No. 12. STATEMENT of the SINKING FUNDS in the hands of the COMMISSIONERS on 30th JUNE, 1870.

19

PUBLIC DEBTS SINKING EUNDS.

Sinking Funds accrued. Loan. Debentures in Circulation. When Payable. Particulars of Securities. Cash. Total. " New Zealand Loan Act, 1860 " ... £ 95,500 1st July, 1891 New Zealand Treasury Bills, — 30th September, 1870 ... ... ... ... £8,350 1st November, 1874 ... ... ... ... 3,100 £ s. d. £ s. d. £ b. d. 11,450 0 0 9,736 3 2 21,186 3 2 " Auckland Loan Act, 1863 " " Wellington Loan Act, 1862 " 38,750 9,600 1st June, 1896 1st July, 1877 Cash in Bank of New Zealand ... ... ... ... j Mortgages on Eeal Estate ... ... ... £2,000' New Zealand Treasury Bill, 1st November, 1874 ... 100 I 2,100 0 0 1,543 12 8 3,013 12 8 "Wellington Loan Act, 1866," No. 3 13,500 1st July, 1886 Cash in Bank of New Zealand Mortgages on Eeal Estate ... ... ... £800 New Zealand Treasury Bills, 1st November, 1874 .., 300 1,100 0 0 336 7 0 1,436 7 0 " Otago Loan Ordinance, 1861-2 " 41,100 1st July, 1874 31st Dec, 1875 Cash in Bank of New Zealand Otago Harbour Loan Debentures, 1st November, 1874... £3,250 Dunedin Waterworks ditto, January, 1877 ... ... 5,000 New Zealand Treasury Bills, 1st November, 1874 ... 700 I 8,950 0 0 46 3 5 8,996 3 5 " Otago Loan Ordinance, 1862 " ... 145,500 1st July, 1898 Cash in Bank of New Zealand Otago Harbour Loan Debentures, November, 1874 ... £3,900 Corporation City Dunedin Mortgage, 1st July, 1898 ... 3,300 New Zealand Treasury Bill, November, 1874 .... 100 7,300 0 0 171 10 0 7,471 10 0 " Otago Harbour Loan Ordinance, 1862 " 46,650 1st Nov., 1874 1 Cash in Bank of New Zealand i Corporation City of Dunedin Mortgage for £3,300, 22nd November, 1874 ... ... ... £1,650 Otago Harbour Loan Debentures, 1st November, 1874... 2,600 Otago Provincial Buildings ditto, October, 1875 ... 1,525 New Zealand Treasury Bills, November, 1874 ... 2,700 " Otago Public Buildings Loan Ordinance, 1862 " 40,450 Cash in Bank of New Zealand | Corporation City of Dunedin Mortgage for £3,300, 22nd November, 1874 ... ... ... ... £1,650 Otago Harbour Loan Debentures, November, 1874 ... 1,550 New Zealand Treasury Bills „ ... 3,000 8,475 0 0 227 17 7 8,702 17 7 1st Oct., 1875 6,200 0 0 201 17 0 6,401 17 0 Cash in Bank of New Zealand Hart and Buckley's Account Solicitors' fees recovered ... ... ... ... 9 0 4 12,272 11 2 !) 0 4 ... Totals 431,050 45,575 0 0 57,847 11 2 ...

B.—No. 7.

20

PUBLIC DEBTS SINKING EUNDS.

No. 13. SUMMARY of the SECURITIES in the hands of the COMMISSIONERS on 30th June, 1870.

No. 14. STATEMENT of the EXPENSES incurred by the COMMISSIONERS during the Year ended 30th June, 1870.

£ s. d. £ s. d. New Zealand Government Treasury Bills, due 30th September, 1870, — Nos. 82 to 89—8 Bills @ £1,000 No. 90 —1 „ 350 £8,000 350 8,350 0 0 Due 1st November, 1874, — Nos. 1,152 to 1,251—100 @ £100 ... 10,000 0 0 18,350 0 0 Otago Harbour Loan Debentures, due 1 November, 1874, — Nos. 82 to 96—15 Debentures @ £100 Nos. 126 to 145—20 „ 100 Nos. 225 to 232— 8 „ 100 Nos. 417 to 439—23 „ 50 Nos. 451 to 500—50 „ 50 Nos. 601 to 611—11 „ 50 Nos. 635 to 650—16 „ 50 Nos. 701 to 740—40 „' 50 1,5C0 0 0 2,000 0 0 800 0 0 1,150 0 0 2,500 0 0 550 0 0 800 0 0 2,000 0 0 T 11,300 0 0 Otago Public Buildings Loan Debentures, due 1st October, 1875, — No. 712 Nos. 741 to 800—60 Debentures @ £25 25 0 0 1,500 0 0 Dunedin Waterworks Debentures, due 31st January, 1877, — Nos. 21 to 50—30 Debentures @ £100 Nos. 71 to 90—20 „ 100 1,525 0 0 3,000 0 0 2,000 0 0 5,000 0 0 Corporation (City of Dunedin) Mortgages,— No. 17, due 22nd November, 1874 ... No. 19, due 1st July, 1898 3,300 0 0 3,300 0 0 6,600 0 0 Mortgages on Eeal Estate in the Province of Wellington ... 2,800 0 0 45,575 0 0 I

£ s. d. Salary of Secretary and Accountant 50 0 0 Messrs. Hart and Buckley, Solicitors to Commissioners —Fees to 11th May, 1870 46 9 8 96 9 8 James C. Accountant to Co: xAVJN, imissioners. Wellin; ;ton, 12th Jul; ', 1870.