PURCHASE OF SITE FOR INSURANCE BUILDINGS, DUNEDIN (PAPERS RELATING TO).

Appendix to the Journals of the House of Representatives, 1887 Session II, H-17

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Sess. 11.—1887. NEW ZEALAND.

PURCHASE OF SITE FOR INSURANCE BUILDINGS, DUNEDIN (PAPERS RELATING TO).

Return to an Order of the House of Representatives, dated 3rd November, 1887. Ordered "That there be laid upon the table copies of all telegrams, memoranda, or letters, in relation to the purchase of a site for Insurance Buildings in the City of Dunedin, during the months of December, 1884, and January and February, 1885."—(Major Atkinson.)

The Hon. the Colonial Tkeasueer to the Government Insurance Commissionee. See Mr. Pym and Mr. Stout. Object is to get the best site and good premises. If you have to wait a little for tenants : lease to expire not of much consequence, because if we build it must take some time. Our present object is premises for immediate use'and site upon which to put the finest building in Dunedin. Sooner or later freehold will be immeasurably best; price does nob matter so long as you get good value for what you pay.

Eepobt Properties, Dunedin. Dunedin, 12th December, 1884. Section 39, Block IX., corner Princes and Dowling Streets. Full particulars and plan attached (marked A). Price, £37,000. . Section 53, Block IX., corner Princes and Dowling Streets. Particulars of tenancies: Vacant land not let, 30ft. frontage (in Dowling Street), worth £75 per annum; Samson and Co.'s auction-room, let by year at £2 10s. per week, £125 ; Peace and Co., per week, £1, £50 ; Peace and Co office, per week, 10s., £25 ; Stone, publisher, per week, 10s., £25 ; Leask, dentist, per annum, £70- Cook lawyer, per week, £1, £52; Wertheim Sewing Machine Company (tenancy expires next'year)' per "week, £6, £312; McKay, lawyer, per month, £8 6s. Bd., £100; Eose, barber, £1 15s. per week, £91 ; Graver, auctioneer, £16 13s. 4d. per month, £200 ; Smith, fishmonger (lease expires at end of 1885), £208 ; Aitken, labour agent, monthly, £2, £24 ; tailor's shop, unlet, rental should be £150. Price, £27,000. The particulars re terms of occupancy_ are, I believe, correct, but are furnished without reference to deeds. The buildings are two-storied brick buildings. In margin you will see cutting from plan Dunedin, showing position sections with reference to the leading , banks. I also beg to hand you (marked B) plan Dunedin, with the two sections coloured red. The section I mentioned to you in my telegram opposite Grand Hotel and at the corner of Hi"h Street and Princes Street is only a church lease, with a few years to run, when it will have to go up to auction. Owing to its being leasehold only is the reason of its not being occupied by bank or insurance. Any private valuator being referred to me I shall be happy to furnish any further particulars. Montague Pym.

Hon. Sir Julius Vogel, Wellington. Dunedin, 12th December, 1884. Section 39, known as Wise's Corner, frontage Princes Street, does not expire till '85, '87, and '90; however, immediate arrangements could be made temporary office Eattray Street, frontage Section 53, Dowling Street. None of tenants extend beyond end '85, and temporary office could be arranged for in the Princes Street frontage. All buildings brick and stone. _ Am posting you to-nieht full particulars both properties. There is vacant frontage 30ft. to Dowling Street back of Section 53. Montague Pym.

Hon. Sir Julius Vogel, Wellington. Dunedin, 12th December, 1884. Section 39, Block IX., immediately opposite Bank of New Zealand, having frontage to Princes Street 66ft., Eattray Street 165 ft. ; price thirty-seven thousand, and rental now bringing in two thousand two hundred per annum. Section 53, Block IX., corner Princes and Dowling Streets, same block as all the bank; price twenty-seven thousand, produces rent thirteen hundred and twenty. These are two finest sites Dunedin. Only freehold corners available. Please refer valuer to me for particulars. M. Pym.

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Hon. Sir Julius Vogel, Wellington. Dunedin, 18th December, 1884. Afteb conference and examination, conclude that Dowling is best. There is a lease of fifteen years on it, which Pym has under offer for five hundred pounds. After full discussion and consideration I have authorised Pym purchase lease for that sum. Please direct Eichardson to wire five hundred pounds imprest early to-morrow. Please also formally approve of my action. Governor will require to pass Order in Council. The lease will pay, even if purchase not settled ; but we must close with leaseholder before finally dealing with principal. Kindly reply early as possible. D. M. Luokie. Note on back of telegram. —Mr. Eichabdson, —Be good enough to telegraph with the least delay possible an imprest of £500 to Mr. Luckie. — J. Yogel. 19th December, 1884. —Eeceived, 10.45 a.m., 19th December, 1884.

D. M. Luckie, Dunedin. "Wellington, 18th December, 1884. I APPBOVB purchase of lease ; but, if there is time, would prefer your consulting Mr. Stout. If not, act on your own discretion. With regard to purchase of freehold, consult Mr. Stout. Will instruct Bichardson wire imprest in the morning. Julius Vogel.

Hon. Sir Julius Vogel, Wellington. Dunedin, 19th December, 1884. Dowling section belongs Major George, who leased it to George Elliot for £1,200 per annum. Elliot had authorised Pym to sell. Eeason for immediate action was that Elliot saw Pym and myself about to inspect, and we feared he would withdraw offer. The purchase of lease is safe, and, if negotiation proceeds no further, will yield twenty to thirty per cent, yearly at least on price. Sperrey is favourably impressed by other section as well worth extra price. I think desirable to have both under offer for Board to choose. Shall see Mr. Stout first thing, and get all details. Property heavily mortgaged. Present rental yields fully six on stated price. Will wire you later on. ■ D. M. Luckie.

Hon. Sir J. Vogel, Wellington. Dunedin, 20th December, 1884. Am detained here till Monday, when project will have ripened. Stout strongly in favour of larger matter, as by far the best in every way. Fully six per cent, certain. Several after it. Will have to close at once if negotiation satisfactory. Stout and partner strongly advise this course. Once settled could realise more. Will advise you on Monday for sanction or otherwise. Future prospects of position are declared to be excellent by best judge in Dunedin. D. M. Luckie.

Hon Sir J. Vogel, Wellington. Dunedin, 21st December, 1884. Confidential. — lie lease —purchase in abeyance, stands thus : Pym wrote Elliot same night as your telegram arrived closing for lease; but next morning we saw Stout and Sievwright, who advised abandonment, and Pym then wrote Elliot that he had exceeded his authority in closing. Pym believes can amicably arrange for abandonment. I think the lease at same time worth the money. Still, if the W T ise property is bought it is not necessary. Sievwright and Stout strongly advise purchase of this corner as being a good and improving investment, and if bought and sold again would certainly return monej'. Others are after it, and if we deal it will be necessary to close at once. Stout and Sievwright will arrange to-morrow, and I shall be able to telegraph terms about noon. Pym has given valuable assistance in the matter. D. M. Luckie.

Wellington, 21st December, 1884. I could not sanction purchase as a speculation with the view of resale, but only with view to occupation, now or later on, as soon as possible. Of course, rent from parts we do not want would be an important element, and when we build rent from portion of building not required will be equally important. Julius Vogel.

Hon. Sir J. Vogel, Wellington. Dunedin, 22nd December, 1884. In consequence of non-arrival of one of the proprietors, the question of sale delayed till to-morrow. D. M. Luckie.

Deab Sik, — Dunedin, 24th December, 1884. lie Wise's Corner: Herewith I beg to hand you copy offer of sale of Allotment 39, Block IX., Dunedin, made by the agents of the proprietors to my agent, Mr. Charles Eeid, for £35,500; offer to remain open till noon on the 30th instant. As you wish my opinion as to the position and value of the land under offer, I beg to advise that I consider the land the choicest allotment in this city, and the most central, and consequently best adapted for offices for your department, and likewise a judicious investment for the money of the Insurance Department. I have, &c, D. M. Luckie, Esq., Commissioner, Government Life Assurance. Basil Seivweight. P.S. —I may add that Mr. Montague Pym, who is considered a good judge of the value of land in Dunedin, agrees with me in the above opinion.—B. S.

Deab Sic, — Dunedin, 23rd December, 1884. (Private and confidential.) We are instructed by the proprietors to place under your offer till Tuesday, 30th instant, at noon, that quarter-acre section at the corner of Princes and Eattray Streets, known as " Wise's Corner," together with all the buildings thereon, for the sum of £35,500 cash to the proprietors, and subject to all existing leases, covenants, and agreements with tenants : the purchase to take effect as from the first January, 1885, from which date the buyer is to get the

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benefit of the rents ; it being further understood that an adjustment of the property-tax, local rates and taxes, and fire insurance is to be made between buyer and seller as of that same date. Further, it is understood that, the vendors are to retain their legal rights against all tenants who may happen to be in arrear with their rents until such arrears, up to Ist January, are paid off. The buyer, as usual, to pay the cost of preparing and perusing the conveyance to the property. We are, &c, McLandbess, Hepbubn, and Co., Charles Eeid, Esq. Agents for the proprietors. P.S.—As you are aware, the interest of one of the proprietors is mortgaged for £5,000 to Captain Eraser, which mortgage does not expire until July, 1886. It would be desirable if the purchaser could see his way to take over this existing mortgage, as it would thereby save the present proprietor about eighten months' interest.—McL., H., and Co.

Hon. Sir Julius Vogel, Wellington. Dunedin, 24th December, 1884. Confidential.—Wise's Corner under offer at thirty-five thousand five hundred. Sievwright and Stout advise close, and that the land is choicest allotment in Dunedin—most central and best adapted for our offices, also judicious investment for our money. It is absolutely necessary to close without delay, and I strongly recommend that you authorise the purchase. Possession given first January. Details in Sievwright and Stout's hands. Please reply urgent, as I propose leaving to-night. I think property splendid investment. D. M. Lbckie.

D. M. Luckie, Dunedin. Wellington, 24th December, 1884. I appeove purchase if the Hon. the Premier recommends it officially. Julius Vogel.

Hon. the Premier. Government Insurance Office, Dunedin, 24th December, 1884. Attached hereto is a telegram from the Hon. the Colonial Treasurer respecting the purchase of " Wise's Corner" allotment in this city, as originally recommended to the department by Mr. Montague Pym, and as more particularly described in Messrs. McLandress and Hepburn's letter to Mr. Charles Eeid of the 23rd December current, and referred to and recommended in Mr. Basil Sievwright's letter to me of this day's date. The price is £35,500, and the terms are as narrated in Messrs. McLandress and Hepburn's letter above mentioned. The property is for the use of the Government Insurance Department, and will be paid for out of that department's funds. I to-day notified the Colonial Treasurer of the offer and the price stated above. In reply he telegraphs as follows: "I approve purchase if the Hon. the Premier recommends it officially. — Julius Vogel." I have had conferences with yourself and with Mr. Sievwright on the subject of the purchase proposed, and I now respectfully submit this memorandum and solicit your recommendation of the purchase as desired by the Hon. the Colonial Treasurer. D. M. Luckie, Government Insurance Commissioner.

D. M. Luckie, Esq., Commissioner of Assurance. Ido not know a better site for offices. The price I consider fair, and offices are required. All the other insurance associations have acquired or are acquiring sites, and it would be injurious to the department not to acquire one. I therefore recommend purchase.—Eobebt Stout. 24th December, 1884. I may add His Excellency the Governor must consent to the purchase, and I respectfully recommend His Excellency to consent.—Eobeet Stout. For His Excellency the Governor. Approved.—W. F. D. J., 27th December, 1884.

Hon. Sir Julius Vogel, K.C.M.G., Wellington. Dunedin, 24th December, 1884. Have recommended purchase Wise's Corner Insurance Association. Governor must, however, consent. I presume this will be obtained by Mr. Luckie, who leaves here to-night for Christchurch. Eobt. Stout.

Hon. Sir Julius Vogel, K.C.M.G., Wellington. Dunedin, 24th December, 1884, The Hon. Premier has officially recommended the purchase of Wise's Corner. Mr. Sievwright is authorised to complete. The Premier has also written a minute recommending the Governor to consent to purchase, and suggests that I should submit same to His Excellency to-morrow at Christchurch. Will you please so to direct me ? D. M. Luckie.

Deae Sib, — Government Insurance Department, Dunedin, 24th December, 1884. I have the honour to acknowledge receipt of your letter of this day's date, covering copy of a letter from Messrs. McLandress, Hepburn, and Co., Dunedin, as agents for the proprietors of the allotment and buildings thereon, in this city, known as " Wise's Corner," as more particularly described in their letter, and offering that property for £35,500. By direction of tho Hon. the Colonial Treasurer I am instructed to authorise you to accept the said offer. I have, &c, D. M. Luckie, Basil Sievwright, Esq., Dunedin. Government Insurance Commissioner. p.S.—You are also authorised to arrange the question of interest on Kilgour's mortgage to Captain Eraser. —D. M. L. Memorandum. —The interest on this mortgage of Kilgour's is 7 per cent.; the department con-

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sents to allow 5 per cent., Mr. Kilgour paying the difference until expiry of mortgage in 1886. This according to Mr. Sievwright's advice.

Hon. Sir J. Vogel, Wellington. Dunedin, 24th December, 1884. Tbansaotion very good, one for department, and greatly indebted to Pym. Unfortunately, although the originator of the purchase, Pym has literally been cut out of all profit. The manoeuvres of agents of the various proprietors and mortgagers necessitated, by advice of Sievwright and Stout, that Pym should stand aside. I think his service should be substantially recognised. Had he not assisted, and kept silence, the price would have been jumped up to forty thousand. I would recommend one and a fourth per cent, for his special services. We have a large contingency vote. Please reply. D. M. Luckie.

D. M. Luckie, Esq., Dunedin. Wellington, 24th December, 1884. Pym is a connection of mine, and I cannot authorise a special payment to him unless on direct recommendation of the Hon. the Premier, who is better cognisant of the circumstances than I. Julius Vogel.

Hon. the Premier. Dunedin, 24th December, 1884. In consideration of the valuable services which Mr. Pym has rendered to the department in connection with the purchase of the property at Wise's Corner, which was first initiated by him, as he aided me in making the preliminary arrangements, and expected a fair commission on the transaction, I respectfully recommend that he be allowed a commission of 1J per cent, on the purchaseprice of the property. D. M. Luckie.

D. M. Luckie, Esq., Dunedin. 24th December, 1884. Ido not know that Mr. Pym cannot claim a commission. He put the department on to the bargain, and, though he was not agent at the close of the bargain, he is certainly entitled to be paid for his services, and I think 1J per cent, fair commission. E. Stout.

Hon. Sir Julius Vogel, K.C.M.G., Wellington. Dunedin, 24th December, 1884. Premier in a minute considers Pym legally entitled to commission, having put department on the bargain, and says certainly entitled to be paid for his services, and that one and a fourth is a fair commission. Please approve. Shall I give him cheque out of imprest? D. M. Luckie.

D. M. Luckie, Esq., Dunedin. Wellington, 25th December, 1884. Your changes of movement give me a great deal of trouble. Thinking you were in Christchurch, and not knowing your address, I wired the Private Secretary this morning to stop approval of purchase. My view is that we should not ask House to vote payment to Pym. Vendors must pay it. You tell me Premier has minuted that he is entitled to payment. We must compel vendors to pay it, or the bargain is off. It is all stuff about others being after the purchase : they are bound to frighten you into this belief. Let others have it if they are so anxious. No one can fairly bargain if he allow such a bogie to frighten him. Tell Sievwright the vendor must pay Pym the amount recommended by the Premier. You must be here by Sunday. Julius Vogel.

Hon the Premier. I did not go by night train, as I can do all the business Christchurch requires of me on Saturday, when the two chief holidays will be over. I called to inquire whether you have any instructions for me from Sir Julius Vogel respecting payment of Mr. Pym's commission. I have an imprest in bank here, and could give him a check on that before leaving, which would save exchange, and close his claim at once. If you have any directions, perhaps you would be pleased to send a note to me to the Grand Hotel by the tram-car. Once there it will be delivered to me at Dr. Maunsell's, and will be attended to. With respectful compliments of the season. 25th December, 1884. D. M. Luckie. I saw Mr. Sievwright and Mr. Charles Eeid last night, and finally arranged details respecting tenants, &c. Sir Julius has directed me to obtain the Governor's consent as you recommended.

D. M. Luckie, Esq. I have had a telegram from the Hon. the Colonial Treasurer stating that the commission due the agent who acted for the Justice Department must be paid by the vendors. This means practically reducing the price to about £35,000, I shall wire. I doubt if the vendors consent to this. Meantime I think you had better wait till matter finally arranged. 25th December, 1884. . E. Stout.

Hon. Sir Julius Vogel, K.C.M.G., Wellington. Dunedin, 26th December, 1884. I have to-day succeeded in securing to Pym 1 per cent, commission on purchase-money. This was all I could do, and he will be content. I have reported this arrangement to the Hon. the Premier. In all things where necessary I was guided by Sievwright, and I assure you the others being after the property was no "bogie." Property could now be transferred for fully ten per cent, advance, either here or in Melbourne. If you will telegraph the Aide-de-Camp (as Mr. Pennefather is now in Dunedin), recommending the Governor to consent, I will have the papers delivered at Government House, Christchurch, to-morrow evening, and the fact of signing could be telegraphed to you. I expect to meet Maling at Timaru to-morrow, when I shall be put in possession of all details respecting Christchurch property. I regret causing you inconvenience, but I could not possibly

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have travelled on Wednesday night, and, as things have turned out, it is well I was here to-day. I shall, as you direct, be in Wellington on Sunday. D. M. Luckib.

D. M. Luckie, Esq., Dunedin. Wellington, 26th December, 1884. You should have insisted on full amount certified by Premier. As it is, it seems to me we ought to pay Pym the quarter difference. Will wire A.D.C. approval purchase. Julius Vogbl.

Hon. Sir Julius Vogel, Wellington. Dunedin, 26th December, 1884. Luckie has arranged commission with vendors; so sale may be completed. He will leave here to-morrow. .... Eobeet Stout.

Deab Mr. Pym,— Dunedin, 26th December, 1884. I have the pleasure to intimate to you that I this morning arranged with Mr. Eeid that your claim for commission on the purchase of the Wise-corner allotment will be recognised to the extent of 1 per cent, on the amount of the purchase-price. Mr. Eeid, who was the medium through whom the transaction was finally completed, this morning agreed that that amount should be paid to you as commission out of the amount paid to the vendor. Thanking you for your assistance, Believe me, &c, Montagu Pym, Esq., Dunedin. D. M. Luckie.

Deab Sic, — Government Insurance Department, Dunedin, 26th December, 1884. The Hon. the Colonial Treasurer instructs me that he has telegraphed to you recommending that there be placed before His Excellency the Governor papers respecting the purchase of an allotment of land, and buildings thereon, in the City of Dunedin called " Wise's Corner." The papers are herewith enclosed. You will observe a memorandum on the lower corner of the paper immediately below this, addressed by the Premier to His Excellency. Will you be good enough to lay that memorandum before His Excellency in order that the recommendation therein may be approved ? It is a matter of urgency that the approval of the Governor be soon obtained, and the fact of his signature notified to the Colonial Treasurer as early as possible by telegraph. I understand that Sir Julius Vogel has mentioned this to you. I have, &c, The Aid-de-Camp, Government House, D. M. Luckie, Christchurch. Government Insurance Commissioner. P.S.—I would have personally delivered these papers at Government House ; but lam passing through straight to Wellington, and am thus necessitated to transmit them through another channel in order to save time.—D. M. L. His Excellency the Governor's approval will be found under the Hon. the Premier's recommendation on next paper to this.—C. V. E., 29th December, 1884. Seen.— J. V. Eeceived, 30th December, 1884.—D. M. L.

Hon. Sir Julius Vogel, Wellington. Christchurch, 28th December, 1884. I appbove purchase Wise Corner, Dunedin, as proposed. Goveenor.

Basil Sievwright, Esq., Dunedin. Wellington, 29th December, 1884. Goveenoe has approved purchase of corner. Please close if not already completed, and make necessary arrangements for transfer of property. Will you be good enough to describe the terms arranged respecting the leases of tenants? If Glover has not paid rent the office might occupy pending building. D. M. Luckie.

Hon. the Colonial Treasurer. I duly intimated to Mr. Pym that the vendors, as represented by Mr. Reid, had, on my representation, agreed to pay him a commission of 1 per cent, on the purchase-money of Wise's-Corner property in Dunedin, it being acknowledged that he was the agent by whom the transaction was initiated, and recommended, and therefore entitled to payment. He contended that he was fairly entitled to the very moderate allowance of 1|- per cent, on account of his services; and you will observe that to this amopnt the Hon. the Premier (who deems it moderate) appears to consider Mr. Pym is entitled. Mr. Pym has enabled the department to secure what both the Premier and Mr. Sievwright (whose opinions I share after careful inquiry and consideration) consider as the very best available corner in Dunedin. One and a fourth per cent, is a low rate of commission, and I agree with you that the J per cent, should be paid to Mr. Pym by the department; and I beg to recommend that this amount, which is on £35,500, be paid to him accordingly. I could pay it out of the imprest lying at my credit in the Bank of New Zealand, at Dunedin, and thus save exchange. 29th December, 1884. D. M. Luckie. Papers attached. Those respecting the purchase, final closing, &c, and Premier's recommendation, are with His Excellency, to whom I transmitted on Saturday night.—D. M. L. If you have not had a telegram respecting the Governor's signature, may I suggest the propriety of telegraphing the A.D.C. on the subject?—D. M. L. Approve payment. — J. V. 29th December, 1884. Telegraph Mr. Pym that will wire him to-morrow.—D. M. L.

D. M. Luckie, Esq., Wellington. Dunedin, 30th December, 1884. Wieed Sir Julius this morning. Am seeing Eeid. and closing purchase. Will send particulars by post when closed. You have the printed paper about tenants. Basil Sievwbight.

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D. M. Luckie, Wellington. Dunedin, 30th December, 1884. Have closed purchase of corner section. Chas. Eeid.

Basil Sievwright, Esq., Dunedin. Wellington, 30th December, 1884. Youe telegram received, also one from Mr. Eeid, notifying closing of the bargain. Shall I remit a thousand pounds by way of deposit ? I can do so to-morrow. Please reply to-day. D. M. Luckie.

Charles Eeid, Esq., Dunedin. Wellington, 30th December, 1884. Telegeam received notifying closing. I have wired Mr. Sievwright offering make deposit of a, thousand pounds. D. M. Luckie.

D. M. Luckie, Esq., Wellington. Dunedin, 31st December, 1884. The terms of sale do not require deposit to be made. We will investigate title without delay, and protect the purchaser's interest. Basil Sievweight. Attach copy of my telegram to which this is a reply ; also copy of my telegram to Mr. Charles Eeid of same date. D. M. L. Attach to Dunedin-property purchase.—D. M. L. 31st December, 1884.

Deae Sir, — Dunedin, New Zealand, 12th January, 1885. Eilgour and Others to the Neiv Zealand Government Life Insurance Association, Section 39, Block IX., Dunedin. —With this present mail, Mr. Hodgkins, the solicitor of the vendors, will forward to Mr. H. Howorth, solicitor, Wellington, the engrossment of above conveyance to be executed by certain of the parties conveying. If you wish to see the deed, Mr. Howorth will, on your calling on him, produce it to you. No portion of the purchase-money will be paid till the deed is executed by all parties, and all requisitions complied with. We have, &c, D. M. Luckie, Esq., Commissioner, Sievweight, Stout, and Co. Government Insurance Department, Wellington. (pro H. J. Eldeidge.)

Mr. Stafford. Will you kindly see the deed referred to in Mr. Howorth's possession? The terms and conditions of the purchase are specified in the letters and telegrams marked Am the papers attached. As Messrs. Sievwright ask me to see the deed in Mr. Howorth's hands, I think it advisable that you should see the deed as well. 15th January, 1885. D. M. Luckie.

Dunedin, sth February, 1885. D. M. Luckie, Esq., Insurance Commissioner, Wellington. Wise's Corner vendors notify us that conveyance ready. What arrangement you propose for payment of purchase-money and sums payable on adjustment of rents? Will your officer here be instructed? Sievweight, Stout, and Co.

Sievwright, Stout, and Co., Dunedin. Wellington, sth February, 1885. Boaed will remit money for Wise's Corner direct to you from Wellington. Please send particulars of sums to be paid for adjustment of rents to lay before the Board. You will, I presume, pay Mr. Pym's commission of 1 per cent, as arranged with Mr. Eeid and you. Please reply early, as I wish to get cheque ready as soon as possible. D. M. Luckie.

D. M. Luckie, Wellington. Dunedin, 6th February, 1885 If Board remit thirty thousand five hundred pounds, being the purchase-money less Kilgour's mortgage —five thousand pounds—we will provide further sum required, if any, and account to Board. Sievwbght, Stout, and Co. Beply. —Board will not meet till Tuesday. Matter will then be arranged. Please post particulars early as possible, so as to arrive here Sunday. —D. M. L.

Minutes for the Board. I eespectfully recommend that £30,500, as requested by Messrs. Sievwright, Stout, and Co., be remitted to that legal firm. —D. M. Luckie. 9th February, 1885. Payment approved. Acting General Manager to arrange transmission of mortgage free of exchange. —N. Eeid. Payments arranged by Mr. Luckie.— J. H. E. 11th February, 1885.

D. M. Luckie, Esq., Wellington. Dunedin, 10th February, 1885. We have arranged with vendors that Burton, Eeid's partner, shall act as agent for all parties ; to receive current rents only, and adjust thereon all taxes, &c. Upon completion will hand parties their respective amounts. Can you put us in a position to settle to-morrow ? Sievweight, Stout, and Co.

Sievwright and Stout, Dunedin. 10th February, 1885. Thibty thousand five hundred will be posted to you to-morrow, and will reach you on Friday. D. M. Luckie.

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Government Insurance Commissionor, Wellington. Dunedin, 14th February, 1885. Kilgoub and others to Association, matter completed yesterday. Sievwbight, Stout, and Co.

Enclosures. Deab Sib,— Dunedin, N.Z., 21st February, 1885. Kilgour and Others to the Association. —This matter was duly completed, as already advised by telegram, and the conveyance to the Association has been lodged for registration. We received from Mr. Kilgour, on the settlement, the interest accrued from the Bth January, 1885, to the 13th February instant (the date of the settlement), £34 10s. 5d., and the difference between 5 per cent, and 7 per cent, from the 13th instant to the Bth July, 1886, the due date of the mortgage, £139 14s. 7d. These two sums have been placed to the credit of the Association in our books, and we shall be glad to hear from you how you wish the same disposed of. The Association will now pay all interest from the Bth ultimo on Captain Fraser's mortgage. This interest is payable halfyearly on the Bth January and Bth July. Notice of the conveyance to the Association has been sent to Captain Fraser. The stamp duty on the conveyance amounted to £177 10s. We could not find that the deed came within any of the exemptions contained in the schedule of the Stamp Act, and, on our referring the matter to the Deputy-Commissioner, he held that the deed required stamping. We enclose a duplicate of the agreement whereby Mr. Burton is appointed to act as agent for the vendors and Association in collecting all current rents, and thereat apportioning all rates, taxes, &c. We also enclose a list of the tenants, with particulars of the rentals. Captain Fraser holds a policy of insurance in the Standard Company for £3,600, which will be transferred to the Association when his mortgage is paid off. And, in addition to this, there is a further insurance of £3,600, which was transferred to the Association on the settlement. Yours truly, Sievwbight, Stout, and Co. The Commissioner, N.Z. Government Life Insurance Association, Welllington.

Memobandum made this thirteenth day of February, one thousand eight hundred and eightyfive, between the New Zealand Government Life Insurance Association and the Vendors of Section Thirty-nine (39), Block Nine (IX.), Dunedin. Whebeby it is agreed between the parties hereto that Thomas Burton shall be and he is hereby appointed agent and receiver as between the vendors and purchaser (being the said Association) of all arrears of rent due by tenants of the said section of land, and of all current rents not yet due, and upon receipt of the said current rents (to fall due at the ensuing rent days) the said Thomas Burton is to pay the proportion thereof up to this date to and among the vendors in proportion to their several interests, and to pay the residue thereof to the said Association : and the said Thomas Burton shall also pay and allow to the vendors out of the moneys payable to the Association the proportion of rates and taxes (including property-tax) and fire-insurance premium, which falls, to be returned to the vendors by the purchaser, computing as from this day ; and the said Thomas Burton shall be entitled to deduct his usual commission for collecting the said rents. For the purchaser, Sievwbight, Stout, and Co. For the vendor, -W. M. HODGKINS. [Approximate Cost of Paper.— Preparation, nil; printing (1,275 copies), £i 14s.]

By Authority : Geobge Didsbuby, Government Printer, Wellington.—lBB7.