MR. EITZIIERBERT'S MISSION TO ENGLAND.

17

B.—No. 4,

In furtherance of these objects, it is proposed by the Government of New Zealand, under tho powers granted by the Act above cited, to issue in exchange for the various securities now in circulation, new debentures of uniform character, charged on the consolidated revenue of New Zealand. These new debentures will bear interest at the rate of 5 per cent, per annum, payable quarterly, and the principal will be repaid at par by a 1 per cent, cumulative sinking fund, applied by annual drawings to the extinction of the debt. By this process the whole amount will be paid off in about thirty-six years. The Crown Agents for the Colonies, acting on behalf of the Government of New Zealand, are now prepared to receive applications from the holders of the various debentures herein referred to on the following terms, viz.: — For every £100 General Government 5 per cents, payable in 1914, holders may receive £99 10s. new 5 per cents., as above described. Por every £100 General Government 6 per cents, payable in 1891, the holders may receive £113 10s. in the new 5 per cents. Por every £100 6 per cents, of the Provincial Governments of Auckland, Canterbury, Otago, and Ilawke's Bay, payable from 1879 to 1914, the holders may receive £109 in the new 5 per cents. Interest on the new 5 per cents, will commence from the 15th April, 1868, and all interest accrued prior to that date on such of the old debentures as may be converted will be paid to the respective holders in addition to the foregoing rates of exchange. The bonds will be made to represent sums of £1,000, £500, £200, and £100 respectively, and fractions of the latter amount which may be unavoidable in the conversion, will be adjusted either by the issue of one bond more or less, and by the payment of the difference in money. The annual drawings will take place in tho month of March, commencing in 1869, and will bo conducted in the presence of the Crown Agents for the Colonies, of any debenture-holders who may be pleased to attend, and of a Notary Public. The debentures drawn will be paid off at par on the 15th April following, together with the interest due thereon. The days on which such drawings will take place, and the numbers and values of the debentures drawn, will be duly notified by advertisement in the London Gazette and The Times. Applications for conversion on the foregoing terms will be received by the undersigned at any time not later than the 15th June next, after which they reserve to themselves the right of offering less favourable rates, or of altogether closing the operation. Scrip certificates will at first be issued in exchange for the bonds withdrawn, and these will afterwards be replaced by debentures of the new issue. Porms of application and further particulars with regard to the public debt and resources of the Colony, prepared by the Hon. William Fitzherbert, a Member of Her Majesty's Executive Council of New Zealand, may be had on application to the Crown Agents, or to the brokers, Messrs. Mullens, Marshall, Daniell, and Co., 3, Lombard Street, and Messrs. J. and A. Scrimgeour, 18, Old Broad Street, London, where copies of the Acts authorizing the conversion and consolidation of the New Zealand Loans may also be seen. Peneose G. Julyan, ") Crown Agents for W. C. Saegeatint, j tho Colonies. Offices of the Crown Agents for the Colonies, Spring Gardens, London, Ist May, 1868.

Sub-Enclosure D. Conversion of the Public Debts of New Zealand under the authority of the Consolidated Loan Act, No. 90 of 1867. In furtherance of the objects contemplated in the above Act, the Crown Agents for the Colonies, acting on behalf of the Government of New Zealand, are prepared to receive applications from the holders of the various debentures hereinafter enumerated on the following terms : — For every £100 Otago 10 per cent, issued under Loan Ordinance, 1856, and payable on the 31st December, 1868, holders may receive £101 new 5 per cents., together with the difference of interest in advance. Eor every £100 Otago 8 per cent, issued under Loan Ordinance, 1861-2, and payable in 1873, holders may receive £112 new 5 per cents. Eor every £100 Otago 8 per cent, issued under Loan Ordinance, 1861-2, and payable in June, 1874, holders may receive £113 new 5 per cents. Eor every £100 Otago 8 per cent, issued under Loan Ordinance, 1862, and payable in November, 1874, holders may receive £113 10s. new 5 per cents. For every £100 Otago 8 per cent, issued under Loan Ordinance, 1862, and payable in 1875, holders may receive £115 new 5 per cents. Eor every £100 Canterbury 8 per cent, issued under Loan Ordinance, 1856, and payable in 1872, holders may receive £109 10s. new 5 per cents. For every £100 "Wellington 8 per cent, issued under Loan Ordinance, 1854-5, and payable about the 15th March next, by notice published in New Zealand, holders may receive £101 new 5 per cents., and the difference of interest in advance. For every £100 Wellington 8 per cent, issued under Loan Ordinance, 1862, and payable in 1877, holders may receive £118 new 5 per cents. For every £100 Wellington 8 per cent, issued under Loan Ordinance, 1866, payable in 1886, holders may receive £128 10s. new 5 per cents. For every £100 Nelson 8 per cent, issued under Loan Ordinance, 1858, and payable in 1868-9, holders may receive £101 new 5 per cents., with the difference of interest in advance. Eor every £100 Nelson 10 per cent, issued under Loan Ordinance, 1858, and payable in 1870, holders may receive £100 new 5 per cents., with the difference of interest in advance. 5