B.—No. 4.

PAPERS RELATIVE TO

Statement showing the Results of the Conversion of portions of the Old Loans of New Zealand into New 5 per Cents., under "The Consolidated Loan Act, 1867."

Increase in Nominal Debt ... ... ... ... ... £251,450 Decrease in Annual Charge ... ... ... ... ... 28,517 Memo. —The new 5 per cents, are to be paid off at par by a 1 per cent, cumulative sinking fund applied by annual drawings to the liquidation of the debt. By a cumulative sinking fund it is to be understood that the total annual charge will remain at £179,2*20 —paid quarterly —throughout the whole period, and that after paying therefrom the interest on the bonds in circulation, the growing balance will be applied to the annual drawings. Li this manner the whole of the debt (£2,987,000) will be extinguished in thirty-six and a half years. The old debt of £2,735,550 would, by allowing the old sinking fund charge of £44,806 per annum to accumulate at compound interest at 5 per cent., have been extinguished in twenty-eight years. The total annual charge prior to conversion was ... ... £207,737 The total annual charge after conversion is ... ... ... 179,220 Saving or decrease in annual charge ... ... ... £28,517 An annuity of £28,517 capitalized at compound interest at 5 per cent., would at the end of twenty-eight years, amount to £1,745,500, and this sum would be sufficient to pay off the whole of the then outstanding new 5 per cents., and leave a surplus of £537,600. P. G. Julyan, Office of the Crown Agents for the Colonies, Crown Agent for the Colonies. London, 15th January, 1869.

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Par; ;icula irs of Old Deb Converted. New Consolii lated Debi Issued. Total Ei :ite Cent. An: lual Cliai •ge. Eate per Cent, of Conversion. Am lual Charge. Government. Amount withdrawn by Con- " version. per ( 0) a* M S ■ Btm •n Total Amount of Stock Issued. Interest, 5 per Cent. Sinking Pund, 1 per Cent. Sinking Pund. Total. Interest. Total. General Ditto ... ■ ... Auckland ... Taranaki Wellington... Ditto Ditto Nelson Ditto Canterbury... Ditto Ditto Otago Ditto Ditto Ditto Ditto £ 431,800 965,900 461,250 3,150 32,350 15,400 36,500 12,300 2,600 209,700 162,100 19.100 354.500 7.900 3.350 10.550 7,100 £ 5 6 6 7 8 8 8 8 8 6 6 8 6 8 8 8 10 £ 1 2 2 4 2 2 2 1 2 4 1 3 3 3 £ 21,590 57,954 27,675 220 2,588 1,232 2,920 984 208 12,582 9,726 1,528 21,270 632 268 844 710 £ 4,318 19,318 9,225 616 730 246 52 2,097 3,242 764 3,545 237 100 316 £ 25,908 77,272 36,900 220 2,588 1,848 3,650 1,230 260 14,679 12,968 2,292 24,815 869 368 1,160 710 £ s. 99 10 113 10 109 0 106 10 101 0 118 0 128 10 101 0 124 0 109 0 109 0 110 10 109 0 113 0 113 10 115 0 101 0 £ s. 429,641 0 1,096,296 10 502,762 10 3,354 15 32,673 10 18,172 0 46,902 10 12,423 0 3,224 0 228,573 0 176,689 0 21,105 10 386,405 0 8,927 0 3,802 5 12,132 10 7,171 0 £ 21,482 54,814 25,138 167 1,633 908 2,345 621 161 11,428 8,834 1,055 19,320 446 190 606 358 £ 4,296 10,962 5,027 33 326 181 469 124 32 2,285 1,766 211 3,864 89 38 121 71 £ 25,778 65,776 30,165 200 1,959 1,089 2,814 745 193 13,713 10,600 1,266 23,184 535 228 727 429 Total Deduct fraet: 2,735,550 ional parts |162,931 necessaril" :44,806 | Y paid in (207,737 money . 2,990,255 0 3,255 0 149,506 156 29,895 25 179,401 181 ofB. mds 2,987,000 0 149,350 29,870 179,220