B—No. 13,
RETURN SHOWING BANKING BUSINESS TERMS BETWEEN
6
Enclosure in E.
E. The Hon. J. Hall to Mr. T. M. Stewart. Sib,— Treasury, AVellington, Bth July, 1868. I have the honor to acknowledge your letter of this day, communicating the terms on which the Bank will be prepared to carry out the arrangement respecting payment of interest and sinking fund, in London, proposed in my letter (No. *r s) of 12th ultimo. In answer, I have to state that I do not see my way to agreeing to these terms as a permanent arrangement without giving the matter further consideration than time and circumstances now admit of. As a temporary arrangement, however, I am prepared to agree to this proposal, on the understanding that it will be open to reconsideration hereafter. I shall be glad of the arrangement dating on and from to-day, a remittance being required by this days' post to meet the interest due on tho Ist November next. I have, Ac., The Manager, Bank of New Zealand, Wellington. John Hall.
G. The Hon. E. W. Stafford to Mr. T. M. Stewart. Sib, — Treasury, sth December, 1868. I have the honor to bring under your notice the alteration which has been and is being effected by the operations, under the authority of the Consolidated Loans Act, in respect of payments to bo made in London on account of interest and sinking fund on the loans of the Colony. 2. The result of these operations will materially alter the dates of payment and the amount to be paid, for which it is necessary that arrangements should now be made. It is not practicable yet to state with precision what these amounts will eventually be, but, by the last advice received from London, I learn that the next quarterly payment of interest, &c., on the consolidated loans would amount to £59,700, and if the conversion of whole sum of £7,000,000 mentioned in the Act is completely effected, the quarterly payments to bo made may reach a maximum of £105,000, —equal to £420,000 per annum. These payments, I need scarcely observe, will not be in addition to the £265,000 you have already undertaken to provide for, but will take the place of £210,000 of that sum and of the sums which you are now paying for the Provinces of Canterbury and Otago. 3. In connection with the subject of the sums which may require to be provided to meet these payments, I would call your attention to the greatly improved state of the Public Account with your Bank, and to the large balances that are and have been lying there, and which on this day amount in the Bank at AVellington to £112,453 9s. lid. in addition to the money that has been paid in to the various branches of the Bank since the 23rd ultimo.
Departure of Mail from Wellington. Arrival of i Maturity of Mail in I a 60 days' London. Draft. When Payable. Purpose. To whom Moneys Payable. Amount. January 8 February 8 March 8 J? May 8 Juno 8 :y Feb. 27 Mar. 27 April 27 >> June 27 July 27 Aug!' 27 Sep. 27 May 1 May 29 June 29 n Aug. 29 Sop. 28 „ ! Oct. 29 i Nov. 29 May 1 June 15 July 1 July 15 Sep. 15 Oct. 10 Not!' 1 Interest Sinking Fund Interest Sinking Fund Interest Sinking Fund Interest Sinking Fund Interest Sinking Fund Interest Sinking Fund Interest Interest Sinking Fund Interest Sinking Fund Interest Sinking Fund Interest Sinking Fund Interest Sinking Fund Interest Sinking Fund Interest Crown Agents ... >j j» n H.M. Treasury Crown Agents ... )> )> 17 H.M. Treasury BankofN.Z. ... Crown Agents ... £ 10, 000 2,500 ■50, 000 10, 000 8,500 4,250 25,000 5,000 15, 000 5,000 1,500 750 15,000 10, 000 2, 500 30, 000 10, 000 8,500 4,250 25,000 5,000 15,000 5, 000 1,500 750 15,000 JulyS August 8 Dec. 15 »» !) September 8 Oct. 27 j Dec. 29 Jan. 1 H.M. Treasury 5) jj Crown Agents ... November 8 Dec. 27 ■ Feb. 28 Mar. 15 it j» December 8 Jan. 27 | Mar. 31 April 1 H.M. Treasury j» )> Bank of'N.Z. ... » » £265,000