B.—3a,

2

in the event of successful negotiation to be included in the per cent, commission. The commission it is understood includes brokerage, but all other necessary expenses will of course be a charge on the Government. Eequesting the favour of your so far amending the terms of your letter, I have, &c, The Hon. the Colonial Treasurer. D. L. Mukdoch, Inspector.

No. 4. The Hon. J. Vogel to Mr. D. L. Muedoch. Sib,— General Government Offices, Auckland, 27th March, 1873. I have the honor to acknowledge the receipt of your letter of the 25th instant, respecting thel terms upon which the Bank of New Zealand agree to negotiate the sale of £500,000 of Colonia Debentures, and in which you request that those terms, as stated in my letter of the 22nd, may be made clear in one particular. In reply, I have to state that I understand that the necessary expenses of printing and advertising are to be paid by the Government, exclusive of the -£- per cent, commission, which is to include brokerage. I have, &c, D. L. Murdoch, Esq., Julius Vogei. Inspector, Bank of New Zealand. By Authority: Giobsx Didsbcby, Government Printer, Wellington.—lB73. [Price 3d.]