3

8.—5

gration and Public Works Loan Act, 1874," the Governor of the said colony in Council was authorized to raise a loan of not exceeding four million pounds, and to appoint any two or more persons he might think fit to be Agents for raising and managing the said loan : And whereas the said Governor in Council, by an Order made on the tenth September, one thousand eight hundred and seventy-four, hath ordered and directed that the sum of four million pounds shall be borrowed and raised under the said Act, and hath duly appointed the undersigned, the Honorable Julius Vogel, William Charles Sargeaunt, and Isaac Earl Featherston, and Sir Penrose Goodchild Julyan, to act as such Agents as aforesaid : And whereas the parties of the second part have proposed, on or before the tenth March, one thousand eight hundred and seventy-five, to obtain purchasers of the sum of not less than three million pounds, part of the said loan, and on or before the tenth March, one thousand eight hundred and seventy-six, to obtain purchasers of the balance of the said loan, on the terms and conditions hereinafter mentioned : Now these presents witness that for the considerations herein appearing it is hereby mutually agreed by and between the parties hereto in manner following, that is to say, — 1. The parties of the second part will procure purchasers for the full amount of the said loan of four million pounds at the price of ninety-four pounds for every one hundred pounds, on terms of the payment of four pounds on application and ten pounds on allotment, and the balance by five instalments, payable as follows, that is to say,' —An instalment of twenty pounds per cent, on the nominal amount purchased on the seventh April, and instalments each of fifteen pounds per cent, on such amount on the fourth May, the seventh June, the seventh July, and the ninth August, all in the year one thousand eight hundred and seventy-five, with an option to the subscribers to pay up such balance on or before the tenth March, one thousand eight hundred and seventy-five, less a discount of one pound per cent. In respect of any of the one million pounds of the loan not purchased on or before the tenth March, one thousand eight hundred and seventy-five, the balance beyond fourteen pounds per one hundred pounds is to be payable by instalments at equally deferred dates, with an option to pay up such balance with the fourteen pounds per cent., less a discount of one per cent. In the event of any instalment not being punctually paid, interest thereon is to be charged at the rate of five pounds per cent, per annum, and the parties of the first part are to have the option, by their Loan Agents or any two of them, of declaring the allotment and scrip certificate, and all payments made on account, absolutely forfeited. Any instalment may be prepaid at a discount at the rate of five pounds per cent, per annum. 2 The loan is to carry interest at four and a-half per cent, per annum from first of March, one thousand eight hundred and seventy-five, and to be paid off on the first February, one thousand nine hundred and five, at the office of the Crown Agent for the Colonies, with the option to the parties of the first part to redeem the bonds on the first February or first August in any year after one thousand eight hundred and seventy-nine at par. 3. The bonds are to be in sums of one thousand pounds, five hundred pounds, two hundred pounds, and one hundred pounds as may be required, and are to be similar to those issued by the said Government in one thousand eight hundred and seventy-four, and are to have attached coupons for the interest, payable half-yearly on first August and first February, at the offices of the said Crown Agents, the first coupon to be for five months' interest only; but if the whole amount of the loan be not purchased on or before the tenth day of March, one thousand eight hundred and seventy-five, the purchasers of any part of the one million pounds not so purchased shall pay on allotment to the parties of the first part the interest which shall have accrued on the debentures between the tenth of March, one thousand eight hundred and seventy-five, and the date of payment of the fourteen pounds per one hundred pounds. 4. .The allotments of the loan are to be made by the parties of the second part, who are to receive the said deposit of four pounds, and the said sum of ten pounds payable on allotment, and the parties of the second part will themselves purchase and take and pay fourteen pounds per one hundred pounds of the nominal amount of the said loan, in respect of any part of the loan not purchased by other parties, or on which fourteen pounds per such one hundred prounds shall not have been paid. 5. The parties of the first part will allow to the parties of the second part a commission of two per cent, on the nominal amount of the loan for the trouble and risk to be taken and incurred by them. 6. The parties of the second part will on or before the tenth day of March, one thousand eight hundred and seventy-five, pay to the Bank of New Zealand at their place of business in London, for and on behalf of the parties of the first part, the sum of three hundred and sixty thousand pounds, being the fourteen per cent, payable as aforesaid in respect of the sum of three million pounds part of the said loan, less two per cent, for such commission as aforesaid. 7. The parties of the second part will also pay to the said Bank of New Zealand as aforesaid, for and on such behalf as aforesaid, on or before the tenth day of March, one thousand eight hundred and seventy-six, the sum of one hundred and twenty thousand pounds, being the fourteen per cent, payable as aforesaid in respect of the sum of one million pounds the balance of the said loan, less two per cent, for such commission as aforesaid. 8. The sums payable under the two last preceding clauses are to be the absolute property of the parties of the first part, and are to be liable to forfeiture as aforesaid if any instalment payable upon any scrip certificates be not paid. 9. On payment of the sums so payable under Clauses Nos. 6 and 7 as aforesaid, by the parties of the second part, the parties of the first part will cause to be handed over to the purchasers of the loan proper scrip certificates for the amounts in respect of which the said percentage shall have been paid, such certificates to be afterwards exchanged by the holders thereof for the bonds when all the said balance shall have been paid. The scrip certificates are to be signed by two at least of the Loan Agents of the parties of the first part, and the Bank of New Zealand are, by the ordinary signature used by them in such cases, to sign receipts for all the said instalments. ■ 10. The parties of the first part will pay or allow to the parties of the second part the sums actually expended by them in advertizing the said loan.