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tures, sold' during January, • 1874, was £97 4s. 2d. per cent., after deducting commission and brokerage. As this statement does not correspond with information previously supplied by you, I shall be obliged by your furnishing me with the rates of commission and brokerage paid. I have, &c, Sir Penrose G. Julyan, K.C.M.G. Julius Vogel. I. E. Featherston, Esq. W. C. Sargeaunt, Esq.

Enclosure 6 in No. 5. The Loan Agents to the Hon. Sir J. Vogel. Sib,— London, 12th April, 1875. In reply to the inquiry contained in your letter of the 10th instant, we beg to inform you that on the £500,000 4_ per cent, disposed of in January, 1874, the charges for commission and brokerage were as follow:— i per cent, commission on the whole ; i „ brokerage on £388,900 ; and i „ do. on £111,100. If credit be taken for the market value of a portion of the proceeds of this loan, received some days in advance of the date when the debentures began to bear interest, the £97 4s. 2d. referred to in your letter under acknowledgment should be increased to £97 7s. 3d. object. We have, &c, P. G. Julyan. W. C. Sargeaunt. I. E. Featherston. The Hon. Julius Vogel, C.M.G., 7, Westminster Chambers, S.W.

No. 6. The Hon. Sir J. Vogel to the Hon. Dr. Pollen. 7, Westminster Chambers, Victoria Street, Westminster. S.W., Sib,— 4th May, 1875. Since my letter of 6th April- enclosing copy of correspondence respecting the negotiation of the Four Million Loan, I have received a further communication from the three Agents. I have had so very much business to attend to, that I have not yet been able to forward my reply ; but I hope to do so during the next few days, and to send you copies by the mail via Brindisi. I have, &c, The Hon. Dr. Pollen, &c. Julius Vogel.

No. 7. The Hon. Sir J. Vogel to the Hon. Dr. Pollen. 7, Westminster Chambers, Victoria Street, Westminster, S.W., Sib, — 4th May, 1875. I have the honor to forward to you copy of correspondence with the Bank of New Zealand on the one hand, and with Sir P. G. Julyan, Mr. Featherston, and Mr. Sargeaunt on the other, respecting the Government balances with the Bank. 2. I may observe that it was not until I had informed the Agent-General of the terms I had made with the Bank that any intimation was given to me of its being deemed desirable to remove part of the account. 3. In explanation of my having negotiated with the Bank, I may state that recollection of the warrant of January, 1873, had passed from my mind—or, rather, I remembered it only as a step intended to give power to the Agents to remove the account in case of any difficulty arising, and as certainly not intended to enable them, without some very strong reason, to upset the arrangement between the Government and the Bank of New Zealand. I apprehend that if the Agents were to upset that arrangement without our having given six months' notice, the Bank might have a large claim against us. 4. I felt no uneasiness about allowing the amount, which you will observe is mentioned, viz. £1,500,000, to remain with the Bank. On the contrary, I felt that, looking at the circumstances of the colony, the very high rate of interest there, and the consequent heavy charge for discount, that the colony would benefit by the Bank being enabled to enlarge its colonial resources. Ido not doubt that the rates of interest and of discount in the colony have already been reduced, or are about to be reduced. 5. The unexpected extent to which deposits on the loan have been paid up makes the amount in the Bank more than I had anticipated ; aud I shall endeavour to arrange for the investment in Exchequer bills of all sums in excess of the one million and a half. 6. I hope that the Government will be satisfied with the course I have adopted, and which I propose to adopt. I have, &c, The Hon. D. Pollen. Julius Vogel.