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No. 3. The Loan Agents to the Hon. Dr. Pollen. 7, Westminster Chambers, Victoria Street, Westminster, S.W., Sie,— 28th June, 1875. I have the honor to forward, for the information of the Government, further correspondence respecting the Four Million Loan. I have, &c, The Hon. Dr. Pollen, &c, &c. Julius Vogel.

Enclosure 1 in No. 3. The Loan Agents to the Hon. Sir J. Vogel. Sie, — Spring Gardens, London, June, 1875. Eleven thousand one hundred and fifty New Zealand 4 V per cent, debentures, representing four millions sterling, created under the Immigration and Public Works Loan Act of 1874, are now complete, with the exception of the countersignature of the contractors, and, with your concurrence, we propose on an early day to deposit them with Messrs. N. M. Rothschild and Sons for signature, with directions to that firm to hand them over when signed to the Bank of New Zealand, for delivery to purchasers in exchange for fully paid-up scrip, in accordance with the terms upon which they were disposed of. We shall be glad to learn, at your early convenience, whether or not you acquiesce in this proposal. We shall, of course, require the Bank of New Zealand to return- the scrip certificates to us as withdrawn, to be cancelled in the usual manner. We have, &c, P. G. JITLYAN. I. E. Featheeston. Sir Julius Vogel, K.C.M.G., Ac, &c. W. C. Sabgeaunt.

Enclosure 2 in No. 3. The Hon. Sir J. Vogel to the Loan Agents. 7, Westminster Chambers, Victoria Street, Westminster, S.W., Gentlemen, — 11th June, 1875. I received last evening your letter, dated June 1875, informing me that the debentures for the Four Million Loan, under "The Immigration and Public Works Loan Act, 1874," have been completed, with the exception of the countersignature of the Contractors. In reply, I have the honor to state that I approve of the course you propose to follow as to completing the debentures and handing them to the Bank of New Zealand. Sir P. G. Julyan, K.C.M.G. I have, &c, I. E. Featherston, Esq. Julius Vogel. W. C. Sargeaunt, Esq., C.M.G.

Enclosure 3 in No. 3. The Agent- Genebal to the Hon. Sir. J. Vogel. 7, Westminster Chambers, Victoria Street, Westminster, S.W., Sie,— 14th June, 1875. I have the honor to recommend that the usual honorarium be given to Sir Penrose Julyan and Mr. Sargeaunt, two of the Loan Agents, for the services rendered by them in the negotiation of the last issue of four million pounds four-and-a-half bonds. I have, &c, The Hon. Sir Julius Vogel, K.C.M.G., I. E. Featheeston, 87, Gloucester Place, Portman Square. Agent-General.

Enclosure 4 in No. 3. The Hon. Sir J. Vogel to the Agent- Genebal. 7, "Westminster Chambers, Victoria Street, Westminster, S.W., Sib, — 21st June, 1875. I have the honor to acknowledge the receipt of your letter of the 14th instant, recommending " that the usual honorarium be given to Sir Penrose Julyan and Mr. Sargeaunt, two of the Loan Agents, for the services rendered by them in the negotiation of the last issue of four million pounds four-and-a-half bonds." 2. As you are aware some differences of opinion have arisen between those gentlemen and myself on certain points connected with the late negotiation; but I recognize that they have had arduous duties in connection with it. 3. I therefore authorize you to make the usual payment. I have, &c, The Agent-General for New Zealand. Julius Vogel.