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Enclosure 4. Mr. James Mackay, to the Secretary, Mercury Bay Saw Mill Company. Sik, — Auckland sth July, 1875. Referring to the conversation I had with you some months ago respecting a proposed modification of the conditions of the timber leases held by the Mercury Bay Saw Mill Company, over the Taranoho and Kaimarama Blocks in the Mercury Bay District, by reducing the term of the leases from ninety-nine years to twenty-one. I have the honour to request that you will be so good as to inform me whether the Company are willing to make the proposed alteration. I have, &c, James Mackay, The Secretary, Mercury Bay Saw Mill Company, Agent General Government. Auckland.

Enclosure 5. The Secretary Mercury Bay Saw Mill Company to Mr. Mackay. Sir, — Custom House Street, Auckland, 13th July, 1875. In reply to your communication of sth instant, and conversation held between ourselves,"re leases of Kauri held by this Company, I am directed by the Directors of this Company to inform you that they have agreed to recommend to the Shareholders that the lea6e of the Kaimarama Block be reduced to twenty-one years and the Turanoho Block to foi'ty years. A meeting of Shareholders will shortly be held, the result of which I will inform you of. I have, &c, James Mackay, Esq., Agent General Government Benj. Gilmore, Secretary. Price M ]