8.—7

1876. NEW ZEALAND.

UNNEGOTIATED BALANCES OF UNGUARANTEED DEBENTURES, (CORRESPONDENCE RELATING TO).

Presented to loth Houses of the General Assembly by Command of His Excellency.

No. 1. The Hon. D. Pollen to the Hon. Sir J. Vogel. Wellington, 27th August, 1875. Balances loans unraised, including guaranteed, amount two millions. Should. Eothschild take them, shall not want more for two years. * * * Vogel, care Featherston, London. Pollen.

No. 2. The Hon. Sir J. Vogel to the Hon. D. Pollen. London, 30th September, 1875. * * Eothschild see me in ten days. Doubt making arrangement you desire with him, but think possible arrange advance half-million on security unguaranteed, in addition to borrowing on guaranteed debentures. Will this do ? Pollen, Melbourne. Vogel.

No- 3. The Hon. D. Pollen to the Hon. Sir J. Vogel. Wellington, 30th September, 1875. * * * Financial Statement details, unsold balances Loan. Try arrange sale one million, leaving guaranteed untouched. Not need all at once. Say three instalments, one March, three months' interval. * * * Vogel, care Dr. Featherston, London. Pollen.

No. 4. The Hon. Sir J. Vogel to Messrs. Eothschild and Sons. 7, Westminster Chambers, Victoria Street, Westminster, S.W., G-entlemen, — 18th October, 1875. I think it desirable to place on record the substance of what took place at our interview a few days ago, and I shall be glad to learn if your recollection confirms my own. 2. I recalled to your memory that, whilst I had stated to you, when arranging the loan negotiations early this year, that the Government of New Zealand would endeavour not to issue any fresh loans during this and the next year, I did not feel myself at liberty to give any absolute assurance on the point. I then explained to you that, though no new loans were authorized, or would be issued, it was probable that, during next year, the Government would desire to dispose of about one million one hundred thousand pounds of debentures, being different portions of loans already authorized and partly disposed of, and I asked your advice on the subject; and I also stated, that I thought it due to you to give you the information. ~ 3. In reply, you stated, in effect, that the loan lately issued was a very heavy one; that you thought it undesirable to make any present arrangements about the debentures to be sold next year ; that it was likely the aspect of affairs generally would be much improved in the spring, and in that case you would be happy to act for the Government in disposing of the debentures in question. 4. This, I think, substantially represents that which passed between us. I have, &c, Messrs. N. M. Eothschild and Sons, &c. Julius Vogel..

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