B.—7a.

1876. NEW ZEALAND.

UNNEGOTIATED BALANCES OF UNGUARANTEED DEBENTURES (FURTHER PAPERS RELATING TO THE NEGOTIATION OF).

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

No. 1. The Hon. Sir J. Vogel to Dr. Featheeston. Wellington, 9th March, 1876. Goteenment have decided intrust you, Julyan, and Sargeaunt with sale of unguaranteed debentures, leaving you to exercise discretion as to mode of sale and price. The warrants have gone to Governor for signature, and you may rely on their being forwarded by outgoing mail, leaving Auckland on thirteenth. I will cable their departure. Amounts are: Under Public Works Loan Act, eighteen seventy-three, five hundred thousand pounds; General Purposes Loan Act, eighteen seventy-three, five hundred thousand pounds; Defence and Other Purposes Loan, eighteen seventy, two hundred fil'tv thousand. In all, twelve hundred and fifty thousand. Government desire you arrange sale early as possible. Featherston, London. Vogel.

No. 2. The Hon. Sir J. Vogel to the Loan Agents. Gentlemen, — Treasury, Wellington, 10th March, 1876. Keferring to the correspondence by telegraph recently entered into with Dr. Featherston, relative to the raising of the unsold balances of the Defence and other Purposes Loan, 1870, the Immigration and Public Works Loan, 1873, and the General Purposes Loan, 1873, amounting in the whole to one million two hundred and fifty thousand pounds, I have now to confirm the arrangement arrived at in that correspondence, and to inform you that the requisite instruments, as under, will be forwarded to you from Auckland (whither they have been sent for authority of the Governor in Council) by this mail. I enclose copies of the telegrams referred to, and have only further to remark, in connection with this matter, that the Bums which you are asked to dispose of in respect of the Defence Loan and the General Purposes Loan, are somewhat larger than the amount set forth as unsold in the Financial Statement of the Hon. Major Atkinson. The explanation of the circumstance is that, out of the amount which it is now desired to raise, it is proposed to take up short-dated debentures of the Defence Loan to the amount of sixty-five thousand pounds, and of the General Purposes Loan to the amount of thirty-seven thousand four hundred pounds. iNSTEtTMENTS. 1. Order in Council authorizing the raising of five hundred thousand pounds under " The Immigration and Public Works Loan Act, 1873," and appointing Agents for raising the same. 2. Attested copy of the Order in Council of the 15th October, 1873, authorizing the raising of the whole sum of seven hundred and fifty thousand pounds sanctioned by " The General Purposes Loan Act, 1873." 3. Warrant appointing Agents for raising the sum of five hundred thousand pounds, part of the *aid seven hundred and fifty thousand pounds. 4s. Order in Council authorizing the raising of two hundred and fifty thousand pounds, under " The Defence and Other Purposes Loan Act, 1870." 5. Warrant appointing Agents for raising the said sum of two hundred and fifty thousand pounds. The names of the Agents appointed in each of the above instruments are —I. E. Featherston, Esq., C.M.G.; Sir Penrose G. Julyan, K.C.M.G.; and W. C. Sargeaunt, Esq., C.M.G. I have, &c, The Agents for New Zealand Loans, Julius Vogel. Spring Gardens, London.