7

8.-6

should be exchanged for New Zealand Consolidated Stock, under " The New Zealand Consolidated Stock Act, 1877." I think it probable that in ordinary cases the debentures so to be exchanged are to be given up to be cancelled in England, and returned; but I would submit that these securities, being held in the colony, might possibly be cancelled here, under direction from England, a course that would be much more convenient and secure than committing them to the post. If this can be done I shall esteem it a favour if you will arrange the manner in which the cancellations may be carried out. It is also desirable that the stock issued in exchange should be in the form of " stock certificates to bearer." I have, &c., Charles Heaphy, Government Insurance Commissioner. The Agents appointed under " The New Zealand Consolidated Stock Act, 1877," London. Sub-Enclosure to Enclosure in No. 13. Statement of New Zealand Government Securities held by the Government Insurance Department. Nominal "Rate of Loan. Value Nature of Security held. Date of Issue. Due Date. Interest per cent. Treasury Bills : — £ "Extended Currency Act, 180,000 Bill No. 2G96 1 Nov., 1877 ... 1 Nov., 1880 ... 3j}d. per 1873" diem. "Financial Arrangements 59,400 Bills No. 2310, £49,900; and No. 2310, 20 1 Nov., 1880 ... 3Jd. per Act, 1876" No. 2300, £9,500 March, 1877; diem. No. 2308, 30 June, 1877 239,400

No. 14. Mr. J. E. FitzGerald" to the Hon. the Colonial Treasurer. Sir, — Government Buildings, Wellington, 12th April, 1878. I have the honor to inform you that the Commissioners of the Public Debts Sinking Funds, having considered the question referred to them in your Memorandum No. 95, of the 30th ultimo, have resolved to exchange for New Zealand Consolidated Stock the whole of the Government securities in their custody as described in the schedule attached to the memorandum referred to, and that, with that object in view, they propose, as suggested, to communicate with the Agents in England by the mail of the 27th instant. I have, &c., James Edward FitzGerald, Chairman, Public Debts Sinking Funds Commissioners. The Hon. the Colonial Treasurer.

No. 15. Mr. J. E. FitzGerald to the Loan Agents. Gentlemen,— Audit Office, Wellington, 26th April, 1878. I have the honor to enclose herewith a list of bonds held by the Commissioners for the New Zealand Public Debts Sinking Funds, which the Commissioners have resolved to convert into inscribed stock under the provisions of "The New Zealand Consolidated Stock Act, 1877." The Commissioners will be obliged if you can inform them what course it will be necessary for them to adopt in order to carry the above resolution into effect, and whether it will be necessary for them to send the bonds to England, a risk to be avoided if possible, or whether the Bank of England will be satisfied with a certificate from any person on this side that the bonds in question have been or will be cancelled on inscription. I have, &c., James Edward FitzGerald, Chairman, Public Debts Sinking Funds Commissioners. The Agents appointed under " The New Zealand Consolidated Stock Act, 1877," London.