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No. 11. The Colonial Treasurer to the Loan Agents. Gentlemen, — Treasury, New Zealand, Wellington, 15th August, 1879. I have the honor to advise you, with reference to the financial requirements of the colony in London, that, exclusive of the sum of £200,000 now authorized by cable to be raised in anticipation of the arrival by mail, on 30th September next, of the usual powers and authorities for the negotiation of the loan, it is probable that a sum of £331,000, more or less, may be required to be raised and placed to credit of the New Zealand Public Account, at the Bank of New Zealand, London, to meet payments to 31st October next. The Agent-General is fully informed, and will be able to advise you in this matter. As already intimated to you in my letter of even date herewith, I have, by the outgoing mail, drawn on the Crown Agents for the sum of £150,000, at sixty days' sight. It is proposed to draw further during the next three months at the rate of £100,000 monthly ; but I hope to be able at an early date to place you in full possession of the probable requirements of the colony as regards the loan, both here and in London, during the next six or eight months, in case it should be necessary for you to raise additional funds temporarily, on security of short-dated debentures. A bank order has, as on former occasions, been forwarded to the Crown Agents by this opportunity, for the amount of the drafts (£150,000) maturing about Ist December next. I have, &c, The Loan Agents for New Zealand, London. G. Geet.
No. 12. The Colonial Teeastjeer to the Loan Agents. Gentlemen, — Treasury, New Zealand, Wellington, 15th August, 1879. Eeferring to my letters of the 21st June last, addressed to you individually, intimating the intention of the Government to ask the sanction of Parliament to a new loan, and of the proposal to appoint you Agents for negotiating the same, I have now the honor to enclose copies of " The New Zealand Loan Act, 1879," authorizing the raising of a sum of £5,000,000 for the purposes specified in the schedule thereto. I also enclose an Order in Council, under the hand of His Excellency the Governor, authorizing the raising of the sum referred to, and appointing you the Agents for that purpose ; and a separate order empowering you to issue short-dated instead of long-dated debentures, should it be deemed necessary or desirable to do so. With respect to the currency of the long-dated debentures, the interest they should bear, the price at which they should be issued, &c, the Government, in the absence of any special knowledge calculated to influence its decision, refrains from giving any definite instructions, and, relying on your acquaintance with every circumstance affecting the London Money Market, and fully confiding in your judgment, leaves those points entirely to your discretion. I may add, however, that the Government is of opinion that the rato of interest to be borne by the bonds should not exceed 5 per cent, and that their currency should be from thirty to forty years; and, bearing in mind the beneficial effect which resulted from the Bank of England's assistance when the last loan was raised, I should be glad to hear that the Agents have again been able to enlist the valuable co-operation of that institution. Mr. Henry Hartwright has been appointed by the Audit Department, under the 14th section of the Act, to countersign the debentures issued thereunder. I have, <fee, The Loan Agents for New Zealand, London. G. Geet.
No. 13. The Colonial Teeastjeee to the Agent-General, Sir, — Treasury, New Zealand, Wellington, loth August, 1879. You will have learned by cable, before this letter reaches you, that Parliament has sanctioned the raising of a further loan to the amount of £5,000,000. Presuming that Sir P. G. Julyan and Mr. Ommanney, who were associated with you in the negotiation of the last loan, would be willing to act as Agents on this occasion also, I addressed them in June last on the subject. I have now to inform you that those gentlemen, conjointly with yourself, have been duly appointed; and I forward under cover to your address the necessary empowering documents, together with copies of the Loan Act and general instructions for the guidance of the Agents. I shall be glad to receive an early intimation by wire as to the prospect of the loan being successfully floated; and you will please report progress by the same medium from time to time, so as to keep the Government fully informed of what has been done in the matter. I have, &c, The Agent-General for New Zealand, London, G. Gbey.