B.—ll

1881. NEW ZEALAND.

INSCRIPTION OF STOCK (FURTHER PAPERS RELATING TO THE). (In continuation of B.-4b, 1880.)

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

No. 1. The Premier to the Stock Agents. Gentlemen, — Government Offices, Wellington, 10th September, 1880. With reference to the correspondence that has taken place on the subject of the inscription of New Zealand stock, I have now the honor to inform you that the question has been brought under the notice of the House of Representatives by resolutions, of which copy is annexed. 2. I regret to state that, after considerable discussion, the resolutions were rejected. The Hansard report of the debate will show you that the Government undertook that further operations under the Consolidated Stock Act should be limited to so much of the Five Million Loan as may be offered for conversion within the time specified in the prospectus, and to those debentures now held in London for the Postmaster-General, the Public Trustee, and by the Sinking Fund Trustees. As to these latter, it is felt that if they are to be placed on the market for the purchase of Treasury bills, it would be desirable they should be so placed in the shape of Inscribed Stock rather than as ordinary debentures of various denominations. 3. I shall feel obliged if you will keep me informed as to the progress which is made in the inscription of debentures of the Five Million Loan; and if you will state in detail the duties which have devolved upon you in connection with that operation. You will gather from the report of the debate on the subject that, although the Government cannot recognize that such duties justify the payment to each Agent of one-twelfth of 1 per cent, on the amount inscribed, they are prepared to make such remuneration as the labour and time specially devoted to the duties may seem to call for. 4. But this condition is not meant to apply in the case of the Agent-General, to whom a letter on the subject is being addressed. I have, &c, The New Zealand Stock Agents, London. John Hall.

See Mansard, vol. 37, pp. 632 and 713.

See A.-5,1881, No. 11.

No. 2. The Stock Agents to the Colonial Treasurer. Sir,— Downing Street, London, 30th July, 1880. We enclose for your information copy of a correspondence we have had with Her Majesty's Government on the subject of the proposed increase in the rate of commutation, in lieu of stamp duties, from 7s. 6d. to 12s. 6d. per cent, on the issue and transfer of stock in this country. This change will apply to Home as well as colonial stocks; and our efforts, though supplemented by aid from other quarters, have not been able to effect more than the promised exemption from the increased charge of so much of the five million loan as may be converted into stock prior to the 16th March, 1881. We have, &c, P. G. JULYAN, W. C. Sargeaunt, The Hon. the Colonial Treasurer, New Zealand. New Zealand Stock Agents.