A.—3.

income, and shall realize the trust funds themselves, should the Government be called upon to refund the amount. The Bill provides for an inexpensive mode for trustees obtaining direction by the Court as to investments, and the Court is to consider the investment a proper one, and that the fact that any of the parties intend to reside in the colony renders the investment desirable. The jurisdiction of the English Courts over the trust property is to be retained. Questions between the Government and the trustees are to be settled by the High Court of Justice in England, in which the Government is to be represented by the Investment Agent in London. The Bill contains the necessary provisions as to the evidence and adoption of the Act by the Government, and of the appointment from time to time of the Investment Agent in London, for delivery to the trustees of the necessary documents of title, and particulars of the investment; for the consolidation of several purchases on account of the same trust; for the orders of the High Court of Justice being enforced by the Courts in the colony; for the regulation by the Government of proceedings under the Act, and the adoption of such rules and forms as may be thought to be expedient; and for protecting the Government Agents from personal liability. We have, &c, The Agent-General for New Zealand. Mackeell, Maton, and Godlee.

Enclosure 2. A Bill intituled "An Act to authorize and facilitate Investments in the Land and Inscribed Stock of the Colony of New Zealand." Be it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows : — Short Title. 1. This Act may be cited as " The New Zealand Investments Act, 1885." Interpretation. 2. (1.) In this Act the word " colony " means the Colony of New Zealand : the words " land " and " settlement" have the same meaning respectively as the same words in " The Settled Land Act, 1882 ;" the word " trustees," where not inconsistent with the context, means the trustees of a settlement for the purposes of that Act: the expression " Colonial Government " means the Government of the Colony of New Zealand : the expression " Public Trustee " means the Public Trustee for the time being under an Act of the New Zealand Legislature, the Short Title of which is " The Public Trust Office Act, 1872," and any Acts of such Legislature amending the same. Colony to adopt by passing an Act of the Legislature. 3. (1.) The colony shall be deemed to have adopted this Act when the Legislature thereof ha s passed an Act having the following effect, namely: — (i.) Making this Act binding on the Colonial Government; (ii.) Making proper provision for the appointment and continuance of an Investment Agent in London to act on behalf of the colony for all the purposes of this Act; (iii.) Making proper provision for the appointment and continuance of the Public Trustee to act on behalf of the colony for all the purposes of this Act; (iv.) Expressly making the Colonial Government responsible for and bound by the acts and receipts of and the agreements entered into by the Investment Agent and Public Trustee respectively; (v.) Declaring that all moneys which may become due and payable under this Act by the Government or by the Investment Agent or Public Trustee shall be charged upon and paid out of the Consolidated Fund of the colony; and that the Investment Agent in London shall, out of moneys to be appropriated for that purpose by the General Assembly of the colony, pay any sum or costs ordered to be paid by him under this Act by the High Court of Justice in England. Investment Agent may be appointed. 4. (1.) Any person, corporation, or company may be appointed by the Colonial Government to be the Investment Agent in London for the purposes of this Act. Evidence of adoption of Act and appointment of Investment Agent. 5. (1.) Publication in the London Gazette of a notice by order of one of Her Majesty's Principal Secretaries of State, to the effect that the colony has duly adopted this Act, shall be conclusive evidence of the due adoption thereof by the colony. (2.) Publication from time to time in the London Gazette of a notice, by order of one of Her Majesty's Principal Secretaries of State, giving the name of the Investment Agent in London, shall be conclusive evidence of the due appointment of the Agent therein named. Capital money arising under " Tho Settled Land Act, 1882," may bo invested in land in a colony. 6. (1.) Notwithstanding any enactment to the contrary contained in "The Settled Land Act, 1882," capital money arising under that Act from land in England or Ireland may be invested in the purchase of land in the colony, unless the settlement expressly directs the contrary. (2.) The whole fee-simple, estate, or other equivalent estate, according to the law of the colony, in land purchased under this Act, shall be conveyed or otherwise transferred, according to the law

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