B.—ll

4

7. The result of the operation, after deducting all expenses, will be a saving to the Government of about £6,000 per annum. We have, &c, F. D. Bell, P. G. Julyan, The Hon. the Colonial Treasurer, Wellington. Stock Agents.

Enclosure 1 in No. 9. The Stock Agents to the Goveenor and Company, Bank of England. Gentlemen, — 7, Westminster Chambers, London, S.W., 12th July, 1884. Beferring to our interviews of the 10th and 11th instant, on the subject of raising a sum of money for paying off certain 5-per-cent. 5-30 debentures of the Government of New Zealand, in the middle of January next, we understand the arrangement arrived at between us to be as follows:— We, as Stock Agents, are to make over to the Bank of England scrip certificates representing £764,957 10s., in exchange for £746,300 in money, to be placed by the bink to the credit of the Stock Agents' account, to be drawn against by them as they may require, being at the rate of 102^ of scrip for every £100 in money. The scrip certificates to bear interest at 4 per cent, from the 15th January, 1885, and to have attached thereto coupons for the broken period between that date and the 30th April following. On the Ist May, 1885, the bank, or their nominees, to become the inscribed proprietors of 4-per-cent. stock, representing £764,957 10s., identical in all respects with the New Zealand Consolidated Stock already inscribed in the books of the bank. The scrip to be delivered by us not later than the 12th, and the money to be placed to our credit not later than the 15th January, 1885. We have to request the confirmation of this understanding. We have, &c, F. D. Bell, P. G. Julyan, Stock and Conversion Agents of the Government of New Zealand. The Governor and Company of the Bank of England.

Enclosure 2 in No. 9. The Chief Cashiee, Bank of England, to the Stock Agents. Gentlemen, — Bank of England, London, E.C., 14th July, 1884. I am directed to acknowledge the receipt of your letter of the 12th instant, in which you state in writing the arrangement which was arrived at between yourselves and the Governors in the personal interviews which took place at the bank on the 10th and 11th instant. In answer, I am to say that the Governors concur in the arrangement as stated by you— namely, that, in order to provide the sum required to pay off the 5-30 debentures of the Government of New Zealand on the 15th January next, the Governors undertake to place to the credit of the Stock Agents' account on that day £746,300, for which the Stock Agents undertake to deliver to the Bank of England scrip certificates for New Zealand 4-per-cent. stock for £764,957 10s., being at the rate of £102 10s scrip for every £100 in money. The scrip certificates to bear interest at 4 per cent, from the 15th January, 1885, and to have attached thereto coupons for the broken period between that date and the 30th April following. On the Ist May, 1885, the bank, or their nominees, to become the inscribed proprietors of 4-per-cent. stock, representing £764,957 10s., identical in all respects with the New Zealand Consolidated Stock already inscribed in the books of the bank. I am, &c., Sir F. D. Bell, K.C.M.G., and Sir Penrose G. Julyan, F. May, K.C.M.G., Stock and Conversion Agents of the Chief Cashier. New Zealand Government.

Enclosure 3 in No. 9. New Zealand. To the holders of New Zealand Government 5-per-eent. 5-30 debentures issued under Acts of the General Assembly of New Zealand, intituled respectively " The Defence and other Purposes Loan Act, 1870;" "The Immigration and Public Works Loan Act, 1873," and "The General Purposes Loan Act, 1873." The Government of New Zealand hereby give notice that the outstanding 5-per-cent. 5-30 debentures issued under the above Acts, will be paid off at par on the 15th day of January, 1885, at the offices of the Crown Agents for the Colonies, in Downing Street, London, after which date interest will cease. The debentures must be left at the offices aforesaid three clear days for examination prior to payment. For the Government of New Zealand : F. D. Bell. Penrose G. Julyan, Stock and Conversion Agents of the said Government, 7, Westminster Chambers, London, 10th July, 1884,