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short-dated debentures of the third instalment of the loan of three millions, I have now the honour to enclose for your information a copy of my letter to the bank setting forth the terms upon which it has undertaken to advance the money. I have, in accordance with that arrangement, drawn upon you, at ninety days' sight, for £225,000, the bills for which will be despatched to London by the mail which conveys this letter, and I have to request that you will be so good as to protect these drafts. The Order in Council authorizing the raising of the third million and appointing you Agents, together with an order authorizing the issue of short-dated debentures in anticipation of the loan, is being forwarded to you in a separate letter by the present opportunity. I have, &c, Sir P. G. Julyan, K.C.M.G., C.8., Julius Vogel. Sir F. D. Bell, K.C.M.G., Agents for New Zealand Loans and Stock, London.

No. 21. The Colonial Treasurer to the Loan Agents. Gentlemen, — Wellington, 11th October, 1884. I have the honour to forward to you herewith an Order in Council, under the hand of His Excellency the Governor, authorizing the raising of one million pounds sterling under " The New Zealand Loan Act, 1882 " (being the third and last instalment of the loan), and appointing you Agents for that purpose. I also forward a separate Order in Council empowering you to raise one million pounds, by the issue of short-dated debentures, pending the raising of the loan. I have, &c, Sir P. G. Julyan, K.C.M.G., C.8., Julius Vogel. Sir F. D. Bell, K.C.M.G., Agents under "The New Zealand Loan Act, 1882."

Enclosure 1 in No. 21. Wm. F. Drummond Jervois, Governor. ORDER IN COUNCIL. At the Government House, at Wellington, this 9th day of October, 1884. Present: His Excellency the Governor in Council. Whereas by " The New Zealand Loan Act, 1882 " (hereinafter called " the said Act "), it is enacted that it shall be lawful for the Governor in Council to appoint any two or more persons he may think fit to be Agents, for the purpose of raising and managing the loan authorized to be raised under the said Act, and in their appointments to define the relative powers of such Agents, and that such Agents shall have full power and authority to borrow and raise, in Great Britain or elsewhere, by bonds, debentures, scrip, or otherwise, such sum or sums, not exceeding three million pounds sterling in the whole, as the Governor in Council may from time to time or at any time direct or determine, for all and any of the purposes expressed in the Schedule thereto, or the payment or repurchase of short-dated debentures issued under the said Act, or any other purposes authorized by the said Act, provided that no greater sum than one million pounds sterling of the said three million pounds sterling shall be raised in any one year, commencing with the year one thousand eight hundred and eighty-three : And that such Agents shall have full power and authority to prescribe the mode and conditions of repayment of such loan, and the time of such repayment, and the rate of interest thereon, and the time and place or places when and where such principal and interest shall be made payable : And that no bond, debenture, or other security issued under the said Act shall be sold at a price which will yield to the purchaser thereof a higher rate of interest by the year than five pounds for every hundred pounds of the purchase-money given for such bond, debenture, or other security : And that all the powers which may be vested in any Agents appointed under the said Act may, by such Agents, be wholly or partly delegated to any two or more other Agents, subject to such conditions as the Agents delegating such powers shall think fit: And whereas under and by virtue of certain Orders in Council issued under the said Act on the third day of October, one thousand eight hundred and eighty-two, and the fifth day of October, one thousand eight nundred and eighty-three respectively, the sum of two million pounds sterling of the the said three million pounds sterling has been raised, and it has been deemed expedient that the remaining portion of the said loan so authorized to be raised should be raised under the said Act for the purposes therein mentioned, and that Agents should be appointed for the purpose, as hereinafter provided: Now, therefore, I, Sir William Francis Drummond Jervois, the Governor of the Colony of New Zealand, in exercise and pursuance of the powers and authorities vested in me by the said in part recited Act, and by and with the advice and consent of the Executive Council of the said colony, do hereby direct and determine that the sum of one million pounds sterling (being the remaining portion of the said loan of three million pounds sterling authorized to be raised under the said Act) shall be borrowed and raised under the provisions of the said Act; and in further exercise and pursuance of the powers and authorities aforesaid, and with the like advice and consent as aforesaid, I do hereby appoint Sir Penrose Goodchild Julyan, a. Knight Commander of the Most Distinguished Order of Saint Michael and Saint George, and a Companion of the Most Honourable Order of the Bath, late one of the Crown Agents for the colonies; and Sir Francis Dillon Bell, a Knight Cora-