B.—ll

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what I do wish to impress on you is that there should be no room for doubt concerning the character of any letter addressed to the Government. It should be clearly apparent from the letter whether or not it is a joint production and meant to represent joint views. You will, I hope, see that this is reasonable. Parliament, the late Government, and you yourselves, have concurred in the opinion that the Government should exercise a considerable amount of control over the financial operations at Home. The present Government adopts the same view ; and obviously, therefore, it is of great importance to it to know to what extent it is to consider that the opinions it receives are those of the Agents jointly or severally. Whilst I have to ask you, therefore, to let there be no doubt on the matter in future, I am far from wishing to subject you to any irksome restraint. I can understand that having settled the terms of a letter, there may be a physical difficulty in getting it copied and obtaining the signature of each Agent in time for a mail. Again, a letter may be merely a cover to a routine enclosure ; but these obstacles have been always overcome under former Agencies. The signature can be for " Self and Co-Agent," or, in the body of the letter, it can be explained why only one Agent signs. In short, Ido not think there will be any difficulty in future in making it clear that letters are or are not from the Agents jointly; and I hope you will consider that what lam asking is reasonable. I should like you to inform me if you think it would be convenient for the Agents to write in their double capacity of Stock Agents and Loan Agents. The functions are so often intermixed that at times there must be difficulty in keeping them separate. I have, &c, Julius Vogel.

Copies of Telegrams referred to in No. 35. The Colonial Treasurer to the Agent-Geneeal. Agent-General, London. Wellington, 3rd November, 1884. Ask Julyan reply following : Do you consider you have acted merely as adviser to Agent-General, or that you have had equal power and responsibility. We notice you have only signed some letters. In arrangement you now propose, are you willing exercise equal power, judgment, responsibility, and burden correspondence in all matters connected with loan conversion and negotiation ? Sir Peneose Julyan to the Colonial Teeasueee. Treasurer, New Zealand. (Beceived 7th November, 1884.) Have not acted merely as adviser. Have had equal power and responsibility as my colleague in loans and conversions. Am not aware that have omitted to sign any letters on these subjects. In proposed arrangement am willing to take equal share in responsibility, &c, appertaining to loans conversion and negotiation. Julyan, London, 6.

No. 36. The Colonial Teeasueee to the Agent-General. Sib, — Treasury, New Zealand, Wellington, 22nd November, 1884. With regard to your letters, 391, dated the 6th September, and 407 of the 11th idem, I have cabled you, " Arrange with Julyan continue act under conditions recent telegrams. Payment cover all services." The Government have not thought it necessary to specify terms, inasmuch as those proposed by Sir Penrose Julyan do not seem excessive. I attach copy of telegram to you, and Sir Penrose Julyan's answer. These will explain to you the wording of the above telegram. I will in separate letter addressed to the Loan Agents explain the object of the telegram. I have, &c, The Agent-General for New Zealand, London. Julius Vogel.

Copies of Telegrams referred to in No. 36. The Colonial Teeasueee to the Agent-Geneeal. Agent-General, London. Wellington, 3rd November, 1884. Ask Julyan reply following : Do you consider you have acted merely as adviser to Agent-General, or that you have had equal power and responsibility. We notice you have only signed some letters. In arrangement you now propose, are you willing exercise equal power, judgment, responsibility, and burden correspondence in all matters connected with loan conversion and negotiation ?

Sir Peneose Julyan to the Colonial Teeasueee. Treasurer, New Zealand. (Beceived 7th November, 1884.) Have not acted merely as adviser. Have had equal power and responsibility as my colleague in loans and conversions. Am not aware that have omitted to sign any letters on these subjects. In proposed arrangement am willing to take equal share in responsibility, &c, appertaining to loans conversion and negotiation. Julyan, London, 6.