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No. 37. The Colonial Teeasueee to the Loan Agents. Gentlemen, — 22nd November, 1884. I have the honour to transmit herewith two Orders in Council, made under the provisions of "The New Zealand Loan Act, 1884," espy enclosed: one authorizing the raising of the full amount of the loan, £1,500,000, and appointing yourselves to be Agents for the purpose; the other is an authority for you to raise the loan by short-dated debentures. Sir P. G. Julyan and Sir F. D. Bell, Julius Vogel. Agents for New Zealand Loans, London.

Enclosure 1 in No. 37. Wm. F. Deummond Jeevois, Governor. OBDEB IN COUNCIL. At the Government Buildings at Wellington, this 21st day of November, 1884. Present: The Hon. the Peemiee peesiding in Council. Wheeeas by "The New Zealand Loan Act, 1884" (hereinafter called " the said Act "), it is, among other things, 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 one million five hundred thousand 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: And whereas it is expedient that 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, His Excellency the Governor of the Colony of New Zealand, in exercise and pursuance of the powers and authorities vested in him by the said in part recited Act, and by and with the advice and consent of the Executive Council of the said colony, doth hereby direct and determine that the sum of one million five hundred thousand pounds sterling 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, His said Excellency doth 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 Commander of the Most Distinguished Order of Saint Michael and Saint George, the Agent-General for the Colony of New Zealand, to be Agents for the purpose of raising and managing the said loan hereby ordered and determined to be raised, with full power and authority to such Agents to borrow and raise, by bonds, debentures, scrip, or otherwise, the said sum of one million five hundred thousand pounds sterling as aforesaid, and with full power and authority to such Agents to prescribe the mode and conditions of the repayment of such sum, and the time of such repayment, and, subject to the provisions of the said Act, the rate of interest thereon, and the time and place or places when and where such principal and interest shall be made payable, and with full power and authority to such Agents to agree, as often as occasion may require, that debentures issued by them shall be converted into stock created or issued under " The New Zealand Consolidated Stock Act, 1877," and any Act amending the same, and either to specify the terms of such conversion or arrange that such terms shall be subsequently agreed upon, and also with full power and authority to such Agents to delegate wholly or partly to any two or more other Agents the powers hereby and by the said Act vested in the said Agents, subject, however, to such conditions as the Agents hereby appointed shall think fit, and generally to have, hold, and exercise all such powers and authorities as by the said Act may be had, held, and exercised by the Agents appointed thereunder in respect of the moneys hereby authorized to be borrowed and raised. FOESTEE GOEING, Clerk of the Executive Council.

Enclosure 2 in No. 37. Wm. F. Deummond Jeevois, Governor. OBDEB IN COUNCIL. At the Government Buildings, at Wellington, this 21st day of November, 1884. Present: The Hon. the Peemiee peesiding in Council. Wheeeas by the sixth section of "The New Zealand Loan Act, 1884" (hereinafter called "the said Act"), it is enacted that, pending the raising of moneys thereinbefore authorized to be raised under the said Act, it shall be lawful for the Governor in Council to appoint any two or more persons he may think fit to be Agents, and in their appointments to define the relative powers of such Agents, who shall have full power and authority from time to time to borrow and raise, or obtain as an advance, such sum or sums of money as the Governor in Council may from time to time direct and determine, and to take up the same sum-or sums of money from time to time by the sale, hypothecation, or mortgage of debentures (thereinafter and hereinafter referred to as short3—B. 11.