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to you dated 13th September last, No. 4, I have this day drawn upon you for the sum of £175,000, in four drafts, three for £50,000 each and one for £25,000, at fifty days' sight, in favour of the Bank of New Zealand ; and I will thank you to protect them on presentation. I have, &c, The Agents for New Zealand Loans, &c, London. Julius Vogel.

No. 46. [The Agent-Geneeae to the Colonial Teeasueee. Sic, — 7, Westminister Chambers, London, S.W., 21st October, 1884. I am very glad to be able to transmit to you herewith an extract from to-day's city article of the Times, announcing that the Stock Exchange Committee have at last granted the quotation for the stock issued in the recent conversion of your 5-30 and short-dated debentures. I have, &c, The Hon. the Colonial Treasurer, Wellington. F. D. Bell.

No. 47. The Agent-Geneeal to the Colonial Teeasueee. Sic, — 7, Westminster Chambers, London, S.W., 24th October, 1884. I transmit to you herewith copy of letter from the Bank of England, with their halfyearly account for the management of the inscribed stock up to the 31st October, amounting to £3,804 2s. lOd. I was at one time under the impression that it was the intention of the agreement of 1875 that when the total amount of inscribed stock exceeded ten millions, the charge for management would be £550 per million over the whole sum. The bank, however, read the agreement as fixing the charge at £600 per million up to ten millions, the lower charge of £550 per million only applying to any excess over the ten millions. On looking at the wording of Sir Julius Vogel's letter of 16th November, 1875, and the bank's reply of 17th November, which constitute the agreement, I do not think the bank's claim can be contested. I have, &c, The Hon. the Colonial Treasurer, Wellington. F. D. Bell.

Enclosure in No. 47. The Chief Cashiee, Bank of England, to the Agent-Geneeal. Sic,— Bank of England, 11th October, 1884. I beg to forward herewith the usual half-yearly statement of the charge for the management of New Zealand consolidated stock and of the stamped warrants used, amounting to £3,804 2s. 10d., for which sum I shall be obliged by your forwarding me a cheque. I have, &c, The Agent-General for New Zealand, F. May, 7, Westminster Chambers. Chief Cashier.

Sub-Enclosure in No. 47. New Zealand Consolidated Stock £4-pee-cent. Charge for management of £10,000,000 from the Ist May to the £ s. d. 31st October, 1884, at £600 per million per annum ... 3,000 0 0 Charge for management of £1,870,771 from the Ist May to the 31st October, 1884, at £550 per million per annum ... 514 9 2 Charge for management of £1,000,000 from the 6th May to the 31st October, 1884, being 179 days at £550 per million per annum ... ... ... ... ... 269 14 6 Stamped Warrants used. May, 1884 ... ... ... ... £4,770 Postal New Claims, from Ist April to 30th September, 1884 ' ... ... ... 20 £4,790 19 19 2 £3,804 2 10 S. O. Geay^ Bank of England, 10th October, 1884. —A. G. Snellgrove. Chief Accountant.

No. 48. The Agent-Geneeae to the Colonial Teeasueee. Sic, — 7, Westminster Chambers, London, S.W., 6th November, 1884. I duly received your telegram desiring me to place certain questions before Sir Penrose Julyan, in reference to his proposal for future remuneration. I forwarded your message at once to Sir Penrose, and have, this morning, received his reply, which I have sent to you through the cable. Copies of the telegrams are annexed. As your message does not invite any opinion of mine, I do not feel called upon to offer any observation on the subject. I have, &c, The Hon. the Colonial Treasurer, Wellington. F. D. Bell.