5

8.—15

Street; and at the Office of the Agent-General of New Zealand, 7, Westminster Chambers, S.W., where also copies of the Acts authorising the loan may be seen. Bank of England, 31st May, 1888.

Enclosure 3 in No 2. No. New Zealand Govebnment £4-per-cent. Consolidated Stock.—lssue of £2,000,000 Stock—Minimum Price, £96J per cent. To the Governor and Company of the Bank of England, London. Having paid to you the sum of £ , being a deposit of £5* per cent, on this application, hereby tender for £f , say pounds of the above stock, for every hundred pounds of which willing to give, the sum of pounds shillings and pence (£ ); and hereby engage to pay the several instalments, as they shall become due, on any allotment that may be made in respect of this tender, in accordance with the terms of the prospectus dated the 31st May, 1888. Name in full: Address: * Date: N.B.— Tenders will not be received after 2 o'clock on Thursday, the 7th June, 1888.

No. 3. The Loan and Stock Agents to the Colonial Teeasueek. Sib, — 7, Westminster Chambers, London, S.W., Bth June, 1888. The issue of your Two-million Loan was successfully made yesterday, in spite of a series of violent attacks by financial papers. There were about six hundred tenders, and the total sum offered amounted to £8,024,400. Tenders at £97 13s. receive 76 per cent., and those above that price will be allotted, in full. The average price is £97 15s. 7d. We sent you a telegram yesterday—copy of which is annexed —to acquaint you with this result, upon which we now beg to congratulate the Government. The new stock was immediately quoted 2 premium, and the oldjand new stocks are to-day respectively 98J and 2J @ f premium. We have, &c, P. G. Julyan,) -,- A The Hon. the Colonial Treasurer, Wellington. P. D. Bell, J ljOan ABeuts-

No. 4. The Agent-General to the Colonial Teeasubeb. Sic, — 7, Westminister Chambers, London, S.W., Bth June, 1888. The result of yesterday's tenders for the Two-million Loan will, I trust, have been learnt with satisfaction by the Government. So many furious attacks had been made upon it in several quarters—though chiefly in a second-class portion of the financial press —and such persistent efforts had been made within the market itself to keep the price down, that the large subscription of £8,024,400, as well as the average price of £97 15s. 7d. realised, made the issue an unexpected success. I beg to enclose copy of a letter from the Bank of England to the Loan Agents, notifying the allotments made at various prices. The public subscribed largely, but, as usual, got very little. The " bears " had tried very hard to get up syndicates to work in concert for securing the stock at the lowest possible price ; but at the last moment there was a split between them, with the result that one of the syndicates determined to secure the control of the market, and thereupon bid a sufficient price to effect its object. Immediately the opening of the tenders showed that the loan had been subscribed four times over the price of both the new and old stock went up 2 per cent., and it is said to-day in the market that the price will be put up to par in a few days. It will go higher than that, indeed, if the Bill (referred to in another letter) for investing trust moneys in colonial inscribed stocks should pass, for the difference now existing between the prices of New Zealand and other stocks is sure to diminish very rapidly then. I take the opportunity of enclosing some extracts which will show you the kind of opposition we had to encounter in bringing out the loan. I have, &c, The Hon. the Colonial Treasurer, "Wellington. R D. Bell.

Enclosure in No. 4. Gentlemen, — Bank of England, E.C., Bth June, 1888. I am directed to inform you that in accordance with the terms of the advertisement dated the 31st May, 1888, tenders were received yesterday at the Bank of England for the further issue of £2,000,000 New Zealand Government Consolidated Stock. The applications amounted to £8,024,400, at prices varying from £98 10s. to £96 10s., the minimum. Tenders at £97 13s. receive about 76 per cent, of the amount applied for, those above that price being allotted in full. I forward herewith a statement of the amounts allotted at the various prices. The deposit of 5 per cent.—viz., £100,000 —shall be paid to-day to the Bank of New Zealand for the credit of the Public Account of the Government of New Zealand. I am, &c, Sir P. G. Julyan, K.G.M.G., C.8., and E. E. Balt, Deputy Chief Cashier. Sir P. D. Bell, K.C.M.G., C.8.,, Agents under the New "Zealand Loan Acts 1882 and 1888.

* The deposit must not be enclosed. t Tenders to be for even hundreds of Btock, and at prices that do not include fractions oi a shilling other than sixpence.