8.—15

6

Sub-enclosure to Enclosure in No. 4. New Zealand 4-per-cent. Loan of 1888 for £2,000,000. —Statement of Amounts Subscribed at the Various Accepted Prices.

No. 5. The Loan and Stock Agents to the Colonial Treasurer. Sir, — 7, Westminster Chambers, London, S.W., 14th June, 1888. We transmit to you herewith six copies of the deed-poll by which we have created the new stock of £2,000,000, together with the declaration we have enrolled at the Inland Revenue. A copy of a letter addressed by us to the Bank of England is also enclosed. We have,.&c, (For the Stock Agents), The Hon. the Colonial Treasurer, Wellington. F. D. Bell.

Enclosure 1 in No. 5. Gentlemen, — 7, Westminster Chambers, S.W., 13th June, 1888: We have now to acquaint you that by a deed-poll dated the 30th May, 1888, under our hands and seals, a printed copy of which we send herewith, and which has been duly enrolled, we have set forth the terms and conditions which were arranged with you, and described in the prospectus of the loan for two millions sterling just issued by you on behalf of the Now Zealand Government. We have made the declaration required under " The Colonial Stock Act, 1877," under the authority of the seal of the colony, and have lodged the same with the Commissioners of Inland Revenue so as to bring the stock under the provisions of that Act; a printed copy of which declaration we also send herewith. You are therefore duly enabled to carry out the arrangements made with you by us on behalf of our Government for the inscription of the stock. We have accordingly to request you to pay to the Commissioners of Inland Revenue the composition for stamp duty, so as to enable the stock after inscription to be be transferred free of duty, as in the previous issues of the same stock by our Government. We also authorise you to issue to the holders of this stock who may desire the same from time to time, stock-certificates to bearer, in pusuance of the provisions of "The Colonial Stock Act, 1877." We also authorise and request that the same fees sha,ll be charged for the issue of stock-certificates to bearer as are charged in like cases for the issue of certificates for Metropolitan Board of Works Stock. And we also authorise you to transmit dividend-warrants by post, in the same manner and on the same conditions as the warrants for dividends on the Government stocks are sent out. We have further to request that you will be good enough to pay to the credit of the New Zealand Public Account, at the Bank of New Zealand, such amounts as are from time to time received on account of the subscriptions, retaining in your hands, until the accounts are closed, a sufficient amount to meet the charges which have been usually paid by you out of the proceeds of previous loans. We have, &c, P. G. Julyan, The Governor and Company of the F. D. Bell, Bank of England. Stock Agents of the New Zealand Government.

Enclosure 2 in No 5. It is hereby declared that, by " The New Zealand Consolidated Stock Act, 1877," being Act 41 Viet., No. 33, of the Legislature of the Colony of New Zealand, provision is made in the terms following, that is to say,— Section 2. Whenever in any Act heretofore passed by the General Assembly, or that may be passed in the present or any future session of the General Assembly, authority is given to the Governor, or to the Governor in Council, to raise by way of any sum of money for the public service of the colony, then, unless there be some provision to the contrary in the Act by which such authority is given, such sum may be raised in the manner hereinafter provided. Section 3. For the purpose of raising such sum or sums of money under the authority of any such Act as aforesaid, it shall be lawful for the Governor in Council to create capital stock, to be called " The New Zealand Consolidated Stock " (hereinafter referred to as " stock "), subject to the provisions of this Act, to be issued in such amounts and manner, at such price and times, on such terms, and subject to such conditions, with such dividends, and redeemable at par at such times and on such conditions as the Governor in Council may before the creation thereof from time to time determine. Section 4. The Governor in Council shall have and may exercise the following powers and authorities, or any of them : (1) He may from time to time declare all or any of the New Zealand loans, whether existing in the form of stock or not, to be convertible into stock, of such denominations, with such conditions and with such dividends and redeemable at par at such times and on such conditions, as he may before the creation thereof from time to time determine : (2) He may authorise the creation and issue of such an amount of such stock in exchange for the securities held for such loans as may be necessary : (3) He may authorise the creation and sale of any such stock for the purpose of raising money for redeeming'Wy outstanding stock or securities and of paying any expenses in the creation of stock and otherwise carrying out the provisions of this Act on such conditions as he may determine: (4) Any conversion so authorised may be effected either by arrangement with the holders of existing securities or by purchase thereof out of moneys raised by a sale of new stock, or partly in one way and partly in the other.

Subscription. Price. Amount payable. £ 300 .. 700 .. 3,900 .. 500,100 .. 8,000 .. 10,000 .. 900,000 .. 167,200 .. 15,000 .. 223,000 .. 171,800 .. £ s. a. 98 10 0 98 2 0 98 0 0 97 17 6 97 16 6 97 10 0 97 15 6 97 15 0 97 14 6 97 14 0 97 13 0 £ s. a. 295 10 0 686 17 6 3,822 0 0 489,472 17 6 7,826 0 0 9,780 0 0 879,975 0 0 163,438 0 0 14,658 15 0 217,871 0 0 167,762 14 0 * £2,000,000 £1,955,588 14 0 Average price, £97 15s. 7d. Bank of En; rland, 8th June 18S8. E. E. Balt,