9

B.—IS

consent of the Executive Council of tho said colony, did proclaim and doelaro that " The Now Zealand Consolidated Stock Act, 1877," should be and come into operation on and after the 9th day of February, 1878: And whereas under and by virtue of the said Act, New Zealand Consolidated Stock was created and issued to the amount of £5,371,200, which was duly inscribed in tho books of the Governor and Company of the Bank of England in the names of the several persons respectively entitled thereto, on the terms and conditions mentioned in a certain deed-poll bearing date the Ist day of December, 1879, under the hands and seals of me the said Sir Penrose Goodchild Julyan, and of Sir Julius Vogol, a Knight Commander of the said Most Distinguished Order of St. Michael and St. George, and of Montagu Frederic Ommarmey, Esquire, who had been duly appointed Agents in England for the purposes of the said Act, and had been duly empowered to exercise all the powers by tho said Act exercisable by the Governor in Council, such stock bearing interest at the rate of 4 per cent, per annum, payable half-yearly at the Bank of England on the Ist day of May and the Ist day of November in oachyear, until the Ist day of November, 1929, on which day the capital is to be repaid at par at the same place : And whereas by another Act of the said Legislature, intituled " The New Zealand Consolidated Stock Act 1877 Amendment Act, 1881," it was enacted that, notwithstanding anything in " The New Zealand Consolidated Sfcotfß Act, 1877," contained, the Governor in Council might appoint only two persons to be the Agents for the purposes of such Act, who should have, exercise, and perform all the powers, authorities, or duties by such Act given to, vested in, or imposed upon the Agents appointed under such Act, and that throughout such Act the words " the Agents " should be deemed to refer to and include the two persons by the now reciting Act authorised to be appointed J;o be the Agents for the purposes of " The New Zealand Consolidated Stock Act, 1877 : " And whereas in pursuance of the power and authority vested in him by tho said Acts (rill previous appointments of Agents having been revoked), the Governor of New Zealand did, by an Order in Council bearing date the sth day of November, 1881, appoint us, the said Sir Francis Dillon Bell and Sir Penrose Goodchild Julyan, to be Agents in England for the purposes of the said Acts of 1877 and 1881, with full power and authority to us as such Agents to exercise all tho powers by such Acts exercisable by the Governor in Council: And whereas various further amounts of New Zealand Consolidated Stock have from time to time been duly created by us the said Sir Francis Dillon Bell and Sir Penrose Goodchild Julyan, acting as such Agents, and duly empowered as aforesaid, upon the terms and conditions respectively mentioned m certain deeds-poll under our bands and seals, and bearing date respectively the Ist day of January, 1883, the 30th day of October, 1883, the Ist day of January, 1884, tho 30th day of December, 1884, the Ist day of January, 1885, the Ist day of June, 1885, the 20th day of May, 1886, and the 6th day of October, 1886, such amounts of stock being in addition to and ranking pari passu with the said amount of £5,371,200 of New Zealand Consolidated Stock so created and issued as aforesaid, and bearing interest at the rate and payable half-yearly at the Bank of England as aforesaid until the Ist day of November, 1929, on which day the capital is to bo repaid at par at the same place, but tho whole amount of New Zealand Consolidated Stock thus created by us has not been issued : And whereas of New Zealand Consolidated Stock so created as aforesaid there has been issued the total amount of £22,564,255 of such stock and no more : And whereas by another Act of the said Legislature, intituled " The North Island Main Trunk Railway Loan Act, 1882 " (hereinafter called " the Act of 1882 "), it is enacted that it should be lawful for the Governor in Council to appoint any two or more persons he might think fit to be Agents for the purpose of raising and managing the loan thereby authorised to be raised, with all such powers as might be necessary to carry into effect the purposes of such Act, and that such Agents should 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 £1,000,000 sterling in the whole, as the Governor in Council might from time to time or at any time direct and determine, for the purpose of constructing the Main Trunk Railway of the North Island or the payment or repurchase of short-dated debentures issued under the provisions of the now reciting Act, provided.that the said sum of £1,000,000 sterling or any part thereof should not bo raised until the line on which the same was to be expended had been surveyed and approved by Parliament: And it was further provided that such Agents should have full power and authority to prescribe the mode and conditions of repayment of such loan, and tho time of such repayment and tho rate of interest thereon, and the time and place or places when and where such, principal and interest should be made payable : And whereas by virtue of another Act of the said Legislature, intituled " The Railways Authorisation Act, 1884," tho line on which the said sum of £1,000,000, authorised by the said last-mentioned Act to be raised, was to be expended, and the construction of the said railway on such line, was duly approved by Parliament: And whereas Sir William Francis Drummond Jervois, a Knight Grand Cross of tho said Most Distinguished Order of St. Michael and St. George, and a Companion of the Most Honourable Order of the Bath, the Governor of the said oolony, by an Order in Council made and issued on the 24th day of February, 1886, did in exercise and in pursuance of the powers and authorities vested in him by the Act of 1882, and by and with the advice and consent of the Executive Council of the said colony, direct and determine that the sum of £1,000,000 sterling should be borrowed and raised under the provisions of that Act, and in further exercise and pursuance of the powers and authorities aforesaid, and with the like advice and consent as aforesaid, he did thereby appoint us, the said Sir Ponrose Goodchild Julyan and Sir Francis Dillon Bell, to be Agents for the purpose of raising and managing the said loan thereby ordered and determined to be raised, with full power and authority to us as such Agents to borrow and raise by bonds, debentures, scrip, or otherwise, the said sum of £1,000,000 sterling as aforesaid, and with full power and authority to us as 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 same Act, the rate of interest thereon, and the time and place or places when and where such principal and interest should be made payable, and generally to have, hold, and exercise all such powers and authorities as by tho same Act might be had, field, and exercised by the Agents appointed thereunder in respect of the moneys authorised by the Order in Council now in recital to be borrowed and raised : And whereas by another Act of tho said Legislature, intituled " The New Zealand Loan Act, 1888 " (hereinafter called "the Loan Act "), it was enacted that it should be lawful for the Governor in Council to appoint any two or more persons he might think fit to be Agents for the purpose of raising and managing the loan thereby authorised to be raised, with all such powers as might be necessary to carry into effect the purposes of such Act, and that such Agents should have full power and authority to borrow and raise, in Great Britain and elsewhere, by bonds, debentures, scrip, or by the issue of inscribed stock under " The New Zealand Consolidated Stock Act, 1877," or otherwise, such sum or sums, not exceeding £1,000,000 sterling in the whole, as tho Governor in Council might from time to time or at any time direct and determine, for all and any of the purposes expressed in the schedule to such Act, or the payment or repurchase of short-dated debentures issued under the now reciting Act, or any other purposes thereby authorised; and that such Agents should have full power and authority to prescribe the mode and conditions of repayment of such loan, and tho time of such repayment, and the rate of interest thereon, and the time and place or places when and where such principal and interest should be made payable : And whereas the said Sir William Francis Drummond Jervois, as such Governor of the said colony as aforesaid, by an Order in Council made and issued on the 19th day of May, 1888, did in exercise and pursuance of the powers and authorities vested in him by the said last-mentioned Act, and by and with the advice and consent of the Executive Council of the said colony, direct and determine that the sum of £1,000,000 sterling should bo borrowed and raised under tho provisions of that Act; and in further exercise and pursuance of the powers and authorities aforesaid, and with the like advice and consent as aforesaid, he did thereby appoint us, tho said Sir Penrose Goodchild Julyan and Sir Francis Dillon Bell, to bo Agents for tho purpose of raising and managing the said loan thereby ordered and determined to be raised, with full power and authority to us as such Agents to borrow and raise by bonds, debentures, scrip, or otherwise, the said sum of £1,000,000 sterling as aforesaid, and with full power and authority to us as such Agents to proscribe the mode and conditions of the repayment of such sum, and the time of such repayment, and, subject to the provisions of the same Act, tho rate of interest thereon, and the time and place or places when and where such principal and interest should be made payable, and generally to have, hold, and exercise all such powers and authorities as by the same Act might bo had, held, and exercised by the Agents appointed thereunder in respoot of the moneys authorised by the Order iri Council now in recital to ba borrowed and raised: 2—8.15.