8.—15

10

And whereas we, the said Sir Penrosc Goodehild Julyan and Sir Francis Dillon Bell, intend and are about, under and in pursuance of the powers and authorities in that behalf conferred on us by the hereinbefore-recited Orders in Council of the 24th day of February, 1886, and the 19th day of May, 1888, respectively, to borrow and raise in Great Britain a sum not exceeding £1,000,000 for the purposes of the Act of 1882, and a further sum not exceeding £1,000,000 for the purposes expressed in the schedule to the Loan Act, by the creation and issue of a further amount of not exceefftng £2,000,000 sterling of New Zealand Consolidated Stock, to be in addition to and to rank pari passu with the New Zealand Consolidated Stock which has been already issued and which may be issued as hereinbefore mentioned:_ And wlfereas we have further determined that such further amounts of £1,000,000 and £1,000,000 of stock as aforesaid, making together £2,000,000 of stock, shall be created, issued, and inscribed under the said " New Zealand Consolidated Stock Act, 1877;" and we have also determined the amount, manner, price, time, terms, and conditions on, at, and subject to which such stock shall be issued and inscribed, and the dividends thereon be payable, and the principal thereof be redeemable, such amount, manner, price, time, terms, dividends, and conditions being those hereinafter mentioned: And whereas wo deem it expedient that our determination to create such additional amount of £2,000,000 of New Zealand Consolidated Stock, to bo so issued and so redeemable, shall be declared and manifested under our hands and seals: Now therefore these presents witness, and we, the said Sir Francis Dillon Bell and Sir Pcnrose Goodchild Julyaa, in exercise and in pursuance of the powers by the said Orders in Council or cither of them vested in us, do by these presents declare that we have created a further amount of £2,000,000 sterling of capital stock, to bo called " New Zealand Consolidated Stock," in addition to and to rank pari passu with the said New Zealand Consolidated Stock heretofore issued as aforesaid, as also to and with such further amount of New Zealand Consolidated Stock as may be issued in pursuance of or as mentioned in the said deeds-poll or any or cither of them, and also with any further amount of the like New Zealand Consolidated Stock which shall be hereafter created and issued and be inscribed in the books of the Governor and Company of the Bank of England : And we have determined that so much of the same capital stock as it shall bo necessary to issue to subscribers for any part of the said sum or sums intended to be and about to be borrowed and raised by us the said Sir Penroso Goodehild Julyan and Sir Francis Dillon Bell as aforesaid, shall be issued to such subscribers at the rate of £100 of stock for every nominal amount of £100 which shall be represented by the scrip-certificates or letters of allotment respectively to be issued to them when the instalments payable thereon shall have been fully paid : And that the interest or dividend to be paid on the said further amount of £2,000,000 sterling of stock so created by us as last aforesaid shall be at the rate of £4 per centum per annum, and shall be payable half-yearly at the Bank of England on the Ist day of May and the Ist day of November in each year until the Ist day of November, 1929, and that the first half of a year's interest or dividend shall be payable on the Ist day of November, 1888 : And, further, that on the said Ist day of November, 1929, the capital shall be repaid at par at the same place : And, lastly, we do further declare that the revenues of the Colony of New Zealand alone are liable in respect of the stock hereinbefore described and the dividends thereon, and that the Consolidated Fund of the United Kingdom, and the Commissioners of Her Majesty's Treasury, are not directly or indirectly liable or responsible for the payment of the stock or of the dividends thereon, or for any matter relating thereto. In witness whereof we have hereunto set our hands and seals this 30th day of May, 1888. Signed, sealed, and delivered by the aboved-named Sir Francis Dillon Bell (1.5.) F. D. Bell. and Sir Penrose Goodchild Julyan in the presence of Leonard J. Maton, Solicitor, 21, Cannon Street, London. (L.s.) P. G. Julyan.

No. 6. The Colonial Teeasueee to the Loan and Stock Agents. Gentlemen, — The Treasury, Wellington, New Zealand, 10th August, 1888. I have the honour to acknowledge the receipt of your letters No. 816, of the Ist June, stating that you had made final arrangements for floating the loans for two millions; No. 858, of the Bth idem, reporting the successful negotiations of the loans ; and No. 887, of the 14th idem, enclosing copies of the deed-poll and declaration and of your letter to the Governors of the Bank of England enclosing the same. I have much pleasure in thanking you, on behalf of the Government, for your zealous exertions in launching the loan, and beg to congratulate you on the success which attended your efforts. I have, &c, The New Zealand Loan and Stock Agents, London. H. A. Atkinson.

No. 7. The Loan and Stock Agents to the Colonial Teeasueeb. Sic, — 7, Westminster Chambers, London, S.W., 9th October, 1888. We beg leave to enclose copy of a letter from the Bank of England, containing a statement of the receipts and payments by the bank on account of the Two-million Loan. The following is a summary : — & s. a. Total amount received ... ... ... ... 1,955,610 19 3 Payments:— To credit of Public Account ... ... ... 1,922,861 1 1 Discount on instalments ... ... ... ... 4,675 16 9 Allowances of £ per cent, to bankers and brokers ... 4,988 5 0 Inland Eevenue^ —Stamp duty ... ... ... 12,500 0 0 Advertisements ... ... ... ... ... 563 7 6 Petty expenses ... ... ... ... ... 22 8 11 Bank of England, -J per cent, on issue ... ... 10,000 0 0 1,955,610 19 3 We have, &c, P. G. Julyan, 1 T . The Colonial Treasurer, Wellington. P. D. Bell, } ijOail Agents-