3

8.^14a

It was necessary to provide with care for the various issues contemplated by the conversion— namely, (1) Stock for holders converting before the 15th of June; (2) stock for holders converting later on; (3) stock to be sold for paying off unconverted debentures; (4) stock to be sold for expenses of the conversion; (5) stock to be issued for awards under the Lost Debentures Act. For each of these points special provision has accordingly been made. I have, &c., The Hon. the Premier, Wellington. P. D. Bet.l.

Enclosure in No. 9. Deed Poll. To all to whom these presents shall come, we, Sir Francis Dillon Bell, a Knight Commander of the Most Distinguished Order of Saint Michael and Saint George, and a Companion of the Most Honourable Order of the Bath, the Agent-General for the Colony of New Zealand, and Sir Penrose Goodchild Julyan, a Knight Commander of the said Most Distinguished Order of Saint Michael and Saint George, and a Companion of the Most Honourable Order of the Bath, send greeting : Whebeas by an Act of the Legislature of New Zealand intituled " The New Zealand Consolidated Stock Act, 1877," it was, among other things, enacted that, for the purpose of raising any sum or sums of money under the authority of any Act that might be passed by the said General Assembly in any future session of the General Assembly authorising the Governor in Council to raise by way of loan any sum of money for the public service of the colony, it should be lawful for the Governor in Council to create capital stock, to be called " New Zealand Consolidated Stock," such stock to be issued in such amounts and manner, at such prices 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 might before the creation thereof from time to time determine: And by the said Act it was further enacted that the Governor in Council might 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 might before the creation thereof from time to time determine, and might authorise the creation and issue of such an amount of such stock in exchange for the securities held for such loans as might be necessary, and might authorise the creation and sale of any of such stock for the purpose of raising money for redeeming any outstanding stock or securities and of paying any expenses in the creation of stock, and otherwise carrying out the provisions of the said Act on such conditions as he might determine, and any conversion so authorised might be effected either by arrangement with the holders of the existing securities, or by purchase thereof out of moneys raised by a sale of the new stock, or partly in one way and partly in the other : And by the said Act it was further enacted that all stock and the dividends thereon, and all charges and expenses incurred in carrying out the provisions of the said Act, should be a charge on and be paid out of the Consolidated Fund : And by the said Act it was further enacted that the Governor in Council might from time to time appoint three or more persons in England to be Agents for the purposes of the said Act, and might empower such Agents or any three or more of them to exercise all or any of the powers by the said Act exercisable by the Governor in Council: And further, that the said Act should not come into operation nor be of any force and effect whatever until it should be declared to be so in operation by a Proclamation issued by the Governor in Council, and published in the New Zealand Gazette: And whereas by a Proclamation made and issued by the Governor in Council on the 9th day of February, 1878, and published in a supplement to the New Zealand Gazette of the same date, the Governor, with the advice and consent of the Executive Council of the said colony, did proclaim and declare that " The New 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 the 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 Vogel, a Knight Commander of the said Most Distinguished Order of Saint Michael and Saint George, and of Montagu Frederic Ommanney, 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 the said Act exercisablo 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 each year 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 Stock 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 to 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 the said Acts (all 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 the powers by such Acts exeroisable 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 in 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 da)' of January, 1884, the 30th day of December, 1884, the Ist day of January, 1885, the Ist day of June, 1885, the 20th day of May, 1886, the 6th day of October, 1886, and the 30th day of May, 1888, such amounts of stock being in addition to and" ranking pari passtt with the said amount of £5,371,200 of New Zealand Consolidated Stock so created and issued as aforesaid (and which, together with such last-mentioned amount, is hereinafter referred to as the 4-per-cent. New Zealand Consolidated Stock), and bearing interest at the rate of £4 per cent, per annum, payable halfyearly at the Bank of England as aforesaid until the Ist day of November, 1929, on which day the capital is to be repaid at par at the same place ; but of the whole amount of New Zealand Consolidated Stock thus created by us there has been issued the total amount of £24,564,255 and no more : And whereas a further amount of £3,000,000 New Zealand Consolidated Stock has 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 mentioned in a certain deed-poll under our hands and seals, and bearing date the 30th day of October, 1889, such amount of stock being in addition to and ranking part passii with the 4-per-cent. New Zealand Consolidated Stock during the existence thereof, and bearing interest at the rate of £3 lOs. per cent, per annum, payable half-yearly at the Bank of England on the Ist day of January and the Ist day of July in each year until the Ist day of January, 1940, on which day the capital is to be repaid at par at the same place ; but of the amount of such New Zealand Consolidated Stock so created by us there has been issued the total amount of £2,768,000 and no more: And whereas by another Act of the said Legislature the short title of which is " The Consolidated Stock Act, 1884 " (hereinafter called " the Act of 1884 "), it is enacted that the now reciting Act should be incorporated with and