8.—14 a

5

FIRST SCHEDULE. List of Outstanding Debentures.

SECOND SCHEDULE. Terms of Conversion.

No. 10. The Agent-General to the Premier. Westminster Chambers, 13, Victoria Street, London, S.W., Bib,— 16th April, 1891. The failure of the Victorian Loan, coming so soon after the failure of the South Australian Loan, is a serious misfortune to all the colonies, and it is fortunate that our conversion was arranged before the Victorian Loan came upon the market. In addition to the Victorian £2,000,000, the New South Wales conversion requires nearly £2,000,000, and Queensland must have another large amount. There will thus be between five and six millions of 3-J-per-cent. Australian stock to be absorbed in some way by investors, and it is certain that the droop which has already taken place in the stocks of all the colonies will be accentuated during the rest of the year. Under these circumstances, I wish to prepare you for the necessity of not pressing sales of our 3|-per-cent. stock, or of the 4-per-cent. stock in the sinking fund of 1863, as it would be impossible to make any large sales without a great depreciation in price. Immediately on the failure of the Victorian Loan I suspended any further sales of the stock in the sinking fund of 1863, and this must last for some time to come. I have, &c, The Hon. the Premier, Wellington. F. D. Bell.

Act under the Authority of which the Debentures were issued. Amount of Debentures Outstanding. Rates of Interest. New Zealand Loan Act, 18C0 New Zealand Loan Act, 1863 .. New Zealand Consolidated Loan Act, 1867 Westland Loan Act, 1873 Auckland Loan Act, 1803 Nelson Loan Act, 1874 Lyttelton and Christchurch Railway Loan Ordinance, 1860 Canterbury Loan Ordinance, 18C2 Otago Loan Ordinance, 1862 "j £ 74,100 154,800 188,400 73,800 64,000 50,000 31,000 15,000 77,700 22,800 110,700 6 per cent. 6 6 6 6 6 6 7 „ 6 6 6

Names of the Acts under which the Outstanding Debentures have been issued. \ Amount of New t. + , m t • 1 Total Amount Zealand Consolito be of Debentures dated Stock to be deposited for a S reed to be I issued in Exchange converted or \ for every £100 conversion. redeemed. represented by a Debenture. New Zealand Loan Act, 1860 .. New Zealand Loan Act, 1863— Redeemable March 15, 1891.. Redeemable June 15, 1891 .. Redeemable Dec. 15, 1891 .. New Zealand Consolidated Loan Act, 1807 Westland Loan Act, 1873 Auckland Loan Act, 1863 Nelson Loan Act, 1874 Lyttelton and Christchurch Railway Loan Ordinance, 1860, viz.: — Redeemable 1893 1894 1896 1897 Canterbury Loan Ordinance, 1862 Otago Loan Ordinance, 1802 .. June 15,1891 Mar. 14, „ June 15, „ » 15, . 74,100 154,800 188,400 73,800 £ S. d. 104 0 0 104 0 0 104 0 0 104 0 0 June 2,1891 . 2, . » 2, , , 2, „ July 1,1891 „ 1, . „ 1, „ . 1, „ , 15, , „ 15, . . 15, „ , 15, „ 04,000 50,000 31,600 15,000 106 0 0 107 10 0 114 0 0 119 10 0 . 2, , 2 ■ I 2! • . 2, ,' „ 1, „ . 1, . , 1, . . 1, . 15 "„ IS, „ , 15, . . 15, „ . 15, , „ 15, „ 28,700 21,300 18,500 9,200 22,800 110,700 109 0 0 111 0 0 113 10 0 115 0 0 2, I 2, . 2! . „ 2, „ l> „ l! "„ . 1, . „ 1, „ 136 0 0 117 10 0 2, o . 1, „ l> '. D. Bell. '. G. JurA'AN.