8.—14 a

15

Enclosure 1 in No. 14. Conversion op 1891. —Statement showing what the Ultimate Result of the Conversion would be in the Issue of 3J-per-cent. Stock if all the Debentures were converted. 1. Loan of 1863 ;— £ £ £ March series .. .. .. ..' .. .. 154,800 June series .. .. .. .. .. .. 188,400 December series .. .. .. .. .. 73,800 417,000 Add 4 per cent, for conversion .. .. .. .. .. 16,680 Total for loan of 1863 .. .. .. .. .. 433,680 2. Loan of 1860 :— July series .. .. .. .. .. .. .. 74,100 Add 4 per cent, for conversion .. .. .. .. .. 2,964 Total for loan of 1860 .. .. .. .. .. 77,064 3. Loan of 1867 :— Amount to be converted .. .. .. .. .. 64,000 Add 6 per cent, for conversion .. .. .. .. .. 3,840 Total for loan of 1867 .. .. .. .. .. 67,840 4. Provincial loans :— (a.) Lyttelton and Christchurch, £77,700,— £ Series 1893 .. .. .. ..28,700 Add 9 per cent, for conversion .. .. 2,583 31,283 Series 1894 .. .. .. .. 21,300 Add 11 per cent, for conversion .. .. 2,343 23,643 Series 1896 .. .. .. .. 18,500 Add 13J per cent, for conversion .. .. 2,497 20,997 Series 1897 .. .. .. .. 9,200 Add 15 per cent, for conversion .. .. 1,380 10,580 Total Lyttelton and Christchurch .. .. 86,503 (b.) Westland, £50,000 — To be converted .. .. .. .. .. 50,000 Add 7J per cent, for conversion .. .. .. 3,750 Total Westland .. .. .. .. 53,750 (c.) Auckland, £31,600 — To be converted .. .. .. .. .. 31,600 Add 14 per cent, for conversion .. .. .. 4,424 Total Auckland .. .. .. .. 36,024 (d.) Nelson, £15,000,— To be converted .. .. .. .. .. 15,000 Add 19tV per cent, for conversion .. .. .. 2,925 Total Nelson .. .. .. .. 17,925 (c.) Otago, £116,700 — To be converted.. .. .. .. .. 116,700 Add 17J per cent, for conversion ... .. .. 20,422 Total Otago .. ... .. .. ■ 137,122 (/.) Canterbury, £22,800 — To be converted .. .. .. .. .. 22,800 Add 86 per cent, for conversion .. .. .. 8,208 Total Canterbury .. .. .. .. — 31,008 Total for provincial loans .. .. .. .. 362,332 Total stock issuable in converting all the debentures .. .. 940,916 5. Expenses of conversion : — Estimate on the assumption of the whole amount being ultimately issued, — Stamp duty, after deducting allowance for cancelled debenture stamps, say .. .. .. .. .. 5,000 Bank of England initial charge, Crown Agents' commission on paying off unconverted debentures, commissions to bankers and brokers, say .. .. .. .. .. 3,000 Contingencies, say .. .. .. .. .. 2,000 10,000 Say 10,084 Estimated total amount of stock to be issued .. .. £951,000 Westminster Chambers, 30th June, 1891. F. D. Bell.