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No. 48. The Agent-Geneeal to the Colonial Tkeasukeb. (No. 561.) Westminster Chambers, 13, Victoria Street, London, S.W., Sib,— 4th May, 1894. Eeferring to my letter (No. 489) of the 21st April last, I beg to transmit herewith copies of -contract notes for the sale of £103,000 stock. The proceeds of the sale of the £3,000 went into the Public Account on the 26th April, and those of the £100,000 will be paid in on the 11th instant. Of the £350,000 stock inscribed in the names of the Audit Officer and myself under the deedpoll of the 20th February last, £263,000 has now been sold, and the net proceeds of the sales will lie sufficient to meet the £175,000 Cheviot Estate bonds, the £33,300 drawn unconverted consol bonds, and the £50,000 guaranteed debentures of 1856, and leave a balance to meet the payment of stamp duty and other expenses connected with the conversion. Having regard to the fact that the market is at present favourable for the sale of stock, I deemed it right to advise you by cablegram that I had sold all the stock that was required to provide for the conversions at present authorised, and to ask whether you wished me to continue selling for the purpose of redeeming the remaining £50,000 Cheviot Estate bonds referred to in your telegram of the 17th April last, or any other of the debentures for which provision has been made in the deedpoll of the 20th February last. In case it is decided to proceed with further conversions by means of sale of stock, it will be desirable that I should receive the formal authority of the holders. I have, -fee, The Hon. the Colonial Treasurer, Wellington. W. B. Perceval.

No. 49. The Agent-Geneeal to the Colonial Teeasueee. (No. 580,) Westminster Chambers, 13, Victoria Street, London, S.W., Sib,— 17th May, 1894. Beferring to my letter (No. 487) of the 21st April last, I beg to state that, in addition to the £259,200 5-per-cent. consol debentures, the following have since been converted into 31-per-cent, stock—namely, £11,800 at £108 10s. stock for every £100 in debentures, and £6,400 at £107 10s. The market value of the stock having risen, I have deemed it right to offer a less amount of stock for these debentures, and I accordingly reduced the amount first to £107 10s., and am now offering £107. I duly received your cablegram of the 11th instant, and, in reply, I informed you that up to that date there were £738,000 consol bonds still in the hands of the public. I attach a statement showing how this amount is arrived at. I am continuing the conversion of these debentures with all undue coupons attached, so that the amount on which interest will be payable on the 15ch July next will probably be less than £738,000. I have, &c, The Hon. the Colonial Treasurer, Wellington. W. B. Peeceval. Enclosure in No. 49. Statement showing the Amount op 5-peb-Cent. Consol Debentures Outstanding in the Hands of the Public. £ Amount outstanding after the drawing of March, 1893 .. .. .. .. 1,050,200 Less amount converted into stock up to 22ud March, 1804 .. .. .. .. 259,200 797,000 Amount drawn 22nd March, 1894 .. .. .. .. .. .. £58,100 Less amount converted included in the above £259,200 .. .. .. 17,300 40,800 756,200 Amount converted since 21st March, 1894, — At £108 10s. .. .. .. .. .. .. .. .. 11,800 At £107 10s. .. .. .. .. .. .. .. .. 6,400 18,200 Amount outstanding at present date .. .. .. .. .. £738,000 12th May, 1894.

No. 50. The Agent-Geneeal to the Colonial Teeasueee. (No. 581.) Westminster Chambers, 13, Victoria Street, London, S.W., Sib,— 17th May, 1894. I beg to transmit for your information copy of letter which I have addressed to the Crown Agents for the Colonies, intimating that the £50,000 debentures outstanding of the New Zealand Guaranteed Loan of 1856 will be paid off by means of funds other than those belonging to the sinking fund which will thereby be released, and requesting them to move the Trustees to realise the £55,000 New Zealand 4-per-cent. Stock belonging to the sinking fund, so that the proceeds may be available for payment to the Government as soon as the debentures are redeemed. The New Zealand 4-per-cent. Stock is now quoted at 108f to 109-|-. I have, &c, The Hon. the Colonial Treasurer, Wellington. W. B. Peeceval. 4—B. 25.