B.—lB.

Enclosure 10 in No. 18. Sib,— Bank of England, London, E.C.. 11th April, 1895. In reply to your letter of the Bth instant, relating to the bank's charge for management of New South Wales Government inscribed stocks, I am directed to inform you that the Bank of England are prepared to manage in future the inscribed stocks of the New South Wales, Queensland, and New Zealand Governments for an annual payment in each case, viz. : £500 per million of stock per annum up to a total of ten millions of stock, £450 per million per annum on the next five millions of stock, and at the rate of £400 per million per annum on any amount of stock in excess of fifteen millions, it being understood that the dividends will in each case continue to be paid half-yearly. The reduced charges will date from the Ist proximo. I have forwarded a copy of this letter to the Agents-General of the Queensland and New Zealand Governments. I am, &c, The Agent-General for the New South Wales Government, H. G. Bowen, 9, Victoria Street, Westminster. Chief Cashier.

No. 19. The Premier to the Agent-General. (No. 14.) Sir,— The Treasury, Wellington, 10th June, 1895. I have the honour to acknowledge the receipt of your letter of the 17th April last (No. 409), containing the gratifying intelligence that the Bank of England had consented to reduce its charges for the management and inscription of our stocks by £100 per million per annum. I have read the correspondence on the subject (copies of which accompanied your letter) with much interest, and heartily congratulate you that, in conjunction with my honourable colleague Mr. Ward, you succeeded in overcoming the natural opposition of the Governors of the Bank to any reduction of the very high charges originally imposed upon the colony ; but I quite agree with the opinion you express that the charges are still excessive. The relief to the colony by the present reduction of £3,600 per annum in its permanent charges is of sufficient importance to warrant me in thanking the Hon. Mr. Ward and yourself, on behalf of the Government and the colony, for your services in the negotiations you so ably and successfully conducted. I must also specially thank you for your successful resistance of the demand of the bank for payment of its claim for services in managing conversion operations, which services, as you pointed out to the bank, are clearly included in those for which the per-millionage is paid for management of our stocks. It is to be regretted that similar claims were paid without question by your predecessors. I have, &c, Sir Westby B. Perceval, K.C.M.G., E. J. Seddon. Agent-General for New Zealand, London. Approximate Cost of Paper.— Preparation, not given; printing (1,385 copies), £9 Is. 6d.

By Authority : Samuel Costall, Government Printer, Wellington.—lB9s. Price 6d.}

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