19

B.—lB

And it is hereby further declared that by an Order in Council bearing date the 3rd day of December, 1895, after reciting that by section 35 of " The Bank of New Zealand and Banking Act, 1895," it was, among other things, enacted that with reference to debentures authorised to be issued by the Colonial Treasurer under the said Act, the Governor in Council might from time to time declare all or any of the debentures to be convertible into stock as therein mentioned; and reciting that debentures to the amount of £500,000 under and for the purposes of the said Act had been issued by the Colonial Treasurer, and that it was expedient that such debentures should be declared to be convertible into stock as thereinafter mentioned, His Excellency the Governor of the Colony of New Zealand, in pursuance and exercise of the power and authority vested in him by " The Bank of New Zealand and Banking Act, 1895," and acting by and with the advice and consent of the Executive Council of the said colony, did thereby declare all the debentures for £500,000 so issued as aforesaid to be convertible into stock created or issued under " The New Zealand Consolidated Stock Act, 1877," and " The Consolidated Stock Act, 1884 " : And it is hereby further declared that the said Sir Penrose Goodchild Julyan and Sir Westby Brook Perceval, in exercise and in pursuance of the powers and authorities in that behalf conferred upon them as aforesaid, had invited the holders of the debentures for the said sum of £500,000 so issued as aforesaid to convert their debentures into New Zealand Consolidated Stock, upon the terms of receiving £100 of New Zealand Consolidated 3J-per-cent. Stock for each £100 represented by the said debentures so agreed to be converted : And it is hereby further declared that for the purpose of providing New Zealand Consolidated Stock to be issued for the conversions agreed upon, and for the payment of the expenses of and attending such conversions, and the creation and issue of the said stock, the said Sir Penrose Goodchild Julyan and Sir Westby Brook Perceval, in exercise and in pursuance of the powers and authorities in that behalf conferred upon them as aforesaid, had determined to create a further amount of not exceeding £505,000 of New Zealand Consolidated Stock, to be issued as thereinafter mentioned, and to be in addition to and to rank part passu with the amount of New Zealand Consolidated Stock which had been and should thereafter be created and issued : And it is hereby further declared that by a deed-poll bearing date the 24th day of January, 1896, under their hands and seals, the said Sir Penrose Goodchild Julyan and Sir Westby Brook Perceval, acting as such agents, and so empowered as aforesaid, and in pursuance of all other powers and authorities in that behalf, did thereby declare the New Zealand loan of £500,000 debentures so issued as aforesaid to be convertible into stock: and they did thereby authorise the creation and issue of and did thereby create a further amount of five hundred and five thousand pounds sterling of capital stock, to be called '• New Zealand Consolidated Stock," in addition to and to rank pari passu with the said New Zealand Consolidated Stock theretofore created and issued under the provisions of the said deeds-poll mentioned in the schedule thereto (being identical in terms with the schedule hereto) or any or either of them during the existence thereof, and with such further amount of New Zealand Consolidated Stock as might be issued in pursuance of or as mentioned in the said deeds-poll or any or either of them, and also with any further amount of New Zealand Consolidated Stock which should be thereafter created and issued. And they determined that: — (1.) So much of the same capital stock as it should be necessary to issue to the holders of the debentures then outstanding as aforesaid, and which might be deposited for conversion on or before the Ist day of March, 1896, should forthwith after the date of such deposit be issued to such holders at the rate of £100 of stock for every nominal £100 represented by any of the said outstanding debentures agreed to be converted as aforesaid and upon the surrender of the same respectively. (2.) So much of the capital stock as it should be necessary to sell for the purpose of raising money for the payment of such expenses as aforesaid should from time to time be sold and issued to the purchasers thereof or their respective nominees at such price or prices as could be reasonably obtained for the same. (3.) The interest or dividend to be paid on the said further amount of five hundred and five thousand pounds sterling of stock so created by them as last aforesaid, or any lesser amount which should be from time to time issued, should be at the rate of three pounds ten shillings per centum per annum, and should be payable half-yearly at the Bank of England, on the first day of January and the first day of July in each year, calculated from the first day of January, 1890, and in cases of sales of stock for payment of expenses from the days or times to be agreed upon with the purchasers thereof, until in every case the first day of January, 1940. (4.) And that on the said first day of January, 1940, the capital should be repaid at par, at the same place. And it is hereby further declared that the revenues of the Colony of New Zealand alone are liable in resoect of the stock hereinbefore described and the dividends thereon, and that the Consolidated Fund of the United Kingdom and the Commissioners of Her Majesty's Treasury are not directly or indirectly liable or responsible for the payment of the stock or of the dividends thereon, or for any matter relating thereto. In witness whereof the said Sir Penrose Goodchild Julyan and Sir Westby Brook Perceval have hereunto set their hands this twenty-fifth day of January, 1896. The schedule above referred to: —

Signed by the above-named Sir Penrose Goodchild Julyan P. G. Julyan. in the presence of— John R. Currie, Colonel. Signed by the above-named Sir Westby Brook Perceval Westby B. Perceval. in the presence of— Leonard J. Maton, Solicitor, 21, Cannon Street, London.

Date of Deed-poll. Ry whom executed. Rate of Interest. Repayable. 1st Dec, 1879 Sir Penrose Goodchild Julyan, K.C.M.G., C.B., Sir Julius Vogel, K.C.M.G., and Montagu Frederic Ommanney, Esq. Sir Penrose Goodchild Julyan, K.C.M.G., C.B., and Sir Francis Dillon Bell, K.C.M.G. Sir Francis Dillon Bell, K.C.M.G., and Sir Penrose Goodchild Julyan, K.C.M.G., C.B. The like .. The like .. The like The like .. The like The like The like .. The like .. The like .. Sir Penrose Goodchild Julyan, K.C.M.G., C.B„ and Westby Brook Perceval, Esq. The like Sir Penrose Goodchild Julyan, K.C.M.G., C.B., and Sir Westby Brook Perceval, K.C.M.G. The like .. £4 per cent. 1st Nov., 1929 1st Jan., 1883 £4 per cent. 1st Nov., 1929 30th Oct., 1883 £4 per cent. 1st Nov., 1929 1st Jan., 1884 30th Dec, 1884 1st Jan., 1885 1st June, 1885 20th May, 1886 6th Oct., 1886 30th May, 1888 31st Oct., 1889 12th Mar., 1891 26thJan., 1893 £4 per cent. £4 per cent. £4 per cent. £4 per cent. £4 per cent. £4 per cent. £4 per cent. £3 10s. per cent. £3 10s. per cent. £3 10s. per cent. 1st Nov., 1929 1st Nov., 1929 1st Nov,, 1929 1st Nov., 1929 1st Nov., 1929 1st Nov., 1929 1st Nov., 1929 1st Jan., 1940 1st Jan., 1940 1st Jan., 1940 10th Mar., 1893 20th Feb., 1894 £3 10s. per cent. £3 10s. per cent. 1st Jan., 1940 1st Jan., 1940 10th May, 1895 £3 per cent. 1st Jan., 1940