CONVERSION OF PROVINCIAL LOANS.

Southland Times, Issue 698, 19 July 1867, Page 1

CONVERSION OF PROVINCIAL LOANS.

The following correspondence was laid on the table of the General Assembly since its opening : — , !.'.,.. Correspondence between the Honorable the Colonial Secretary and His Honor the Superintendent of Canterbury respecting the conversion of Provincial loans into Colonial stock —May, 1867. Colonial Secretary's Office, Wellington, May 3; 1867. Sir,— Referring to the information received by the last mail from England of the recent failure of the attempt to place the Canterbury Provincial Loan on the London market, I have to inform your Honor that the Government is most anxious that all loans authorised to be raised for public purposes in New Zealand should be negotiated at such -prices as will prevent any sacrifice of the public interests, and with a view of promoting that object, intends to submit to the . General Assembly next session a measure for converting the Provincial loans into Colonial stock. .As Mr Crosbie Ward is about to proceed to England as agent for the Province of Canterbury, and it is understood that one of the objects of his mission is to endeavor to negotiate the Canterbury loan, I have thought it right to inform your Honor of this intention of the Government, and if youi Honor wishes it the Government will be happy to confer with Mr Ward on this subject while he is in Wellington on his way to London. I have the honor to be, &c, ;." ■ • ■■'"■■ E. W. SXAFPOED. His Honor the Superintendent of Canterbury.