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

. Superintendeiit's Office, . r ' : CWtohui:(jh^|^yXlßß7. . SirJ"-4 My© tha bpaor to aekaowWdge

| instant, reierring to the innls|||HJjsFre j ceived from England of the failureTof the recent attempt to negotiate a portion of the Canterbury Loan in the London market, and informing me that the General r Grovernraent is most anxious I that all loans authorised to be raised for public purposes in New Zealand i should be negotiated at such prices as will prevent any -sacrifice of the public interests, and with .'the view of promoting .that object, intends to submit to the G-eneral. Assembly a measure for converting the provincial loans into colonial stock, and further stating that as Mr Crosbie Ward is' about to proceed to England as J agent, for this, prpvince, one of the objects .of his mission being to endeavor to negotiate the Canterbury Loan, you have thought it right to inform' me of this intention of the Government, and : that you will be happy to confer with Mr Ward on the subject while in Wellington on his way to London. I have the honor to tender you my thanks for this early intimation of the intentions of the Government in reference to this matter. ' ' -> .■ I had already requested Mr Ward to apply to you during his stay in Welling," ton for a signification of the course which the Government would be likely to adopt during the ensuing session of the Assembly, with regard to the consolidation of the provincial loans into colonial stock, "in order that, .should the' iGovernment decide to introduce a measure, with that object, the information so anticipated might be used favorably to the prompt and satisfactory disposal of the bonds alluded to.. I am gratified to find, therefore, that the subject is occupying the attention of the Government, and I shall request Mr Ward to place himself in communication with you, with a view of learning the nature of the measure, and generally the terms and conditions upon which you propose to convert provincial bonds into colonial stock. ■ Under the circumstances in which the province is at present resting, it is; very desirable that Mr Ward should be fully advised as to the intentions of the Government in this respect, and I- therefore venture to bespeak for him the fullest confidence which you can bestow, convinced as I am that it will,. tend to. promote the object for which your letter now under reply was written. I shall feel obliged by your communicating to me the result of your interview . with Mr Ward, as it is a matter of doubt whether time; will admit of his addressing me before his departure from Wellington. I have the honor tp,be a .&c.,- . ..• •• : .';..'.-■,•'. W. S. Mooehoitse, ; .'•■;■ . Superintendent. ThdHon the Colonial Secretary.

Colonial Secretary's Office, *~ ■ .. Wellington, May 8, 1867. Sir, — I have the honor to acknowledge the receipt of your Honor's letter, No. 160, of the 6th instant, and in reply, to enclose for your information a copy of a letter of this date, which I have addressed to Mr Crosbie Ward, after an interview with him on the subject of the . proposed conversion of Provincial bonds into colonial stock. I have the honor to be, &c, E. W. Staitoed. His Honor the Superintendent, Canterbury.

Colonial Secretary's Office, Wellington, May 8, 1867. . Sir,— "With reference to my letter of the 3rd instant, in which, having special reference to the recent failure of the attempt to place certain debentures of the Canterbury Province on the London market, and to your intended visit to Great Britain in the official capacity of agent for that Province, I have thought it desirable to inform the Superintendent of Canterbury generally of the intention of the Government to submit to the Q-eneral Assembly, at its next session, a measure for the consolidation of Provincial loans. I now desire to state, more especially for your information and guidance, so far as it is at present practicable to do so, that the Cabinet has definitely determined to introduce as a part of its financial policy, a bill to authorise the issue of colonial bonds to an amount, which will cover the entire amount of Provincial loans hitherto authorised, including those already raised' and those not raised (wholly" or in. part) respectively..,ln. m probability: the interest wiU be fixed, &ij pis per cent,, and the colqwjvl 4stefcH@9 w ta b$ i^M will kesau?^

on the entire revenues; of New Zealand; ' :^ temtdrial:a^"ordiriary.' .'„'„ '• :^ ''j^^'" .^ I iAs to ; the .inter-provincial arrange-: m'ents and guarantees for '-repayment. -t which it may be necessary to introduce I into the measure , lam unable at present' to furnish;, you with-pacjipalars. , . Yqu are :"> yourself rcogriisant of ljdae difficiitiesand 2? complications.iwhich^iyilkhave'to be i dealt -; " with, but the Government will not be^de-'^ te'rred from pushing" '^forward" s th~e|r'' measure by any consideration "of- these; ■" : difficulties. -. .: • ' • ■ :; ' not, however, necessary , for the , 13 , success of your missioni'that these, inter- '.-^ provincial arrangements be made known, "lo even if they were finally determined on. •■'-* It is sufficient that you "should be' ex- ;fI p^icitly assured that the . propQsal. WfU, r a embrace the,; guarantee by ■ y se./@olQnj'',,'.i of New Zealand of all provincial loans^ ;(l" subject only^to domestic arrangements, ~v that I apprehend, being' the sole question ** on which the capitalists v^ill ask for^;- t information^ The Government regard *^:- this measure aa : one of such great im--portance;as to be inclined to make it.a; J ministerial question ; Unit I am unable at ; present to speak definitely..^ on this.' ' ppint.-r-I have, &c, '..'■'.'.:.,'.. ; -^ : ... :; •'■■■•- ■■:■-■' E. "W. Stajtoed. /;i Crosbie "Ward, Esq., : ; ; 01 Superintendent's Office, * ; ' ■ : ■. | ";; : Christchurch; May:i4^ 1867:;: :^y Sir,— l have, the' honor, to acknowledge <i the receipt of your letter of the Bth : -> instant, No. 232, and to thank you" iov. - '; forwarding therewith, fojr'my infofmatipn,.l",'--a copy of a fetter .bf the same date,:which 'l,.\ you addressed to," 'Mri. ; Crosbie: .o after an : interview ; with him ion the ; '•'■ subject of the proposed- "■'** provincial bond's into i colonial 'stodfe^i^ 1 have &c.^' ']'•,. '• "'<'.,. 7./ ; ",' : - T.'^f' „-\" '«,".,'" .k^,^ : , ' " .yi:^.' "■■■! T^ ; s.iMo^HX)irsE," : ;-r;'^ •V i .... ■: Superintendent. :^\; -1 The i Hon! the Colonial • Secretary. ! l!^^