8.-4.

We are glad to make this observation because we note that it has been proposed to deal with the Bank on the basis of a 5-per-cent. stock, whereas it was previously intimated to us that the Government inclined to the belief that a lower rate would be desirable, say 4 per cent. It would he premature for us now to attempt to determine what rate of interest it would be most advisable that the stock should bear. Much will depend on the ruling prices of your debentures on the Stock Exchange when we are about to operate; but, whatever the rate may be, we think it should be uniform, and that the conversion should be thrown open to all holders of convertible securities simultaneously. We have, &c, P. G. Julyan, W. J. M. Larnach, M. F. Ommanney, Agents under " The New Zealand Consolidated Stock Act, 1877." The Hon. the Colonial Treasurer, New Zealand.

No. 3. The Agents to the Colonial Treasurer. Sir— London, 19th November, 1878. We have to acknowdedge the receipt of your letter No. 9, of the 13th September last, respecting the conversion of £100,000 New Zealand Treasury bills, held by the Bank of New Zealand, into Consolidated Stock. In reply, we have the honor to refer you to the letter addressed to you on the Bth ultimo, and to add that, for the reasons given in that letter, the Agents under the Consolidated Stock Act will do nothing in this matter at present. The Agents are in some doubt as to whether the Act in question provides for such conversion of Treasury bills, and they would be glad to have your opinion on this point. We have, Ac, W. C. Sargeaunt, W. J. M. Larnach, Agents under "The New Zealand Consolidated Stock Act, 1877." The Hon. the Colonial Treasurer, New Zealand.

No. 4 The Colonial Teeasuree to the Agents. Gentlemen, — Treasury, New Zealand, Wellington, Ist March, 1879. Beferring to your letters of the numbers and dates as per margin, in which doubts are expressed as to whether it was the intention of the Legislature that Treasury bills should be brought under the operation of " The New Zealand Consolidated Stock Act, 1877," I have the honor to state that I am unable to see any sufficient grounds for doubt in the matter. The fourth section of the Act gives power to declare all or any of the New Zealand loans, whether existing in the form of " stock or not," to be convertible into stock. There is no definition or limitation of the expression "New Zealand loans;" and I am advised that, looking at the Act as a whole, the Legislature must have intended the power to apply, whether loans were secured by Treasury bills or by debentures or otherwise. I have, &c, J. Ballance. The Agents appointed under " The New Zealand Consolidated Stock Act, 1877," Care of the Agent-General for New Zealand, London.

No. 5. Order in Council appointing Sir Julius Vogel an Additional Agent, while continuing to be Agent- Geneeal. Hercules Bobinson, Governor. OEDEB IN COUNCIL. At the Government House, at Wellington, this seventeenth day of April, 1879. Present: His Excellency the Goveenoe in Council. Wheeeas by " The New Zealand Consolidated Stock Act, 1877 " (hereinafter called " the said Act "), it is, among other things, enacted that the Governor shall have power, for the purposes of the said Act, from time to time to appoint three or more persons in England to be Agents for the purposes of the said Act, and may empower such Agents, or any three or more of them, to exercise all or any of the pow*ers by the said Act exercisable by the Governor in Council: And whereas by an Order in Council made and issued under the said Act on the twenty-seventh day of February, one thousand eight hundred and seventy-eight, Sir Penrose Goodchild Julyan, William Charles Sargeaunt, Montagu Frederic Ommanney, and William James Mudie Larnach (all therein particularly described), were appointed to be Agents for the purposes of the said Act, with the powers, duties, and authorities in the said Order in Council set forth or referred to : And whereas by a certain other Order in Council made and issued on the twenty-seventh day of February, one thousand eight hundred and seventyeight, the said Agents so appointed as aforesaid were appointed as and to be Agents for the purpose of making the declaration required by the provisions of the Act of the Imperial Parliament, the short title of which is "The Colonial Stock Act, 1877," and otherwise in and about such declaration to do aa

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