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No. 18. The Agent-Geneeal to the Hon. the Colonial Teeasueee. Sib,— 7, Westminster Chambers, London, S.W., 28th December, 1882. I duly received your letter of the 4th November enclosing, under cover to the Stock Agents, tho authority to proceed, under certain conditions, with the conversion of the 5-30 debentures into inscribed stock. I am very glad the Government have come to the decision that it would be advisable to convert the 5-30s, but an operation under the conditions named (if I rightly understand them) is one that will require most careful consideration, and at this moment I cannot say that I feel very sanguine of being able to effect it. I have, &c, The Hon. the Colonial Treasurer, Wellington. F. D. Bell.

No. 19. The Agent-Geneeal to the Hon. the Colonial Teeasueee. Sic, — 7, Westminster Chambers, London, S.W., 28th December, 1882. I have to acknowledge tho receipt of your letter of the 4th November (No. 218), reminding me that the Treasury bills in exchange for which the now short-dated debentures will be immediately issued to the amount of £1,832,000 are chiefly held as securities for investments of funds belonging to the Government departments you enumerate; and informing me that it is the intention, on the conversion of these debentures into inscribed stock, to sell a considerable part of the stock with the view of making other investments. Such an intention must not only, as you point out, be taken into consideration in fixing the terms of that conversion itself, but will have of course a most material bearing on all future financial operations of tho Government in relation to tho Three-Million Loan, on tho general price of the stock to be looked for in the market, and on the conversion of the 5-30s. I shall endeavour, at the earliest moment I can, to point out how far this bearing might turn out to be adverse to your finance, and the precautions which would have to be taken in the matter. I have, &c, The Hon. tho Colonial Treasurer, Wellington. F. D. Bell.

No. 20. The Stock Agents to the Hon. the Colonial Teeasueee. Sic, — 7, Westminster Chambers, London, S.W., 28th December, 1882. Wo have the honour to acknowledge the receipt of your letter of the 4th November, marked No. 1, addressed to us as Agents under the Stock Act, and containing tho instructions of the Government on the subject of the Treasury bills to tho amount of £1,832,000, to be taken up by debentures having a currency of three years. You have already received due acknowledgment of the safe arrival of the formal instrument delegating to the Agents therein named tho authority to create debentures to take up £942,000 of these bills ; and tho two further instruments delegating power to create the remaining £890,000 have also been safely received by tho Agents. The various Treasury bills transmittted to tho Agent-General by the respective public officers and others holding the same, as well as the bills transmitted to tho Bank of Now Zealand, have been also received. In your letter now under acknowledgment you intimate the desire of the Government, and of the persons to whom the debentures will be issued, that these debentures should bo converted into 4-por-cent. stock as soon after their creation as will be prudent; and you convey to us tho decision of the Government as to the terms on which such conversion may be effected. We are giving careful attention to the subject, and shall, by an early mail, address you again upon tho mode which, after full consideration, we may think best adapted to give effect to your instructions. We have, &c, F. D. Bell, P. G. Julyan, Agents under " The New Zealand Consolidated Stock Act, 1877." The Hon. the Colonial Treasurer, Wellington.

No. 21. The Stock Agents to the Hon. the Colonial Teeasubee. Sic, — 7, Westminster Chambers, London, S.W., 28th December, 1882. We have the honour to acknowledge the receipt of your letter of the 4th November, addressed to us as Stock Agenis, conveying the authority of the Government to proceed, on the conditions therein mentioned, with trip conversion of the 5-30 debentures "into inscribed stock whenever a favourable time for thafop'Srafion shall arrive. We shall shor.tiy address you on the subject, and be able to state the course we would advise to be taken. We have, &c, P. G. Julyan. The Hon. the Colonial Treasurer, Wellington. F. D. Bell. 3—B. 4.

P. G. JULYAN.