8.—17

42

Amount in circulation, £531,400 —■ Interest from the 15th March to tho 30th April (forty-seven days), at 6 per cent., on £201,500, portion of tho above amount .. .. .. .. .. .. 1,556 15 11 £201,500 at 109 = £219,635— Interest at 4 per cent., for six months (Ist May to the Ist November).. .. .. 4,392 14 0 Interest from the 15th Decembor to the 30th April (137 days), on £329,900 (portion of £531,400), at 6 per cent. .. .. .. .. .. .. .. 7,429 10 4 £329,900 at 109 = £359,591—Interest, at 4 per cent., for six months (Ist May to the Ist November) 7,191 16 5 Total, 1886-87 .. .. .. .. .. £20,570 16 8 Interest payable on above loan had no conversion taken place, £31,884; saving in interest charge for financial year 1886-87, £11,313 3s. id. Four-and-a-half per cent. Five-thirties of 1870, 1873, and 1874 : — Amount in circulation, £2,946,100 —■ £2,946,100 at 101 = £2,975,561— Interest from the Ist February to the 30th April (eighty-nine days), on the above, at 4 per cent. .. .. .. .. .. .. .. .. 29,021 15 10 Six months' interest on the above (Ist May to the Ist November), at 4 per cent. .. 59,511 4 5 Total, 1886-87 .. .. .. .. .. £88,533 0 3 Interest payable had no conversion taken place, £132,574105.; saving in interest charge for financial year 1886-87, £44,041 9s. 9d. Summary showing the Total Saving in Interest, assuming that all Bonds are converted. £ s. d. 5-per-cent. Consols .. .. .. .. .. .. .. 28,828 13 0 5-per-cent. Loan of 1863 .. .. .. .. .. .. .. 6,333 19 3 5-per-cent. Ten-forties of 1876-77 .. ~ .. .. .. .. 74,353 910 5-per-cent. Loan of 1879 .. .. .. .. .. 2,305 12 O 6-per-cent. Loan of 1860 .. .. .. .. .. .. .. 1,719 18 7 6-per-cent. Loan of 18G3 .. .. .. .. .. • .. .. 11,313 3 4 4|-per-cent. Five-thirties of 1870, 1873, and 1874 .. .. .. .. .. 44,041 9 9 Total .. .. .. .. .. £168,896 5 9 C. Wbay Pallisek, 7, Westminster Chambers, sth February, 1886. Audit Officer.

No. 64. The Loan Agents to the Colonial Teeasueee. Treasurer, New Zealand. (Eeceived 4th April.) Conveesion : Adhere to our proposal telegram February second. Loan Agents recommend that they be authorized to, firstly, arrange so as to provide paying residue four-and-a-half-per-cent. fivethirties ; secondly, continue converting Consolidated Loan, 1867, and four-and-a-half-per-cent. fivethirties direct into inscribed stock without five-per-cent. bonds. Loan Agents, London, 3rd.

No. 65. The Colonial Teeasueee to the Loan Agents. Loan Agents, London. Wellington, 6th April. Conveesion : Consolidated Loan, 1867, four-and-a-half-per-cent. five-thirties, your proposals approved. Suggest consider if desirable announce before other options declared 30th April, but let me know immediately if you have arranged paying four-and-a-half-per-cent. five-thirties by syndicate without loan.

No. 66. The Loan and Stock Agents to the Colonial Teeasueee. Treasurer, New Zealand. (Eeceived 7th April.) Conveesion :Do not think this would be advisable fresh announcement. Have decided wait expiry options before settling about syndicate for four-and-a-half-per-cent. five-thirties. Loan Agents, London, 6th.

No. 67. The Colonial Teeasueee to the Agent-Genekal. Agent-General, London. Wellington, Bth April. If four-and-a-half-per-cent. five-thirties syndicate not settled immediately, bears will continue reduce prices, besides injuring conversion options end of month. This merely suggestion, leave decision entirely to your judgment.