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the Agents appointed thereunder in respect of the moneys authorised by the Order in Council now in recital to be borrowed and raised: And it is hereby further declared that by another Act of the said Legislature, intituled "The New Zealand Loan Act, 1888 " (hereinafter called " the Loan Act "), it was enacted that it should be lawful for the Governor in Council to appoint any two or more persons he might think fit to be Agents for the purpose of raising and managing the loan thereby authorised to be raised, with all such powers as might be necessary to carry into effect the purposes of such Act, and that such Agents should have full power and authority to borrow and raise, in Great Britain and elsewhere, by bonds, debentures, scrip, or by the issue of inscribed stock under " The New Zealand Consolidated Stock Act, 1877," or otherwise, such sum or sums, not exceeding £1,000,000 sterling in the whole, as the Governor in Council might from time to time or at any time direct and determine, for all and any of the purposes expressed in the schedule to such Act, or the payment or repurchase of short-dated debentures issued under the now reciting Act, or any other purposes thereby authorised ; and that such Agents should have full power and authority to prescribe the mode and conditions of repayment of such loan, and the time of such repayment, and the rate of interest thereon, and the time and place orjplaces when and where such principal and interest should be made payable: And it is hereby further declared that the said Sir William Francis Drummond Jervois, as such Governor of the said colony as aforesaid, by an Order in Council made and issued on the 19th day of May, 1888, did, in exorcise and pursuance of the powers and authorities vested in him by the said last-mentioned Act, and by and with the advice* and consent of the Executive Council of the said colony, direct and determine that the sum of £1,000,000 sterling should bo borrowed and raised under the provisions of that Act, and in further exerciso and pursuance of the powers and authorities aforesaid, and with the like advice and consent as aforesaid, ho did thereby appoint the said Cir Ponrose Goodchild Julyan and Sir Francis Dillon Bell to be Agents for the purpose of raising and managing the said loan thereby ordered and determined to bo raised, with full power and authority to such Agents to borrow and raise by bonds, debentures, scrip, or otherwise, the said sum of £1,000,000 sterling as aforesaid, and with full power and authority to such Agents to prescribe the mode and conditions of the repayment of such sum, and the time of such repayment, and, subject to the provisions of the same Act, the rate of interest thereon, and the time and place or places when and where such principal and interest should be made payable, and generally to have, hold, and exercise all such powers and authorities as by the same Act might be had, held, and exercised by the Agents appointed thereunder in respect of the moneys authorised by the Order in Council now in recital to be borrowed and raised : And it is hereby further declared that by a deed-poll bearing date the 30th day of May, 1888, under the hands and seals of the said Sir Francis Dillon Bell and Sir Penrose Goodchild Julyan, after reciting the effect hereinbeforo mentioned, and that in exercise and in pursuance of the powers and authorities in that behalf conferred on them, they were about to borrow a sum of money by the creation and issue of a further amount of not exceeding £2,000,000 sterling of New Zealand Consolidated Stock, they, in exercise and pursuance of the powers by the said Orders in Council vested in them, did by the same deed-poll declare that they had created a further amount of £2,000,000 sterling of capital stock, to be called " New Zealand Consolidated Stock," in addition to and to rank pari passu with the amounts of New Zealand Consolidated Stock theretofore created as aforesaid, and which had been or might be thereafter issued, and had determined that so much of the same capital stock as it should be necessary to issue to subscribers for any part of the said sum or sums about to be borrowed and raised as aforesaid, should be issued to such subscribers at the rate of £100 of stock for every nominal amount of £100 which should be represented by the scrip-certificates or letters of allotment respectively to be issued to them when the instalments payable thereon should have been fully paid, and that the interest or dividend to be paid on the said further amount of £2,000,000 sterling of stock so created by them as last aforesaid, or any lesser amount which should be issued, should be at the rate of £4 per centum per annum, and should be payable half-yearly at the Bank of England, on the Ist day of May and the Ist day of November in each year until the Ist day of November, 1929, on which day the capital should be repaid at par at the same place : And it is hereby further declared that in further pursuance of the said " New Zealand Consolidated Stock Act, 1877," and " New Zealand Consolidated Stock Act 1877 Amendment Act, 1881," and of the said Order in Council of the sth November, 1881, the said Sir Francis Dillon Bell and Sir Penrose Goodchild Julyan have entered into an agreement with the Governor and Company of the Bank of England, providing (among other things) for the inscription in a register kept in England by tho said bank, of the said stock mentioned in the said last-mentioned deed-poll to have been created, and for the transfer of such stock : And it is hereby further declared that the stock to be inscribed and transferred in conformity with such provision is New Zealand Consolidated Stock, mentioned in the said last-mentioned deed-poll: And it is hereby further declared that the revenues of the Colony of New Zealand alone are liable in respect of tho stock hereinbefore described and the dividends thereon, and that the Consolidated Fund of the United Kingdom, and the Commissioners of Her Majesty's Treasury, are not directly or indirectly liable or responsible for the payment of the stock or of the dividends thereon, or for any matter relating thereto. In witness whereof the said Sir Francis Dillon Bell and Sir Penrose Goodchild Julyan have hereunto set their hands this Ist day of June, 1888. F. D. Bell. Witness —Leonard J. Maton, Solicitor, 21, Cannon Street, London. P. G. Jhlyan.

Enclosure 3 in No. 5. To all to whom these presents shall come, we, Sir Francis Dillon Bell, a Knight Commander of the Moat Distinguished Order of St. Michael and St. George, and a Companion of the Most Honourable Order of the Bath, the Agent-General for the Colony of New Zealand, and Sir Penrose Goodchild Julyan, a Knight Commander of the said Most Distinguished Order of St. Michael and St. George, and a Companion of the Most Honourable Order of the Bath, send greeting: Whereas by an Act of the Legislature of New Zealand, intituled " The New Zealand Consolidated Stock Act, 1877," it was among other things enacted that, for the purpose of raising any sum or sums of money under the authority of any Act that might be passed by the General Assembly in any future session of the General Assembly authorising the Governor in Council to raise by way of loan any sum of money for the public service of the colony, it should be lawful for the Governor in Council to create capital stock, to be called " New Zealand Consolidated Stock," such stock to be issued in such amounts and manner, at such prices and times, on such terms and subject to such conditions, with such dividends, and redeemable at par at such times and on such conditions, as the Governor in Council might before the creation thereof from time to time determine : And by the said Act it was further enacted that the Governor in Council might from time to time declare all or any of the New Zealand loans, whether existing in the form of stock or not, to be convertible into stock of such denominations with such conditions and with such dividends and redeemable at par at such times and on such conditions as he might before the creation thereof from time to time determine, and might authorise the creation and issue of such an amount of such stock in exchange for the securities held for such loans as might be necessary, and might authorise the creation and sale of any such stock for the purpose of paying any expenses in the creation o£ stock, and otherwise carrying out the provisions of the said Act on such conditions as he might determine : And by the said Act it was further enacted that the Governor in Council might from time to time appoint three or more persons in England to be Agents for the purposes of the said Act, and mighc empower such Agents or any three or more of them to exorcise all or any of the powers by the said Act exercisable by the Governor in Council; a'fid, further, that the said Act should not come into operation nor be of any force and effect whatever until it should be declared to be so in operation by a Proclamation issued by the Governor in Council and published in the New Zealand Gazette: And whereas by a Proclamation made and issued by the Governor in Council on the 9th day of February, 1878, and published in a Supplement to the New Zealand Gazette of the same date, the Governor, with the advice and