8.—14

7

Enclosure 3 in No. 8. Conversion of 1891. —Table showing the Equivalent in 3 ½-per-cent. Stock of a £100 Debenture of the under-mentioned Loans.

Example: Thus, if the value of £100 debenture of the Westland Loan, 1873, is £103 4s. 9d. (taken at 4 per cent, interest), and that of the 34-per-cent. inscribed stock is 94, then £109 16s. 7d. of 34-per-cent. inscribed stock (repayable at par forty-nine years hence) is the equivalent of £100 debenture of the Westland Loan, 1873. A. H. Bailey. 19th January, 1891. Ralph P. Hardy.

Enclosure 4 in No. 8. Conversion of 1891. —Table showing the Equivalent Amount of 34-per-cent. Stock redeemable at Par Ist January, 1890, corresponding to the understated Market Prices ex. div. of the 4-per-cent. Stock redeemable 1929. Market Price of £100 Equivalent Amount of 3J-per-cent. 4-per-cent. Stock. Stock redeemable 1940. £ s. d. 103 .. .. .. .. .. .. 11l 11 1 1034 .. .. .. .. .. .. 11l 9 8 104 .. .. .. .. .. .. 11l 8 2 104.1 .. .. .. .. .. .. 11l 6 9 105 .. .. .. .. .. .. 11l 5 3 105* .. .. .. .. .. .. 11l 3 10 106 .. .. .. .. .. .. 11l 2 4 1064 .. .. .. .. .. .. 11l 0 11 107 .. .. .. .. .. .. 110 19 5 1074 .. .. „. .. .. .. 110 18 0 108 .. .. .. .. .. .. 110 16 6 Example: Thus, if the market value of £100 of the 4-per-cent. inscribed stock is £104, then £111 Bs. 2d. is the equivalent in 3i-per-cent. stock, redeemable in 1940. A. H. Bailey. 19th January, 1891. Ralph P. Hardy.

Enclosure 5 in No. 8. Conversion of 1891.—Table showing the Equivalent in 3 ½-per-cent. Stock of a £100 Debenture of the Loan of 1863 (Fives of 1914). —Amount of Loan, £378,800; repayable 15th July, 1914. Interest, 5 per cent.; payable 15th January and 15th July.

Example: Thus, if the prices are—Loan of 1863 : fives of 1914, £114; 34-per-cent. inscribed stock, £94, then, £121 ss. 6d. of 34-per-cent. inscribed stock (repayable at par forty-nine years hence) is the equivalent of £100 debenture of the (1863) fives of 1914. A. H. Bailey. 19th January 1891. Ralph P. Hardy.

0 § 0)+H or/2 Q O CO Amount of :U-pc: :-cont. Inscr: ibed Stock, equivalent to the Market Prices of 31-v each £100 Debenture of the Stocks indicated, taken at )er-cent. Stock, as shown. Consolidated Loan, 1867. Westland Loan, 1873. Auckland Loan, 1863. Lyttelton and Christchi irch Eailway Loan, 1860. Canterbury Loan, 1862. Otago Loan, 1802. — Valued at £101 18s. Id. Valued at £103 4s. 9d. Valued at £109 15s. 9d. £28,700. £21,300. Valued at Valued at £104 14s. 3d. £100 9s. 5d. £18,500. £9,200. Valued at Valued at £108 19s. 8d. £110 lis. Cd. £10,600. £12,200. Valued at Valued at £130 13s. 5d. £131 15s. 9d. Valued at i£I12 17s. Od. 93 93* 94 94:', 95 95* 96 96* 97 97* 98 £ s. a. 109 11 6 108 19 9 108 8 2 107 16 8 107 5 4 106 14 1 106 3 0 105 12 0 105 1 1 104 10 4 103 19 8 £ s. a. Ill 0 2 110 8 4 109 16 7 109 4 11 108 13 5 108 2 1 107 10 10 106 19 8 106 8 7 105 17 8 105 6 11 £ s. a. 118 1 0 117 8 5 116 15 111 116 3 7 115 11 4j 114 19 3 114 7 8 113 15 5 113 3 8 112 12 1 112 0 7 £ s. a. 112 11 11 111 19 10 111 7 11 110 16 2 110 4 6 109 12 11 109 1 6 108 10 3 107 19 0 107 7 11 106 17 0 £ s. a. 114 9 8 113 17 5 113 5 4 112 13 4 112 1 6 111 9 9 110 18 2 110 6 8 109 15 3 109 4 0 108 12 11 £ s. a. 117 3 9 116 11 2 115 18 9 115 6 6 114 14 5 114 2 4 113 10 6 112 18 9 112 7 1 111 15 7 111 4 2 £ s. a. 118 18 0 118 5 3 117 12 8 117 0 3 116 7 11 115 15 8 115 3 8 114 11 S 113 19 11 113 8 2 112 16 8 £ a. a. 140 10 2 139 15 1 139 0 3 138 5 6 137 11 0 136 16 7 136 2 4 135 8 3 134 14 3 134 0 5 133 6 9 £ s. a. 141 14 2 140 19 0 140 4 0 139 9 2 138 14 6 137 19 11 137 5 7 136 11 4 135 17 3 135 3 4 134 9 7 £ s. a. 121 6 11 120 13 11 120 1 1 119 8 4 118 15 9 118 3 4 117 11 1 116 18 10 116 6 10 115 14 10 115 3 1

Amount of 31-per-ceut Inscribed Stock, equivalent to each £100 Debenture, at the Market Prices undorshown. Market Price of 3i-per-cent. Inscribed Stock. 118. 113*. 114. 1144. 115. 11BJ. 110. 93 984 94 94* 95 95* 96 96* 97 97* 98 £ s. a. 121 10 1 120 17 1 120 4 3 119 11 6 118 18 11 118 6 6 117 14 2 117 2 0 116 9 11 115 17 11 115 6 2 £ s. a. 122 0 10 121 7 10 120 14 11 120 2 1 119 9 6 118 17 0 118 4 7 117 12 4 117 0 2 116 8 2 115 16 4 £ s. a. 122 11 7 121 18 6 121 5 6 120 12 8 120 0 0 119 7 5 118 15 0 118 2 8 117 10 6 116 18 5 116 6 6 £ s. a. 123 2 4 122 9 2 121 16 2 121 3 3 120 10 6 119 17 11 119 5 5 118 13 1 118 0 10 117 8 9 116 16 9 £ s. a. 123 13 1 122 19 11 122 6 10 121 13 10 121 1 1 120 8 5 119 15 10 119 3 5 118 11 2 117 19 0 117 6 11 £ s. a. 124 3 10 123 10 7 122 17 5 122 4 5 121 11 7 120 18 10 120 6 3 119 13 9 119 1 5 118 9 3 117 17 2 £ s. a. 124 14 7 124 1 8 123 8 1 122 15 0 122 2 1 121 9 4 120 16 8 120 4 2 119 11 9 118 19 6 118 7 4