31

8.—14 a

£ s. d. £ s. d. consolidated stock as on Ist April .. 51,000 0 0 Less redeemed by Treasury ... ... 9,900 0 0 41,100 0 0 consolidated stock purchased since Ist April ... ... ... ... 1,710 0 0 Total 4|-per-cent. stock ... ... 42,810 0 0 5-per-cent. consolidated stock ... ... ... 19,549 0 0 4f-per-cent. Local Bodies' Loans debentures ... ... 9,900 0 0 Waitara Harbour Board debentures — £ s. d. Due July, 1897 ... ... 8,760 0 0 Overdue coupons ... ... 1,260 0 0 10,020 0 0 Due Ist August, 1897 ... 5,910 0 0 Overdue coupons ... ... 1,073 2 0 6,983 2 0 Due Ist April, 1897 ... ... 650 0 0 Total Waitara Harbour Board securities 17,653 2 0 Total securities ... ... ... ... 89,912 2 0 Cash to 29th October ... ... ... 726 11 8 £90,638 13 8 N. 8.—£500 cash to be returned to meet unconverted bond. In addition there is about £1,157 interest accrued to date on consolidated stock. These securities can be transferred at any time, but as it is, I understand, proposed to invest them for the Public Works, there should be two forms sent up, one to draw them from Sinking Funds, the other to deposit in Public Works. A cheque for £726 lis. Bd. will bo sent as soon as Mr. Ballance returns. J. E. FitzGerald, 10th November, 1891. Chairman of Commissioners.

No. 26. The Agent-General to the Premier. (No. 1379.) Westminster Chambers, 13, Victoria Street, London, S.W., Sir,— 18th September, 1891. The figures of the conversion still remain the same as they were at the date of my last letter, 4th September, No. 1293. The Crown Agents have paid off a £100 debenture of the 10-40 loan, which nearly brings that series to a close. No further sales of conversion stock have been made since I last wrote. I instructed the Bank of England to accept ten bonds of the Otago Provincial Loan which were likely to be offered for conversion at the price of £116 15s. of stock for £100 bond; and I have now also instructed the Bank to receive any debentures of the old provincial loans which may be brought in for conversion up to the 31st December next, at prices specified in each case in accordance with the actuaries' equivalents, tables of which went to you last mail. A copy of these last-mentioned instructions is annexed. Similar instructions should now be repeated for each succeeding half-yearly jieriod. Having regard to the fact that the debentures of the last series of the loan of 1863 mature on the 15th December next, when that loan will be extinguished, I was anxious to make provision, by arrangement with the Bank of England before my retirement from office, for the same process to be applied to that series as had been followed in the case of the two previous series of March and June. I accordingly made a proposal to the Bank, which is explained in the letter copy whereof is enclosed, and am glad to say the proposal met with their entire approval. The final conversion of the loan of 1863 is therefore assured in the manner originally devised by me. I have, &c, The Hon. the Premier, Wellington. F. D. Bell. Enclosure 1 in No. 26. The Agent-Genebal to the Chief Cashiee, Bank of England. Sir,— 13, Victoria Street, 14th September, 1891. I am desirous before leaving England to make provision, by arrangement with the Bank, for the same course being taken with regard to the December series of the 6-per-cent. debentures of the New Zealand loan of 1863 as was taken for the March and June series of that loan. The principle of my arrangement with the Bank last April and May was that temporary advances should be made on security of SJ-per-cent. stock for the purpose of paying off any debentures of the March and June series which should not be brought in for conversion ; and it would be very desirable that the same process should be now adopted for the December series. A sufficient amount of 3J-per-cent. stock would again be handed to the Bank as security for the advance that would be necessary for this purpose, the advance to bear interest, as on the previous occasion, at bank rate of the day when the advance was made. The advance will not be required until about the 15th December next, as and when the unconverted debentures come in to be paid off. The amount that will be required cannot be exactly stated until it is known how many debentures are converted; but in any case the total will not exceed £70,000. The advances would be quickly repaid, as was done in the previous case. The Bank has still £30,000 of stock left out of the £200,000 placed in security last May, and if an additional amount of security has to be given the