B.—lB.

4

No. 4. The Agent-General to the Colonial Treasueee. (No. 947.) Westminster Chambers, 13, Victoria Street, London, S.W., Sib,— 9th August, 1894. Eeferring to my letter, No. 691, of the 16th June last, I beg to report on the conversion operations of this year, so far as I am able to advise them up to the present date. 5-per-cent. Gonsol. Debentures (Annual Drawings). The total amount of these debentures received for conversion under the terms of the prospectus of February last up to the end of July is £292,500, £3,600 having been sent in since my letter of the 16th June last. The amount outstanding in the hands of the public is £730,400, the quarterly interest on which will be payable on the 15th October next, assuming that no more are received for conversion prior to that date. The terms which are now being offered for the conversion of these debentures are £107 3-1-per-cent, stock for every £100 in debentures, with all undue coupons attached. £50,000 Imperial-gicaranteed Loan of 1856. In pursuance of the arrangements indicated in my letter of the 16th June last, I paid off these debentures by means of a Commissioners' order on the Public Account on the 28th June, and on the 29th of that month, on application to the Trustees of the sinking fund, and production to them of the debentures cancelled, 1 received from them and paid into the Public Account the sum of £59,605 12s. 6d., being the proceeds of the sale of £55,000 New Zealand 4-per-cent. Inscribed Stock belonging to the sinking fund which was thus released. In addition to this amount, there was subsequently received from the Trustees and paid into the Public Account the further sum of £362 14s. 7d., being £120 2s. 2d., balance of cash held by them after meeting the interest due on the 2nd instant on the debentures, and £242 12s. 5d., amount recovered from the Inland Revenue Office on account of income tax. The total amount of released sinking fund received from the Trustees is, therefore, £59,968 7s. Id. 5-per-cents of the Loan of 1863, redeemable 1914. In addition to the £76,000 of these debentures, which I advised in my letter of June 16th last had been converted, £2,700 have since come in, making a total of £78,700. I have not as yet asked the Sinking Fund Trustees to release any portion of the fund, as that would involve selling part of the New Zealand Government stock in which the fund is invested, and such sale would, I considered, have been inexpedient in the face of the financial operation connected with the Bank of New Zealand. The market at present is somewhat dull, and probably better prices will be obtainable later on. Provincial Loans. Including those debentures mentioned in my previous letters, the following have been converted into 3|-per-cent. stock during the present year—namely, £9,100 debentures of the Otago Loan, 1862 ; £1,000 of the Auckland Loan, 1863, and £900 of the Canterbury Loan, 1862. District Railway Debentures. Of the £38,500 sent over to this country, £12,000 have been converted into 3-J-per-eent. stock on the terms given in the notice, copy of which was enclosed with my letter of the 16th June— namely, at the rate of £104 stock for every £100 in debentures, with all coupons subsequent to that of October attached. I attach a statement showing the amount of the debentures which have been either converted or redeemed during the present year up to the 31st July, and the amount of 3|-per-cent. stock which has been incribed in respect thereto. I have, &c, The Hon. the Colonial Treasurer, Wellington. W. B. Peeceval. Enlosure in No. 4. Statement showing the Amount of 3-pee-cent. Stock which has been inscribed during the present Year in respect to the Conversion and Redemption of the under-mentioned Debentures. o . ...... ~ . , „ , . Debentures. Stock(3J-per-cent.). btock inscribed in respect to the conversion of the debentures £ £ s. d. issued under the under-mentioned Acts :— New Zealand Consolidated Loan Act, 1867 .. .. .. 292,500 316,697 0 0 New Zealand Loan Act, 1863 (redeemable 1914) .. .. 78,700 90,885 0 0 Otago Loan Act, 1862 .. .. .. .. .. 9,100 10000 10 0 Auckland Loan Act, 1863 .. .. .. .. .. 1,000 1 070 0 0 Canterbury Loan Act, 1862 .. .. .. 900 1 125 0 0 New Zealand District Railways Purchasing Act, 1885 .. 12,000 12,480 0 0 394,200 432,257 10 0 Stock inscribed and sold in respect to the redemption of the debentures issued under the under-mentioned Acts :— Loan Act, 1856 (Imperial guaranteed) .. .. .. 50,000) Consolidated Loan, 1867 (drawn debentures) .. .. 33,3001- 288,000 0 0 Cheviot Estates Payment Act, 1893 .. .. .. 200,000J £677,500 720,257 10 0 Stock inscribed and sold in respect to the conversion of the £500,000 Imperial-guaranteed debentures of 1863 .. .. 6,000 0 0 Amount of 3|-per-cent. stock held by the Agent-General and Audit Officer.. .. .. .. .. .. .. 62,000 0 0 £788,257 10 0 31st July, 1894