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No. 5. The Agbnt-Gbneeal to the Colonial Teeasurer. Westminster Chambers, 13, Victoria Street, London, S.W., (No. 1187). 6th October, 1894. Belease of Sinking Fund. I beg- to transmit herewith copy of correspondence relating to the release of a further portion of the sinking fund of the loan of 1863, which has resulted, as will be seen, in the payment of £27,000 to the Public Account by the Trustees. The Hon. the Colonial Treasurer. W. B. Peeceval.

Enclosure 1 in No. 5. Minute fob the Trustees op the Sinking Fund of the Loan of 1863. September, 1894. I beg to state, for the information of the Trustees, with the view of their releasing such further portion of the sinking fund as they may deem advisable, that within the present year £78,700 5-per-cent. debentures (redeemable in 1914) of the Loan of 1863, have been converted into New Zealand 3J-per-cent. consolidated stock. W. B. Peeceval. Enclosure 2 in No. 5. Memorandum. The Trustees of the sinking fund of the loan of 1863 having been informed by the Agent-General that £78,700 of the 5-per-cent. debentures of the loan of 1863 (redeemable 1914) having been converted into New Zealand 3J-per-cent. consolidated stock, a proportionate amount of sinking fund of that loan can now be released. At the time of the last conversion of these debentures such amount was released as left sufficient amount in the fund to redeem the then outstanding debentures at par in 1914. The Trustees therefore propose that a further amount, proportioned to that of the converted debentures, be now released, and for the sake of providing for a sufficient margin the 4-per-cent. stock (now quoted at 109-110) and the 3£-per-cent. stock (now quoted at 103-104) will be taken at par value. The sinking fund at present consists of the following, namely :— £ s. d. 4-per-cent. New Zealand Consolidated Stock .. .. ~ .. .. 107,448 3 5 . 3J-per-cent. New Zealand Consolidated Stock .. .. .. .. .. 19,614 14 1 Cash on deposit .. .. .. .. .. .. .. .. 4,416 3 8 £131,479 1 2 Of this amount (£131,479 Is. 2d), the proportionate amount to be released would be, in round numbers, £27,000. The Trustees therefore propose to sell the whole of the 3J-per-cent. stock, and such amount of the 4-per-cent. stock as will, with the cash on deposit, make up the sum of £27,000, and that such amount, when realised, be paid over to the Agent-General receiving the same on behalf of the New Zealand Government. Penrose G. Julyan. W. B. Perceval. Walteb Kennaway.

Enclosure 3 in No. 5. Gentlemen, — 13, Victoria Street, S.W., 11th September, 1894. The Trustees of the sinking fund of the Now Zealand Loan of 1863, having been advised of the conversion of £78,700 5-per-cent. debentures of that portion of the loan which is redeemable in 1914, have decided to release £27,000 of the sinking fund. I have therefore to request you to take the necessary steps for selling the £19,614 14s. Id. 3J-per-cent. New Zealand stock, as well as such portion of the 4-per-cent. New Zealand stock as will, with the cash now in deposit, realise the amount (£27,000) which I have named, such amount, when available, to be placed to the credit of the New Zealand Government Public Account at the Bank of New Zealand. I am, &c, Walteb Kennaway, The Crown Agents for the Colonies. Executive Trustee.

Enclosure 4 in No. 5. Downing Street, S.W., 29th September, 1894. Sir, — New Zealand Sinking Fund Series, 1914. I have to acknowledge the receipt of your letter, dated the 11th instant, relative to the payment of £27,000 to the credit of the New Zealand Public Account, being the amount of release from the New Zealand sinking fund, 1863, series 1914, on the conversion of £78,700 5-per-cent. debentures of that series. In reply, I have to inform you that, on the 24th instant, we paid, on behalf of the Trustees, £4,425 12s. Id. to the credit of the New Zealand Public Account, being the amount of tho deposit with accrued interest, and that we have sold the following New Zealand stocks: — £ s. d. £ s. d. £2,361 19s. 7d. 4-per-cent. inscribed stock, at 109 .. .. .. 2,574 11 1 Power of attorney, brokerage, and stamp .. .. .. .. 6 10 7 2,568 0 6 £19,614 14s. Id. 3J-per-cent. inscribed stock, at 102J .. .. 20,056 0 8 Power of attorney, brokerage, and stamp .. .. .. .. 49 13 3 ■ 20,006 7 5 £22,574 7 11 which amount we paid to the credit of the New Zealand Public Account at the Bank of New Zealand yesterday, making, in all, the sum of £27,000, as requested. We have forwarded two receipts for the above amounts to the Agent-General for his signature and return here, as vouchers for the Sinking Fund Account. I am, &c, Walter Kennaway, Esq., C.M.G. E. E. Blake. Enclosure 5 in No 5. Downing Street, S.W., 29th September, 1894. Sib, — New Zealand Sinking Fund, 1914. In accordance with the request of the Executive Trustee of the New Zealand Loan of 1863, series 1914, conveyed in his letter of the 11th instant, I have the honour to inform you that the Trustees have paid the sum of £27,000 to the credit of the New Zealand Public Account at the Bank of New Zealand, as follows : — £ s. a. On 24th September .. ... .. .. .. .. .. .. 4,425 12 1 On 28th September .. .. .. .. .. .. .. .. 22,574 711 27,000 0 0 being the amount of sinking fund, series 1914, released on the conversion of £78,700 5-per-cent. debentures 1914. I enclose receipts for the above-mentioned sums for your signature and return to this office, as vouchers for the Sinking Fund Account. I have, &c, The Agent-General for New Zealand. E. E. Blake.