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the loan might be issued, and it was intimated by the unofficial members of Council that they assented to the subsection on the understanding that the word was intended in the latter sense. I shall be obliged if Your Lordship will inform me in what sense the word was intended by the drafter of the Bill.

3. I also enclose an Encl: 3. 76th Jan 1893 the order in Council authorising the Crown Agents to make the declaration identifying the stock under the provisions of the Colonial Stock Act 1877; Encl: 5. a declaration as to conversion of existing loans; and a request to the Crown Agents to act as agents for the management of inscribed stock and conversions.

I have the honour to be, My Lord Marquess Your Lordship's Most Obedient Humble Servant, William Robinson

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