4
THE NEW ZEALAND GAZETTE.
of Saint Michael and Saint George,
Governor and Commander-in-Chief in
and over Her Majesty's Colony of New
Zealand and its Dependencies, and Vice-
Admiral of the same; and issued at
Wellington, this sixth day of January, in
the year of our Lord one thousand eight
hundred and seventy-one.

W. GISBORNE.

Colonial Secretary's Office,
Wellington, 4th January, 1871.

THE following Despatches, with Enclosures, from
the Right Hon. the Secretary of State for
Colonies, are published for general information.

W. GISBORNE.

Downing Street, 30th September, 1870.

SIR,-With reference to my predecessor's Despatch
No. 53, of the 20th May, respecting the guarantee of
a loan of one million to be raised by the Government
of New Zealand, I have the honor to transmit to you
the accompanying copies of an Act passed at the close
of the last Session, entitled "An Act for authorizing a
Guarantee of a Loan to be raised by the Government
of New Zealand for the Construction of Roads,
Bridges, and Communications in that Country, and
for the Introduction of Settlers into that Country."

You will learn from the second and third clauses
the conditions under which Her Majesty's Govern-
ment are authorized to give this guarantee. It will be
a great satisfaction to them if the loan to be raised
proves conducive to the pacific advancement of the
Colony.

I have, &c.,
KIMBERLEY.

Governor Sir G. F. Bowen, G.C.M.G.,
&c., &c., &c.

An Act for authorizing a Guarantee of a Loan to be
raised by the Government of New Zealand for the
Construction of Roads, Bridges, and Communications
in that Country, and for the Introduction of Settlers
into that Country.

[1st August, 1870.]

WHEREAS the Government of New Zealand propose
to raise by way of loan a sum not exceeding one
million pounds for the purposes of the construction
of roads, bridges, and communications in that country,
and of the introduction of settlers into that country,
and it is expedient to authorize the Commissioners
of Her Majesty's Treasury, in this Act referred to
as "the Treasury," to guarantee such loan:

Be it enacted by the Queen's most Excellent
Majesty, by and with the advice and consent of the
Lords Spiritual and Temporal, and Commons, in this
present Parliament assembled, and by the authority
of the same, as follows:-

Short Title.

1. This Act may be cited as "The New Zealand
   (Roads, &c.) Loan Act, 1870."

Power to Treasury to guarantee Loan.
2. The Treasury may guarantee, in such manner
and form as they think fit, payment of the principal
of all or any part of any loan not exceeding one
million pounds raised by the Government of New
Zealand for the purposes of the construction of roads,
bridges, and communications in that country, and of
the introduction of settlers into that country, and
payment of the interest of any such loan at a rate not
exceeding four per cent.

Conditions of Guarantee.
3. The Treasury shall not give any guarantee under
this Act, unless and until provision has been made,
either before or after the passing of this Act, by an
Act of the Legislature of New Zealand, or otherwise
to the satisfaction of the Treasury,-

(1.) For raising the said loan, and appropriating
the same to the purposes mentioned in this
Act:
(2.) For charging the Consolidated Revenue of
New Zealand with the payment of the principal
and interest of the said loan immediately after
the charges on that fund existing at the time
of the passing of this Act:
(3.) For payment by the Government of New
Zealand of a sinking fund at the rate of two
per centum per annum on the entire amount
of the said loan, or so much as is raised for
the time being, commencing at the date at
which the whole of such loan is raised, or at
the expiration of ten years from the passing
of the Act (whichever date first happens), and
for charging the Consolidated Revenue of New
Zealand with the payment of such sinking
fund immediately after the principal and
interest of the said loan:
(4.) For charging the Consolidated Revenue of
New Zealand with any sum issued out of the
Consolidated Fund of the United Kingdom
under this Act, with interest thereon at the
rate of five per centum per annum, immedi-
ately after the sinking fund of the said loan:
(5.) For rendering to the Governor of New
Zealand, for transmission to the Treasury, an
annual abstract of the accounts of the expen-
diture of the money raised by means of the
said loan under such heads as the Treasury
from time to time desire:
(6.) For remitting to the Treasury the annual
sums for the sinking fund by equal half-yearly
payments, and for the investment and accumu-
lation thereof under their direction in the
names of four trustees nominated from time
to time, two by the Treasury and two by the
Government of New Zealand.

The Treasury shall not guarantee in any one year a
larger sum than two hundred thousand pounds; and
the Treasury, before guaranteeing any portion of the
loan after the first, shall satisfy themselves that the
portion of the loan already raised has been or is in
the course of being spent for the purposes mentioned
in this Act.

Application of Sinking Fund.
4. The said sinking fund may be invested in such
securities as the Government of New Zealand and the
Treasury from time to time agree upon, and shall,
whether invested or not, be applied from time to time,
under the direction of the Treasury, in discharging
the principal of the said loan; and the interest arising
from such securities (including the interest on any
part of the loan discharged by means of the sinking
fund), and the resulting income thereof, shall be
invested and applied as part of such sinking fund.

Alteration of Act relating to guaranteed Loan.
5. Every Act passed by the Legislature of New
Zealand which in any way impairs the priority of the
charge upon the Consolidated Revenue of New
Zealand created by that Legislature of the said loan
and the interest and sinking fund thereof, and the
sums paid out of the Consolidated Fund of the
United Kingdom and the interest thereon, shall, so
far only as it impairs such priority, be void, unless
such Act contain a suspending clause providing that
such Act shall not come into operation until Her
Majesty's pleasure thereon has been publicly
signified in New Zealand.

Issue out of Consolidated Fund.
6. The Treasury are hereby authorized to cause
to be issued from time to time, out of the growing
produce of the Consolidated Fund of the United