The large amount of the loan, and the condition of the New Zealand securities in the money market caused me to think it desirable that such an arrangement should be made. I be lieve when all the circumstances are con sidered the result should be regarded as ex ceedingly satisfactory, and as one which only Messrs Rothschild’s immense influence could have achieved. Those gentlemen authorise me to say (I quote their written words) —“ The whole loan for four millions was more than fully applied for. We could have given the whole loan away and not kept a sixpence ourselves. We made 1700 allotments, and never had a better list of subscribers. Sevtral banks and insurance companies are subscribers largely, and we have every reason to think they will hold the as an investment.” Necessarily, the ■jfeMQgements with Messrs Rothschild were in accordance with the interests of those accustomed to deal in colonial securities. Consequently, some amount of opposition to the loan has been shown, but that was a contingency with vhich Messrs Rothschild had to deal. The price at which the loan was issued is nominally £94. The instalments are spread over a period in such a manner as to equal 1 per cent, making the price to the public £93. The commission Messrs Rothschild received was 2 per cent, so that the net return will be £9l. For the commission of 2 per cent Messrs Rothschild guaranteed the sale of the whole loan, three millions at once, and one million within twelve months. Immediately after applica tions had been received, Messrs Roths child ) otified that the whole loan was disposed of. It will, no doubt, be interesting to compare the return obtained for this loan with former loans, and also to know the actual rate per cent per annum at which the money is now borrowed. The £9l per £IOO to be received on a 4£ per cent loan, redeemable at thirty years, is tanta mount to borrowing at £5 3s per cent, in cluding the annual percentage necessary tc represent the difference between the price realised and par, which will have to be giver when the loan is paid off in full. The firsl New Zealand loan, bearing 4J per cent inte rest, negotiated in January, 1873, was foi £500.004*, and was offered at a stated rat( of £9B. 