In dealing with so moment ous and intricate aq es'.ion it is necessary that every precaution should be taken to safeguard tho colony against losses, and 10 render future application for tho inter vention of Parliament unnecessary. To effect this your Committoe recommend 1 hat tho whole of tho freeholds, stations, s'ock and implements in New Zealand be disposed of, and that tho Bank of New Zealand and tho Estates Company sell them to a Realization Board to bo ostaß- 1 lished for that purpose;; that an Assets Realisation Foard, consisting of throe members, bo created as hereinafter pro vided ; that tho Assets Realisation Board ho ou'liorised to issuo bonds for < £2,734,000, bearing 3i per cent, interest, 1 and tho deficiency, if any, on the bonds I after tho realisation of tho Ne* Zealand 1 Estates Company's properties bo guaran- s toed by tho colony to the Bank. Iu re'urn for these the Btnk of New Zca land Estates Company and tho Auckland Agricultural Company io transfer the wholo of the property reforrod to, to the Realisation Board for liquidation pur poses; that £500.000 of uncalled reserve liability of the Bink of No* Zealand shareholders be called in in four equal instalments, tho first being payable on tho 30th Juno, 1896, the second on the 31st December, 189 \ tho third on the 30th Juno, 1897, and tho fourth on the 31sb December, 1897. 