A Mortgage may be transferred or dis narged ; or a Lease transferred or surren dered for ss. THESE OPERATIONS INVOLVE NO DELAYS. The following are some of the advantages con ferred by the Land Transfer system : 1. It secures the principal benefits and ad vantages sought to be attained in a system of registration of deeds. 2. It renders retrospective investigations of title unnecessary as to all lands registered. 3. It simplifies the titles to real property for the future. 4. It mikes purchasers of the fee and leases perfectly secure. 5. It simplifies to the utmost possible ex tent the forms of transfer and the modes of conveyance. 6. It increases the saleable value of land. 7. It tends to lower the rate of interest on loans secured on lands. 8. It gives facilities for the sale of large estates in allotments. 9. Transactions can be effected at a moment’s notice, and at a minimum of cost. 10. Fraud in the purchase and sale of land are effectually prevented, because the Certifi cate of Title in the possession of the vendor shows the exact condition of the estate, i.e., if the estate be mortgaged, encumbered, or leased. Memoranda disclosing the particulars of any such transaction affecting the estate are written upon the Certificate of Title. Lands purchased from the Crown since the coming into operation of the Land Transfer Act cannot be dealt with under the old system. W. S. MOORHOUSE, * Registrar-General of Land. "Extract from New Zealand Gazette, 15 th July, 1872.] Colonial Secretary’s Office, Wellington, July 9, 1872, IN compliance with the recommendation contained in the Report of the Joint Committee on Colonial Industries, 1871, to the effect that a bonus of £2500 should be offered for the first 100 tons of Printing Paper produced by machinery, such bonus to be in addition to any that may be offered by any province, it is hereby notified that such reward will be paid on the fulfilment of the following Conditions. The paper to be manufactured in New Zea land, by machinery permanently established and working in the colony. The required quantity to be completed before the 30th June, 1874. The reward will be paid on the certificate of an officer to be appointed by the Government that the above conditions have been complied with. W. GISBORNE. 