D.-5b

1885. NEW ZEALAND.

PURCHASE OF DISTRICT RAILWAYS. (COPIES OF AGREEMENTS FOR).

Presented to both Houses of the General Assembly by Command of His Excellency.

No. 1. EAKAIA AND ASHBUETON FOBKS EAILWAY. Ageebment. This Deed, made the clay of , 1885, between the Eakaia and Ashbubton Foeks Bailway Company (Limited), hereinafter termed "the company," of the one part, and the Hon. Edwaed Eichaedson, Minister for Public Works, for and on behalf of Her Majesty the Queen (who, with his successors in office, is hereinafter referred to as " the Minister"), of the other part. Wheebas in pursuance of a resolution of the shareholders of the company, passed at an extraordinary general meeting held on the 6th day of May, 1885, the directors of the said company were authorized to make such arrangements as they might think fit for the sale to the Government of the .company's properties, subject to the approval of Parliament, to be obtained during the present session of the General Assembly : And whereas the said directors, in the name and on behalf _of the company, have agreed to sell, and the Minister has agreed to purchase, upon the terms hereinafter set forth, the railway known as the Eakaia-Ashburton Forks Eailway, extending from the South Eakaia Railway-station to Methven, a distance of about twenty-two miles, all in the Provincial District of Canterbury, together with all lands, interests in lands, permanent-way, buildings, materials, rolling-stock, tools, furniture, implements, and things belonging to or used in connection with the said railway, in any manner whatsoever, as hereinafter more particularly appears : Now these presents witness as follows :—- -1. That the company hereby agrees to sell, and the Minister, for and on behalf of Her Majesty the Queen, agrees (subject to approval as hereinafter mentioned) to purchase, at the price or sum of £72,000, Firstly, all those lands described in the First Schedule hereto ; and Secondly, all that railway known 'as the Eakaia-Ashburton Forks Eailway, extending from the South Eakaia Eailwaystation to Methven, a distance of about twenty-two miles, including all materials, buildings, tools, rolling-stock, furniture, goods, chattels, effects, and things of what nature soever now in use on the said railway or in hand for the future use of or used in connection with the said railway, some particulars of which are set forth in the Second Schedule hereto, together also with all that the estate, right, title, interest, privileges, and appurtenances of the company now acquired or which may hereafter be acquired in, to, over, or upon any lands, tenements, and hereditaments whatsoever for the purpose of the said railway, or the works connected therewith, particulars of which are set forth in the Third Schedule hereto. 2. That the purchase of the railway by the Minister as aforesaid, and these presents, are both made subject to the approval of the General Assembly of New Zealand ; the Minister hereby undertaking to lay the proposal to purchase, together with a copy of this agreement, before both Houses of such Assembly during the present session of Parliament. If such proposal be not approved, then these presents, and every clause, matter, and thing herein contained, shall determine and be absolutely void. Should such proposal and the agreement hereby made be approved, then the purchase hereby made shall date as from the 31st March, 1885. 3. That the payment of the £72,000 before mentioned shall be made as follows : (a.) £7,000 shall be paid to the said company in debentures having twenty years to run from the 31st March, 1885, and bearing interest at the rate of £4 per centum per annum. Such interest shall be payable in the colony up to the 31st March, 1887, and the interest and the principal thereafter shall be payable either in New Zealand or in London, at the option of the holder ; (b) £64,200, representing debentures issued by the company and held by the New Zealand Loan and Mercantile Agency

I—D. sb.