13

D.—2

hereof, to the extent of such land then remaining so available. All such further laud shall he valued either by agreement or arbitration as aforesaid, and the Company shall not select any such further land to a value greater than the difference (if any) between the aggregate of the moneys so received and owing, together with the sum of such valuation as aforesaid, and the said sum of one million two hundred and fifty thousand pounds, or such less sum as shall represent one-half of the actual cost including equipment of the entire railway from Springfield to Belgrove, if the Company shall construct the alternative line mentioned in clause 4 hereof. 37. The Company shall at all times during the subsistence of these presents keep proper books, in which shall be shown the situation and area of land sold, leased, or otherwise disposed of by or on behalf of the Company, the price paid or agreed to be paid for the same, or the rent, royalty, or other reward received or agreed to be received in respect thereof, and the name or names of the purchaser or purchasers of the land, or of any lessee or licensee thereof; and also shall at all times keep true and proper accounts of all moneys from time to time received by the Company, whether by way of purchase-money, rent, royalty, or otherwise howsoever, or as proceeds of its timber and coal; and the Company shall from time to time, on the request of the Governor, furnish to the Queen true copies of any entry in any such book or account, or will permit any person authorised in that behalf by the Governor to inspect any such book or account and take copies thereof or extracts therefrom. 38. The Queen shall give to the Company and the Company shall give to the Queen mutual running-powers and terminal facilities over the respective lines of railway of the Queen and the Company for carrying traffic on the line of the one party through or on to the line of the other party, and in particular shall give the Company access to the ports of Lyttelton, Nelson, and Greymouth, and to the Government termini at such ports and at Christchurch; but neither party shall have the right to compete with the other party by carrying on the line of the other party traffic originating and terminating on such line. The terms and conditions under which such running-powers and terminal facilities shall operate shall be set out in an agreement to be made under section 5 of the said Act, or if the parties cannot agree, the form and contents of such agreement shall be determined by arbitration, and while no agreement is in existence binding the parties then on terms to be prescribed by regulations to be made by the Governor. 39. All by-laws and regulations made under the principal Act or any other Act for the conduct of traffic on the said railway, and for the working and management thereof, shall from time to time be subject to approval by the Governor ; and, subject thereto, the maximum tolls, fares, rates, and rents to be charged by the Company for the carriage upon the said railway of passengers, produce, animals, goods, merchandise, articles, matters, and things, and for the storage of goods in any of the Company's sheds or warehouses, shall not exceed the scale for the time being in force upon the Wellington to Masterton Railway with twenty-five per centum added thereto; and until such last-mentioned scale shall have been altered by the Minister, pursuant to the power vested in him in that behalf, shall not exceed the scale set forth in the Schedule hereto attached, with twenty-five per centum added thereto. 40. The Company shall be at liberty at any time, in the manner prescribed by the principal Act, to reduce the said tolls, fares, rates, and rents, or any of them. ' 41. If at any time the Minister for Public Works shall be satisfied that the said tolls, fares, rates, and rents, or any of them, are excessive, he may, by giving one month's notice in writing to the Company, require the tolls, fares, rates, and rents, to be reduced as stated in such notice, and at the expiration of such notice the Company shall make the reduction accordingly. 42. If the Company shall not be able to construct and finish the said railway within the period hereinbefore limited in that behalf, or if it shall not before the said thirty-first day of December, one thousand eight hundred and eighty-eight, have expended one hundred and fifty thousand pounds, as herein-

Company to keep books oraccount, &c, and give copies or extracts to Queen.

Queen and Company may agree for mutual running-powers over lines of Queen and Company respectively.

By-laws and regulations of Company to be subject to approval by the Governor. Maximum rates and charges not to exceed rates and charges for the time being in force on Wellington to Master-ton Railway with 25 per cent, added thereto.

Company may reduce rates and charges, &c.

Minister for Public Works may require reduction in rates, &c, on giving notice to Company.

Power to extend

periods for the doing of certain acts.