15

D.—6

Government railways, with twenty-five per centum added thereto, and, until such last-mentioned fares, rates, and charges shall have been altered by the Minister, pursuant to the power vested in him in that behalf, shall not exceed the general fares, rates, and charges (as distinct from local and special rates) at present in force on the New Zealand Government railways, as set forth in the New Zealand Government Gazette of the 30th daj^ of January, 1888, with twentyfive per centum added thereto. The general fares and rates at present in force, as hereinbefore mentioned, are set forth in the said Gazette as follow: — For passengers, in.... .... .... Part 1., pages 125 to 130 For luggage, parcels, and horses, in Part 11., pages 134 to 136 ■p , • (Part 111., pages 137 to 150 F°r goods, in | Parfc v" pages 163't6173 —all the said pages above mentioned being reckoned inclusively. 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 hereinbefore provided, the Governor in Council may, by writing indorsed on these presents, if satisfied that the delay has not been caused by the wilful default or neglect of the Company, extend the said periods, or either of them, or the period mentioned in clause 35 hereof, for such time as he shall deem reasonable, and any such extension may be made although the period to be extended has not yet expired, or may be made after such expiration. 43. The power of purchase conferred upon the Governor by the principal Act and the said Act may be exercised at any time after the expiration of ten years from the completion of the said railway. If under the provisions of the principal Act or the said Act, or under or by virtue of these presents, the Governor shall be entitled to take possession of the said railway or any part thereof, then in lieu of taking such possession he may, if he think fit, exercise the right to purchase the said railway, although the said period of ten years may not have expired, or the said railway may not have been wholly constructed, and such right shall be deemed to arise on his giving six months' notice to the Company of his intention to exercise this right; and thereupon, and without any further notice as prescribed in the principal Act, the price to be paid for the said railway shall be ascertained and determined as provided by the principal Act, except that section 118 thereof shall not apply. 44. In the event of the purchase of the said railway by the Queen, or on her behalf, in accordance with the Acts relating thereto, such a sum shall be included in the price to be paid for such purchase as is equal to the amount which may have been actually paid to the shareholders or debenture-holders of the Company as interest during construction for the period ending the thirty-first day of July, one thousand eight hundred and ninety-seven, the rate not to exceed an average of four per cent, per annum, except in the case of shares or debentures representing five hundred thousand pounds

Kates at present in force.

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.

Power of purchase may be exercised by Crown at expiration of ten years.

Further power of purchase within ten years in certain events, on giving notice.

In case of purchase by Quean, certain sums to be included in price paid, such additional sums no to exceed £4.00,000.