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89. It would have to be over £100,000 ? —Largely, I should think. 90. Explain to the Committee what you think has been the profit or loss on the part of the colony through the company's not carrying out the contract. Are we better off now in having a portion of the railway, or would it be better to have the whole of the railway made at the company's expense ?—Of course, it goes without saying that it would be better for the colony if the contract as a whole had been carried out. 91. My question is this : Would the colony be in a better position if the whole of the railway had been made according to the original contract than they are now when only one-fifth of the railway has been made, and they have an asset suggested by you to be worth £100,000? —The preferable position certainly would be to have the whole contract carried out. 92. With regard to the lands selected, this yellow [pointing to the map] represents the exact lands that have been reserved ? —That map shows what was reserved up to 1892. Other reserves were made after that. 93. As a matter of fact the colony has not reserved the frontage of the line ? —Not the actual frontage, that had been alienated years before. 94. Exactly ; and when it was suggested that the colony had reserved the frontage of the line all along, it appears that, except in the Valley of the Buller at only one point up to 1892 had that been reserved ?—The company admit that these reserves in the Valley of the Buller were properly reserved. They do not question that, and what is stated as regards the remainder is correct. Only in that place [pointing to the map], a portion of Block LIIL, did the area come right up to the railway. 95. Do you think it would be more profitable to select the land on the Canterbury side or the West Coast ? —Undoubtedly the Canterbury, as they have selected. 96. Do you know whether they sold that land at an increased value ?—I think I stated they made a profit of about 40 per cent. 97. About tourists : Do you think the effect of putting the line through the Otira Gorge, for it is nearly all tunnels, would be to induce tourists to go by that rather than by coach ?—I think if the line were through that the coach would not run, so it would be a case of going by train or not at all. I think a great many people would go. 98. Do you think it would improve the scenery to put the line through ?—I do not think it would improve the scenery. 99. Has the railway through the Manawatu Gorge improved the scenery ?—No; it has very largely spoilt the scenery. 100. You are not a lawyer, Mr. Blow, and any opinion you may give is like the opinion of anybody else, I presume. You do not pretend to be an expert on legal documents ?—I have an experience of the working of these Acts, perhaps more than any other officer in the Government service, but I do not pretend to give a legal opinion. 101. And it has been suggested to you that you know nothing about what financiers would do in England. Would you not probably have heard if any financiers would be likely to take up a matter of this sort ?—At any rate no financier has offered to take it up. 102. You have heard the debenture-holders do not propose to take it up? —I have heard that. 103. You have heard that the Midland Railway Company cannot raise the money for it ?— Yes ; that has been given in evidence. 104. And therefore you are competent to express an opinion as well as other people ?—As well as any other person who was not personally conversant with the conditions of the money-market. 105. And in the evidence you have given, have you given the exact facts before us, or have you endeavoured to conceal or misrepresent facts ?—That question hardly needs an answer. I have certainly endeavoured to put the facts before the Committee as accurately as possible, so that they could judge. 106. Mr. T. Mackenzie.] Would the company as well as the colony have been better off if they had completed the railway ? —That is not for me to consider. The company entered into a definite contract to do it, and it was the business of the colony to hold them to their bargain as closely as they could. 107. So that the colony would be better off by its construction and the company poorer?— Yes. 108. Would the Canterbury land have been better in the interest of the company than these reserve blocks on the West Coast if the company had had the right to take them ?—lf the company had had the right of taking that reserved area, a very large part of which contained actual goldworkings, of course it would have been better for the company; but that would have been contrary to the provisions of the contract. lam not a lawyer, however, and do not pretend to give the legal position. 109. And even pieces where gold was not known to exist would have been better than Canterbury land?— Certainly not; as mere land it was almost valueless. 110. Not the timber country ?—I should have thought so. Much of the land is high, broken, and not easily accessible. Mr. Guinness : There are fifteen sawmills working there now. 111. Mr. Mackenzie.] And you do not profess to give the legal position, but you have given the legal ? —I have stated sundry hypotheses and, of course, if the Committee is not satisfied, they will obtain legal opinion. 112. But you do not think it necessary to come before the Committee with the assistance of counsel ? —No. 113. Mr. Chapman.] I should like to ask Mr. Blow one question. Is that test which Mr. Montgomery put to you, of whether the line could be auctioned at a given figure, or, without saying auctioned, sold at a given figure —is that a test that could be applied to colonial lines in a new