11

rate of 40s. an acre) to £289,200, to be appropriated as follows, namely :—

Emigration and supply of Labour (Three-Eighths, 7s. 6s. in £1, or 37½ per cent.) . . . . . . . . . . . . £108,450

Civil uses, to be administered by the Company, viz. :—Surveys and other expenses of founding and maintaining the settlement, roads, bridges, and other improvements, including steam, if hereafter deemed expedient, and if the requisite funds be found available (Two-Eighths, 5s. in £1, or 25 per cent.) . . 72,300

Religious and Educational Uses, to be administered by Trustees, (One-Eighth, 2s. 6d. in £1, or 12½ per cent.) . . . . . . . . . . . . 36,150

The New Zealand Company, on account of its capital and risk (Two-Eighths, 5s. in £1, or 25 per cent.) . . . . . . . . . . . . 72,300

It is to be observed that from the sum of £36,150 to be assigned to the Trustees for Religious and Educational uses, will be defrayed 12,050, the price of the 100 Properties or 6,025 acres to be purchased as the Estate of that Trust.

In like manner out of the sum of 72,300 to be assigned to the New Zealand Company, will be defrayed 24,100, the price of the 200 Properties or 12,050 acres to be purchased by the Company as its Estate.

But the 100 Properties or 6,025 Acres, constituting the Estate to be purchased by the Local Municipal Government, must be separately paid for by that Government; and until payment therefore of the price, £12,050, together with Colonial Interest thereon, the land will be held by the administrators of the fund for civil uses, with power to dispose of the same, if such payment be not made within one year after the completion of the sales of the remainder of the two thousand four hundred properties.

8.—The Company to reserve to itself the power of increasing the prices above mentioned from time to time, as may be arranged after consultation with the Association.

9.—In consideration of the consent given by the Company to contribute to the emigration and other special funds, in the same proportions as private purchasers, on account of the two hundred Properties to be selected as the Company's Estate, in lieu of those Properties being free of charge or deduction, as was originally intended; and in consideration of the expenses to which the Company is subjected in its general superintendence of the interests of the several settlements, and which ought to be borne in due proportions by the several Settlements respectively; the Company to be entitled to charge commission, at the rate of 5 per cent. on the gross amount of the funds appropriated to emigration and to civil uses; and such charge to be debited to those funds respectively.

10.—The Purchase of the surface, under the present arrangements, to include in every case Coal and all other Minerals whatever, granted to the Company by the Crown and lying underneath the allotment purchased; but the Company to have power to exclude lands containing, in considerable quantities, Coal or other Minerals, from the allotments intended for sale or appropriation, and to reserve them for the purpose of being disposed of in the manner under-mentioned.

Lands so reserved and containing Coal, to be disposed of, by lease or otherwise, in such way as may from time to time be agreed on between the Company and the Association, with a view to prevent the Coal-field from becoming a monopoly in the hands of private individuals, injurious to the public interests, and to ensure to the community a due supply of fuel at the cheapest possible rate.

Lands reserved as above, and containing other Minerals, to be disposed of in such way as the Company, after consultation with the Association, may from time to time consider most expedient.

11.—Reservations to be made, so far as may be practicable, of the sites of Villages and Towns, with suburban allotments adjacent, in the several Parishes and Hundreds, which are to be laid out in accordance with the Government regulations on this head.

12. In laying out the chief town of the settlement,—named "DUNEDIN,"—due provision to be made for public purposes, as fortifications, public buildings, sites for places of public worship and instruction, baths, wharfs, quays, cemeteries, squares, a park and other places for health and recreation; for all which, instructions have already been given to the Company's Principal Agent.

13. Successive parties of colonists to be despatched from time to time, as the Company and Association may deem expedient, what ever the quantity of land sold; due regard being had always to the wishes and convenience of purchasers, and to the proportion between capital and labor; but purchasers to be at liberty to proceed to the settlement at such times as they may individually prefer, without waiting for the parties in question.

14. Five years from the 23rd of November 1847, the date of the embarkation of the first party, to be allowed to the Association for effecting the sale of the 2,000 properties or 120,500 acres to private individuals; but on their failing to complete such sale within the time stated, the Company to have the option of disposing of the whole of the remaining lands to other persons.

In the event, however, of the whole 2,000 properties being sold to private individuals within the said period, the Association to have further the refusal, on such terms as shall then be agreed upon, of the entire remainder of the Block of 400,000 acres, or such portion of the same as the Company shall not have returned to the Crown under the terms of Mr. Hope's letter of 7th August 1845.

15. The full sum stated in paragraph 7 as the price of each entire property or each separate allotment desired to be purchased (accompanied by an authority from the Association for receiving such sum) to be paid to the Commercial Bank of Scotland, in Edinburgh, or to Messrs. Smith Payne and Smiths, Bankers in London, on the New Zealand Company's account; and the Bankers' Receipt to be transmitted to the New Zealand House, accompanied by a letter stating particulars of the entire properties or the separate allotments desired to be purchased, and at full length the name, surname, and residence of the person in whose favor the conveyance is required to be prepared.

16. For each allotment purchased as above-mentioned, the purchaser to receive a conveyance with as little delay as practicable.

17. Ballots for priority of choice to be discontinued, and each allotment to be assigned to the person first making application for it at the appointed place in the settlement, in accordance with the regulations which may be prescribed from time to time by the Company's Principal Agent in New Zealand or other Officer duly authorised in that behalf.

18. Disputes and simultaneous applications for any particular allotment to be determined either by Arbitration or by Lot, if the parties concur in desiring either of these modes of decision; and in default of such concurrence, by the Company's Agent or other authorised Officer. Such determination to