of which payment of interest at and after the rate of
Eight pounds per centum per annum on the amount of
the capital required to be employed by the said David
Proudfoot and John Thomas Chaplin in carrying out
and constructing the said works and in connection
therewith may be secured to them the said David
Proudfoot and John Thomas Chaplin. And whereas
the said James Macandrew as such Superintendent as
aforesaid by and with the advice and consent of his
Executive Council (as he the said James Macandrew
doth hereby testify and declare) has consented and
agreed to enter into such agreement and to execute
the covenants on his part hereinafter contained. Now
this deed witnesseth that for the purposes aforesaid
and in consideration of the premises and of the coven-
ants by and on behalf of the said David Proudfoot
and John Thomas Chaplin which are herein contained
He the said James Macandrew as such Superintendent
of the Province of Otago as aforesaid and so as to
bind himself as Superintendent and his successors
in office so far as he lawfully may or can do so but not so
as to charge himself his heirs executors or adminis-
trators or his or their own property lands tenements goods
or chattels with or for the performance of all or any of
the covenants conditions or agreements herein con-
tained Doth hereby for himself and his successors
Superintendents of the Province of Otago (he the said
James Macandrew as such Superintendent and his suc-
essors being hereinafter called “the said Superinten-
dent”) covenant promise and agree with and to the
said David Proudfoot and John Thomas Chaplin their
executors administrators and assigns in manner fol-
lowing that is to say: That he the said Superintendent
will so soon as the Railway works hereinafter men-
tioned shall have been commenced set apart by procla-
mation in the Government Gazette of the said Province
of Otago or by such other means as he lawfully may
the whole of the moneys thenceforth to be collected or
received at or from or by means of the various jetties
and wharves in or at the Port of Dunedin in the said
Province and in or at the Port of Port Chalmers in the
said Province and which are now paid to the Provincial
Treasurer of the said Province of Otago and form part
of the revenue of the said Province And that from
and after the publication of such proclamation in the
said Government Gazette the moneys so collected or
received at from or by means of the said jetties and
wharves shall be placed to the credit of a separate
account in the books of the Provincial Treasury at
Dunedin aforesaid to be called “The Port Chalmers
Railway Guarantee Account” And that the moneys
so placed to such account shall be applied to the par-
ment of the interest hereinafter mentioned And that
here the said Superintendent will thereafter on the first
day of April and the first day of October in each year
until the said Railway shall be constructed and in
actual working order pay to the said David Proudfoot
and John Thomas Chaplin out of the moneys so placed
to the credit of “The Port Chalmers Railway Guaran-
tee Account” interest upon the amount of the capital
which shall from time to time have been actually ex-
pended or employed by the said David Proudfoot and
John Thomas Chaplin in the construction of the said
Railway at and after the rate of eight pounds per
centum per annum Provided always that the amount
upon which interest shall be so paid as aforesaid shall
in no case exceed the sum of seventy thousand pounds
whatever the actual capital expended or employed by
the said David Proudfoot and John Thomas Chaplin in
the construction of the said works may amount to
And also will after the said Railway shall have been
constructed and shall be in working order and whilst
the same shall be regularly worked in accordance with
the provisions hereinafter contained for the carriage of
goods and passengers pay to the said David Proudfoot
to the credit of the said Port Chalmers Railway Guaran-
tee Account yearly and every year on the half yearly
days aforesaid for the term of fifteen years to be com-
puted from the date of the completion of the said
works interest at such a rate as when added to the net
income derived by the said David Proudfoot and John
Thomas Chaplin from the said Railway will amount in
every year to a sufficient sum to increase the interest
upon the entire capital not exceeding the said sum of
seventy thousand pounds employed in the construction
of the said Railway and other works at the rate of
eight per cent. per annum And also that if the said
moneys will not suffice to increase the interest to that
rate then that the said Superintendent shall from time
to time alter and increase the rates and charges payable
at such jetties and wharves to a sufficient sum to cover
the amount necessary to make up the interest on the
said capital to the rate aforesaid or will otherwise pro-
vide for the payment of such interest out of the ordi-
nary revenues of the said Province but this proviso is
not to be held to interfere with or be held to prejudice
or affect the security of the said David Proudfoot and
John Thomas Chaplin their executors administrators
and assigns in respect of the dues to be received or
payable at such jetties and wharves: Provided always
that until the said Superintendent or his successors
shall have exercised the power of purchase hereinafter
contained the present rates and charges payable at such
jetties and wharves shall not be reduced Provided
always and it is hereby expressly agreed by and between
the said parties hereto that until the said Superinten-
dent or his successors shall have exercised the power of
purchase hereinafter contained no toll dues and wharfages
shall be levied under the provisions of the
“Jetties and Wharves Ordinance 1858” or any other
Law or Ordinance now in force or which hereafter
during the continuance of these Presents may be in
force on any goods that may arrive at the Port of
Otago whether landed at Port Chalmers or Dunedin or
any other intermediate place between Port Chalmers
and Dunedin and which shall be carried by rail or
upon the said Railway without the previous consent in
writing of the said David Proudfoot and John Thomas
Chaplin their executors administrators or assigns first
had and obtained And further that all the said Super-
intendent will do or cause to be done all acts matters
and things necessary and proper for obtaining and
paying the said interest and every part thereof when
and so often as the same shall become payable under
and by virtue of this Deed And further that to the said
Superintendent will do or cause to be done all
acts matters and things necessary to authorize and
empower the said David Proudfoot and John Thomas
Chaplin to construct a Railway wharf at Port Chalmers
aforesaid and will use his best endeavours to obtain for
the said David Proudfoot and John Thomas Chaplin
any authority or permission which may be requisite for
that purpose And further that he the said Superinten-
dent will use every endeavor to have passed by the
said Provincial Council of Otago at and during the
Session of the said Provincial Council which shall be
held next after the making of such Proclamation
setting apart the said monies so to be collected and
received at the said jetties and wharves as aforesaid an
Ordinance validating the aforesaid Proclamation and
making provision for setting apart and payment of the
money collected and received at on or by means of the
various jetties and wharves at the Ports of Dunedin
and Port Chalmers as hereinafter covenanted and
agreed to be set apart and paid And further that if at
any time hereafter the said David Proudfoot and John
Thomas Chaplin shall for the purposes of the making
and construction of the said Railway and other works
as aforesaid require any land theretofore granted by
the Crown in the said Province and shall signify such