completed as aforesaid within the said term of one year and six months all payments of guarantee shall cease until the inspecting engineer shall have certified that the whole length of the Railway is completed and provided with rolling stock and ready and fit to be used for public traffic. And further that the said David Proudfoot and John Thomas Chaplin their executors administrators and assigns shall and will make construct and finish the said works in accordance in every respect with the specification contained in the schedule hereto annexed and shall and will for each and every case for which the said specifications do not make provision or for which the provision made is insufficient or improper submit to the Inspecting Engineer working drawings and specifications describing the mode in which the different works are proposed to be constructed and will procure the written approval of the Inspecting Engineer to the same before the commencement of any of the several works to which the drawings and specifications especially relate and that duplicates of all documents submitted for approval shall be forwarded therewith and may be retained by the Inspecting Engineer. And further that the gauge of the said Railway shall be four feet eight and a half inches and no gradient in the said line shall be steeper than one in sixty and no curve sharper than ten chains radius and that the works on the said Railway shall be substantially constructed and the whole of the materials workmanship plant and appliances provided shall be of the best and most approved description and the whole Railway shall be completed in the most workmanlike manner and properly provided and equipped with all necessary and contingent works and appliances. And further that the said David Proudfoot and John Thomas Chaplin their heirs executors administrators or assigns will at their own cost acquire the lands required for the said line of Railway and also all lands required for sidings stations or other contingent works or purposes other than the lands hereinbefore mentioned or referred to and except the Dunedin Terminus of the said Railway which they shall be allowed to use and occupy free of charge. And further that the said David Proudfoot and John Thomas Chaplin their heirs executors administrators or assigns will securely and permanently enclose and protect throughout with good and substantial fencing constructed and erected so as to form a legal fence for great and small cattle under the provisions of the laws in the Province of Otago aforesaid for the time being in force relating to fencing the whole line of the said Railway and works. And further that the said David Proudfoot and John Thomas Chaplin their heirs executors administrators or assigns will at their own cost provide for the said line a sufficient quantity of rolling stock for the convenient and safe working of the traffic on the said Railway. And further that the said David Proudfoot and John Thomas Chaplin their heirs executors administrators or assigns will at all times during the continuance of the guarantee on the part of the Superintendent hereinbefore contained keep and maintain the said line of Railway and all works stations buildings machinery and plant connected therewith in thorough good order and repair and will at all times during the term aforesaid regularly work the said Railway for public traffic under such provisions and regulations as shall be approved of by the Superintendent and will run at least six trains each way per day throughout the whole length of the line at a rate of not less than fifteen miles per hour including stoppages. Provided that if in the opinion of the Inspecting Engineer the traffic upon the said line shall from time to time or at any time not be sufficient to require six trains per day to be run then the said David Proudfoot and John Thomas Chaplin their executors administrators or assigns shall run such less or number of trains each way per day as shall in the opinion of the Inspecting Engineer be sufficient during such time or times as shall from time to time be fixed by the said Inspecting Engineer by writing under his hand. And further that the said David Proudfoot and John Thomas Chaplin will charge such rates of fares and charges for passengers and for goods and other things conveyed as the said Superintendent with the advice and consent of his Executive Council may from time to time by Proclamation in the Provincial Government Gazette fix and approve of and no other rates whatsoever. Provided that the charges for general merchandise shall not be reduced below four shillings and sixpence per ton and the rates of fares and charges for passengers below one shilling and sixpence for a single and two shillings and sixpence for a return ticket for first-class passengers and one shilling for a single and one shilling and sixpence for a return ticket for second-class passengers without the consent in writing of the said David Proudfoot and John Thomas Chaplin first obtained for that purpose. And further that the said David Proudfoot and John Thomas Chaplin their heirs executors administrators or assigns will from the time of the due completion of the said line after deducting out of the income arising from the said Railway all reasonable expenses payable thereout and the cost of the maintenance of the said line and other works apply the clear surplus of such income if sufficient and if sufficient then so far as the same will extend in payment of interest at the rate of Eight Pounds per centum per annum on the entire capital not exceeding Seventy thousand pounds employed in the construction of the said Railway and other works so as to reduce as far as possible the amount payable by the said Superintendent under the guarantee hereinbefore contained. And further that the said David Proudfoot and John Thomas Chaplin their heirs executors administrators or assigns shall one calendar month at least before each half-yearly day of payment of interest as hereinbefore is mentioned make out and submit to the said Superintendent a statement in writing of the receipts and expenditure on account of income for the current half-year and shall at the same time notify in writing to the said Superintendent the amount required to be applied out of the said “Port Chalmers Railway Guarantee Account” to pay or make up the deficiency of the surplus income of the said David Proudfoot and John Thomas Chaplin their heirs executors administrators or assigns for payment of the interest then becoming payable and the said David Proudfoot and John Thomas Chaplin their heirs executors administrators or assigns will from time to time when required by the said Superintendent furnish to him proper statements and accounts to enable him to ascertain the position of the affairs of the said David Proudfoot and John Thomas Chaplin their heirs executors administrators or assigns and in verification thereof will at all reasonable times produce their books for inspection by the said Superintendent or any person authorized by him in that behalf and will properly vouch such statements if required so to do. Provided always and it is hereby mutually agreed and declared that no surplus or deficiency shall be carried from the accounts of one year to those of another but that should the nett income in any one year exceed the amount of the guarantee the surplus income shall belong to the said David Proudfoot and John Thomas Chaplin their heirs executors administrators or assigns but should the nett income in any year be less than the amount of the guarantee the Superintendent shall be liable under these presents for an amount equal to the difference between the amount of the nett income and the amount of the guarantee but should the expenditure in any year be greater than the receipts so as to show a loss the Superintendent shall be liable only to the extent of the guarantee. Provided also and it is hereby also agreed and declared that should the said David Proudfoot and John Thomas Chaplin their execu-