D.—s.

sequence the further expenditure is a matter of estimate, not only of the cost of the works yet to be executed, but of their design and character. A considerable item of future cost is fencing, which is only undertaken as the lands adjacent are enclosed, and expenditure on this head is liable at any time to be called for. For this reason the works contained in Schedule G, and yet to be undertaken, although they are believed to be full and ample, are only estimates; and it should be suggested that all expenditure in finishing and equipping the line on works or land, or on other undetermined items, should be done under the approval of the Government, and the final cost ascertained and substituted for the present valuation, care being taken to keep the total expenditure within the statutory cost of the line—£2oo,ooo —which governs the maximum rating powers of the company. The directors should also direct the attention of the Government to the extremely favourable terms on which the material and plant have been bought and contracts entered into. The method adopted in England was obtaining tenders in the open market, and payment in cash on delivery, f.o.b. The contract for this comparatively small quantity of rails was taken at only 2s. 6d. per ton over that entered into at the same time by a neighbouring colony for 70,000 tons. The tenders for locomotives were low, notwithstanding that they have important additions to the ordinary class F, such as brakes on all the wheels, thus saving great wear on the coupling-roct brasses and giving increased command of the brake power, also compensating levers between all springs, and a few other improvements. The cost of all locomotive work rose considerably after they were contracted for, and ever since so small a number as four could not have been favourably placed. All payments have been made on the Government system —in cash, without the intervention of debentures or other deferred payments. The issuing of contracts for material and plant, and the inspection, have been under the charge of J. Carruthers, Esq., late Engineer-in-Chief for the colony. In conclusion we beg to state our opinion that, provided completion contracts are at once called for, the line can be efficiently finished and equipped ready for traffic for £181,482; thus leaving available for supplementary improvements a sum of £18,518 to be expended before the total cost of the line shall have reached the statutory estimate of £200,000. The time required for the completion of line as above mentioned, should not exceed six months from date of acceptance of tender for platelaying and station-buildings contract. We have, &c, The Chairman, Thames Stewaet and Huntee, Valley and Eotorua Eailway Company. Civil Engineers.

Enclosure 1 in 3 of No. 9. Schedule A. Thames Valley and Rotorua Railway. — First Section. Schedule of Land required for Line, Stations, and Ballast.

* Settled. + Agreed.

Remarks. (*) Leased to W. I. Taylor, Esq. ( 2) Free from fencing for ton years. ( 3) Land Transfer title. ( 4) 155 acres are for ballast-pit. ('■) Include ten acres for ballast- and water-right. 28th November, 1884. Stewabt and Hunter, Civil Engineers.

Enclosure 2 in 3 of No. 9. Schedule B. Thames Valley'-Rotorua Hallway. — First Section. Abstract of quantities of work in line between Morrinsville and Liclifiold up to date, 30th November, 1884: Earthwork, 254,042 cubic yards; rook, 10,000 cubic yards; forming line, 995 chains ; ditching, 31,300 cubic yards ; level crossings, 2nd class, 11; level crossings, 3rd class, 2; level crossings, private, 9; road diversion, 77 chains; excavation of foundations, 2,100 cubic yards; inlets and outfalls, 2,150 cubic yards; piling, 7,475 ft.; timber, 8.M., 133,600 ft.; iron, 37,0921b.; concrete, 104 cubic yards; masonry in cement, 495 cubic yards; dry stone culverts, 407 cubic yards ; punning, 450 cubic yards ; pipes, 18in., 48 yards ; pipes, 15in., 184 yards ; pipes, 12in., 73 yards ; pipes, 9in., 637 yards; pipes. Gin., 613 yards ; fencing posts and wire, 1,098 chains ; cattle stops, 14; gates (wood), 9; sleepers (delivered to date), 38,140. —Stewart and Hunteb, Civil Engineers. 28th November, 1884,

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Ownership. Posit Aon. Acreage. Particulars of Claim. Value to be offered by Company. Agreement to code Free. From To Line. Stations. Total. Vlessrs. Morrin and Studholme .. N'ative owners, Te Au o Te, Waikato Block(!) N. Innes Taylor, Esq. Vlessrs. Gould Brothcrs( 2) .. \lessrs. Eioh and Williams f. McGlashan, Esq. Vlessrs Burnett Brothers( 8) \lessrs. Rich and Williams STative owners, subdivision of Matamata Block( 4) .. r. C. Firth, Esq l\ L. Wilson, Esq. .. 3has. King, Esq. Auckland Agricultural Company (Limited) Messrs. Morrin and Hume Auckland Agricultural Company (Limited) ( 6) rhames Valley Land Company (Limited) M. ch. 0 0 M. ch. 0 12 Acres. 90 Acres. 6-47 Acres. 7-37 s s. a. £ s. d. Acre 7-37 0 12 C 11 6 33 7 39 8 73 10 28 11 37 C 11 C 33 7 89 8 72 10 28 11 36 12 40 50-80 2-50 9-30 12-00 14-00 8-85 9-78 20-14 80-00 2-50 9-30 12-00 14-00 15-60 12-00 1,464 0 0 340 0 0. 2-50 200 0 0 *200 0 0 12-00 6-75 2-22 Unknown 255 0 0 100 0 0 *255 0 0' 12-00 12 40 14 0 23 20 24 74 14 0 23 20 24 74 25 43 14-50 23-20 15-10 4-90 15-50 81-80 9-90 30-00 105-00 25-00 4-90 Unknown 200 0 0 105-00 25-00 Unknown 50 0 0 25 43 29 9 29 9 30 42 35-48 12-00 9-52 45-00 12-00 22 10 0 ■m io o 12 00 30 42 33 47 28-18 18-82 47-00 23 10 0 |23 10 0 33 47 41 60 73-30 31-70 105-00 105-00 Totals 314-85 211-82 520-67 1,915 0 0 1,191 0 0 280-87