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Bess. 11.—1897. NEW ZEALAND.

LANDS FOR MINING PURPOSES AGREEMENT BETWEEN THE KAURI TIMBER COMPANY, LIMITED, OF AUCKLAND, AND HER MAJESTY THE QUEEN RE SURRENDER OF).

Laid on the Table of the House of Representatives by Leave.

Agreement between the Kauri Timber Company (Limited), of Auckland, and Her Majesty the Queen re Surrender of Leases for Mining Purposes. This deed, made the seventeenth day of May, one thousand eight hundred and ninety-seven, between the Kauri Timber Company (Limited), of Auckland and elsewhere, in the Colony of New Zealand (hereinafter called " the Company"), of the one part, and Her Majesty the Queen of the other part: Whereas Her Majesty has from time to time acquired from the Native or other owners certain lands in the North Island of the said colony, subject nevertheless to certain outstanding leases or licenses granted to or acquired by the company from the said owners prior to such acquisition as aforesaid : And whereas, by virtue of such acquisition, all the rights of the said owners as grantors of such leases or licenses are now vested in Her Majesty: And whereas it has been agreed between the parties hereto that the said leases or licenses and all extensions thereof granted under " The Kaimarama Land Act, 1890," shall, in the manner, to the extent, and subject to the conditions hereinafter appearing, be surrendered from time to time by the company, as to such of the lands comprised therein as for the time being are timberless or denuded of timber, and that each such surrender shall be effected under section 29 of " The Mining Act Amendment Act, 1896": Now this deed witnesseth that it is hereby agreed by and between the parties hereto, as follows :— 1. These presents shall apply in every case where lands in the North Island have been acquired by Her Majesty for an estate in fee-simple, subject to any outstanding estate or interest possessed by the company therein by virtue of any lease or license granted by the Native or other owners of such lands prior to the acquisition thereof as aforesaid by Her Majesty, and also to all extensions thereof granted under "The Kaimarama Land Act, 1890," but shall not apply to any new lease or extended lease granted under " The Tairua Land Act, 1893." 2. The company, at the request of the Minister of Mines of the said colony, and on receipt from him of not less than three months previous written notice so to do, will from time to time, according to the tenor of such notice, surrender any of the aforesaid leases or licenses as to the whole or any portion of the timberless or timber-denuded lands comprised therein : Provided that each such notice shall specify with reasonable particularity the land as to which any lease or license is to be surrendered, and also that such notice shall avail only in respect of lands that are timberless or denuded of timber : Provided further that such notice shall be deemed to have been duly given in respect of all the timberless or timber-denuded land on the following blocks, that is to say : Tairua, Kapowai, Te Karo No. 1, Puketui, and Ounuora No. 2. 3. The company shall be entitled to compensation for all land surrendered under these presents, and the amount thereof shall in each case be assessed on the basis of the actual cash value of the surrendered land to the company at the time of the surrender, and shall be paid to the company when the surrender is completed : Provided that no compensation shall be payable in respect of the auriferous or argentiferous value of any such land. 4. The amount of the compensation shall in each case be determined, if necessary, by arbitration either under " The Arbitration Act, 1890," or otherwise, as may be agreed, and in every case the costs of arbitration shall be equally divided between Her Majesty and the company. 5. All moneys payable by Her Majesty to the company in respect of any such comp nsation shall be payable out of moneys appropriated by Parliament: Provided that, if and in so far as is allowed by law, the company shall have the option to take timber-land to the value of such compensation in lieu of cash. 6. For the purposes and subject to the provisions of section 53 of " The Mining Act Amendment Act, 1896," it is hereby declared that, upon the surrender of any land under the provisions of these presents, the water and other rights then held and enjoyed by the company in respect thereof