70

1.—16

EXHIBIT E.

Extension of Agreement* between the Parapara Company, the Christchurch Mines Development Company, and the Ethelburga Syndicate. An Agreement made the tenth day of June, one thousand nine hundred and twelve, between the Parapara Iron-ore Company (Limited), a company incorporated in the Dominion of New Zealand, and having its registered office in the City of Christchurch, in the said Dominion (hereinafter called "the Parapara Company"), of the first part, the Christchurch Mines DevelopmentCompany (Limited), a company incorporated in the Dominion of New Zealand, and having its registered office in the City of Christchurch (hereinafter called "the Development Company"), of the second part, and the Ethelburga Syndicate (Limited), a company incorporated in Great Britain, and having its registered office in the City of London (hereinafter called " the syndicate "), of the third part. Whereas an agreement was made on the seventh day of September, one thousand nine hundred and eleven, between the Parapara Company and syndicate for the sale and purchase of the mineral property and water-rights therein described or referred to, the said sale being agreed to be made subject to an arrangement satisfactory to the syndicate beiug made yvith the Government of Neyv Zealand and to certain other conditions as set out in clause 10 of the said agreement : And whereas the said agreement lapsed or became determined through not being completed on or before the thirty-first day of December, one thousand nine hundred and eleven : And yvhereas the Development Company which has been recently formed holds an option from the Parapara Company for the purchase of the said mineral property and water-rights : And whereas it has been arranged between the parties that certain rights shall be conferred upon the syndicate and certain arrangements made between the parties as hereinafter appearing : Now it is hereby agreed, in consideration of the sum of one shilling paid to the Parapara Company and the like sum paid to the Development Company by the syndicate (the receipt of which sums is hereby acknowledged by the Parapara Company and the Development Company respectively), and for the further considerations hereinafter appearing, that the parties do hereby agree as follows, that is to say : — 1. The syndicate shall have,the right to purchase the said mineral property and yvater-rights, and all the lands, minerals, property, and assets' referred to in the said agreement of the seventh day of September, one thousand nine hundred and eleven, and in the schedules thereto, if the syndicate shall elect to enter into a binding contract to purchase on or before the first day of November, one thousand nine hundred and twelve; and if such binding contract is entered into the purchase shall be completed on or before the thirty-first day of December, one thousand nine hundred and twelve. 2. Except as hereinafter mentioned, the said sale shall be upon and subject to the terms and conditions contained and set out in the said agreement of the seventh day of September, one thousand nine hundred and eleven. 3. The said sale is subject to an arrangement being made satisfactory to the syndicate as provided for in clause 10 of the said agreement of the seventh day of September, one thousand nine hundred and eleven, and to the performance of the other conditions referred to in the said clause 10, and to the syndicate being able to obtain from Thomas A. Turnbull, or other the present owner or owners of the rights relating to the Onakaka property, an agreement renewing and extending until the times and in the manner provided by clause 1 hereof the period for the purchase by the syndicate of the said rights relating to the Onakaka property. But it is herebyagreed and declared that the syndicate may at its option waive any of the matters provided for in the said clause. 4. Except as herein modified or varied, and except that (subject to the preceding provisions of this agreement) all references to the thirty-first day of December, one thousand nine hundred and eleven, in the said agreement of the seventh day of September, one thousand nine hundred and eleven, shall be read as the thirty-first day of December, one thousand nine hundred and twelve, all the provisions of the said agreement of the seventh day of September, one thousand nine hundred and eleven, are deemed to be included and incorporated herein. 5. Nothing herein contained or implied shall bind or be deemed to bind the syndicate to purchase any of the said properties or rights. It is clearly understood that unless an arrangement as mentioned in clause 10 of the said agreement is made satisfactory to the syndicate, and unless the syndicate is satisfied as to the other matters mentioned in the said clause and in clause 3 of this agreement, the syndicate will not exercise the option hereby granted. 6. The last paragraph of clause 6 of the agreement of .the seventh day of September, one thousand nine hundred and eleven, dealing with the order and condition of the races,_ pipe-lines, bridges, dams, reservoirs, and buildings, is hereby deleted, and in the place thereof it is hereby agreed that there shall be no warranty of condition of the said races, pipe-lines, bridges, dams, reservoirs, and buildings, and the same shall be at the risk of the syndicate : Provided always that the Parapara Company shall use ordinary care in the preservation of the same. 7. The following provision is hereby substituted for clause 8 of the said agreement of the seventh day of September, one thousand nine hundred and eleven : — The said sum of thirty thousand pounds and properly sealed certificates for the fullypaid shares forming part of the consideration hereunder shall be deposited yvith the Union Bank of Australia (Limited) in London in the joint names of such persons as may be nominated for the purpose by the Parapara Company and the Development Company and of the syndicate or the company, as the case may be, at least fourteen days" before the day hereby fixed for completion, with instructions on receipt of such cablegram as aforesaid to deliver the same to the person so nominated by the Parapara Company and the Development Company as aforesaid.