Interest at 5 per cent, per annum for two 'and a half years will be secured on the present issue, by a deposit in the hands of the Trustees of a Bum sufficient to discharge the same. All proceeds arising from the sales of land granted in respect of the railway to be built, and from timber, royalties, &c, will be devoted to a sinking fund, to secure Interest and to redeem the de bentures either by purchase in the market, at any price not exceeding £105 per £100 debenture, or by drawings at £105 on the Ist of May in each year, when advertised. Three months'notice of such repayment will be given.
A draft of the trust deed securing the debentures, and' a copy of the contract between the Governor of New Zealand on behalf of her Majesty the Queen and the Company, can be seen at the offices of the Company. Applications In the form ac companying the prospectus, together with a deposit of £10 per cent, on the amount applied for, must be forwarded to Lloyds' Bank, Limited, 72 Lombard street, E.C., or to the National Bank of New Zealand, Limited, 71 Old Broad street.
SPORTING.
EXHIBITION MEETING.
[PBES3 ASSOCIATION TT,EGRAM.I DUNED'jM, May 80. The Jockey Club practically adopted the recently issaed programme for the Exhi bition Meeting, but altered tbe distance for the principal event to a mile and three quarters.
