rights, and has applied to the liquidator to release the equity of redemption of the Company in the said undertaking and rights.

Now IT IS HEREBY AGREED as follows:

1. The Receiver hereby agrees to pay and discharge all and every the liabilities of the Company excepting the Directors fees and monies owing on the Debentures issued by the Company, and to pay and discharge all the costs, charges, and expenses relating to the liquidation of the Company.

2. In the event of the Receiver obtaining the support of the United States Government either by way of a subsidy or guarantee of the Vendor Company's bonds and a Company being formed under the laws of Great Britain to take over from the Receiver the benefit of the said concessions and rights then and in that event the Receiver shall pay to the Liquidator the sum of Thirty thousand pounds in cash, or at his, the Receiver's option transfer or cause the allotment to the liquidator or as he may direct of fully paid shares in such new Company of that nominal valued amount.

3. For the consideration aforesaid the Liquidator doth hereby release transfer and assign over to the said Nathan Ellington Boyd as such Receiver as aforesaid the equity of redemption of the Company of and in all every its assets, undertaking and rights whatever and wheresoever.

4. This agreement is subject to the approval of an Extraordinary General Meeting of the members of the Company, which shall be convened within fourteen days from this date. In the event of the said approval not being obtained within the said period this agreement shall be deemed to be at an end.

As Witness the hands of the parties the day and year first before written and the Common Seal of the Rio Grande Irrigation & Land Company Limited.

(Sgd.)

The Common Seal of the Rio
Grande Irrigation & Land
Co. Ltd. was hereunto
affixed in the presence of

JOHN A. SIMMERS,

Liquidator.

Witness to the signature of John Alexander Simmers Witness to the signature of Nathan Ellington Boyd.

[10767]

E 2

ANNEX 8.

A 5753

(Communicated by the Board of Trade, Sept. 25, 1923.)

RIO GRANDE IRRIGATION & LAND COMPANY LIMITED. Extract from the statement of Mr. Nathan Boyd, the Receiver and Manager, filed at the Joint Stock Registry, Somerset House on the 28th August, 1911.

RECEIPTS.

Excepting the sum of $4,000 paid, August 14, 1902, by Allen Wood Ellington, in purchase of the equity of redemption of the shareholders of the company,subject to the conditions of the said sale and to the prescriptions named in an agreement, dated May 4, 1900, made between the company of the first part, John A. Simmers, the Liquidator, of the second part, and me as Receiver of the third part, no moneys in the premises have been received excepting certain sums I have borrowed in my personal and private capacity to enable me to meet part of the expenses I have had to incur in attempting to protect the rights of the debenture holders.

PAYMENTS.

Because of the loss of books and papers by fire it is impossible for me to state in detail the payments I have made in attempting to reorganise the company and, in endeavouring, in the courts and before the Congress of the United States, to protect the rights of the company's debenture holders and shareholders. But, including moneys borrowed to pay off obligations of the company and so used, interest thereon, and moneys paid out of private income, in all, to date, I have expended in and about the premises something like £40,000, exclusive of my original investments in the company's debentures and shares.

The company has been ruined by the suit to enjoin the completing of its works on the Rio Grande. Failing, after seven years of such litigation, to prove that the said works would obstruct the navigation of a navigable stream, the United States Government as a last resort, supplemented its bill of complaint and prayed the courts to declare the company's charter rights and right of way of way forfeited because the

company's Elephant Butte dam, so-called, had not been completed within the five years prescribed by the Act under which the company's right to impound the flood waters of the Rio Grande had been acquired. The courts have so declared forfeited the company's said rights, thereby penalizing the company for not doing the very thing it was enjoined, pending the said litigation, not to do. The United States government is now engaged in carrying out the Elephant Butte Dam Project as a public work, and I am endeavouring to obtain monetary compensation for the rights so ruthlessly destroyed, and expect to succeed.

ANNEX 9.

Statement of the Accounts of the Rio Grande Irrigation and Land Co., Ltd., up to April 20, 1500.

88, Leadenhall Street, E.C.

Dear Sir,

20 April, 1900.

Herewith please find Statement of Account drawn from your London Books as requested, this is fuller than the one prepared by yourself.

It is of course understood that the accounts have not been audited since 30 Sep 1899, and I cannot therefore vouch that all the liabilities to date have been included, the above statement represents the position. of affairs as shown by the Company's Books.

Yours faithfully,

(Sgd) FREDK. W. FRIGOUT.

John Simmers, Esq., Secretary,

Rio Grande Irrigation & Land Co., Ltd.

RIO GRANDE IRRIGATION & LAND Co. LD.: STATEMENT TO 19TH APRIL 1900.

4,407 12 1 377,672 17 6

ASSETS.

£ s. d.

£

s. d.

326,500 0 0

By Leasehold Franchise Rights, Privileges, Concessions, &c., valued at

ANNEX 10.

Letter from Mr. E. C. Roberts to Dr. Boyd, dated
June 29, 1896.

City of El Paso, Texas.
El Paso County.

Nathan E. Boyd, Esq.,
London, England.

Dear Doctor,

El Paso, Texas, June 29, 1896.

I AM writing you by this mail an official letter relative to the affairs of the Rio Grande I & L Co. Limited which I trust will be good enough to present to your Co Directors.

Relative to the cash if any received from issue as advised you by letter and cable myself Campbell and Kern were entirely satisfied with your doing as you saw fit with this money. As for Loomis and Berrieu my official letter to you of December 3rd, 1895 covers this point wherein it states that if all the money £21,500 is required for promotion etc. that you are authorized to use same and all that is required of you is to make a statement which you can do at your pleasure. I thought I answered your letter of May 2nd fully, as stated before there is no question about the agreement between you and the M VI (Mesilla Valley Irrigation-Brit. Ag.) and J VI (?) Colonies, that as per contract you are to receive two thirds of the Stock in these companies also that you are entitled to receive as your proportion of the £300,000 Ordinary Shares £200,000 Shares in the Rio Grande Irrigation and Land Co. Limited and I asked you to send a rough draft of the form of contract you wished to have signed. As to your receiving any of the remainder £100,000 Shares if you will refer to official letter of Dec. 3, 1895 you will note that it is distinctly stated in this letter that you are to receive as your proportion two thirds of the £300,000 Ordinary Shares and the remainder £100,000 Shares was to be divided up amongst the other Stock holders here in the R.G.D. & I. Co. and my understanding was that this was satisfactory to you the only great question between us was your claim of two thirds in the Colony Companies which was officially conceded to you in letter Dec. 3rd/95.

I enclose you a list of the way the stock is to be divided and in whose names to be transferred. I note what you say about selling some of our shares at