As you can see, small parts of the document are missing, and so I have filled in the blanks and transcribed it into more readable copy below:
...Tewkesbury Railway Company on the one hand, and each of the Midland Railway Company and the Worcester and Hereford Railway Company, so far, but so far only, as they respectively are interested, on the other hands.
Firstly,- These Heads to be subject to the sanction of Parliament.
Secondly,- The Tewkesbury Company, at their own expense, to make and complete the new Line, Buildings and Works, according to their Act, as a single Line, but, except as regards the Tunnel, with Land and Overbridges for a Double Line, and with Double Line where requisite, and all to the reasonable satisfaction of the Midland Company’s Engineer.
Thirdly,- The new Line and Works to be maintained by the Contractor for making the Railway for twelve months after completion, to the satisfaction of the Midland Company’s Engineer.
Fourthly,- After the new Line is authorised to be opened for public traffic, the Midland Company at all times, at their own expense, to maintain (without prejudice to the third Head), manage, man, stock, work, and use the new Line and Works, and to work and use the same so as properly to develope and accommodate not only the through traffic, but also the local traffic of the District to be served by the new Line.
Fifthly,- The Midland Company to pay Taxes, Government duty on Passengers, Rates, and all other Landlord’s and Tenant’s charges and outgoings, except Chief Rents (if any), Tithe, Tithe Rent charge, and Land Tax.
Sixthly,- The Midland Company to receive payment half-yearly for their Passenger Station accommodation at Tewkesbury such part of interest at Six pounds per cent per annum on the Midland Railway’s outlay for construction and maintenance on that accommodation chargeable to Capital as bears the same proportion to the whole of the interest as the Passenger traffic on the Tewkesbury Railway using that accommodation bears to the whole Passenger Traffic using that accommodation, and the working expenses of that accommodation to be borne in like proportion.
Seventhly,- The Worcester and Hereford Company, on like terms, to receive payment for their station accommodation at Great Malvern; and if the Tewkesbury Company elect to use their Station accommodation at Malvern Wells, then to receive payment for the same on like terms.
Eighthly,- The short Distance Charges for through Traffic to be as below, and no other:- (A) The Midland Mileage between the point of Junction at Tewkesbury and Ashchurch for traffic to, from, and through Malvern and intermediate Stations on the new Line to be calculated as Three miles. (B) The Worcester and Hereford mileage between the point of Junction (if any) near Malvern Wells Station and Great Malvern, for traffic to, from, and through Ashchurch and intermediate Stations on the new Line, including any Station at Tewkesbury and the Great Malvern Station, and the Link Station respectively to be calculated, as regards the Great Malvern Station, at Two miles, and as regards the Malvern Link Station, at Three miles.
Ninthly,- The Mileage charge for through traffic to be as follows:- (C) The Midland Company to receive their actual mileage (three miles the minimum) upon all traffic passing to, from, and over the new Line, and going beyond Ashchurch on the Midland Railway. (D) The Worcester and Hereford Company to receive their actual mileage (three miles the minimum) upon all traffic passing to, from, and over the new Line, and going beyond Malvern Link Station on the Worcester and Hereford Railway.
Tenthly, - The Tewkesbury Company to account to the Midland Company all receipts of the Tewkesbury Company from all traffic sources, tolls from third parties (except for traffic passing as regards the new Line compulsorily to, from, and over the Worcester and Hereford Railway) to be as between the Tewkesbury Company and the Midland Company estimated at the Parliamentary maximum.
Eleventhly,- From the total of the Gross Receipts for all traffic conveyed by the Midland Railway on or over the new Line for all or any part of the distance between the Malvern Link Station and Ashchurch, and the receipts to be accounted for under the tenth head, the following deductions to be made: (E) The payments for Passenger accommodation under the sixth and seventh heads. (F) The short distance charges under the eighth head. (G) The due proportion of the mileage charges under the ninth head. (H) Paid one and Clearing House Terminals, except at any Station on the new Line itself. and the residue shall be the receipts divisable between the Midland Co. and the Tewkesbury Company.
Twelfthly,- In estimating the Gross Receipts all traffic carried by the Midland Railway Company between the Great Malvern and Malvern Link Stations respectively on the one hand, and the Stations on the Midland Railway between Ashchurch and Bristol, both inclusive, on the other hand, be taken, as to one half thereof as passing via Tewkesbury, and as to the other half thereof as passing via Worcester.
Thirteenthly,- Fifty per cent of the divisable receipts to be paid to the Midland Company for their expenses of the maintenance, management, and working of the new Line, and the other Fifty per cent to be paid to the Tewkesbury Company.
Fourteenthly,- The division of the Gross Receipts to be made half-yearly, and accounts to be rendered half-yearly.
Fifteenthly,- The Midland Company to keep all proper accounts and vouchers, and to afford proper Inspections thereof to the Tewkesbury Co..
Sixteenthly,- All differences between the Companies, or any two of them, and all questions as to the carrying into effect of the provisions of the arrangement, to be determined by arbitration, under ‘The Railway Co.’s Arbitration Act, 1859’, by a single arbitrator, to be, if not agreed on, appointed by the Board of Trade, with ample powers.
Seventeenthly,- A formal agreement for carrying these heads into effect to be prepared on behalf of both Companies by John Bullar, Esq., with such details and incidental provisions as he thinks proper, and with such modifications as the Companies mutually agree on, and to be executed under Seal, and binding on them all.