The Express.
London, England, 1863-06-04 00:00:00

THE DUNABURO and WITEPSE RAILWAY
COMPANY LlJAtiteel,
incorporated with limited Liability under the Joint Stock

Companies Act, 1658.
The Line to be constructed under a concession panted by his
Imir Majesty the Emperor of Russia. dated 19th March
ifoacTiiial Capital .fixed by the Concession), £2,000,000,
on which the Russian Government guarantees an annual interest
of per cent., amounting to £130,000 in sterling money, for 86
year', and au additional 1-12 per cent. to redeem the capital at
per in 85 years, by annual drawings, commencing the first year
after the completion of the line.
The above capital will be dined in 16,030 shard of £lOO each,
bearing a minimum interest of k. 6 per Mare, which, on an outlay
of 483 per share, amounta to a fraction above sir per cent.
Interest on the calls at the rats of sir per cent. per annum
Will also be paid during construction.
Deposit, £5 per share on application and ,C 5 on allotment.
One.thtrd of the capital has been taken by the Concessionaires.
DIRICIO/83 IN LONDON.
11. L. liischoffsheim. Esq. (Messrs. Bischoffshelm and G01d-
....

sclunidt).
Goo. J. Gaschen, Esq., M.P. (Mama FrUbling and Go then).
William Millar, Eaq., Y.P. (Messrs. Wm. Miller sad Co., St.
Petenburig).
T. A. Mitchell, Esq., M.P. (Mama Mikhail, Taunts, and Co.)
demise Smith, Eaq. (Mean Smith, Payne, and Smiths).

iiptFcrojy! 11l mini.

His Excellency de Cube, VieuGovernor of the Province of

Llvoda
James Annitatead. Natl. (Mesas. linen.ll and Co., Riga).
James Henry Kill, Xaq. (Messrs. Hill Brothers, Win,.
BaxxenS—Mesh. Smith, Payne, and Smiths.
8011CITORS—Meggrs freihnelds and Newman.
C 02194171310 A/WNW —John Hawkstue, req.
BRIEDICIrr 14101/111A—Mergan William, Esq.
ACIDITOU—Negiir,, Coleman, Turquand, and Co,
BWIXYaIe (pro tens :—Mr. W. H. Trumplar.
Throgmorton-street, A.C.

This railway, of the length of 161 English miles, will conned
Dunnburg, the tensions of the Riga and Danaburg Railway, with
Wltepek. The line passes through one of the most productive
districts of Ruda, furnishing a large proportion of the exports
from Riga; and, in facilitating the transport of produce cf the
rich and wheat-growing provinces of Smolensk, Mohilew, Kant
and Orel, will prove of the greatest importance both to England
and Russia.

In consequence of the absolute impossibility of forwarding
goods at certain masons of the year. and the very heavy charges
at all times. a great part of the produce of them inter provinces
has hitherto been stems& lost to exportation, or available only ln
seasons when the markets of Western Europe were approaching fa-
minekirlces. The transport of the colonial and foreign produce re-
quired In this part of the Interior. effect.' hitherto to a great
extent at heavy charges from St. Petersburg, will be carried oa
by means of this railway from Riga to Wltepsk direct, and be
thence distributed. There will also be a considerable passenger
traffic, as the above-named provinces are amongst the most
populous of the empire. Ms railway will be the only conve-
nient and expeditious route for the Inhabitants both to St.
Petersburg and Western Europe.
The &WWI Government, attributing special importance to
the early construction of this line, Ms granted a concession of
the must favourable character, embracing privileges never before
obtained.

the distinguishing features of the conctiaion are the
following • . .

1. The Company is to be constituted according to English law
with the Board of Direction in London, and an agency of three
directors In Riga.
E. The government guarantees the interest in sterling money,
not, as in previous cases, in roubles.
3. The government also guarantees an additional sum payable
half-yearly, on the capital of 41,000,000, sufficient to redeem the
whole capital at par in 85 years.
4. Both the interest and the sinking fund are payable half-
yearly at fixed data.
& The net receipts of the line are applicable in relief of the
government guarantee but the Company is authorised, in
priority, to set apart 10 per cent. of such net receipts, to the
extent of 4100,000, to form a reserve fund against contin-
gencies.

6. Ihe Shareholders are entitled to all net profits of the line.
up to 6 per tent., on the nominal capital of £2,600,000. They
are further entitled to one-half of all further profits, over and
above the a per cent., until the government is reimbursed the
moneys which it may have paid In respect of the guaranteed
interest beyond the net earnings of the line . After which reim-
bursement the shareholders are entitled to the whole of the
net profits, whatever they may be.

A-contrict for the execution-of the line of rsilway, by the 30th
November, 1%67. with all necessary stations, buildings, and
works, and for the supply of rolling stock, according to the
specifications and requirements of the government, ban been
entered into by the concessionaires with Ideeers. Febo and Betts,

under the superintendence and with the approval of Yr. Hawk-
'haw, the eminent civil engineer, for a sum of £1,755,91.5. An
arrangement has also been concluded by which that contract,
togobvr with the concession, in to be made over to the Company
for the sum of £48,000, which auto coven ail preliminary ex-
penses inclined in Russia and in England, in connexion both
with the concession and the caution money of £130.000.

By these arrangements, the cost of th7tuidertaking, u shown
by the subjoined statement, has been brought within a sum of
L 4143,615.
_ . .

We ...... with Meese. Peto end Betts for the

entire construction, including rolling stock,
amounts to
The engineering and inspection of the line during the
whole period of construction, including the costs
of the preliminary surveys, d.c., has been contracted
for at • sum of 73700
Interest during construction, which will be paid at
the rate of 6 per cent., is calculated at about 196,000
Competent persons at Rigs have offered to contract
for the purchase of the land necessary for the rail-
way t the crown lands being assigned gratuitonsly'd 34,000
The line is to be completed and ready for traffic
within lour and a half peen froimthbi time. The

cost of aceeaiapedee; InLondon,
burg, together with the remuneration of the dl-
rectors In London and Riga, Is estimated, for the

30,000
Price pent for the concession, contracts, and prelimi-
nary espenses, aa above
Brokerage and incidental espouses, say O,OOO

.£2,143,61

From the shove statement it will be seen that tice-'au—nWal
guarantee of 0130,000, accorded by the Russian Government,
will yield, on the above outlay of £1,143,010, a net revenue at
the rate of 41 per cent., Independently of the amortization fund
and of the profits of the line,whicb are estimated at a large sum,
and that the amount required will not exceed £23 per share.
It Is contemplated to take power in the Articles of Association
to lame debentures in relief of the capital, at such a rate as will
affxrd a further benefit to the shareholders.

An arrangement has also been made with the contractors, by
which It to antscipatini that a section of the line will he opened
by the 30th November, 1868, front which source a awing of
110,000 may be anticipated to the Company on the item of
"interest during.
. . . .

ii;;;;il;icapit;l7,iii;l7:l4 or at par by annual drawings,
which will commence one year after the opening of the line.
For further details as to the terms of the concession refer-
ence may be made to the certified copy of the original, which
bes at the Company's °face for inspection. The original docu-
ment is deposited as customary 1n the Imperial archives at St.
Petersburg. An extract of the principal articles of the collect-
alou accompanies this prospectus.
Application for shares to be made In the annexed form,
addressed to the Directors: but no application will be enter-
tained miles. accompanied with the rec.ipt of Weser,. Smith,
Payne, and Smiths, for LS per share on this number of shares
applied for. This sum will be returned lathe event of the appli-
cation not being granted. and U an all talent Is made it will be
applied toward the payment of £lO per share then to be made.