The Sun.
London, England, 1863-06-03 00:00:00

THE DUNABURG and WITEPSK RAIL-
WAY COMPANY (Limited).
Incorporated with Limited Liability under the Joint-Stock
Companies Act, 1862.

The Line to be constructed under a concession granted by
his Imperial Majesty the Emperor of Russia, dated 19th
March, 0.5., 1863
Nominal Capital, fixed by the concession, £2,600,000.
On which the Russian Government guarantees an annual
interest of £5 per cent., amointing to £130,000 in sterling
money, for 85 years, and an adaitional 1-12th per cent. to
redeem the capital at par in 85 years, by annual drawings,
commencing the first year after the completion of the line.
The above capital will be issued in 26,000 shares of £lOO
each, bearing a minimum interest of £5 per share, which, on
an outlay of £B3 per share, amounts to a fraction above 6 per
cent, Interest on the calls, at the rate of 6 per cent, per
annum, will also be paid during construction.
Deposit, £5 per share on application, and £5 on allotment.
One-third of the capital has been taken by the Concession-
aires.

DIRECTORS IN LONDON.
H. L. Bischoffsheim, Esq. (Messrs. Bischoffsheim and Gold-
Schmidt).
Geo.J. Goschen, Esq., M.P. (Messrs. Fruhling and Goschen).
William Miller, Esq., M.P. (Messrs. William Miller and
Co., St. Petersburg).
T. A. Mitchell,'Esq., M.P. (Messrs. Mitchell, Yeames, and
Co).
Jervoise Smith, Esq. (Messrs. Smith, Payne, and Smiths).
DRECTS TR Russia..
His Excellency del Cube, Vice-Governor of the Province of
Livonia
Armitstead, Esq. (Messrs. Mit Co. Riga)
James Renry Hili, Esq, (Messrs. Hill Brothers, ,Riga). ANKERS. -
Messrs. Smith, Payne, and Smith.
SOLICITORS.
Messrs. Freshfields and Newman.
CONSULTING ENGINEER.
John Hawkshaw, Esq.
RESIDENT ENGINEER.
Morgan Williams, Esq.
AUDITORS.
Messrs. Coleman, Turquand, and CO,
SECRETARY, pro tem.
Mr. W. H. Trumpler.
OFFICES.
21. Thromorton-street, E.C.
This Railway, of the leoe-th of 161 Engliih miles, will con-
nect Dunaburg, the terminus of the Riga and Dunaburg
Railway, with Witepsk. The Line passes through one of the
most productive districts of Russia, furnishing a large pro-
pm- ion of the exports from Riga ; and, in facilitating the
transport of produce of the rich and wheat. growing pro-
vinces of Smolensk, Mohilew, H ursk, and Orel, will prove of
the greatest importance both to England and Russia.
In consequence of the absolute impossibility of forwarding
p;oods at certain seasons of the year, and the very heavy
charges at all times, a great part of the produce of these lat-
ter provinces has hitherto been almost lost to exportation, or
available only in seasons when the markets of Western
Europe were approaching famine prices. The transport of
the colonial and foreign produce required in this part of the
interior, effected hitherto, to a great extent, at heavy charges
from St. Petersburg, will be carried on by means of this Rail-
way from Riga, to Witepsk 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. This Railway will be the only convenient and
expeditious route for the inhabitants both to St. Petersburg
and Western Europe.
The Russian Government, attributing special importance
to the early construction of this line, has granted a conces-
sion of the most favourable character, embracing privileges
never before obtained.
Among the distinguishing features of the concession are
the following :-
Ist. 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.
2d. The Government guarantees the interest in sterling
money, not, as in previous cases, in roubles.
3d. The Government also guarantees an additional sum
payable half yearly, on the capital
g 5
5f
y/2.180.0,000, sufficient to
redeem the whole capital at par in
4th. Both the interest and the sinking fund are payable
half-yearly at fixed dates.
sth. 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 £lOO,OOO to form a reserve fund against contin-
gencies.
6th. The shareholders are entitled to all net profits of the
line, up to 6 per cent., on the nominal capital of £2,600,000.
They are further entitled to one-half of all urther profits,
over and above the 6 per cent., until the Government is re-
imbursed the moneys which it may have paid in respect of the
guaranteed interest beyond the net earnings of the line ;
after which reimbursement, the shareholders are entitled to
the whole of the net profits, whatever they may be.
ItBh6e7,e xweictuht
ai ol
In
noefe
etshaea
ryl in
set
aotfi
or
na wbauyi
ntghse,
30Athe°Nnotrveageforr,
tn:PO hasye ol
tahnedswpeaorkifisa,aatnindnafoarntdheresquairppelmy ofen requirements
aoollint
tghestoGcok,reacrnincoredni
and beenen
Bette,t e r entered
underi n to
theb y
superintendencet h e concessionaires
andw with•t h
the Messrs.app
of Mr. Hawkshaw, the eminent civil engineer, fora st of
£1.755,915. An arrangement has also been concluded,. 11)7
whichrnads o thatver t
nc contract,
Ca tpoagneyt hf
for
twhiet with
utmh the
f 48,concession.000ts which tos
sum
covers all preliminary expenses.tihnctuhrreeccionincesßauiosnsiaanadndthe
England, in connexion both with
caution money of £130,000.
By these arrangements the cost of the undertaking, as
shown by the subjoined statement, has been brought within
a sum of £2,143,615.
The Contract with Messrs. Peto and Betts for tile
entire construction, including Rolling Stock,
amounts to £1,755,915
The Engineering and Inspection of the Line
during the whole period of construction, inclu-
ding the costs of the Preliminary Surveys. Arc.,
has been contracted for at a sum of . . . 73,700
Interest during construction, which will be paid
at the rate of 8 per cent., is calculated at about 196,000
Competent persons at Riga have offered to con-
tract for the purchase of the land necessary for
the Railway (the Crown Lands being assigned
gratuitously) at . • • • •• ••
completedfrom
mth anistd adimree.Tyhfeor traffic
ofc
The
within line i4si toy
ebaera
Offices, expenses in London, Riga, and Duna-
burg, together with the remuneration of the
Directors in London and Riga, is estimated for
the above period at....
Price paid for the Concession, Contracts, and pre-
liminary expenses, as above ......... .
Brokerage and incidental expenses, say

98,000
6,000

L 2143,615
From the above statement it will be seen that the, annual
guarantee of £130,000, accorded by the Russian Government,
will yield, on the above outlay of £2,143,615, a net revenue
fantathdeanradteortheewofcato.,, ittdeelpinezdentl of the amortisation
which estimated at a
cialttioisne4)tonitsesuPe
large Bum, and that the amount required will not exceed
£B3 per share.
raAnte aasrrwAlgse
timo:Drandteteiefuti u
rtt
ha keesre i powernbe
nerelieffit t
ooi in the
httheheeschAaarprteilhtcaloelisdaoetrf
Shareholders.
such
s oa-
by which it is anutias also been made with the Contractors,
opened by the ~,,, Rated that a section of the line will be
of 440000.1vboeyenTher, 1868, from which source a
saving
item of " interest durina :retreated to the Company on the
ings which will commence-one-
The Share Capital will bennuli ri*
„....aaart
aipatrerbythaennepneanl draw-
theinge
rtlier details as to the terms of the Concession, re-
PY of the original,
on. The orii-
-I,el irnfeu.
Terence may be made to the certified
Imperial
which lies at the Compmy's office for nc°
nal document is deposited as eustora:Pecti-
-0,11 the
Archives Petersburg. An extra
Articles of Concession accempanies the pron. thes Principal
Applications for Shares to be made in the anneXe
addressed tO the Directors ; but no application will be enter,
form,
panied with the receipt of e enter-.
tained unless aco
s. Smith,
for £5 per Share on the number
Payne, and Smiths,
ill be returned in the °I Shares
1. d for. This sum w e event of th
applied
C
not being granted, and if an allotment is made it
application d t
wards the payment of £lO per Share then
will be applied 0
to be made.

FORM OF APPLICATION FOR SHARES.
No
To be forwarded to 21. Throzmorton-street, after payment of
the Preliminary Deposit to the Bankers.
To the Directors of the
pa Dun
ny aburg and Vlitepsk Railway
com (Limited).
Gentlemen,
Having paid to your credit, with Messrs.request Smith, Payneou
,
anti Smiths, the sum of £ , I hereby that y
will allot me Shares in the unabernd Witepsk
Railway Company (Limi ed), and I hereby g a
accept such Shares
or any sma ler number that may be allotted to me, and agree
to s.gn the Articles of Association of the Company when re-
-441.0.-1 am, Gentlemen,
Name in full
ddress in full
L Pate .11.04.0.11.01000••••tolivollTh ••• IS 044 .11