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

DIRECTORS IN LONDON.
Schmidt).
11, L. Bischoffsheim, Esq. (Messrs. Bischoffsheim and Gold-
Geo.J. Goschen, Esq., M.P. (Messrs Frithling and Goschen).
William Miller, Esq., M.P. (Messrs. William Miller and
Co., St. Petersburg),
T. A. MitChelL'Esq,, M.P. (Messrs. Mitchell, Yeames, and
Col.
Jervoise Smith, Esq. (Messrs. Smith, Payne, and Smiths).
DIRECTS IN RUSSIA.
Ills Excellency de Cube, Vice-Governor of the Province of
Livonia.
James Arrnitstead, Esq. (Messrs. Mitchell and Co., Riga),
James Henry Hill, Esq, (Messrs. Hill Brothers, Riga),
BANKERS.
Messrs. Smith, Payne, and Smith.
SOLICITORS.
Messrs. Fresh&lds and Newman.
CONSULTING ENGIBEER.
John Hawkshaw, Esq,
RESIDENT ENGINEER.
Morgan Williams, Esq,
AUDITORS.
Messrs. Coleman, Turquand, and Co.
• SECIIF.TA.P.,V, pro tem.
Mr. W. 11. Trumpler.
OFFICES.
This R 21, Throgmorton-street, E.C.
ailway, of the length of 161 English miles, will con-
RanwP'met Dunaburg. the terminus of the Riga and Dunaburg
most .y, with Witepsk. The Line passes through one of the
productive districts of Russia, furnishing a large pro-
m.. ion of the exports from Riga; and, in facilitating the
transport of produce of the rich and wheat. growing pro-
vinces of Smolensk, Mohilew, It ursk, and Orel, will prove of
the greatest importance both to England and Russia.
In consequence of the absolute impossibility of forwarding
goods 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
ex-peditious route for the inhabitants both to St. Petersburg and Western Europe.
The Russian Government, attributing special imrortance
to the early construction of this line, has granted a conces-
sion of the most favourable character, embracing privileges
never before obtained.
the %R
Among the distinguishing features of the concession are
owing
Ist The Cbmpany is to be constituted according to English
law, with the Board of Direction in London, and an Agency
of three the
in Riga.
2d. The Government guarantees the interest in sterling
Money, not, as in previous cases, in roubles.
'dd. The Government a'so guarantees an additional sum
payable half yearly, on the capital of .£2,600,060, sufficient to
redeem the whole capital at par in 85 years.
4th. Both the Interest half-yearly A fixed dates.nd the sinking fund are payable
a sth. The net receipts of the line are appl cable 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.
lith. 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 cant., until the Government is re-
imbursed the moneys which it may have paid in respect ofthe
guaranteed interest beyond the net earnings of toe line;
after which reimbursement, the shareholders are entitled to
the whole of the net profits, whatever they may be.
A contract for the execution of the line of railway by the
30th November, 1867, with all necessary stations, buildings,
and works, and for the supply of rolling stock, according to
the
ensPeciflcations and requirements or the Government, has
be entered into by the concessionaires with Messrs. Peto
and Betts, under the superintendence and with the approval
of Mr. Ilawkshaw the eminent civil engineer, for a sum of
41'755,915- An airangement has also been concluded, by
'which that contract together with the concession. is to be
plade to the Company for the sum of LlB,OOO, which sum
covers"a7preliminary expenses incurred in Russia and in
l'lngland. fh connexion caution money of £130,00c both with the concession and the
By these arrangements the cost of the under takui' g. as
shown by the subjoined statement, has been brought within
a sum of .£2,143,615.
The Contract with Messrs. Peto and Betts for the
amoentire construction, including Rolling Stock,
unts to
... ............
The Engineering and Inspection of the Lin.e £1+755,915
ding the costs of the Preliminary Surveys, ke
has been contracted for at a sum of ..... '
,
Interest during construction, which will ' ... 73,700
.. be paid
at the rate of 6 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 ......... .•••• • • • -- ...... .. 31. 000
The line is to be completed and ready for traffic
within 4i years from this time. The cost of
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,.
d..
all pre-
liminary expenses, as above'
Brokerage and incidentalexpenses, ...... ........ ::: ..
..
::

30,000

48.000

6,000
From the above statement it will be seen that thlnittal
guarantee of £130,000, accorded byw th
,6fliil a net revenue
y oare
ecznortisation
Nvi II yield, on the above outlay of
.z2Zsgt4ln Government,
at the rate of 6 per cent., indepcndentl
fund and of the profits of the line, which
large sum, and that the amount required will mated at a
not exceed
£B3 per share.
It is contemplated to take power in the Articles of Asso-
ciation to issue Debentures in relief of the Capital, at such a
rate as will attord a further benefit to the Shareholders.
An arrangement has also b 'en made with the Contractors,
by which it is anticipated that a section of the line will be
opened by the 30th November, 1866, from which source a
saving Of £40,000 may be anticipated to the Company on the
-1'„,1118
of '' interest durine. construction.
;ng w 'lle Share Capital will be paid off at par by annual draw-
'
the line. hich will commence one year after the opening of
Frfurther details as to the terms of the Concession, re-
ferencewhichimay be made to the certified copy of the original,
nal documB act the Company's office for inspection. The origi-
Archiv •s nt is deposited as customary in the Imperial
t at .
Articles or Co st. e Petersburg. An extract of the principal
Applicationsn reossion aeenrnpanies the Prospectus.
addressed to the 1-.iShares to be made in the annexed form.
to d unless aecn. rectors ; but no application will be enter-
Payne, and Smiths'nPanted with the receipt of Messrs. Smith,
applied for. This IZS per Share on the number of Shares
application not, sumbein will be returned in the event of the
will be applied towards the and if an allotment is made it
to be made. the Paym, nt of £lO per Share then

FORM OF APPLICATION FOR SHARES.
No
To be forwarded to 21. Throgrnorton-s,
the Preliminary Deposit to
t theankers.
reetß after payment of
To the Directors of the Dunaburg and
Witepsk Railway
Company (Lirai tcd).

Gentlemen,
Having paid to your credit, with- Messrs. Smith, Payne,
and Smiths, the sumsohfar.Ces
in
the D that you
will allot m .
Witepsk
Railway Company (Limi ed), and I hereby weptuch Shares
or any sma ter !lumber that may be allotted to me, and agree
the Articles of Association of the Company when re..
quired.—l arn, Gentlemen,
Name in lull
.. .. .
............ . .. .........
Address in lull ..........................
.. .. .
Date

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