The Sun.
London, England, 1866-02-21 00:00:00

DUNABITRG AND WITEPSK.

The half-yearly meeting of this company was held
yesterday at the London Tavern ; Mr. T. A. Mit-
chell, M.P., in the chair.

The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the
report, congratulated the shareholders on the ex-
tremely rapid and successful progress of the works.
The first section, from Dunaburg to Polotsk would
be opened for traffic on the 31st of May ; it was
practically ready for opening last autumn, but it was
thought better to wait till the winter was over and
open it in May. He had no doubt that the whole
line to Witepsk would be open for traffic in the
autumn of this year, being fully 12 months earlier
than specified in the contract of Messrs. Peto and
Betts, and by which a large sum would be saved to
the company in the shape of interest on capital
during construction, making the total cost of the
line so much less. As to the traffic, the Riga and
Dunaburg railway, of which their line would form
a continuation from Dunaburg, had been gra-
dually and steadily increasing its traffic during
the last four years, and he believed it had in-
creased so much that the difference between receipts
and expenses would, in the course of a short time,
relieve the Government from payments in respect of
the guarantee. Their line, as he had stated, would
form a continuation of that line, passing through
one of the richest districts in Russia. The prospects
of traffic ►ere very favourable, the places it would
serve being purely commercial, having nothing to do
with military operations.
Mr. J. Slum seconded the motion for the adoption
of the report, which was agreed to unanimously.
The retiring directors—Mr. W. Miller, M.P., and
Mr. J. Smith were re-elected ; and also Mr. J. E.
Coleman and Mr. A. Sim, the retiring auditors.

Sir M. PETO said that since he had been in the
City he was asked by more than one person in refer-
ence to a statement which appeared that morning in
a very influential journal, to the effect that the pre-
ference shares of the Dunaburg and Witepsk were
not likely to be received favourably. His answer
had been, that instead of the company having pre.
ference shares to dispose of, they had more capital
than was necessary to complete the undertaking ;
and moreover, as the chairman had stated, the con-
tractors would complete and open the line 12 months
before the time appointed. It passed through one
of the richest parts of the country for produce, hav-
ing a large population, and great resources. He
had no doubt that in a short time the traffic would
render it so remunerative as not to require the as-
asistance of the guarantee of the Imperial Govern-
ment.

The CHAIRMAN said they had not issued any pre-
ference shares at all, and their prospects were as
favourable as possible. They would soon be called
together to consider an arrangement for an exten-
sion of their line from Witepsk into the heart of
central Russia to Orel.

The proceedings concluded with a vote of thanks
to the chairman and directors.

CAMBRIAN.

The half-yearly meeting of this company, ap-
pointed to be held at the offices, Westminster-cham-
bers, yesterday, was held pro forma only, and ad-
journed until Tuesday, the 6th March.