The Sun.
London, England, 1857-05-15 00:00:00

THE COMMERCIAL RAILWAY of RUSSIA,
RIGA TO D uNABURG.

CIRCULAR.

The Directors, having now completed their negotiations
with .tbe Russian Government for the above Railway, have
much pleasure in laying before the Shareholders the follow-
ing particulars of their arrangements, together with the prin-
cipal features of the Imperial Concession of 1853, which was
confirmed, with additional advantages, by his Imperial Ma-
jesty., on the 26th February, 18'7:
A fixed Capital of 10,200,000 silver roubles, or about
1,636,250/. sterling, over which the Company has the abso-
lute control, and of the expenditure of which,they are not re-
quired to give any account to the Russian Government.
The fixed Capital has been ehanged in consequence of the
length of the line having been reduced, and several important
modifications having been allowed by the Russian Govern-
wont.

A Concession for a period of 75 years, dating from the open-
ing of the whole Line, during which the Russian Government
hasreserved no right to purchase the Line.
A guarantee, by the Russian Government, of 41 per cent.,
for interest and sinking fund. A sinking fund of one-eighth
per cent, is sufficient to redeem the capital in 75 years.
This calculation has been verified, together with all others
of importance, by an eminent accountant.
The line has been most carefully surveyed by John Hawk-
shaw, Esq., the engineer-in-chief. It is of very easy construc-
tion—there being no tunnels, deep cuttings, nor high em-
bankments—few bridges, and those offering no engineering
difficulties. The whole line is almost upon a level, the maxi-
mum gradient being 1 in 200, sloping gradually from Duna-
burg to Riga ; thus greatly economising the cost of con-
veying the produce from the interior.
A contract for the construction of the railway and the
supply of the whole of the rolling -stock and material, has,
with the approval of the engineer-in-chief, been entered into
with an eminent English contractor, with ample security for
its due performance.
The total sum required for the construction o fthe Railway
including all moneys to be paid to the contractor, the ex-
treme cost o f the land, the interest on calls during constrac-
tiou, and the preliminary and all other expenses of manage-
. nientote., whatsoever, have been carefully estimated at the
sum of 1,343,000/, sterling, thus showing an excess of fixed
Pital over expenditure of 293,2501., the benefit of which
excess will be obtained by the Shareholders by the redemp-
tion of their shares at par.
The amount of • the guarantee on the fixed capital of
1,636,2501. (after deducting the one-eighth per cent, for the
sinking fund) is 71,5861. per annum, which, upon the above
estimate, gives 51 per cent, per annum for interest on the
capital (1,343,00010 actually required, and still le .ves a cm-
liiderable margin for unforeseen contingencies.
BY the statutes the shares will be reduced from their origi-
nal amount of 1001. to 20/., or 125 silver rubles, 500 francs,
236 guilders, or 139 thalers of Prussia, each. In conse-
quence of the reduction in the guaranteed capital, and the
issue of the shares being limited to 81,600 four shares only
of 201. each will be exchanged for each 1001. share.
On these shares of 201. only 161, 10will be required to
xpe
make up the above estimatednclait. ure of 1,343,000/ ;
and the guaranteed interest of
17s. 6d.per share, exclusive
of the sinking fund, is equal to 51 * per cent, on this amount.
The shares will be redeemable at the par of 201. out of the
sinking fund by periodical drawings. It is proposed, on the
completion of the line, to issue separate coupons in series,
available for 10 years each. One of these coupons will re-
present the guaranteed interest, and the other the dividends
on the extra profits of the line. The former will expire on
the redemption of .the share at par ; but the latter will con-
tinue in force during the period for which it may have been
issued.
A sum for interest during construction bas been included
by the Russian Government in the fixed capital . and 5 per
cent, per annum will therefore be paid on all calls until the
°Peniog of the whole line.
The shareholders will enjoy, during the whole period of the
concession, the entire profits, which, upon a most careful
calculation, based upon the existing traffic, show a rate of 15
Nr swat
eter
The
bßailway will connect with Riga the three capitals—St.
!:surg, Moscow, and Warsaw. The line runs for nearly
tte'whole distance through a district, the cultiration of
.c
h would bear comparison with that of any other country;
50d, independently of the through trade, there can be no
doubt that the local traffic, both in goods and passengers,
the li
fo
ne.rm an important and increasing item in the receipts of
4_ As an instance of last year's traffic, it would have required
iPl'7o full trains of 35 waggons each per day, for the whole
'llcx ing season (say six months), to have brought down the
,e alone shipped last season from Riga. Nor will the p-
eted ro
Libau line injure these prospects ; but, on tile con-
bra:rY, acting as a feeder from Koursk and Orel, it would
pring the produce of these provinces (hitherto shipped at St.
raeitiersburg) to Diinaberg ; a fair share of which would natu-
the! go for shipment to the import.ant port of Riga, saving
ebY nearly 100 miles of carriage
fr All Crown lands are given for the purposes el the Railway,
,°f all expense.
Th1,4;74 Private lands required may be taken at the low tariff at
iel Private
Imperial Government acquires private land.
1411, material, such as stone, gravel, sand, clay, dr.c., may
Isen free from the Crown lands.
i rails locomotives, and whatsoever is required for the
Y, may be imported, duty free, from any country.
~,,.iorience the above estimates and calculations were made, the
iTateters have received the highly satisfactory intelligence
the etbe Municipality of Riga has placed at the disposal of
city t:EaPanY, gratuitously, whatever land belonging to the
itBs
1f
Led berequired for this railway. This land in the town
in the suburbs, and on the line of the road, is calcu-
ite tquis„. about 56 versts, or about 37 miles ;and this valuable
'sated e,°st Willheeffleaentd.a considerable reduction in the esti-
up‘o.urk
,pirectors, in conclusion, congratulate the shareholders
ru ebtLi?e exceedingly favourable terms they have succeeded
joie
_ainitlg. beyond those originally contemplated, and sub-
thess-__ stlmmary of the principal advantages gained beyond
set forth in the original prospectus.
reo.,:iiaTeb„,e,ilue having been shortened, and many important.
luereasu°llB allowed, a smaller capital is required, which
2, Th the amount of the dividends.
to 75 y e term of the concession has been extended from 56
Lng whir! dating from the opening of the whole line, dnr-
3. Ash tit.ne the entire profits belong to the Company.
half, is fund of one-eighth per cent., instead of one-
4, Th °W sufficient to redeem the capital.
tatualei,,_,e gratuitous grant of all the land belonging to the
5.
itktuty of Riga which is requisite for the railway.
(lUceall ecnuequence of the amount of the shares being re-
ealadd. and their number limited by the statutes to 81,600,
stoiteg itional 10s, per share (i.e. 161. 108 instead of 161.) be-
as the '„n..ecescarY to be called up to meet the estimates'; but,
Per cent,bltaranteed interest on the fixed capital is equal to 5i
the 11 on the estimated capital, the extra I per cent, on
108. is equivalent to 15 per cent, on the additional
wnich
Theo fa far' exceeds the terms originally offei ?d.
culatio mal documents and letters, together with the cal
dupestimates, are open to the inspection of any
on his application at the offices of the Com-
PeBhan7.llZlearti,
call
clnlred equal to 11. on each 201, share, will be shortly re-
, of 'which due notice will be given.
By Order of the Board.
17, era_
J. W. WARRE TYNDALE, Secretary.
eechurch-street, May 8, 1857.

111
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