The gross earnings of all the lines during the fiscal year I 9051906 were 7 millions sterling, approximately, and the gross expenses (including the payment of interest on loans and debentures) were under 31/8 millions, so that there remained a net profit of 31/8 millions, being at the rate of a little over 81/8% on the invested capital.
At the close of 1906 this road was handed over to a joint-stock company with a capital of 20 millions sterling, the government contributing 10 millions in the form of the road and its associated properties; the public subscribing 2 millions, and the company being entitled to issue debentures to the extent of 8 millions, the princ~pal and interest of these debentures being officially guaranteed.
Four millions worth of debentures were issued in London in 1907 and 4 millions in 1908.
The capital of the company is 3,200,000 roubles (~34i,33o), of which 1,700,000 is in shares taken by the public, and 1,500,000 in debentures taken by the Russian government, which also guarantees 5% on the shares.
The loans authorized may be raised by debentures or annuity certificates under these acts, or by the issue of county stock, and in some cases by mortgage.