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.
The following figures for1905-1906may, however, be given: valuation of lands, houses, &c., £15,466,000; value of principal crops, £35,3 62, 000; value of cattle, &c., £81,508,000; paid-up capital and reserve funds of joint-stock banks, £11,300,000; deposits in jointstock and savings banks, £58,791,000; investments in government stock, transferable at Bank of Ireland, £36,952,000; paid-up capital and debentures of railway companies, £38,405,000; paid-up capital of tramway companies, £2,074,000.