D.—2.

end of year; and 18 locomotives, 80 carriages, 8 break-vans, 114 bogie and 411 four-wheeled wagons, and 905 tarpaulins in hand, but incomplete on the 31st March. EESULTS OP WOEKING.

The following is a summary of results of working, for year ending the 31st March, 1903, as compared with 1902 : —

IV

Year ended 31st March. Paeticulabs. 1903. i 1902. 'otal miles open for traffic 2,291 . 2,235 iverage miles open for year • 2,262 2,227 Capital cost of opened and unopened lines £20,214,935 £19,496,553 Capital cost of open lines £19,081,735 £18,170,722 Capital cost per mile of open lines ... £8,436 £8,159 Gross earnings £1,974,038 £1,874,586 Working-expenses £1,343,415 £1,252,237 NET PROFIT ON WORKING £630,623 £622,349 'ERCENTAGE INVESTED OF PROFIT TO CAPITAL 330 343 PERCENTAGE OF WORKING - EXPENSES TO EARNINGS 6805 6680 Earnings per average mile open £873 £842 Working-expenses per average mile open £594 £562 NET EARNINGS PER AVERAGE OPEN--MILE £279 £280 Earnings per train mile ... d. 87-00 d. 88-75 Working-expenses per train mile 59-23 59-32 NET EARNINGS PER TRAIN MILE l 2777 2943 'assengers, ordinary 7,575,390 7,356,136 ieason tickets 118,431 100,778 J-oods tonnage 3,730,394 3,529,177 jive-stock tonnage 187,867 137,862 ?rain mileage 5,443,333 5,066,360 jocomotives 372 362 'assenger cars 751 701 Vagons 12,992 12,444