D.—2

V

EESULTS OF WORKING. The following is a summary of results of working, for year ending the 31st March, 1911, as compared with 1910:—

CONCLUDING REMARKS AND FORECAST. The last section of the Wellington-Hutt duplication-work—namely, that between Kaiwarra and Wellington—has been completed and was opened for traffic on the 4th April, 1911, since which date both lines have been regularly used for traffic. The main road is well advanced and will be finished shortly. Considerable progress has been made with the Dunedin-Mosgiel duplication. The section Dunedin to Burnside has been opened for traffic. Operations are being pushed forward vigorously between Burnside and Mosgiel, where large gangs of men are engaged in the tunnel and formation work. A deviation of the Otago Central line at Poolburn, undertaken to obviate the risk of damage by flood, has been completed. On the Wellington-New Plymouth line a deviation has been made at Manawapou to improve the grade preliminary to the building of a new steel bridge to replace the existing wooden structure. The Manawapou is the last of the high timber viaducts on the Napier-New Plymouth line, and when the new bridge is available it will be practicable to run heavy locomotives over the now restricted line north of Wanganui and so effect a considerable saving in train-mileage.

Particulars. Year ended 31st March. 1910. 1911. Total miles open for traffic 2,717 2,761 Average miles open for year 2,704 2,742 Capital cost of opened and unopened lines Capital cost of open lines £30,321,191 £31,509,960 £28,513,476 £29,606,546 Capital cost per mile of open lines ... £10,494 £10,723 Gross earnings £3,249,790 £3,494,182 Working-expenses £2,169,474 £2,303,272 NET PROFIT ON WORKING £1,080,316 £1,190,910 PERCENTAGE OF PROFIT TO CAPITAL INVESTED ... 380 406 PERCENTAGE OF WORKING-EXPENSES TO EARNINGS 6676 6592 Earnings per average mile open Working-expenses per average mile open NET EARNINGS PER AVERAGE OPEN... MILE l £1,203 £803 £400 £1,275 £840 £435 Earnings per train-mile ... d. 98-75 d. 102-75 Working-expenses per train-mile NET EARNINGS PER TRAIN-MILE 65-84 3291 67-75 3500 Passengers, ordinary ... ... .... Season tickets Goods tonnage 11,141,142 199,371 5,223,414 11,200,613 222,104 5,555,292 Live-stock tonnage 266,604 308,382 Train-mileage 7,889,166 8,141,075 Locomotives 465 478 Passenger-cars Wagons and brake-vans ... 1,140 17,220 1,166 18.036