D.-2

II

RESULTS OE WORKING. The following is a summary of results of working, for year ending the 31st March, 1916, as compared with 1915 :—

In September last a war impost was made of Id. in each shilling on ordinary passenger-fares, and 10 per cent, on the rates for parcels and goods traffic (except timber). It is estimated that the revenue from this source up to 31st March amounted to £220,000. It appears quite evident that the development of the natural resources which have been going on in the country for some years must result in a continuation of increase of the productivity in respect to our staple products. The fact that the receipts from the railways during the two years of war are in advance of previous years gives ground for a feeling of the greatest confidence in regard to the future.

Year ended 31st March. Particulabs. 1915. 1916. Total miles open for traffic ... ... ... 2,955 2,970 Average miles open for year ... ... ... 2,917 2,959 Capital cost of opened and unopened lines ... ... £36,133,155 £37,335,080 Capital cost of open lines ... ... ... £34,133,825 £34,857,882 Capital cost per mile of open lines ... ... ... £11,551 £11,737 Gross earnings ... ... ... ... £4,105,457 £4,548,356 Working-expenses ... ... ... ... £2,920,455 £2,910,883 NET PROFIT ON WORKING ... £1,185,002 i £1,637,473 . _ i PERCENTAGE OF PROFIT TO CAPITAL INVESTED ... ... ... 353 472 PERCENTAGE OF WORKING-EXPENSES TO EARNINGS ... ... 7114 6400 Earnings per average mile open ... ... ... £1,410 £1,540 Working-expenses per average mile open ... ... £1,002 £985 NET EARNINGS PER AVERAGE MILE OPEN-. ... ... ... ... £408 £555 d. d. Earnings per train-mile ... ... ... ... 104-75 116-50 Working-expenses per train-mile ... ... ... 7454 7450 r NET EARNINGS PER TRAIN-MILE ... 3021 4200 Passengers, ordinary ... ... ... ... 13,565,772 14,201,506 Season tickets ... ... ... ... 302,912 330,622 Goods tonnage ... ... ... ... 6,075,282 5,960,562 Live-stock tonnage ... ... ... ... 378,190 410,383 Train-mileage ... ... ... ... 9,383,420 9,356,522 Locomotives ... ... ... ... 557 585 Passenger-cars .... ... ... ... 1,397 1,452 Wagons and brake-vans ... ... ... ... 21,226 21.994