D.—2

II

RESULTS OF WORKING. The following is a summary of the results of working for the year ending 31st March, 3919, as compared with 1918 : —

In view of the continued unsettled conditions prevailing as the result of the war, and the uncertainty as to when anything approaching normal circumstances will again be restored, it "would not be prudent to take other than a conservative view in making a forecast of the railway revenue and expenditure for the year ending 31st March, 1920. I anticipate, however, that the revenue will reach £5,000,000, and the expenditure will amount to not less than £3,575,000. It is unfortunate that prevailing circumstances have precluded the vigorous scheme of improvements outlined in 1914. The inadequacy of the'facilities provided for meeting the requirements of-railway business was strongly emphasized at that

Year ended 31st March. Partiout.akr. 1 1918. 1919. Total miles open for traffic ... ... ... 2,993 2,993 Average miles open for year ... ... ... 2,977 2,993 Capital cost of opened and unopened lines ... ... £38,798,163 £39,260,882 Capital cost of open lines ... ... ... £36,001,432 £36,167,681 Capital cost per mile of open lines ... ... ... £12,029 £12,084 Gross earnings ... ... ... .-..J .£4,687,700 £4,988,632 £4,988,632 Working-expenses ... ... ... ... .£3,042,907 £3,308,575 £3,308,575 NET PROFIT ON WORKING ... ... £1,644,793 j £1,680,057 £1,6.80,057 l PERCENTAGE OF PROFIT TO CAPITAL INVESTED .. ... ... 460 465 465 i PERCENTAGE OF WORKING-EXPENSES TO EARNINGS ... ... ... 6491 6632 6632 _ i .. Earnings per average mile open ... ... ... £1,578 £1,670 £1,670 Working-expenses per average mile open ... .:. £1,023 £1,107 £1,107 NET EARNINGS PER AVERAGE MILE OPEN-.. .. ... ■■ .. | £555 £563 £563 d. 150-50 d. 160-00 Earnings per train-mile ... Working-expenses per train-mile 97'54 10,5-97 NET EARNINGS PER TRAIN-MILE 5296 5403 Passengers, ordinary 11,408,156 11,374,521 Season tickets 322,487 351,124 Goods tonnage 5,373,136 5,238,457 Live-stock tonnage 369,832 373,281 Train-mileage 7,468,646 7,477,-583 Locomotives - 624 620 Passenger-cars 1,488 1,489 Wagons and brake-vans ... 22,517 22,658