D.—2

RESULTS OF WORKING.

The following is a summary of the results of working for the year ended 81st March, 1923, as compared with 1922:—

In view of the unsettled condition that still continues in various directions and the decline in the export of some of our staple products it would not be prudent to take other than a conservative view in making a forecast for the Railway-; revenue for the coming year. I, however, anticipate the revenue will reach £7,000,000 and the expenditure £0,050,000.

VI

Year ended Particulars. 31st March. 1922. Total miles open for traffic ... ... ... 3,030 Average miles open for year ... ... ... 3,026 1923. 3,037 3,036 Capital cost of opened and unopened lines ... ... £44,689,748 £46,851,071 Capital cost of open lines ... ... ... £39,309,097 £40,275,161 Capital cost per mile of open lines ... ... ... £12,973 £13,261 Gross earnings ... ... ... ... £6,643,591 £6,727,802 Working-expenses ... ... ... ... £6,237,727 £5,502,497 NET PROFIT ON WORKING ... ... £405,864 £1,225,305 PERCENTAGE OF PROFIT TO CAPITAL INVESTED ... ... ... ... j 107 304 l PERCENTAGE OF WORKING - EXPENSES j TO EARNINGS ... ... ... I 9389 8179 Earnings per average mile open ... ... ... £2,199 £2,219 Working-expenses per average mile open ... ... £2,063 £1,813 NET EARNINGS PER AVERAGE MILE OPEN... .. .. .. - £136 £406 d. Earnings per train-mile ... ... ... ... 182-69 d. 193-18 Working-expenses per train-mile ... ... ... 171-37 157-81 NET EARNINGS PER TRAIN-MILE ... 1132 3537 Passengers, ordinary ... ... ... ... 14,262,440 14,256,610 Season tickets ... ... ... ... 472,865 485,681 Goods tonnage ... ... ... ... 5,931,112 6,234,807 Live-stock tonnage ... .. ... ... 390,239 383,781 Train-mileage ... ... ... ... 8,717,265 8,346,731 Locomotives ... ... ... ... 637 639 Passenger-cars ... ... ... ... 1,496 1,498 Wagons and brake-vans ... .. ... ... 23,974 26,106