D.—2

XXIV

The South Island main line and branches produced 185-70 d. per train mile, against 192-40 d. last year, a decrease of 6-70 d. The earnings from the Lake Wakatipu steamers amounted to £8,872, a decrease of £478. The net revenue, £1,580,445, was equal to a return of 3-83 per cent, on the capital invested in the, lines open for traffic (£41,399,427), and 3-24 per cent, on the capital invested in the opened and unopened lines (£48,738,821). Expenditure. The working expenditure for the year under review (including £10,456, the cost of working the Lake Wakatipu traffic) amounted to £5,403,766, a decrease of £98,731 on the expenditure for the previous year, and £646,234 below the estimate. The ratio of expenditure to earnings was 77-37, as compared with 81-79 for the preceding year, a decrease of 4-42. The particulars are as follows : — Expenditure. Per Cent, of Revenue. 1923-1':. 1922-2?. 1923-2 . 1922-23. £ £ £ £ Traffic .. .. .. .. 1,530,652 1,527,033 21-94 22-73 Locomotive .. .. .. 2,444,058 2,657,153 35-04 39-55 Maintenance .. .. .. 1,143,281 1,040,892 16-39 15-49 Signal and electrical .. .. 70,912 67,425 1-02 1-01 Management .. .. .. 204,407 195,894 2-93 2-91 5,393,310 5,488,397 77-32 81-69 Lake Wakatipu steamers .. .. 10,456 14,100 0-05 0-10 £5,403,766 £5,502,497 77-37 81-79 There was a decrease of £174,345 in stores expenditure, and a decrease of £18,143 in miscellaneous. The expenditure on wages and services shows an increase of £93,757. The sum of £340,483 was expended in the Maintenance Branch and charged to capital under the head " Additions to open lines." These comprise additions to station-buildings ; extension of sidings, bridge-work, and subways; additions to workshops ; tablet, telegraph, and telephone facilities ; signalling and interlocking ; and purchase of land. In the Locomotive Branch £285,991 was expended in the provision of additional rolling-stock, tarpaulins, Westinghouse brake, steam-heating, electric lights for engines and cars, and workshop machinery. The rolling-stock in respect of which the charges were incurred comprised nineteen locomotives, thirty-seven cars, one bogie brake-van, and thirty-one bogie and fifty-eight four-wheeled wagons completed on 31st March, 1924 ; and twenty-two locomotives, 106 carriages, five brake-vans, and 137 bogie and 472 four-wheeled wagons incomplete but in hand on that date. Wages Expenditure. Year ended - Year ended + Increase. 31/3/1924. 31/3/1923. - Decrease. £ £ £ For time worked between 6 a.m. and 10 p.m. .. ..3,786,402 3,651,798 +134,604 For time worked between 10 p.m. and 6 a.m. .. .. 169,488 151,175 +18,313 For departmental holidays and Sundays .. .. .. 59,542 74,915 —15,373 For night allowance paid to members of Second Division .. 55,469 50,872 +4,597 Totals .. .. .. ..£4,070,901 £3,928,760 +£142,141 The following figures indicate the advance in wages and salaries exclusive of additions to open lines and railway authorization works since Ist April, 1914 : —

It will be seen that the increase in the wages-bill for 1924 compared with 1914 is £1,575,831, a sum sufficient to pay 3-81 per cent, interest on the capital cost of the working railways —namely, £41,399,427 ; while the increase of £1,265,557, representing the difference between the wagesexpenditure for 1919 and 1924 respectively, is sufficient to pay 3-06 per cent, on the capital cost.

Inor< sase. Year. Gross Amount. Over 1914. Over 191 it. Amount. Per Cent. Amount. For Cent. 1914 1919 1922 1923 1924 £ 1,966,868 2,277,142 3,826,369 3,448,942 3,542,699 £ 310,274 1,859,501 1,482,074 1,575,831 15-78 94-54 75-35 80-12 £ 1,549,227 1,171.800 1,265,557 68-03 51-46 55-57