D.—2

XVIII

RESULTS OF WORKING. The following is a summary of the results of working for the year ended 31st March, 1925, as compared with 1924: —

Year ended 31st March Particulars. 1925. 1924. Total miles open for traffic ... ... ... 3,085 3,053 Average miles open for year ... ... ... 3,067 3,044 Capital cost of opened and unopened lines ... ... £50,83-3,500 £48,738,821 Capital cost of open lines ... ... ... £44,570,746 £41,399,427 Capital cost per mile of open lines ... ... ... £14,448 £13,560 Gross earnings ... ... ... ... £7,112,524 £6,984,211 Working-expenses ... ... ... ... £5,545,416 £5,403,766 NET PROFIT ON WORKING £1,567,108 J £1,580,445 PERCENTAGE OF PROFIT TO CAPITAL j INVESTED 3 55 3 83 PERCENTAGE OF WORKING-EXPENSES TO EARNINGS 7797 77 37 I i Earnings per average mile open ... ... ... £2,316 £2,291 Working-expenses per average mile open ... ... £1,804 £1,772 NET EARNINGS PER AVERAGE MILE OPEN ... £512 £519 d. I d. Earnings per train-mile ... ... ... ... 187'65 ] 185-50 Working-expenses per train-mile ... ... ... 146-19 , 143-43 NET EARNINGS PER TRAIN-MILE ... 4146 4207 Passengers, ordinary ... ... ... ... 12,424,012 13,836,311 Season tickets ... ... ... ... 537,554 525,744 Goods tonnage ... ... ... ... 6,602,607 6,519,457 Live-stock tonnage ... .. ... ... 430,852 406,060 Train-mileage ... ... ... ... 9,083,623 * 9,024,503 Locomotives ... ... ... ... 662 655 Passenger-cars ... ... ... ... 1,568 1,527 Wagons and brake-vans ... .. ... ... 26,488 26,195 * Includes 348,867 miles run by assisting engines, figures for 1925 do not include assisfcing-engine miles. For the current year I anticipate the revenue will reach £7,700,0(J0 and the expenditure £6,200,000,