D.-2.

RESULTS OF WORKING. The following is a summary of the working for the year ended 31st March, 1926, as compared with 1925 : —

For the current year I anticipate the revenue will reach £8,250,000 and the expenditure £6,475,766. Note. —The figures shown above for 1925 have, where necessary, been adjusted so as to make them comparable with the figures for 1926 as prepared under the new accounting system.

XXVIII

I Year ended 31st March, Pabticulaus. i V_ 1926. 1925. Total miles open for traffic ... ... ... 3,138 ! 3,085 Average miles open for year ... ... ... 3,103 3,067 Capital cost of opened and unopened lines ... ... £53,716,455 £50,833,500 Capital cost of open lines ... ... ... £47,608,676 £44,570,746 Capital cost per mile of open lines ... ... ... £15,172 £14,448 Gross earnings ... ... ... ... £8,460,762 £7,276,761 Working-expenses ... ... ... ... £6,468,428 £5,709,652 NET EARNINGS £1,992,334 £1.567,109 Interest charges ... ... ... ... ! £1,913,311 £1,654,845 Appropriation for betterments ... ... ... £58,000 Unappropriated surplus ... ... ... ... £21,023 Deficit £87,736 PERCENTAGE OF TOTAL WORKING-1 EXPENSES TO GROSS EARNINGS ... 76*45 7846 PERCENTAGE OF NET EARNINGS TO CAPITAL INVESTED ... ... 4 35 3 55 Railway operating earnings ... ... ... £7,589,274 £7,014,649 Railway operating expenses ... ... ... £6,164,570 £5,533,136 NET RAILWAY OPERATING EARNINGS £1,424,704 £1,481,513 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS ... 8123 78 88 Operating earnings per average mile open ... ... £2,446 £2,287 Operating expenses per average mile open ... ... £1,987 £1,804 NET OPERATING EARNINGS PER AVER AGE MILE OPEN ... ... £459 £483 d. ~d7~ Operating earnings per train-mile ... ... ... 176-51 185-33 Operating expenses per train-mile ... ... ... 143-37 146-19 NET OPERATING EARNINGS PER TRAINMILE ... ... ... ... 33'14 39 14 Passengers, ordinary ... ... ... ... 11,813,480 j 12,424,012 Season tickets ... ... ... ... 600,292 537,554 Total passenger journeys... .. ... ... 27,653,414 26,106,859 Goods tonnage ... ... ... ... 6,808,603 6,602,607 Live-stock tonnage ... ... ... ... 447,539 430,852 Train-mileage ... ... ... ... 10,319,407 , 9,083,623 Engine-mileage ... ... ... ... 14,657,039 12,854,287