D. —2

XIX

RESULTS OF WORKING. The following is a summary of the working for the year ended 31st March, 1927, as compared with 1926: —

Year ended 31st March, Particulars. —— — 192 7. 1920. Total miles open for traffic ... ... ... 3,164 3,138 Average miles open for year ... ... ... 3,157 3,103 Capital cost of opened and unopened lines ... ... £56,028,477 £53,716,455 Capital cost of open lines ... ... ... £49,183,916 £47,608,676 Capital cost per mile of open lines ... ... ... £15,545 £15,172 Gross earnings ... ... ... ... £8,434,654 £8,460,762 Working-expenses ... ... ... ... £6,490,880 £6,468,428 NET EARNINGS £1,943,774 £1,992,334 Interest charges ... ... ... ... £2,043,433 £1,913,311 Appropriation for betterments ... ... ... ... £58,000 Unappropriated surplus ... ... ... ... ... £21 023 Deficit ... ... ... ... ... £99,659 PERCENTAGE OF TOTAL WORKING- i EXPENSES TO GROSS EARNINGS ... 76 95 76 45 PERCENTAGE OF NET EARNINGS TO CAPITAL INVESTED ... ... ... 3 99 4 35 Eailway operating earnings ... ... ... £7,423,472 £7,589,274 Eailway operating expenses ... ... ... £6,158,283 £6,164,570 NET RAILWAY OPERATING EARNINGS £1,265,189 £1,424,704 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS ... 8296 81 23 Operating earnings per average mile open ... ... £2,351 £2,446 Operating expenses per average mile open ... ... £1,951 £1,987 NET OPERATING EARNINGS PER AVER AGE MILE OPEN • ... ... £400 £459 d. d7~ Operating earnings per train-mile ... ... ... 166-14 176-51 Operating expenses per train-mile ... ... ... 137-82 143-37 NET OPERATING EARNINGS PER TRAINMILE ... ... ... ... 2832 33 14 Passengers, ordinary ... ... ... ... 10,305,065 11,813,480 Season tickets ... ... ... ... 585,094 600,292 Total passenger journeys... ... ... ... 26,002,137 27,653,414 Goods tonnage ... ... ... ... 6,833,436 6,808,603 Live-stock tonnage ... .. ... ... 475,013 447,539 Train-mileage ... ... ... ... 10,723,864 10,319,407 Engine-mileage ... ... ... ... 15,212,086 14,657,039 For the current year I anticipate the revenue will reacli £8,300,000 and the expenditure £6,571,945.