D.— 2

IX

RESULTS OF WORKING. The following is a statement of the results of working for the past four years

ii—D. 2.

Year ended 31st March, Particulars. — 1929. 1928. i 1927. : 1926. ; . ' ■■ I I | Total miles open, for traffic .. .. .. 3,287 3,180 3,164 3,138 Average miles open for year .. .. 3,254 3,178 3,157 3,103 Capital cost of opened and unopened lines .. £62,276,214 £58,797,458 £56,028,477 £53,716,455 Capital cost of open lines .. .. .. £56,568,598 £51,187,376 £49,183,916 £47,608,676 Capital cost per mile of open lines .. .. £17,210 £16,097 £15,545 £15,172 Gross earnings .. .. .. .. £8,747,975 £8,524,538 £8,434,654 £8,460,762 Working-expenses .. ... .. .. £6,849,383 £6,685,123 £6,490,880 £6,468,428 NET EARNINGS .. .. .. .. £1,898,592 £1,839,415 £1,943,774 £1,892,334 Interest charges .. .. .. .. £2,331,335 £2,130,867 £2,043,433 £1,913,311 Appropriation for betterments .. .. .. .. .. £58,000 Unappropriated surplus .. .. .. .. .. .. I £21,023 Deficit .. .. .. .. .. £432,743 £291.452 £99,659 percentage" of total workingEXPENSES TO GROSS EARNINGS .. 78-30 78-42 76-95 76-45 PERCENTAGE OF NET EARNINGS TO CAPITAL INVESTED .. .. .. 3-45 3-64 3-99 4-35 Railway operating earnings .. .. .. £7,524,864 £7,343,845 £7,423,472 £7,589,274 Railway operating expenses .. .. .. £6,374,579 £6,302,119 £6,158,283 £6,164,570 NET RAILWAY OPERATING EARNINGS .. £1,150,285 £1,041,726 £1,265,189 £1,424,704 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS .. .. 84-71 85-81 82-96 81-23 Operating earnings per average mile open .. £2,312 £2,310 £2,351 £2,446 Operating expenses per average mile open .. £1,959 £1,983 £1,951 £1,987 NET OPERATING EARNINGS PER AVERAGE MILE OPEN .. .. .. .. £353 £327 £400 £459 d. d. d. d. Operating earnings per train-mile .. .. 162-50 162-62 166-14 176-51 Operating expenses per train-mile .. .. 137-66 139-55 137-82 143*37 NET OPERATING EARNINGS PER TRAINMILE .. .. .. .. .. 24-84 23-07 28-32 33 14 Passengers, ordinary .. .. .. 9,074,993 9,299,157 10,305,065 11,813,480 Season tickets .. .. .. .. 656,169 632,763 585,094 600,292 Total passenger journeys .. .. .. 25,574,843 25,379,665 26,002,137 27,653,414 Goods tonnage .. .. .. .. 7,086,680 6,854,865 6,833,436 6,808,603 Live-stock tonnage .. .. .. .. 535,951 511,897 475,013 447,539 Train-mileage .. .. .. .. 11,113,482 10,838,594 10,723,864 10,319,10? Engine-mileage .. .. .. .. 16,150,146 15,383,051 15,212,086 14,657,039 For the current year I anticipate the revenue will reach £8,800,000, and the expenditure £6,658,579.