D.—l

VIII

The total revenue for the year was £681,792, as against £516,127 for the previous year, an increase of 32 per cent. As power became available at Arapuni the amount of power that had to be purchased from outside sources or generated in more expensive auxiliary plants was reduced, and in consequence a better return obtained on the capital in operation. On the whole of such capital a percentage of 6-96 was earned, as against 5-62 last year.

Considering the various schemes individually, the position may be summarized as follows : — Horahora-Arapuni. Consequent on the bringing into operation of the first unit at Arapuni, these two plants and the various transmission-lines connected thereto have been considered as one during the year. Notwithstanding the fact that the scheme is loaded with

HYDRO-ELECTRIC DEVELOPMENT. Graph showing ANNUAL REVENUE.

HYDRO-ELECTRIC DEVELOPMENT. Graph showing TOTAL CAPITAL INVESTED.