D.—2.

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

For the current year it is anticipated that the revenue will reach £5,983,000, and the expenditure £5,240,717.

Y —D. 2.

XXIX

Year ended 31st March, Particttlaks. 1932. 1931. 1930. 1929. 1928. Total miles open for traffic .. .. 3,315 3,322 3,287 3,287 3,180 Average miles open for year .. 3.315 3,303 3,287 3,254 3,178 Capital cost of opened and unopened lines £59,055,701 £68,679,025 £65,526,089 £62,276,214 £58,797,458 Capital cost of open lines .. .. £51,424,883 £60,545,154 £57,787,671 £56,568,598 £51,187,376 Capital cost per mile of open lines .. £15,513 £18,226 £17,581 £17,210 £16,097 Gross earnings .. .. .. £6,508,948 £7,571,537 £8,279,914 £8,747,975 £8,524,538 Working-expenses .. .. .. £5,670,955 £6,882,810 £7,358,859 £6,849,383 £6,685,123 NET EARNINGS .. .. £837,993 £688,727 £921,055 £1,898,592 £1,839,415 Interest charges .. .. .. £2,221,465 £2,255,345 £2,132,324 £2,331,335 £2,130,867 Deficit .. .. .. .. £1,383,472 £1,566,618 £1,211,269 £432,743 £291,452 PERCENTAGE OF TOTAL WORKINGEXPENSES TO GROSS EARNINGS 87-13 90-90 88-88 78-30 78-42 PERCENTAGE OF NET EARNINGS TO CAPITAL INVESTED .. .. 1'64 1 16 1-61 3-45 3-64 Railway operating earnings .. .. £5,788,965 £6,781,388 £7,473,993 £7,524,864 £7,343,845 Railway operating expenses .. .. £5,301,653 £6,406,143 £6,848,026 £6,374,579 £6,302,119 NET RAILWAY OPERATING EARNINGS £487,312 £375,245 £625,967 £1,150,285 £1,041,726 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS 91-58 94-47 91-62 84-71 85-81 Operating earnings per average mile open £1,746 £2,053 £2,274 £2,312 £2,310 Operating expenses per average mile open £1,599 £1,939 £2,083 £1,959 £1,983 NET OPERATING EARNINGS PER AVERAGE MILE OPEN .. .. £147 £114 £191 £353 £327 d. d. d. d. d. Operating earnings per train-mile .. 136-63 144-26 149-21 162-50 162-62 Operating expenses per train-mile .. 125-13 136-28 136-71 137-66 139-55 NET OPERATING EARNINGS PER TRAIN-MILE 11-50 7*98 12-50 24-84 23-07 Passengers, ordinary .. .. 6,503,566 7,288,674 8,498,441 9,074,993 9,299,157 Season tickets .. .. .. 459,063 600,440 667,432 656,169 632,763 Total passenger journeys .. .. 19,155,600 22,813,708 25,413,621 25,574,843 25,379,665 Goods tonnage .. .. .. 5,272,253 6,409,831 7,233,295 7,086,680 6,854,865 Live-stock tonnage .. .. .. 552,558 556,498 566,407 535,951 511,897 Train-mileage .. .. .. 10,168,720 11,281,898 12,022,043 11,113,482 10,838,594 Engine-mileage .. .. .. 13,845,966 15,618,776 16,735,624 16,150,146 15,383,051