D.—2

EXPENDITURE. The total expenditure for the year ended 31st March, 1934, was £5,247,153, an increase of £63,294 as compared with the previous year's figures. 1933-34. 1932-33. 1931-32. £ £ £ Expenditure on train operation .. 4,877,146 4,833,754 5,301,653 Subsidiary services .. .. .. 370,007 350,105 369,302 £5,247,153 £5,183,859 £5,670,955

Operating Expenditure.

Maintenance of Way and Works. The expenditure for the year under this heading totalled £993,207, as compared with £931,273 for the previous year, an increase of £61,934 (6-65 per cent.). Compared with the average expenditure for the five years ended 31st March, 1930, the expenditure for the year under review represents a decrease of 12-0 per cent. The increase of £61,934 over last year's figure is due to the writing-off of abandoned assets, adjustments of capital charges, additional ballasting work, the taking-over of the last section of the Stratford-Okahukura line, repairs to tunnels, provision of additional motor-velocipedes, additional repairs to and painting of bridges and buildings, and extensions to water services. Maintenance of Signals and Electrical Appliances. The expenditure under this heading for the year totalled £110,298, an increase of £4,712 compared with the previous year. For the five years ended 31st March, 1930, the average annual expenditure in this branch was £107,716, and the expenditure in the year under review represents an increase of 2-4 per cent., on this average figure. Maintenance work in this branch is heavier than in past years, due to the development of automatic signalling, train-control, level-crossing alarms, &c. Telephone facilities have also been considerably extended since 1930; the mileage of telephone and telegraph wires is now 16,956, as compared with 11,920 in 1930, and the number of telephones has increased from 2,256 to 2,663 in the same period. Maintenance of Rolling-stock. The expenditure under this heading totalled £1,220,102, an increase of £31,628 (2-66 per cent.) compared with the previous year. The average annual expenditure in this branch for the five years ended 31st March, 1930, was £1,460,114, and the figures for the past year represent a reduction of 16-4 per cent, on this amount. A review under the various headings is as follows : — Locomotive Repairs. —The expenditure on locomotive repairs amounted to £525,024, an increase of £36,839 (7-55 per cent.) compared with the previous year. During the year 430 engines were passed through the shops, as compared with 381 in the previous year. The average mileage run by engines before being forwarded to the workshops for heavy repairs during the year was 70,159 miles. For the year ended 31st March., 1933, the mileage was 72,573. Maintenance of Carriages, Vans, and Wagons.—The total expenditure for the repair and painting of carriages and vans was £249,055, an increase of £2,360 compared with the previous year. A total of 1,600 carriages was repaired, of which number 1,351 received heavy repairs. During the previous year 1,575 carriages were repaired, of which 1,314 received heavy repairs. The expenditure on maintenance of wagons totalled £429,469, a decrease of £2,796 (0-65 per cent.) compared with the previous year ; 19,457 wagons passed through the shops. The corresponding number in the previous year was 17,300.

V

Per Cent, of i Per Cent, of Per Cent, of 1933-34. 1 Operating i 1932-33. Operating | 1931-32. Operating Revenue. i Revenue, j Revenue. £ £ £ Maintenance—Way and works 993,207 17-65 931,273 17-44 997,629 17-23 Maintenance—Signals .. 110,298 1-96 105,586 1-98 107,584 1-86 Maintenance—Rolling-stock .. 1,220,102; 21-67 1,188,474 22-26 1,270,585 21-94 Examination, lubrication, and 52,376 1 0-93 52,652 0-99 59,619 1-03 lighting of vehicles Transportation—Locomotive 1,012,451 17-99 1,062,149 19-89 1,195,151 20-64 Transportation—Traffic .. 1,253,833 22-27 1,255,280 23-51 1,424,520 24-60 General charges .. .. 58,944 1-05 61,252 1-15 69,280 1-20 Superannuation subsidy .. 175,935 3-13 177,088 3 ; 32 177,285 3-06 4,877,146 86-65 4,833,754 90-54 5,301,653 91-56