D.—2.

BOOKSTALL SERVICE. 1939. 1938. Variation. Per £ £ £ Cent. Revenue .. .. .. 92,604 76,719 +15,885 20-71 Expenditure .. .. .. 88,144 73,232 +14,912 20-36 Net revenue .. .. £4,460 £3,487 + £973 27-90 The number of bookstalls (18) at present being operated by the Department is the same as during the previous year. The satisfactory result of the year's working in respect of this service may be ascribed to the improved economic conditions generally and to increased takings at Wellington Station, where the advance in receipts over last year amounted to £10,751 (52-21 per cent.). The higher expenditure this year is caused mainly by an increase in stock used (£12,186), due to increased turnover and to an increase in the amount charged for rent, which is on a percentage of receipts basis. ADVERTISING SERVICE. 1939. 1938. Variation. £ £ £ Per Cent. Revenue .. .. .. 40,071 37,397 +2,674 7-15 Expenditure .. .. ..35,134 32,627 +2,507 7-68 Net revenue .. .. £4,937 £4,770 + £167 3-50 The revenue of this branch has shown a steady improvement during the past year, an increase in revenue of £2,674, or 7-15 per cent., being shown on the previous year's figures. 1939. 1938. Variation. An analysis of the revenue is as under: — £ £ £ Outdoor advertising .. .. .. 31,172 28,168 + 3,004 Publications.. .. .. .. 5,220 5,657 — 437 Miscellaneous .. .. .. 3,316 3,255 + 61 Buses .. .. .. .. 363 317 + 46 Total .. .. .. .. £40,071 £37,397 +£2,674 New business written up during the past four years is as under:— 1936. 1937. 1938. 1939. £ £ £ £ Outdoor advertising .. 37,515 32,056 34,907 29,008 Publications .. .. 4,827 5,707 4,848 4,894 Buses .. .. .. 973 288 228 548 Total .. .. .. £43,315 £38,051 £39,983 £34,450 A high percentage of the year's business is finalized in March of each year, but a serious decline of £4,092 is shown for the March period of the year just closed, caused by the operation of import restrictions, which have for the present prevented the renewal of a number of substantial contracts and has detrimentally affected the writing-up of long-term business. During the transition stage and until such time as the full effect of the expansion of local industries is felt it is to be expected that this class of advertising business will fall off to some degree. The following table shows the profit and ratio to turnover for the past ten years : —

XXI

Net Profit. , . Ratio to Amount. Turnover. £ Per Cent. 1930 .. .. .. .. 381 0-71 1931 .. .. .. .. 1,249 2-50 1932 .. .. .. .. 2,898 7-37 1933 .. .. .. .. 3,677 10-94 1934 .. .. .. .. 2,548 7-79 1935 .. .. .. .. 2,088 6.95 1936 .. .. .. .. 2,383 7-50 1937 .. .. .. .. 3,384 9-80 1938 .. .. .. .. 4,770 14-62 1939 .. .. .. .. 4,937 12-32