D.—2.

296 four-wheeled wagons, and 680 tarpaulins, all completed on 31st March last; and 19 locomotives, 65 carriages, 12 brake-vans, 153 bogie and 329 four-wheeled wagons, 225 tarpaulins and 2 cranes incomplete, but in hand on that date. £14,862 represents the balance of purchase-money of the steamers and other plant of the Lake Wakatipu Steamship Company.

RESULTS OF WORKING. The following is a summary of results of working, for year ending the 31st March, 1904, as compared with 1903: —

V

Year ended 31st Marcb. Pabticdlabs. 1904. 1903. Total miles open for traffic 2,328 2,291 Average miles open for year 2,305 2,262 Capital cost of opened and unopened lines £22,173,220 £20,214,935 Capital cost of open lines £20,692,911 £19,081,735 Capital cost per mile of open lines ... £8,977 £8,436 Gross earnings £2,180,641 £1,974,038 Working-expenses £1,438,724 £1,343,415 NET PROFIT ON WORKING £741,917 £630,623 PERCENTAGE INVESTED OF PROFIT TO CAPITAL 358 330 PERCENTAGE OF TO EARNINGS WORKING - EXPENSES 6598 6805 Earnings per average mile open £943 £873 Working-expenses per average mile open £622 £594 NET EARNINGS PER AVERAGE OPEN.MILE £321 £279 Earnings per train-mile ... d. 91-75 d. 87-00 Working-expenses per train-mile 60-48 59-23 NET EARNINGS PER TRAIN-MILE 3127 2777 'assengers, ordinary 8,306,383 7,575,390 ieason tickets 129,919 118,431 roods tonnage 4,072,576 3,730,394 jive-stock tonnage 186,641 187,867 Vain-mileage 5,685,399 5,443,333 jocomotives 377 372 'assenger-cars 809 751 Vaeons and brake-vans ... 13,433 12,992