1).— 2

II

The accumulated funds to the credit of the Government Railways Superannuation Fund amount to £295,470, an increase of £31,015 on the previous year. The total income for the year was £109,378, and the amount outgoing £78,363. Of the latter sum, £67,880 represented the charge involved in payments to 1,352 beneficiaries, comprising 846 members of the service who have either voluntarily resigned or who have been retired on account of being medically unfit, 204 widows and 302 children dependants of deceased members of the service who had not retired on superannuation at the time of their death. The actuarial report on the Government Railways Superannuation Fund having indicated that an additional subsidy was necessary to place the fund on a satisfactory financial basis, the Government has arranged to pay an additional amount of £25,000 to the fund, making the Government subsidy for the year 1914-15 £50,000. RESULTS OF WORKING. The following is a summary of results of working, for year ending the 31st March, 1914, as compared with 1913 : —

Year ended 31st March. Pabticulabs. 1913. 1914. Total miles open for traffic 2,860 2,863 Average miles open for year 2,840 2,861 Capital cost of opened and unopened lines £33,831,783 £34,980,576 Capital cost of open lines £31,611,220 £32,355,087 Capital cost per mile of open lines ... £11,053 £11,309 Gross earnings ... i £3,971,002 £4,043,328 1 Working-expenses £2,705,609 £2,880,323 NET PROFIT ON WORKING - £1,265,393 £1,163,005 PERCENTAGE INVESTED OF PROFIT TO CAPITAL 404 361 PERCENTAGE OF TO EARNINGS WORKING - EXPENSES 6813 7124 Earnings per average mile open Working-expenses per average mile open NET EARNINGS PER AVERAGE OPEN- • i MILE £1,400 £954 £446 £1,416 £1,008 £408 arnings per train-mile ... /orking-expenses per train-mile ... ... ■ IET EARNINGS PER TRAIN-MILE d. 105-50 71-84 3366 d. 10400 74-00 3000 'assengers, ordinary 13,123,879 13,355,893 reason tickets 265,259 287,037 roods tonnage 5,957,005 5,661,340 jive-stock tonnage 289,123 358,293 'rain-mileage 9,016,224 9,319,268 iocomotives 513 534 'assenger-cars 1,282 1,363 Vagons and brake-vans ... 19,515 20,251