D.-2

II

RESULTS OP WORKING. The following is a summary of results of working for year ending the 31st March, 1917, as compared with 1916 : —

In view of the uncertainties created by the war conditions, more especially in regard to overseas shipping, the dearth of which affects our imports, exports, and manufactures very seriously, it is quite impossible to make anything beyond a conservative forecast of the railway revenue and expenditure for the year ending 31st March, 1918. Having regard, therefore, to these circumstances, I do not consider it prudent to anticipate a higher revenue than £4,200,000, or to fix the expenditure at less than £2,943,500. Although constrained by the uncertainties and adverse conditions of the moment to make a conservative estimate of the results of working for the ensuing year (1918), I deem it essential to emphasize the advisability of making ample provision to carry on comprehensively and progressively the improve.

Year ended 31st March. Particulars. ■ 1917. 1916. ! Total miles open for traffic ... ... ... 2,970 2,970 Average miles open for year ... ... ... 2,970 2,959 Capital cost of opened and unopened lines ... ... £38,187,173 £37,335,080 Capital cost of open lines ... ... ... £35,378,664 £34,857,882 Capital cost per mile of open lines ... ... ... £11,912 £11,737 Gross earnings ... ... ... ... £4,800,810 £4,548,356 Working-expenses ... ... ... ... £2,926,864 £2,910,883 NET PROFIT ON WORKING ... ... £1,873,946 £1,637,473 ( PERCENTAGE OF PROFIT TO CAPITAL INVESTED ... ... ... ... 530 472 PERCENTAGE OF WORKING-EXPENSES TO EARNINGS ... ... ... 6097 6400 i r Earnings per average mile open ... ... ... £1,619 £1,540 Working-expenses per average mile open ... ... £987 £985 NET EARNINGS PER AVERAGE MILE OPEN ... ... ... ... £632 £555 d. d. Earnings per train-mile ... ... ... ... 125-75 11650 Working-expenses per train-mile ... ... ... 76-63 74-50 NET EARNINGS PER TRAIN-MILE ... 49" 12 4200 Passengers, ordinary ... ... ... ... 14,173,115 14,201,506 Season tickets ... ... ... ... 355,832 330,622 Goods tonnage ... ... ... ... 5,826,265 5,960,562 Live-stock tonnage ... ... ... ... 412,908 410,383 Train-mileage ... ... ... ... 9,146,331 9,356,522 Locomotives ... ... ... ... 607 585 Passenger-cars ... ... ... ... 1,480 1,452 Wagons and brake-vans ... .. ... ... 22,380 21,994