D.—2

II

The percentage of working-expenses to earnings was 71*36, as against 66-32 for the previous year, an increase of 5-04 per cent. The sum of £160,323 was expended under the head of " Additions to open lines " in providing additional rolling-stock, tarpaulins, workshops machinery, Westinghouse brake, improvements to workshops and engine-depots, station facilities, additional dwellings, tablet-installation, and purchases of land. During the year four new heavy tank engines, three bogie cars, and 279 wagons were built in the workshops and put into traffic. Forty engines, forty cars, sixteen brake-vans, ninety-nine bogie and 526 four-wheeled wagons were on order or under construction at the close of the financial year.

RESULTS OF WOEKING. The following is a summary of the results of working for the year ending 31st March, 1920, as compared with 1919: —

Year ended 31st March. Particulars. 1919. 1920. Total miles open for traffic 2,993 3,006 Average miles open for year 2,993 2,996 Capital cost of opened and unopened lines ... ... £39,260,882 Capital cost of open linos ... ... ... £36,167,681 Capital cost per mile of open lines ... ... ... £12,084 £39,997,340 £36,390,115 £12,106 .Gross earnings ... ... ... ... £4,988,632 £5,752,487 Working-expenses ... ... ... ... £3,308,575 £4,105,067 NET PROFIT ON WORKING ... ... £1,680,057 £1,647,420 PERCENTAGE OF PROFIT TO CAPITAL INVESTED ... ... ... ... 4-65 453 PERCENTAGE OF WORKING-EXPENSES TO EARNINGS 6632 7136 Earnings per average mile open £1,670 £1,923 Working-expenses per average mile open ... ... £1,107 £1,372 NET EARNINGS PER AVERAGE MILE OPEN... £563 £551 Earnings per train-mile ... d. 160-00 d. 186-00 Working-expenses per train-mile 105-97 132-72 NET EARNINGS PER TRAIN-MILE 5403 53-28 Passengers, ordinary 11,374,521 12,760,814 Season tickets 351,124 400,621 Goods tonnage 5,238,457 5,597,232 Live-stock tonnage 373,281 403,047 Train-mileage 7,477,583 7,408,608 Locomotives 620 616 Passenger-cars 1,489 1,492 Wagons and brake-vans ... 22,658 22,937