D.—2

II

superannuation fund. The total amount standing to the credit of the * Government Railway Superannuation Fund at the close of the financial year ended 31st March, 1922, was £543,541, an increase of £79,041 on the balance to the credit of the fund for the previous year. The gross income for the year was £233,826, and the outgoing £l 54,785. Of the latter amount, £123,440 represents grants to 1,202 members of the Railway service who have either retired, voluntarily or have been retired medically unfit, and allowances amounting to £13,935 were paid in respect to 420 widows and 561 children dependants of deceased contributors to the fund who were members of the service at the time of their death. The income from, the actual contributions of members of the fund totalled £135,884, or £12,208 less than the estimated annual liability. The receipts are, however, augmented by the Government subsidy of £75,000, and amounts received by way of interest on funds invested and fines imposed under the regulations, together with a donation : these amount to £23,822. RESULTS OP WORKING. The following is a summary of the results of working for the year ended 31st March, 1922, as compared with 1921: —

Year ended 31st March. Particulars. 1921, 1922. Total miles open for traffic ... ... ... 3,018 3,030 Average miles open for year ... ... ... 3,018 3,026 Capital cost of opened and unopened lines ... ... £41,425,496 £44,689,748 Capital cost of open lines ... ... ( ... £37,235,254 £39,309,097 Capital cost per mile of open lines ... ... ... £12,337 £12,973 Gross earnings ... ... ... ... £6,908,531 £6,643,591 Working-expenses ... ... ... ... £5,636,601 £6,237,727 NET PROFIT ON WORKING ... ... £1,271,930 £405,864 PERCENTAGE OP PROFIT TO CAPITAL INVESTED ... ... ... ... j 342 107 PERCENTAGE OF WORKING-EXPENSES TO EARNINGS ... ... 8159 9389 i Earnings per average mile open ... ... ... £2,293 £2,199 Working-expenses per average mile open ... ... £1,870 £2,063 NET EARNINGS PER AVERAGE MILE OPEN.. ... ... ... ... £423 £136 •a. a. Earnings per train-mile ... ... ... ... 178-00 18269 Working-expenses per traiu-mile ... ... ... 145-14 17137 NET EARNINGS PER TRAIN-MILE ... 3286 1132 Passengers, ordinary ... ... ... ... 15,315,640 14,262,440 Season tickets ... ... ... ... 464,691 472,865 Goods tonnage ... ... ... ... 6,085,360 5,931,112 Live-stock tonnage ... ... ... ... 401,919 390,239 Train-mileage ... ... ... ... 9,303,392 8,717,265 Locomotives ... ... ... ... 608 637 Passenger-cars ... ... ... ... 1,492 1,496 Wagons and brake-vans ... .. ... ... 23,119 23,974