D.—2

XII

RESULTS OP WORKING. The following is a summary of the working for the year ended 31st March, 1928, as compared with 1927 : —

Pabtioulaks. Year ended 31st March, 1928. 1927. Total miles open for traffic 3,180 3,164 Average miles open for year 3,178 3,157 Capital cost of opened and unopened lines £58,797,458 £56,028,477 Capital cost of open lines £51,187,376 £49,183,916 Capital cost per mile of open lines ... £16,097 £15,545 Gross earnings £8,524,538 £8,434,654 Working-expenses £6,685,123 £6,490,880 NET EARNINGS ... £1,839,415 £1.943,774 Interest charges £2,130,867 £2,043,433 Deficit £291,452 £99,659 I , _™__„____^^.. I PERCENTAGE OF TOTAL WORKINGEXPENSES TO GROSS EARNINGS ... 7842 7695 PERCENTAGE OF NET EARNINGS TO CAPITAL INVESTED ... 364 399 Eailvvay operating earnings £7,343,845 £7,423,472 Railway operating expenses £6,302,119 £6,158,283 NET RAILWAY OPERATING EARNINGS £1,041,726 £1,265,189 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS 8581 8296 Operating earnings per average mile open £2,310 £2,351 Operating expenses per average mile open £1,983 £1,951 NET OPERATING EARNINGS PER AVER AGE MILE OPEN £327 £400 Operating earnings per train-mile d. d. 162-62 16614 Operating expenses per train-mile ... 139-55 137-82 NET OPERATING EARNINGS PER TRAINMILE ... 2307 2832 Passengers, ordinary 9,299,157 10,305,065 Season tickets 632,763 585,094 Total passenger journeys... 25,379,665 26,002,137 Goods tonnage 6,854,865 6,833,436 Live-stock tonnage 511,897 475,013 Train-mileage ... - 10,838,594 10,723,864 Engine-mileage 15,383,051 15,212,086 For the current year I anticipate the revenue expenditure £6,670,425. will reach £8,500,000 and the