D.—2

XVI

Train-operating Revenue. —The total operating revenue for the year represented 86-15 per cent, of the gross revenue, and amounted to £7,343,845, of which the North Island system yielded £4,361,902 and the South Island system £2,981,94.3. The figures for the whole system show a decrease of £79,627 on the earnings f the previous year. The particulars of the operating revenue earned are as follows :—

The operating earnings per train-mile for all lines were 162*62 d., as against 166*14 d. for the preceding year — i.e., a decrease of 3-52 d. per train-mile. The North Island main line and branches gave a return of 160-05 d. and the South Island main line and branches 165*05 d. per train-mile. Subsidiary Services Revenue. —The revenue received from subsidiary services amounted to £691,125, as against £565,961 for the corresponding services last year. The particulars of the revenue earned are : — 1927-28. 1926-27. £ £ Lake Wakatipu steamers .. .. .. .. 9,885 10,273 Refreshment service .. .. .. .. .. 122,220 129,612 Advertising service .. .. .. .. .. 52,600 47,387 Departmental dwellings .. .. .. .. 93,643 83,375 Leases refreshment-rooms,, bookstalls, &c. .. .. 20,542 20,462 Road motor services .. .. .. .. .. 32,487 8,744 Non-operating—Miscellaneous .. .. .. .. 359,748 266,108 £691,125 £565,961 Expenditure. Gross Expenditure. —Tho expenditure on all services during the year was £6,685,123, as against £6,490,880 for the year 1926-27, an increase of £194,243. The particulars are:— 1927-28. 1926-27. £ £ Train-operation .. .. .. .. .. 6,302,119 6,158,283 Subsidiary services .. .. .. .. 383,004 332,597 £6,685,123 £6,490,880 £173,858 was expended in the Maintenance Branch and charged to Capital Account under the head " Additions to Open Lines." These comprise additions to station buildings, extension of sidings, water-services, cranes, weighbridges, turntables, additional dwellings, and purchase of land. £93,174 was expended in the Locomotive Branch and charged to Capital Account in the provision of additional rolling-stock and electric lighting for cars. The rolling-stock in respect of which the charges were incurred comprised four locomotives, four cars, twenty-one guards' vans, and five bogie and 247 four-wheeled wagons completed on the 31st March, 1928, and throe locomotives, sixteen cars, six guards' vans, and fifteen bogie and 385 four-wheeled wagons in hand but incomplete on that date. Train-operating Expenditure. —The total operating expenditure for the year amounted to £6,302,119, an increase of £143,836 as compared with, last year.

1927-28. I Percentage jof Operating Revenue. 1926-27. Percentage of Operating Revenue. Passengers, ordinary Season, tickets Parcels, luggage, and mails Goods and live-stock Miscellaneous—Labour, demurrage, &c. £ .. 1,886,833 258,463 379,933 .. 4,680,135 138,481 25-69 3-52 5-17 63-73 1-89 f 2,045,348 258,832 377,367 4,596,166 145,759 27-56 3-49 5-08 61-91 1-96 7,343,845 7,423,472