D,—2.

RESULTS OF WORKING. The following is a statement of the results of working for the past five years:—

For the current year I anticipate the revenue will reach £7,151,000, and the expenditure £6,223,528.

VIII

Year ended 31st March, Particulars. 1931. 1930. 1929. 1928. 1927. Total miles open for traffic .. .. 3,322 3,287 3,287 3,180 3,164 Average miles open for year .. 3,303 3,287 3,254 3,178 3,157 of opened and unopened lines £68,679,025 £65,526,089 £62,276,214 £58,797,458 £56,028,477 Capital cost of open lines .. .. £60,545,154 £57,787,671 £56,568,598 £51,187,376 £49,183,916 Capital cost per mile of open lines .. £18,226 £17,581 £17,210 £16,097 £15 '^_ T. .. .. £7,571,537 £8,279,914 £8,747,975 £8,524,538 £8,434,654 Working-expenses .. .. •■ £6,882,810 £7,358,859 £6,849,383 £6,685,123 £6,490,880 NET EARNINGS .. .. .. £688,727 £921,055 £1,898,592 £1,839,415 £1,943,774 ~ ~T~ £2,255,345 £2,132,324 £2,331,335 £2,130,867 £2,043,433 Appropriation for betterments Unappropriated surplus Deficit £1,566,618 £1,211,269 £432,743 £291,452 £99,659 PERCENTAGE OF TOTAL WORKINGEXPENSES TO GROSS EARNINGS 90-90 88-88 78-30 _™*_ PERCENTAGE OF NET EARNINGS TO CAPITAL INVESTED .. .. 116 I'M 3-99^ "7 ~ 38s" £7,473,993 £7,524,864 £7,343,845 £7,423,472 Railway operating expenses .. .. £6,406,143 £6,848,026 £6,374,579 £6,302,119 £6,158,283 NET RAILWAY OPERATING EARNINGS £375,245 £625,967 £1,150,285 £1,041,726 £1,265,189 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS 94-47 91-62 84-71 85-81 82-96 Operating earnings per average mile open £2,053 £2,274 £2,312 £2,310 £2,351 Operating expenses per average mile open £1,939 £2,083 £1,959 £1,983 £1,951 NET OPERATING EARNINGS PER AVERAGE MILE OPEN .. .. £114 £191 £353 £327 £400 d. d. d. d. d. Operating earnings per train-mile .. 144-26 149-21 162-50 162-62 166-14 Operating expenses per train-mile .. 136-28 136-71 137-66 139-55 137-82 NET OPERATING EARNINGS PER TRAIN-MILE .. .. .. 7-98 12-50 24-84 2307 28-32 Passengers, ordinary .. .. 7,288,674 8,498,441 9,074,993 9,299,157 10,305,065 Season tickets 600,440 667,432 656,169 632,763 585,094 Total passenger journeys .. .. 22,813,708 25,413,621 25,574,843 25,379,665 26,002,137 Goods tonnage 6,409,831 7,233,295 7,086,680 6,854,865 6,833,436 Live-stock tonnage 556,498 566,407 535,951 511,897 475,013 Train-mileage .. .. .. 11,281,898 12,022,043 11,113,482 10,838,594 10,723,864 Engine-mileage .. .. .. 15,618,776 16,735,624 16,150,146 15,383,051 15,212,086