D.-2.

Having regard to the heavy decrease in traffic, it is pleasing to note that the revenue per trainmile was not materially reduced, thus indicating that the volume of traffic in relation to train-mileage was carefully watched to avoid unnecessary running. The factor is further borne out by the minor decrease in the gross and net train-load. Per 1,000 Gross Ton-miles— 1931. 1930. Variation. Per Cent. Kevenue .. .. .. £2-997 - £2-979 +£0-018 0-60 Net ton-miles .. .. .. 312 311 +1 0-35 The slight increase in the revenue per 1,000 gross ton-miles is due to the fact that revenue has not declined in the same ratio as the tonnage. Wagon User : — 1931. 1930. Variation. Per Cent. Revenue per ordinary goods vehicle £161 £183 —£22 12-02 Revenue per live-stock vehicle .. £161 £176 —£15 8-52 Average wagon-load .. .. 3-88 3-83 +0-05 1-31 Average miles per wagon per day.. 21-13 24-02 —2-89 12-03 Average net ton-mites per wagon per annum (ordinary goods) .. 17,525 20,874 —3,349 16-04 Average net ton-miles per wagon per annum (live-stock) .. 11,462 11,836 -374 3-16 The decreases shown under these headings are a reflex of the trade depression. THROUGH BOOKING OF PARCELS AND GOODS BETWEEN NORTH AND SOUTH ISLANDS. The volume of traffic conveyed by the Department's through-booking system continues to increase, and during the past year 16,542 tons were dealt with, an increase of 2,093 tons on the tonnage for the previous year. This service was instituted in May, 1925, and the tonnage conveyed for the year ended 31st March, 1926, was 5,183 tons. It is satisfactory to note that, despite the reduction in goods and parcels traffic during the past year, the volume of traffic carried by the inter-Island through-booking system has increased. ADVERTISING SERVICE. 1931. 1930. Variation. Per Cent. Revenue .. .. .. 49,941 53,532 -3,591 6-71 Expenditure 48,692 53,151 -4,459 8-39 Net profit .. .. £1,249 £381 +£868 227-82 An analysis of the revenue for the year under review is as under : — 1931. 1930. Variation. Outdoor advertising .. .. ..44,781 44,497 +284 Publications 2,514 .2,823 -309 Printing .. .. .. .. 1,442 3,641 -2,199 Miscellaneous 1,053 2,352 -1,299 Buses .. 151 219 -68 Total .. .. .. .. £49,941 £53,532 -£3,591 New business written up during the last four years is as under : 1931. 1930. 1929 1928 £ £ £ £ Outdoor advertising .. .. 47,948 63,706 72,230 44,454 Publications .. .. .. 3,338. 4,595 4,597 2,079 Printing .. .. .. 1,442 3,641 2,633 2,802 Miscellaneous .. .. .. 904 2,351 1,534 1,063 Buses 151 219 1,019 874 Total £53,783 £74,512 £82,013 £51,272 Owing to the depressed state of trade in the Dominion during the past year there has naturally been a disinclination on the part of firms to develop poster advertising, and the new business under this heading declined by £15,758 during the past year. The reduced revenue is a reflection of the decline in business during the past two years, and also of the fact that in a number of cases contracts have been cancelled. The reduction in expenditure is due to the results obtained from an overhaul of this Branch of the Department's activities, to which I referred in my report last year, and the results obtained must be considered satisfactory having regard to the decrease in revenue. The expenditure figures include the amount debited to this Branch for rent for land and buildings, right to display advertisements on railway premises, commission on cash collected by other Branches, and interest on capital employed in the business—which totals £15,210, and represents earnings of the Advertising Branch. The total financial benefit which accrued to the Department from the operations of this Branch during the year was therefore £16,459.

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