D.—2.

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

For the current year it is anticipated that the revenue will reach £9,211,605, and the expenditure £8,706,207.

VIII

Year ended 31st March, Particulars. j 1 — ■ 1 1938. 1937. 1936. 1935. 1934. Total miles open for traffic .. .. 3,323 3,320 3,320 3,320 3,320 Average miles open for year.. .. 3,322 3.320 3,320 3,320 3,304 Capital cost of opened and unopened lines £63,189,260 £60,659,783 £59,611,834 £59,477,143 £59,337,917 Capital cost of open lines .. .. £56,065,187 £54,696,437 £54,253,059 £54,089,190 £53,909,347 Capital cost per mile of open lines .. £16,872 £16,475 £16,341 £16,292 £16,238 Gross earnings .. .. .. £8,634,186 £7,790,651 £7,004,316 £6,627.928 £6,332,711 Working-expenses .. .. .. £8,001,389 £6,886,793 £5,952,839 £5,540,437 £5,247,153 NET EARNINGS .. .. .. £632,797 £903,858 £1,051,477 £1,087,491 £1,085,558 Interest charges .. .. .. £2,335,808 £2,309,754 £2,300,051 £2,330,886 £2,282,365 PERCENTAGE OF TOTAL WORKINGEXPENSES TO GROSS EARNINGS 92-67 88*40 84-99 83*59 82-86 PERCENTAGE OF NET EARNINGS TO CAPITAL INVESTED 1*15 1'65 1-94 2-01 2-05 Railway operating earnings .. .. £7,591,825 £6,903,604 £6,243,519 £5,908,064 £5,628,835 Railway operating expenses .. .. £7,291,785 £6,338,385 £5,523,193 £5,138,588 £4,877,146 NET RAILWAY OPERATING EARNINGS £300,040 £565,219 £720,326 £769,476 £751,689 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS .. 96-05 91-81 88-46 86-98 86-65 Operating earnings per average mile open £2,285 £2,079 £1,881 £1,780 £1,704 Operating expenses per average mile open £2,195 £1,909 £1,664 £1,548 £1,476 NET OPERATING EARNINGS PER AVERAGE MILE OPEN .. .. £90 £170 £217 £232 £228 d. d. d. d. d. Operating earnings per train-mile .. 142-59 139*61 , 135-60 133-44 132-92 Operating expenses per train-mile .. 136-95 ! 128-18 119-96 116 06 115-17 NET OPERATING EARNINGS PER TRAIN-MILE 5-64 11-43 15-64 17-38 17-75 Passengers, ordinary .. .. 8,069,018 8,284,956 | 7,963,824 7,809,035 7,511,346 Season tickets .. .. .. 750,497 513,063 482,146 457,546 442,742 Total passenger journeys .. .. 22,441,212 21,235,428 20,358,524 19,654,467 19,047,186 Goods tonnage .. .. .. 6,847,974 6,212,907 5,618,477 5,444,977 5,093,396 Live-stock tonnage .. .. .. 668,075 600,333 i 570,328 578,983 548,803 Train-mileage .. .. .. 12,777,852 11,868,083 11,050,376 10,626,400 10,163,474 Engine-mileage 17,312,921 15,984,782; 14,923,175 14,277,710 13,591,390