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

For the current year it is anticipated that the revenue will reach £13,782,000 and the expenditure £12,282,000.

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Year ended 31st March, Particulars. , : : 1944. 1943. I 1942. ' 1941. 1940. j ! Total miles open for traffic .. .. 3,504 3,460 3,390 3,390 3,390 Average miles open for year.. .. 3,469 3,403 3.390 3,390 3,371 Capital cost of opened and unopened lines £74,289,351 £73,951,515 £73,723,223 £73,048,958 £71,087,455 Capital cost of open lines .. .. £70,999,125 £68,685,063 £64,904,020 £64,762,794 £63,059,188 Capital cost per mile of open lines .. £20,262 £19,851 £19,146 £19,104 £18,602 Gross earnings .. .. .. £15,325,306 £14,128,993 £11,938,338 £11,160,218 £10,199,070 Working-expenses •• •• £12,757,336 £11,302,413 £10,056,034 £9,465,574 £9,010,039 NET EARNINGS .. .. .. £2,567,970 £2,826,580 £1,882,304 £1,694,644 £1,189,031 Inteiest~charges £2,765,724 £2,622,713 £2,756,146 £2,746,544 £2,575,196 PERCENTAGE OF TOTAL WORKINGEXPENSES TO GROSS EARNINGS 83-24 79-99 84-23 84-82 88-34 PERCENTAGE OF NET EARNINGS TO AVERAGE CAPITAL INVESTED IN OPEN LINES .. .. 3-71 4*31 2-90 2-64 1-96 Railway operating earnings .. .. £13,464,979 £12,415,080 £10,383,880 £9,694,190 £8,761,637 Railway operating expenses .. .. £11,365,917 £10,019,659 £8,902,592 £8,406,790 £7,943,120 NET RAILWAY OPERATING EARNINGS £2,099,062 £2,395,421 £1,481,288 £1,287,400 £818,517 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS .. 84 41 80 71 85-73 86-72 90-66 Operating earnings per average mile open £3,881 £3,648 £3,063 £2,860 £2,599 Operating expenses per average mile open £3,276 £2,944 £2,626 £2,480 £2,356 NET OPERATING EARNINGS PER AVERAGE MILE OPEN .. .. £605 £704 £437 £380 £243 d. d. d d. d. Operating earnings per train-mile .. 210-82 196-81 178-28 171*58 157-31 Operating expenses per train-mile .. 177-95 158-83 152-85 148-80 142*62 NET OPERATING EARNINGS PER TRAIN-MILE .. .. .. 32-87 37-98 25-43 22-78 14-69 ordinary .. .. 18,317,323 17,171,214 11,105,627 9,440,087 8,283,067 Season tickets 1,518,045 1,377,825 1,167,115 1,055,742 972,769 Total passenger journeys .. .. 38,611,267 36,133,268 28,610,945 26,276,923 24,454,014 Goods tonnage .. .. .. 8,233,489 8,035,046 7,734,650 7,754,768 7,077,298 Live-stock tonnage .. .. .. 793,137 852,043 739,115 671,414 596,652 Train-mileage (revenue) .. .. 15,328,987 j 15,139,882 13,978,961 13,559,646 13,366,798 Engine-mileage 21,095,680 20,736,574 19,147,871 18,625,115 18,199,622 I I •