!>.—2

KE VENUE. Gross Revenue.-—The revenue from all sources for the year was £8,460,762, as against £7,276,761 for the year 1924-25, an increase of £1,184,001. The particulars of the gross revenue are as follows :—- 1925-26. 1924-25. £ £ Train-operation .. .. .. .. ..7,589,274 7,014,649 Subsidiary services .. .. .. .. 511,947 262,112 Branch lines and isolated sections subsidy .. .. 359,541* £8,460,762 £7,276,761 * Payable in respect of developmental lines in terms of the Government Railways Amendment Act, 1925. Train-operating Revenue.-—The total operating revenue for the year represented 89-7 per cent, of the gross revenue, and amounted to £7,589,274, of which the North Island system yielded £4,582,922 and the South Island system £3,006,352. The increase from the whole system was £574,625 on the earnings of the previous year. The particulars of the operating revenue earned are as follows :—•

The operating earnings per train-mile for all lines were 176*51 d., as against 185-33 d. for the preceding year —i.e., a decrease of B'B2d. per train-mile. The North Island main line and branches gave a return of 17643 d., and the South Island main line and branches 174-88 d. per train-mile. Subsidiary Services Revenue. —The revenue received from subsidiary services amounted to £511,947, as against £262,112 for the corresponding services last year. The particulars of the revenue earned are : — 1925-20. 1924-25. £ £ Lake Wakatipu steamers .. .. .. .. 10,625 10,096 Refreshment Service .. .. .. .. .. 133,658 104,797 Advertising Service .. .. .. .. .. 45,454 30,731 Departmental dwellings .. .. .. .. 68,661 52,572 Leases refreshment-rooms, bookstalls, &c. .. .. 19,062 13,347 Non-operating—Miscellaneous.. .. .. .. 234,487 50,569 £511,947 £262,112 Expenditure. Gross Expenditure.—The expenditure on all services during the year was £6,468,428, as against £5,709,652 for the year 1924- 25, an increase of £758,776. The particulars are— 1925-2 G. 1924-25. £ £ Train operation .. .. .. .. .. 6,164,570 5,533,136 Subsidiary services .. .. .. .. 30-3,858 176,516 £6,468,428 £5,709,652 ■ £335,564|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, bridge-work, additional dwellings, workshops, purchase of land, and tablet-installations. £519,604 was expended in the Locomotive Branch and charged to Capital Account in the provision of additional rolling-stock, tarpaulins, electric lighting for cars, and workshop machinery. The rolling-stock in respect of which the charges were incurred comprised forty-five locomotives, forty-six cars, eighteen guards-vans, and sixty-eight bogie and 299 four-wheeled wagons completed on the 31st March, 1926, and twenty-two locomotives, two rail motor-cars, nineteen cars, four brakevans, forty bogie, and 302 four-wheeled wagons incomplete but in hand on that date. Train-operatiny Expenditure.—The total operating expenditure for the year amounted to £6,164,570, an increase of £631,434 over that for last year.

XXX

j Percentage Percentage 1925-26. ;of Operating 1924-25. of Operating | Revenue. Revenue. £ £ Passengers, ordinary .. .. .. .. 2,271,498 29-93 2,073,456 29-56 Season tickets .. .. .. .. j 265,549 3-50 210,742 3-00 Parcels, luggage, and mails .. .. .. j 4-09,207 5-39 416,223' 5-93 Goods and live-stock .. .. .. .. 4,499,160 59-28 4,117,746 58-70 Miscellaneous: Labour, demurrage, &c. .. .. j 143,860 1-90 j 196,482 2-81 7,589,274 .. 7,014,649 ' I