D— 2.

XVIII

Renewals and Equalization Funds. —The position as regards payments to and expenditure from the renewals and equalization funds during the year is shown below : —

New Lines opened. —The Waihi-Tahawai Section (13 miles 8 chains) and the Petone-Waterloo Section (2 miles 50 chains) were taken over and opened for traffic during the year, making the total mileage opened for traffic on the 31st March, 1928, 3,180 miles. Tram-mileage. —The train-mileage for the year was 10,838,594 miles, as against 10,723,864 miles the previous year, an increase of 114,730 miles. The particulars are as follows : — Section. 1927-28. 1926-27. Increase Miles. Kaihu .. .. .. .. .. .. 17,738 17,668 70 Gisborne .. .. .. .. .. 82,211 84,961 Dec. 2,750 North Island Main Line and Branches .. .. 6,479,921 6,402,044 77,877 South Island Main Line and Branches .. .. 4,049,450 4,004,155 45,295 Westport .. .. .. .. .. 94,140 95,309 Dec. 1,169 Nelson .. .. .. .. .. .. 63,292 71,478 Dec. 8,186 Picton .. .. .. .. .. .. 51,842 48,249 3,593 10,838,594 10,723,864 114,730

Balance from Previous Year. Contributions. Expenditure. Balance. Renewals Fire insurance Slips, floods, &o. Workers' compensation Betterments £ £ 615,674 12,373 21,504 44,483 1,433 £ £ 930,870 18,129 26,600 18,260 Dr.24,074 636,738 10,444 9,826 14,975 13,700 321,542 4,688 4,730 41,198 39,207 685,683 695,467 411,365 969,785