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 £8,253,500, and the expenditure £7,578,438,

VIII

Year ended 31st March, Particulars. —r 1937. 1936. 1935. 1934. 1933. Total miles open for traffic .. .. 3,320 3,320 3,320 3,320 3,315 Average miles open for year.. .. 3.320 3,320 3,320 3,304 3,315 Capital cost of opened and unopened lines £60,659,783 £59,611,834 £59,477,143 £59,337,917 £59,228,894Capital cost of open lines .. .. £54,696,437 £54,253,059 i £54,089,190 £53,909,347 £51,480,949 Capital cost per mile of open lines .. £16,475 £16,341 £16,292 £16,238 £15,530 Gross earnings .. .. .. £7,790,651 £7,004,316 £6,627,928 £6,332,711 £6,034,403 Working-expenses .. .. .. £6,886,793 £5,952,839 £5,540,437 £5,247,153 £5,183,859 NET EARNINGS .. .. £903,858 £1,051,477 £1,087,491 £1,085,558 £850,544 Interest charges .. .. .. £2,309,754 £2,300,051 £2,330,886 £2,282,365 £2,230,655 PERCENTAGE OF TOTAL WORKINGEXPENSES TO GROSS EARNINGS 88 40 84-99 83-59 82-86 85-91 PERCENTAGE OF NET EARNINGS TO CAPITAL INVESTED .. 1-65 1-94 2-01 2-05 1-65 Railway operating earnings .. .. £6,903,604 : £6,243,519 £5,908,064 £5,628,835 £5,339,075 Railway operating expenses .. .. i £6,338,385 £5,523,193 £5,138,588 £4,877,146 £4,833,754 NET RAILWAY OPERATING EARNINGS £565,219 £720,326' £769,476 £751,689 £505,321 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS .. . 91-81 88-46 86-98 86-65 90-54 Operating earnings per average mile open £2,079 £1,881 £1,780 £1,704 £1,610 Operating expenses per average mile open £1,909 £1,664 £1,548 £1,476 £1,458 NET OPERATING EARNINGS PER AVERAGE MILE OPEN ., .. £170 £217 £232 £228 £152 d. d. d. d. d. Operating earnings per train-mile .. I 139-61 135-60 133-44 ■ 132-92 130-37 Operating expenses per train-mile .. I 128-18 119-96 116 06 115-17 118-03 NET OPERATING EARNINGS PER TRAIN-MILE .. .. .. 11-43 15*64 17-38 17-75 12-34 Passengers, ordinary .. .. 8,284,956 7,963,824 7,809,035 7,511,346 6,870,570 Season tickets .. .. .. 513,063 482,146 457,546 442,742 437,775 Total passenger journeys .. .. 21,235,428 20,358,524 19,654,467 19,047,186 18,366,654 Goods tonnage .. .. .. 6,212,907 5*,618,477 5,444,977 5,093,396 4,945,592 Live-stock tonnage .. .. .. 600,333 570,328 I 578,983 548,803 545,094 Train-mileage .. .. .. 11,868,083 11,050,376 10,626,400 10,163,474 9,828,853 Engine-mileage .. .. .. j 15,984,782 14,923,175 ; 14,277,710 13,591,390 13,265,878