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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 tliat the reveune will reach £10,214,700, and the expenditure £8,964,659.

X

Year ended 31st March, I'ABTICULAKS. 1939. 1938. 1937. j 1936. 1935 I i_ 1 Total miles open for traffic .. .. 3,319 3,323 3,320 3,320 3,320 Average miles open for year.. .. 3,319 3,322 3.320 3,320 3,320 Capital cost of opened and unopened lines £67,075,908 £63,189,260 £60,659,783 £59,611,834 £59,477,143 Capital cost of open lines .. .. £58,676,608 £56,065,187 £54,696,437 £54,253,059 £54,089,190 Capital cost per mile of open lines .. £17,679 £16,872 £16,475 £16,341 £16,292 Gross earnings .. .. .. £9,345,387 £8,634,186 £7,790,651 £7,004,316 £6,627,928 Working-expenses .. .. £8,644,324 £8,001,389 £6,886,793 £5,952,839 £5,540,437 NET EARNINGS .. .. .. £701,063 £632,797 £903,858 £1,051,477 £1,087,491 Interest charges .. .. .. £2,418,116 £2,335,808 £2,309,754 £2,300,051 £2,330,886 PERCENTAGE OF TOTAL WORKINGEXPENSES TO GROSS EARNINGS 92-50 92-67 88*40 84-99 83-59 PERCENTAGE OF NET EARNINGS TO CAPITAL INVESTED .. .. 1-23 1"15 1*65 1-94 2-01 Railway operating earnings .. .. £8,005,059 £7,591,825 £6,903,604 £6,243,519 £5,908,064 Railway operating expenses .. .. £7,663,632 £7,291,785 1 £6,338,385 £5,523,193 £5,138,588 NET RAILWAY OPERATING EARNINGS £341,427 £300,040 £565,219 £720,326 £769,476 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS . . 95-73 96-05 91-81 88-46 86-98 Operating earnings per average mile open £2,412 £2,285 £2,079 £1,881 £1,780 Operating expenses per average mile open £2,309 £2,195 £1,909 £1,664 £1,548 NET OPERATING EARNINGS PER AVERAGE MILE OPEN .. .. £103 £90 £170 £217 £232 d. d. d. d. d. Operating earnings per train-mile .. 146-96 142-59 139-61 135-60 133-44 Operating expenses per train-mile .. 140-70 136-95 128-18 119-96 116-06 NET OPERATING EARNINGS PER TRAIN-MILE .. .. .. 6-26 5-64 11-43 15-64 17-38 Passengers, ordinary .. .. 7,813,436 8,069,018 8,284,956 7,963,824 7,809,035 Season tickets .. .. .. 888,844 750,497 513,063 482,146 457,546 Total passenger journeys .. .. 23,265,768 22,441,212 21,235,428 20,358,524 19,654,467 Goods tonnage .. .. .. 6,917,257 6,847,974 6,212,907 5,618,477 5,444,977 Live-stock tonnage .. .. .. 621,755 668,075 600,333 570,328 578,983 Train-mileage .. .. .. 13,072,615 12,777,852 11,868,083 11,050,376 j 10,626,400 Engine-mileage .. .. .. 17,817,799 17,312,921 15,984,782 14,923,175 14,277,710