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 £16,885,000 and the expenditure £17,429,000.

5

Year ended 31st March, Particulars. i 1947. 1946. 1945. 1944. 1943. Total miles open for traffic 3,528 3,528 3,504 3,504 3,460 Average miles open for year .. 3,528 3,511 3,504 3,469 3,403 Capital cost of opened and unopened lines £76,941,888 £76,012,797 £74,874,045 £74,289,351 £73,951,515 Capital cost of open lines £75,354,243 £74,466,731 £71,353,574 £70,999,125 £68,685,063 Capital cost per mile of open lines £21,359 £21,107 £20,364 £20,262 £19.851 Gross earnings £15,680,057 £15,444,847 £14,459,750 £15,325,306 £14,128,993 Working-expenses £15,944,270 £14,384,844 £13,260,277 £12,757,336 £11,302,413 NET EARNINGS £264,213* £1,060,003 £1,199,473 £2,567,970 £2,826,580 Interest charges £2,992,900 £2,889,195 £2,842,399 £2,765,724 £2,622,713 PERCENTAGE OF TOTAL WORKING - EXPENSES TO GROSS EARNINGS 101 69 93 14 91-71 83-24 79-99 PERCENTAGE OF NET EARNINGS TO AVERAGE CAPITAL INVESTED IN OPEN LINES 1-47 1-69 3-71 4-31 Railway operating earnings .. £12,823,784 £13,104,587 £12,448,307 £13,464,979 £12,415,080 Railway operating expenses .. £13,644,779 £12,549,724 £11,696,895 £11,365,917 £10,019,659 NET RAILWAY OPERATING EARNINGS £820,995* £554,863 £751,412 £2,099,062 £2,395,421 PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS 106-40 95-77 93-96 84-41 80-71 Operating earnings per average mile open £3,635 £3,732 £3,552 £3,881 £3,648 Operating expenses per average mile open £3,868 £3,574 £3,338 £3,276 £2,944 NET OPERATING EARNINGS PER AVERAGE MILE OPEN £233* £158 £214 £605 £704 Operating earnings per revenue d. d. d. d. d. train-mile 233-70 233-76 233-36 210-82 196-81 Operating expenses per revenue train-mile 248-67 223-86 219-27 177-95 158-83 NET OPERATING EARNINGS PER TRAIN-MILE 14-97* 9-90 14 09 32-87 37-98 Passengers, ordinary.. 10,222,325 13,553,083 13,629,523 18,317,323 17,171,214 Season tickets 1,358,453 1,369,572 1,394,817 1,518,045 1,377,825 Total passenger journeys 28,869,135 32,417,675 32,994,529 38,611,267 36,133,268 Goods tonnage 8,548,471 8,388,191 8,177,551 8,233,489 8,035,046 Live-stock tonnage 780,862 822,275 776,688 793,137 852,043 Train-mileage (revenue) 13,169,233 13,454,508 12,802,536 15,328,987 15,139,882 Engine-mileage 18,705,901 18,855,174 18,168,727 21,095,680 20,736,574 *Loss recovered from ' rote, " Economic Stabilization."