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 £18,093,000 and the expenditure £18,993,000.

4

Particulars. Year ended 31st March, 1948. 1947. 1946. 1945. 1944. Total miles open for traffic Average miles open for year .. 3,526 3,529 3,528 3,528 3,528 3,511 3,504 3,504 3,504 3,469 Capital cost of opened and unopened lines Capital cost of open lines Capital cost per mile of open lines £78,658,928 £77,089,031 £21,863 £76,941,888 £75,354,243 £21,359 £76,012,797 £74,466,731 £21,107 £74,874,045 £71,353,574 £20,364 £74,289,351 £70,999,125 £20,262 Gross earnings Working-expenses NET EARNINGS £17,070,872 £17,710,897 £640,025* £15,680,057 £15,944,270 £264,213* £15,444,847 £14,384,844 £1,060,003 £14,459,750 £13,260,277 £1,199,473 £15,325,306 £12,757,336 £2,567,970 Interest charges £3,030,033 £2,992,900 £2,889,195 £2,842,399 £2,765,724 PERCENTAGE OF TOTAL WORKING-EXPENSES TO GROSS EARNINGS 103-75 101-69 93 14 91-71 83-24 PERCENTAGE OF NET EARNINGS TO AVERAGE CAPITAL INVESTED IN OPEN LINES 1-47 1-69 3-71 Railway operating earnings Railway operating expenses .. NET RAILWAY OPERATING EARNINGS PERCENTAGE OF RAILWAY OPERATING EXPENSES TO EARNINGS £13,964,280 £15,090,091 £1,125,811* 108 06 £12,823,784 £13,644,779 £820,995* 106 40 £13,104,587 £12,549,724 £554,863 95-77 £12,448,307 £11,696,895 £751,412 93-96 £13,464,979 £11,365,917 £2,099,062 84-41 Operating earnings per average mile open Operating expenses per average mile open NET OPERATING EARNINGS PER AVERAGE MILE OPEN £3,957 £4,276 £319* £3,635 £3,868 £233* £3,732 £3,574 £158 £3,552 £3,338 £214 £3,881 £3,276 £605 Operating earnings per revenue train-mile Operating expenses per revenue train-mile NET OPERATING EARNINGS PER TRAIN-MILE d. 244-41 264-12 19-71* d. 233-70 248-67 14-97* d. 233-76 223-86 9-90 d. 233-36 219-27 14-09 d. 210-82 177-95 32-87 Passengers, ordinary.. Season tickets Total passenger journeys Goods tonnage Live-stock tonnage Train-mileage (revenue) Engine-mileage 8,111,417 17,775,772 25,887,189 8,766,293 757,750 13,712,103 19,354,353 10,222,325 1,358,453 28,869,135 8,548,471 780,862 13,169,233 18,705,901 13,553,083 1,369,572 32,417,675 8,388,191 822,275 13,454,508 18,855,174 13,629,523 1,394,817 32,994,529 8,177,551 776,688 12,802,536 18,168,727 18,317,323 1,518,045 38,611,267 8,233,489 793,137 15,328,987 21,095,680 ♦ Loss recovered from vote, " Economic Stabilization."