06
7
‚001110 #'grevero92 Isinolo)
[[0],[ings .0508,jnodjool.
.I7
.YO
.TOPİASCUS MI
eBenin) Intregal and to 103oezia unigen
‚parling mudrs)-noofvol and to moldoo?
.notaso
enol vi..
Di. 10.
557
89,020,000 to represent the capital cost of the British Section,
nor do we admit that the Chinese Section has been built more
economically than the British Section. Accepting, however, for
the sake of argument your figures for the capital cost of the two sections, and assuming further that the working expenses will be as high as 70 per centum of the gross takins, and that the number of through trains will be two each way, and having pre- -mised that the greater the traffic the greater the advantage to the Chinese Section owing to its greater length, we may take the
following example:-
Let the number of passengers up and down be
3,000 and for the sake of simplicity let us put them all in the
3rd. class. Then
wo, to Jqivoon 9.3 sgbeIroados of go* I
น
-91 a ir slideb reattut xoʻt paides omia la ..::06 3. 10 Thoual gilloll 1. nolaivutę au tot sedeo un pelqiching did vd Draj-
to Joejoca no no te twot ya mnyamaoka 9
A0000
GMJ doom nu to ddoo evea,Яnind 7 III# I .worst to noiaivib
-flok So noisirong not autoa hali v.55 heuli si vond
ou 10'10 at gnides tendons piquí or,b573700ale ei 25032 mil-
ogu esiqioning ad efccan o 05 TdJn end naguni Iroidae jua aidò ni mums Lo. 11 .2083d algo, ao. 000 do 908ly ma 120d pob od 04 sa alsnogong many flaws Ila a .Dior od Vädas nunoo dno. ace gaitoom end meinw
le motɛivil no subasionslu two, od won gminut
„Jpotojai Jaɔï; id be beituda ovi.. I mmm yer bnid. Tú four,89roi anoicsIvol:o woy Jond epulų jonit eu ni evroado of windlev I no vinen Mont ajqisoon t as siam.soqui sua mort beodory porlisĤ notra-noc[wol ode to enotvoel seonino bro nal, itll wild eu oiltend dyvonný mort atqisoor say no won Just .louve a. Ilie 8 satov soiy ons 3notjoel ou nouns) Lori Jug or no.¥‚ÂBUOS moitos ezenido edd no tot se equic wool Ievind dam. Y nesAAQ ed ROOTO GлÍÁTOW SO₫ neo vodnie w tak ? mai ind and no as Kilmor 9.3 and noiniqo te eas ew,soniq dren suo I ? San Sud 91 20 aucneo req 07 nand anol ylisıablenco ou IIiw Boumqve eto egnidad aRDIA
an awşit a rol de Jqunus Jono ey
000,0:0,ex
Capital cost of Railway.
3,000 passengers at 90 cents equals 82,700 a day or per arinum equals....
Chinese Sec-
-tion.
.815,130,000
British Sec-
-tion.
89,020,000
.985,500
3,000 passengers at 43 cents (for 2 cents represents pay- -ment to Ferry Company) equals.
Working Expenses at 70 per centum..
Net Earnings....
Return on Capital.
.689,885
.8295,615
1.96 %
329,
..470, 850
595
$141,255
1.59%
This example, therefore, shows that, upon your own assumptions,
the Chinese Section will at the maximum rates proposed by us,
receive a higher return on its capital outlay than will the
British Section.
We are, however, of opinion that in the
above example working expenses have been placed at too high a figure. His Excellency Liang Shih-yi, at the interview which he
had with Sir F. D. Lugard and Mr. Lindsey in Peking, estimated the working expenses of the Chinese Section to be $350,000 on the
analogy of the Peking Syndicate returns. Our own figures for
this year (admittedly large because the maintenance of a newly
opened
Page 570Page 571