66. The Fanling Branch Line Capital Account has now been written down to $10,164.17 which represents the present market value of one old locomotive and a quantity of rails. The amount received by sale of one locomotive was $3,500, and the difference between the book value and the sale price, viz. $1,000.00 has been debited to Depreciation Reserves.
67. The second instalment on account of the re-railing of tunnel No. 2 in 1928, was included in the Operating Expenses.
68. At the close of the year, the Capital Account stood at $20,322,051.70 by the additions of Special Expenditure charges of $72,274.50, and after allowing for credits on account of sales of old materials and the year's instalment on re-railing tunnel No. 2.
69. The amount provided under Personal Emoluments was $283,748.00 and the Expenditure $323,269.55, an increase of $39,521.55. This was due to the revision of the salaries of both European and Chinese Staff by the Salaries Commission and also to the fall in the exchange to 1/2, while the estimates were based on 1/8 to the dollar.
70. The estimate for Other Charges was $472,331.00 and the Expenditure $391,444.91 or $80,886.09 less than the amount provided.
71. Under General Charges a sum of $774.00 was specially voted on account of depreciation of rails; and under other sub-heads the amounts provided in the estimates proved insufficient, but savings under various sub-heads were more than enough to meet the excesses, and the total expenditure was $661.89 less than the estimate.
72. The Traffic Expenses were $598.26 less than the estimate. The savings under Stores were $593.09, and under various other sub-heads $282.26; but there were small increases under Printing, Stationery and Tickets, and also under Electric Current.
73. Running Expenses were $222,413.18 against an estimate of $261,380.00, though under sub-head 15, Lubricants, Locomotive Oil, $2,670.32 more than the amount provided was needed owing to higher prices, and to a smaller extent increase in consumption.
74. Under sub-head 6—Coal, the sum required was $37,026.74 less than the amount provided, and savings under other sub-heads of $4,610.40 brought the total savings to $38,966.82.
75. The expenditure under Maintenance of Equipment was $67,434.20, or $27,075.80 less than the sum provided.