# Appendix S.
# KOWLOON-CANTON RAILWAY. (British Section).
# ANNUAL REPORT FOR 1934.
## I-GENERAL SURVEY.
1. Hong Kong was hit heavily by trade depression during the year, business being at its lowest ebb since the shipping strike and trade boycott of 1925 and 1926. Poor trading is invariably reflected in decreased railway receipts, so that it is pleasing to be in a position to report that receipts in 1934 reached the figure of $1,639,775.07 which is the highest that has ever been obtained. This sum would have been increased to $1,671,087.76 had the percentage earnings from terminal through traffic remained at the same level throughout the year.
2. The net operating revenue amounted to $696,604.41 as against $711,052.42 for 1933. The former figure would have been increased to $727,917.10 had no reduction in the apportionment of terminal through receipts been made.
3. The principal event of the year was the introduction of a new working agreement for through traffic between the British and Chinese sections of the Railway. This came into force on October 1st and superseded the old working agreement which, although drafted in 1911, had never been ratified. The new agreement is comprehensive, flexible and fair and is expected to lead to increased efficiency through co-operation and mutual goodwill. Its main feature is that the British Section's share of terminal through traffic receipts has been reduced from 35% to 28%. This reduction during the last quarter of the year has affected comparative statistics.
4. Traffic features of the year were the growth of terminal through traffic and the decline of local and sectional through traffic.
5. Coaching traffic between Kowloon and Canton exceeded the million passengers mark for the first time in the history of the Railway, and the tonnage of goods passing between the terminals exceeded the previous yearly maximum by two-thirds.
6. The fall in local and sectional through traffic was due to economic circumstances beyond the control of the Administration. Local traffic declined progressively till June when the receipts became reasonably stabilised at a figure 14.75% below the monthly average for the first half of the year and 30% below the returns for January.
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Appendix S.
KOWLOON-CANTON RAILWAY. (British Section).
ANNUAL REPORT FOR 1934.
I-GENERAL SURVEY.
1. Hong Kong was hit heavily by trade depression during the year, business being at its lowest ebb since the shipping strike and trade boycott of 1925 and 1926. Foor trading is invariably reflected in decreased railway receipts, so that it is pleasing to be in a position to report that receipts in 1934 reached the figure of $1,639,775.07 which is the highest that has ever been obtained. This sum would have been increased to $1,671,087.76 had the percentage earnings from terminal through traffic remained at the same level throughout the year.
2. The net operating revenue amounted to $696,604.41 as against $711,052.42 for 1933. The former figure would have been increased to $727,917.10 had no reduction in the apportion- ment of terminal through receipts been made.
3. The principal event of the year was the introduction of a new working agreement for through traffic between the British and Chinese sections of the Railway. This came into force on October 1st and superseded the old working agreement which, although drafted in 1911, had never been ratified. The new agreement is comprehensive, flexible and fair and is expected to lead to increased efficiency through co-operation and mutual goodwill. Its main feature is that the British Section's share of terminal through traffic receipts has been reduced from 35% to 28%. This reduction during the last quarter of the year has affected comparative statistics.
4. Traffic features of the year were the growth of terminal through traffic and the decline of local and sectional through traffic.
5. Coaching traffic between Kowloon and Canton exceeded the million passengers mark for the first time in the history of the Railway, and the tonnage of goods passing between the terminals exceeded the previous yearly maximum by two-thirds.
6. The fall in local and sectional through traffic was due to economic circumstances beyond the control of the Administra- tion. Local traffic declined progressively till June when the receipts became reasonably stabilised at a figure 14.75% below the monthly average for the first half of the year and 30% below the returns for January.
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