$- 16
III.-ACCOUNTS.
1.-General.
62. After making provision for all interest charges, the net surplus for the year amounted to $405,211.04. This sum has been applied to the reduction of the accumulated deficit brought forward from previous years.
The total deficit at the end of the year amounts to $8,288,129.67.
63. The Capital Account now stands at $20,448,395.75, having been increased by $71,151.34 during the year.
64. Twelve monthly cash payments of $10,000 each have been received from the Chinese Section in respect of their obligations on the Locomotive Loan Account.
65. The working results for the past five years are as under:-
Year. Gross Receipts. Net Operating Expenses. Operating Revenue. $ $ $ $ 1931 1,095,098.77 945,004.01 150,094.76 1932 1,295,789.20 962,377.05 333,412.15 1933 1,630,610.83 919,558.41 711,052.42 1934 1,639,775.07 943,170.66 696,604.41 Actual Weighted 1,671,097.76 727,917.10 1935 Actual Weighted 1,411,674.73 1,512,405.26 911,020.25 500,654.48 601,385.01The weighted figures, which are included for comparison, are based on a 35% apportionment of terminal through receipts, which was the British Section's share prior to October 1st, 1934.
As a proportion of the operating expenses are dependent on the sterling exchange value of the dollar, the expenditure figures cannot be regarded as truly comparative.
66. The average sterling exchange value for the year was 1s. 11d. against an estimated figure of 1s. 4d. The rate varied during the year, opening at 1s. 8d., closing at 1s. 3¼d., and reaching peak in April at 2s. 6d.
Due to the appreciation of the sterling value of the dollar, savings were made on all heads of expenditure where sterling commitments operated. The total savings on Personal Emoluments and Other Charges, against estimates, was $99,570 or 11.31%.
67. General Expenses decreased $16,868; accounted for by the higher rate of exchange, and to savings on acting salaries.
- $ 16
III.-ACCOUNTS.
1.-General.
62. After making provision for all interest charges, the net surplus for the year amounted to $405,211.04. This sum has been applied to the reduction of the accumulated deficit brought forward from previous years.
The total deficit at the end of the
year amounts to $8,288,129.67.
63. The Capital Account now stands at $20,448,395.75, having been increased by $71,151.34 during the year.
64. Twelve monthly cash payments of $10,000 each have been received from the Chinese Section in respect of their obligations on the Locomotive Loan Account.
65. The working results for the past five years are as under:-
Year.
Gross Receipts.
Net
Operating
Expenses.
Operating
Revenue.
$
$
$
1931
1,095,098.77 945,004.01
150,094.76
1932
1,295,789.20 962,377.05
333,412.15
1933
1,630,610.83
919,558.41
711,052.42
Actual
1934
..... 1,639,775.07
943,170.66
696,604.41
Weighted
1,671,097.76
727,917.10
1935
JActual
Weighted
1,411,674.73
911,020.25
500,654.48
1,512,405,26
601,385.01
The weighted figures, which are included for comparison, are based on a 35% apportionment of terminal through receipts, which was the British Section's share prior to October 1st, 1934.
As a proportion of the operating expenses are dependent on the sterling exchange value of the dollar, the expenditure figures cannot be regarded as truly comparative.
66. The average sterling exchange value for the year was Is. 11d. against an estimated figure of 1s. 4d. The rate varied during the year, opening at Is. 8d., closing at ls. 3§d., and reaching peak in April at 2s. 6d.
Due to the appreciation of the sterling value of the dollar, savings were made on all heads of expenditure where sterling commitments operated. The total savings on Personal Emolu- ments and Other Charges, against estimates, was $99,570 or 11.31%.
67. General Expenses decreased $16,868; accounted for by the higher rate of exchange, and to savings on acting salaries.
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