CO129-376 - Governor Sir Lugard - 1911 [3-4] — Page 570

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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

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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

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