機器日新月異為營業計不得不易新機則所棄 舊機亦即消耗之一種故凡建一鐵路其成立之 日即耗損發生之日無論機車運車房屋機械軌 枕橋梁或因磨擦或因腐蝕日就破壞即勤加修 理運用適當雖能稍增其年壽而年代過久終有 廢棄之一日質言之除地產外凡鐵路產業必皆 受此銷蝕之影響以機車而論其耗損實與燃 煤相等惟時間有差別耳煤炭以噸計每行車一
less obvious, is equally regular it its nature and important in its extent, but which is now left unnoticed. This is the expense incurred by depreciation.
Depreciation, briefly put, is the art of bringing down, or a fall in value. It is the deferred cost due to unnoticeable consumption. Significant as these common definitions are, they hardly convey to one's mind everything that is implied in the term "depreciation' as understood by the experts in the immediate charge of railways or other industrial enterprises. To fully comprehend its meaning from this point of view, it would seem necessary to come into actual contact with operating plants of some kind.
Among others, there are three important causes of depreciation. First is that due to ordinary wear and tear, which is usually charged off directly into the operating expenses without causing any serious fluctuation in the net earnings. Then there is the depreciation due to general decay; that is that part of wear and tear due to age which can not be made good through any ordinary repairs. Lastly, there is the depreciation due to obsolescence.
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次既知用煤若干逐日登記尙屬易事而機車則 以輛計耗損不限於一次或數次如一車可用至 二十五年之久即可經二十五年之耗損煤炭與 機車之用盡雖有暫久之別其同歸於盡則一故 機車原價二十五分之一即每年機車耗損之數 應與所用煤炭同列每年營業支出項下使營業 收入分年擔任其分內之耗損及至二十五年後 機車做壞之時已有購買新車之資如支出項 下不列此項耗損則所列之支出自必太少所報
On account of the progress of science, many kinds or parts of the equipment of a railway may become out of date, when it becomes economical or necessary to discard certain types of apparatus and to get others which are more efficient than the old.
For these and other reasons, as soon as the equipment has been placed in operation it at once begins to fall off in value, Locomo- tives, cars, buildings, machinary, etc. are all subject to the destruc- tive ravages of time, and sooner or later will become useless from wear and tear and general decay, Good upkeep and careful handling may prolong the useful life of many or parts of these but can not prevent their ultimate fate. In fact there is little or nothing about a railway, except perhaps land, that does not sooner or later reach a state of decreptitude that it no longer pays to repair or keep it in use.
Thus a locomotive, for example, differs from a ton of coal, only in the length of time required for its consumption. Coal is consumed in a single trip or a single process, and its cost is charged to the operating expenses in the month or year when it is
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