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43. The amount provided for the year 1928 under Special Expenditure was $31,000, and during the year at various times further sums were voted, making a total of $81,761.00.
44. Under sub-head 36 Improvements and Alterations to Taipo Market Station, a revote was required to complete as the work could not be carried out in 1927, the total cost being $1,112.19 less than the estimate of $25,000.00.
45. The $9,000, under sub-head 37, Repairs to Fanling Branch was not needed, as the line was closed early in the year.
46. The Special Expenditure for the year 1928 has been allocated between Capital and Revenue, and the portion charge- able to Capital included in the Capital Account, while the Revenue items are debited to Operating Expenses. It was agreed that the Railway should bear a portion of the cost of the underground cable for the Telegraph and Telephone lines, supplied by the Public Works Department, and a sum of $30,000.00 is included in the Capital Account and shown in the Special Expenditure statement.
47. The total expenditure under this head thus amounted to $92,714.83 and the details are shown in the tables herein.
48. Sixteen goods wagons were sold to the Yueh Han Rail- way and one to the Chinese Section, also a portion of the Fanling Branch Line equipment was disposed of, the Manager's House at Kowloon was taken over by the Government, and 437 old iron telephone poles no longer required by the Railway were transferred to the Public Works Department at valuation.
49. The proceeds by sale or transfer have been credited to Capital Account under the various sub-heads concerned, and in the case of Rolling Stock, for which depreciation has been provided in previous years, the difference between the original and scrap value has been charged to Depreciation Reserves and the Capital Account credited.
50. The $9.549.36, which represents the difference between the original cost of the 487 telephone poles and the sum charged to the Public Works Department, has been debited to Profit and Loss Account and the Capital Account credited accordingly, and when the portion of 1928 Special Expenditure chargeable to Capital is added, viz., $83,877.51 and the $221.957.96 as per statement of sales, etc.. herein deducted, the total of the Capital Account at the end of the year stands at $20.401,956.95.
51. The amount provided under Personal Emoluments was Main Line $269,600 and Fanling Brunch $7,082. making a total of $276,632.00.
52. The Main Line expenditure was $256,085.65 against an estimate of $269,000.00, the saving being largely due to re- covery of wages of men engaged in the Workshops on work for Government Departments.
53. Only $1,719.78 of the estimate of $7,032.00 was re- quired for the Fanling Branch line, owing to the closing down of the line.
54. The total expenditure amounted to $257,805.43, or $18,826.57 less than estimated.
55. The estimate for Other Charges was $402.496.00 for Railway and $10,470.00 for the upkeep and running of Govern- ment Motor Vehicles.
56. Under General Charges sub-head Stores Depreciation the amount provided was exceeded by $30.426.76. In 1918, 833 tons of Russian Rails and Fastenings intended for the use on the proposed Green Island Cement Works siding were taken on charge in the Railway Stores at $113.95 per ton. This scheme has since been abandoned and, as there is no further use for these rails, it was decided to reduce the book value to a more reasonable figure, and $27.980.77 was written off and included in the Working Expenses. Similarly 46 rails purchased in 1909 were condemned by a Board of Survey and sold and $2.520.14 was charged to this sub-head, being the difference between the original cost and the figure realized by sale. Several savings under other sub-heads however, reduced the excess to $28,726.93.
57. The Traffic Expenses were $2,255.90 less than the estimate. The savings under Printing and Uniform amounted to $1,894.50, and smaller sums under other sub-heads.
58. Running Expenses, Main Line, were $238.233.56 against an estimate of $236,630.00, Under sub-heads Coal and Oil there is an excess of $5,088,05. but minor savings under other sub-heads reduced that excess to $1,603.56.
59. Under Fanling Branch Line expenditure $4,847.85 lapsed, owing to the closing down of the line.
60. The expenditure under Maintenance of Equipment. Main Line, was $508.98 below the estimate. As the Fanling Branch was closed. $1.537.70 was not required.
61. Maintenance of Way and Structures expenses, Main Line were $4,350.00 less than estimated. small savings ap- pearing under most sub-heads. Fanling Branch requirements were $623.34 only.
62. Referring to the Revenue Account, the local passenger receipts amounted to $289.307.96 as compared with $311.075.87 for the previous year. The goods receipts were $16,347.13 or
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