ANNUAL REPORT General Survey.
The Railway Financial Year 1948-1949 has not been without its incidents and surprises. These vary from typhoon damage and attacks on through trains by bandits in Chinese territory to a breach of a long-standing agreement with the Chinese Customs over not stopping the expresses at the border in exchange for facilities afforded at Kowloon and, on the other hand, a concession by the Provincial Government at Canton to the running of a non-stop train in each direction between Canton and the Colony.
2. Gross receipts reached a record figure of $7,075,991.75 with nett revenue $3,595,901.05 as compared with $6,431,252.29 and $3,128,786.87 for the previous year.
The only important item of revenue which did not come up to expectations was that from foreign goods traffic which fell to $238,768.58 from $586,385.17. There had been rumours in the early part of the year that some relief would be afforded regarding import restrictions. These did not materialize; and the long-term effect on trading became more marked, hence the falling off in
revenue.
3. It is pleasant to be able to report that at the close of this financial year the position was such as to make it possible to wipe out all accumulated deficits incurred since the opening of the Line in October 1910. It has also been possible to set aside a sum representing 34% interest on the new Rehabilitation Loan of $19,400,000 and to make a first amortization payment of $776,000 based on repayment over 25 years against this same loan.
The continued prosperity of the Line depends on peaceful conditions in the neighbouring province of Kwangtung, but given tranquillity, the contention previously held that the British Section could never pay its way but must merely be considered as an instrument of economic policy for the Colony as a whole, has now been definitely disproved.
4. General rehabilitation to works and property has continued in proportion to the speed with which outstanding indents on the Crown Agents have been fulfilled. All too frequently those items which were most urgently needed were subjected to the most delay. A serious setback to the Administration was the cancel- lation in July 1947 of the valuable services towards procurement afforded by the London Office of the Hong Kong Government. The arrangement has, however, been restored at the date of writing this report after a break of two years.
5. The through passenger traffic handled was again heavier than the previous year, and the Ching Ming festival accounted for 267,064 between the dates March 26th and April 21st, 1948, necessitating ninety-five extra trains. All coaches were run continuously, throwing great strain on maintenance crews. The total available British passenger stock amounts to 34 coaches of
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