30. At $740,475, Nett Profit was down by 4.4% of Operating Revenue as compared with 1961-62.
31. Government Investment rose by over $7 million in the course of the year and the nett value of assets by over $10,000,000, this being associated primarily with the purchase of new rolling stock and the installation of a new signalling system at Kowloon.
32. The asset 'Land & Formation' stands in the Balance Sheet at a book value of $7,999,708 only, a figure which is considerably below the current market value of the land held under private treaty grant for railway use. No charge for the use of land is borne by the Railway Accounts.
33. The Accounts and supporting data are published in Appendices I to V to this report.
MECHANICAL WORKSHOPS
34. Locomotives. All diesel electric locomotives functioned well during the year under review and five completed 300,000 miles of service.
35. During the year twenty-nine 5,000 mile inspections, eighteen 10,000 mile inspections and ten 30,000 mile inspections were performed on the eight diesel electric locomotives. The cylinder liners of locomo- tives Nos. 51, 54 and 55 were rebored and fitted with 0.030 inch oversized pistons and rings. These three locomotives had completed their 300,000 mile service before reboring of the cylinder liners was
necessary.
36. The availability of the diesel electric locomotives for the year was 83.01% which is 2.65% lower than the previous year. Without the reboring of cylinder liners and fitting of oversized pistons for three locomotives, which had to be withdrawn from service for lengthy periods, the availability factor would have been much higher-especially as there was no serious trouble with any of the locomotives during the year.
37. The maintenance cost of the diesel electric locomotives dropped slightly from $0.440 to $0.404 per km. The slight drop was attributable to a lower cost of part replacement in the period under review.
38. Carriages and Wagons. In addition to routine maintenance, the following major work was done on carriages and wagons:
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