1964-1965 — Page 11

ACCOUNTS

24. The Gross Operating Profit for the year was $5,589,323 repre- senting an increase of 29.93% as compared with the figure of $4,301,942 in the previous year. This was due to an increase in Gross Operating Receipts-Passenger Traffic Receipts increasing by 8.56%, i.e., from $6,334,610 in 1963-64 to $6,876,856 in 1964-65 and Goods Traffic Receipts increasing by 28.47%, i.e., from $4,421,003 in 1963-64 to $5,679,801 in 1964-65. The Nett Profit transferred to the Appro- priation Account, at $3,015,039, was $1,563,241 higher than the figure of $1,451,798 for the previous year.

25. There has been no substantial increase of assets during the year other than expenditure of $132,292 for overhauling bridge No. 24 and provision of cover at Lo Wu Frontier Bridge, and $232,571 for im- provements to Railway Stations.

26. 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 under private treaty grant for railway use. No charge for the use of land is borne by the Railway Accounts.

27. The Accounts and supporting data are published in Appendices I to V to this report.

MECHANICAL WORKSHOP

28. All diesel electric locomotives functioned well during the year and all rolling stock, electrical and mechanical equipment, machinery and plant were maintained in a very efficient running condition.

29. Locomotives. During the year thirty-six 5,000 mile inspections, twenty-five 10,000 mile inspections and eleven 30,000 mile inspections were performed on the eight diesel electric locomotives. The cylinder liners of locomotive No. 53 were rebored and fitted with 0.030 inch oversized pistons and rings. Five Locomotives had their wheels turned, piston rings renewed and traction motors completely overhauled. Two locomotives were fitted with new voltage regulators of improved design which were found most efficient and satisfactory in operation.

30. The availability factor of the diesel electric locomotives for the year was 86.09% which is about the same as the previous year. The maintenance of this high availability inspite of the greater amount

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