Page:The Working and Management of an English Railway.djvu/292

254 {| cellpadding=3
 * Year.
 * colspan=2 |First Class.
 * colspan=2 |Second Class.
 * colspan=2 |Third Class.
 * Working Expenses per cent.
 * Net profit per cent.
 * Working Expenses per cent.
 * Net Profit per cent.
 * Working Expenses per cent.
 * Net Profit per cent.
 * 1871
 * 53.00
 * 47.00
 * 51.55
 * 48.45
 * 36.35
 * 63.65
 * 1888
 * 92.05
 * &ensp;7.95
 * 72.55
 * 27.45
 * 42.25
 * 57.75
 * }
 * 72.55
 * 27.45
 * 42.25
 * 57.75
 * }
 * }

If it be assumed that these figures are approximately correct, and that the principle adopted in arriving at them is theoretically sound, which there is probably not much reason to doubt, their significance can hardly be exaggerated. It will be seen that the net profit on first class traffic, which, in 1871 was nearly half of the gross receipts, has by reason of the reduction of fares and the greatly enhanced cost of working (from causes which have already been dwelt upon) diminished until in the year 1888, it represents not quite eight percent, of the gross receipts. The profit upon second class traffic, which, in 1871 was also neatly half the receipts, has row, from the same causes, dwindled to little more than a quarter, while even the profit on third class traffic has fallen off to some extent, although not so seriously, owing to the fares remaining practically undisturbed. Another calculation shows that the net earnings per passenger per mile, after payment of working expenses, for the two periods under comparison, were approximately, as under:—