Equal to £5, 15s. 2-1/2d. per cent. on the capital of £8,528,989. Included in the Natal Railway expenses is the sum of £159,328 expended on permanent work that should have been charged to capital, which, if added to the profits as it should be, would make an actual profit for the year of £650,656, 17s. 7d. There are no returns available to show the result of working the Central South African Railways, formerly the Imperial Military Railways, during the period of the war. Nor are there any available now, but considering the past results and the great volume of present traffic, and the maintenance of the old high rates for freight and passenger fares, it may be estimated that the earnings of the Central South African Railways in the Transvaal and the Orange River Colony will probably be between £5,500,000 and £6,000,000, and the profits between £2,500,000 and £3,000,000, a very important item in the revenues of the two new colonies. [Illustration: STATION YARD, DURBAN (The Tower of the Town Hall is seen in the background)] In comparison with other railways in the British Empire the South African railways hold an important position as regards mileage, and the average earnings per mile are more than double the average earnings of several important colonial and Indian railways. The combined earnings of all South African railways working 5000 miles may be taken at £11,000,000 for the year. The Canadian Pacific Railway, working 7000 miles, earned £6,002,061. The Grand Trunk of Canada, working 4179 miles, earned £4,407,016. The Victorian Railways, Victoria, Australia, working 3238 miles, earned £3,337,797. The Queensland Railway, working 2801 miles, earned £1,316,936. The Bombay, Baroda, and Central Indian Railways, with 2764 miles, earned £3,253,866. The Great Indian Peninsular and Indian Midland Railways, with 2800 miles, earned £3,063,066. Comparing with important home railways:-- +---------------------------------+------------+------+-------------+ | | Capital. |Miles.| Earnings. | +---------------------------------+------------+------+-------------+ |London and North-Western Railways|£118,126,653| 1941 |£13,812,000 | |Great Western Railway | 84,424,177| 2645 | 11,181,471 | |Midland Railway | 170,550,931| 2019 | 11,153,792 | |All South African Railways | 50,000,000| 5000 | 11,000,000 | | | | |(approximate)| +---------------------------------+------------+------+-------------+