Note 54 — SECTION XII. THE CONSTRUCTION OF RAILWAYS IN ENGLAND AND ON THE CONTINENT.

Note.—The figures relating to the capital, revenue and working expenses of the German Railways have been taken from the “Statistische Nachrichten von den Eisenbahnen des Vereins Deutscher Eisenbahn-Verwaltungen,” which differ in some respects from those contained in statements obtained after going to press from the Department of the German State Railways; the latter giving the revenue for the working year 1884-5 as £50,735,165, the expenses as £29,057,889, or 57·27 per cent. of the receipts. The balance would yield a return of 4·51 per cent.