|Cost per|Receipts |Percentage of|Percentage of |
| | mile. | per mile| expenses to | net earnings |
| | | of road.| receipts. | to total |
| | | | | capital. |
|-------------------|--------|---------|-------------|---------------|
|Great Britain |$173,040| $13,296 | 47 | 4.00 |
|Australia | 169,225| 6,810 | 72 | 1.02 |
|India | 51,400| 8,645 | 42 | 4.09 |
|France | 128,340| 13,530 | 44 | 6.58 |
|Belgium | 81,955| 10,790 | 58 | 5.48 |
|Austria | 92,325| 13,430 | 54 | 6.75 |
|Prussia | 72,430| 9,915 | 45 | 7.44 |
|Other German States| 66,160| 7,085 | 63 | 5.52 |
|United States | 41,376| 6,170 | 60 | 5.51 |
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From this it will be seen how much economy of working has to do with paying
a dividend,--as in the case of the Indian railways, where, although the
receipts are very small, the prime cost and expenses of working are also
very small, and they divide 4.09 per cent, while the Australian railways,
whose cost and expense of working are large, can pay only 1.02 per cent. It
is proper to say, however, that this was during the "gold fever.
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