The remainder represents his net earnings which he will contribute to the well-being of the new country.
So, too, the immigrant is worth his future net earnings to the community only if there is a demand for his labour.
In the five years 1902-1906 the capital value of the state railways increased from E.2o,383,000 to E.23,200,000 and the net earnings from E.I,o59,000 to E.I,475,000.
The net earnings amounted in 1906 to £1,926,407, which represents a return of 4.41% upon the capital invested.
Taking the year 1905, the gross earnings amounted to £11,892,262; the working expenses, exclusive of interest, £ 7,443,54 6; and the net earnings £4,44 8, 7 16; the latter figure represents 3.31% upon the capital expended upon construction and equipment; in the subsequent year still better results were obtained.
