debentures, to which 95 per cent. of the net revenue is assigned; and 4,000,000 Trs. in ordinary shares (all in units of 500 frs.). Since the reconstruction in 1894 the gross receipts have risen steadily, and in 1908 the full dividend of 5 per cent. tax free on the new debentures was paid, but the returu to shareholders was still under per cent.

Receipts are largely derived from passenger traffic, which is at its height in March and April. Of the goods traffic over 80 per cent. is in the direction of Jerusalem, whence there is little export. The competition of camel transport is assisted by the inconvenient position of the railway stations both at Jaffa and Jerusalem.

2. (c) Tramways Libanais. The capital is 2,400,000 frs. in 4 per cent. debentures, interest on which has been paid, and 3,600,000 frs. in ordinary shares, which have hitherto received no dividend. Statistics of the traffic of this line are not published.

3. Hejaz Railway.—Being Government property, this system is independent of interest-bearing capital.

Working expenses for the year 1912-13 were £T 251,702. These figures include the extra-Syrian section from Ma'an to Medina. Receipts have depended on passengers rather than on goods. The most profitable portion of the line is that from Haifa to Deraa, but no separate statistics are available.