Although the Winnipeg Electric company ad its all-time record earnings yar in 1945 it closed that year with its surplus account practically unchanged at $1,834,619 an increase of $5,735 over the 1944 year, the company's annual report, released Thursday shows.

The reason for this is shown as an increase in Dominion Income and Excess Profits taxes to $1,410,185 against the 1944 comparible figure of $386,600. This is an incrase of $1,054,580 over the 1944 year.

The company met its 1945 charges and had a net operating income of $5,912,662 against the 1944 net income of $5,671,161.

Here are comparative figures with 1944 totals in brackets:

Passengers carried, 1945, 98,448,227 (89,665,687) — a record.

Power developed: 1945, 1,178,031,300 (1,119,679,500) kilowatt hours — a record.

Gross earnings: 1945, $12,061,202 ($11,278,444) — a record.

Net operating income: 1945, $5,912,662 ($5,671,161) — a record.

Interest and profit on investments and miscellaneous income: 1945, $414,162 ($331,508) — a record.

Gross income: 1945: $6,326,824 ($6,001,791) — a record.

Allowances for interest and taxes are practically unchanged are around $1,500,000.

Depreciation, 1945, $2,114,004 ($2,102,455).

Dominion income and Excess Profits taxes, including refundable portion (estimates): 1945, $1,410,185 ($386,600).

Surplus account, Jan. 1, 1945. $1,828,883 ($1,756,717).

Interest on Series "B" Bonds for 1944 was about the same as the previous year, around $300,000. Preference stock dividend was $250,000 in each year. In 1944 completion of redemption of Contingency Certificates was reported at a cost of $669,756.

Net income for the year 1945 was shown at $553,956 ($1,291,239). The loss in net income is due to an increase in Dominion income taxes.

The physical assets of the company are listed at $90,729,659 ($87,593,826), an increase of $3,235,797. These are taken care of by an increase of around $1,000,000 in current and other liabilities and around $2,100,000 increases in depreciation and property reserve.

The 1945 payroll was $4,012,994 ($3,694,575).

Employees in 1945 were 2,302 (2,105).

Average earnings of employees, excluding executives, 1945, were $1,752: weekly, $33.70

The company paid $843,312 ($799,874) in taxes, exclusive of Dominion income taxes. Taxes to Winnipeg were, 1945 $507,000 ($482,723). Taxes to province, 1945, $313,964 ($298,100).