RAILWAYS.

Dominion, Volume 3, Issue 908, 30 August 1910, Page 6

RAILWAYS.

THE NEW SOUTH WALES SYSTEM. SOME FACTS AND. COMPARISONS. We have received a copy of the report of the Chief Commissioner of the New South Wales Government Eailways and Tramways for the year, ended June 30, 1910. In view of the current controversies, over the relative merits of the systems in New South' Wales' and New Zealand, this report is of special interest. The leading details of the finaucps • are seen in the following 'comparative table, tho figures being the 1909-10 figures in e.-\ch case: ' • . N.Z. IYS.W. Total miles open for traffic 2,717, . 3,643 Average miles j. open • for year 2,704 .3,025 Capital cost opened lines ... ~£28,513,476 Capital cost por open,'mile -.£10,191 .£13,430 Gross earaings ... ■ .£3,249,700 i' 5,485,715 .Working expenses X'2,1G9,474 Net EaniiiifS ... =£1,080,310 Percentage of prolit, to capital .... 3.80 4.58 i Percentage of es- . . ■pen.see to earn- __ :ings 66.76 oa.*3 Earnings per av- ' . ■ . erago mile open JG1.203 . .£1,513 Working expenses ditto . ...! i 603 Net earnings per mile : opsn '.'.... . Earnings per train mile ... 95.75 d. 85(1. Working expenses . per train mile 65.84 d. 00.i5d. Net earnings per . train, mile ... . 32,91 d. 34.25 d. Total train miles-.7,889,166. 15,468,026 *512,154 of this sum was' paid out of consolidated revenue. ... . . There is no information in the New Zealand. Railways Statement-as to the average interest on capital, but Mr. Millar has stated'it to be 3.80 per cent. In the New South Wales report,, on the other hand, the actual amount of interest to be paid out of profits is given at. the beginning. The/balance, after paying working expenses, as shown in the above table, Was £2,209,306. The interest bill amounted to '.£1,687,018. There was therefore an absolute profit, after paying interest and working expenses, of .£522,288. The working expenses in New South Wales increased ■ during, the year by J332-3.585, but'the Commissioner points out that "this increase is mainly owing to the large additional traffic, heavy repairs, arid renewals of rolling stock and permanent way, special expenditure caused by floods, increased cost of fuel ow-. ing to the coal strike, and increased rates of pay to the staff under the Awards of Wages Boards." In this connection it is interesting to note that there is here a. contradiction .of Mr. 'Millar's assertion in-tho House last weok that the cost of relaying was not charged to'working expenses. . -..-■ •' •. -.•-.• • Full details : of-.length, ..cost, interest, working expenses and earnings are given in respect of all those ' sections which have failed to pay .interest as well as working expenses." These sections ore of all lengths, from 5 niiles to 209 miles. No' such particulars,' unfortunately, are given in Jlr*. Millar's Statement. . . . Particulars are given of the' installation of safety appliances,'and the Commissioner says: "In this connection it may be'stated, that 53,614,271 passengers were carried, (luring the year without; any train accident resulting in loss of life to any.' of the ptissengcrs.' ■ As to rates, there is an .interesting paragraph: "The . reduction' in . rates made, on January 1, 1909, to the amount of '£60,000" per annum,- to some .extent affected the earnings of the past. year. . . . With thi) view of encouraging traffic further reductions in rates and fares have been made, to take effect from'the Ist' J,uly, 1910. ~. Additional" reductions have been contemplated, but in view: of the. increased wages paid .under awards of Wages Boards it is necessary, to proceed with caution." During the year 610 miles of line-were' wholly or partially renewed. A sum of jE542,626 wits, charged, to. capital on nccount of additional stock, and ,£727,211 to working expenses on account of 1 repairs, replacements, and renewals. The second of these two items shows an increase of ,£135,511-for'the year. ' The staff employed on the railways on June 30 last.was 20,692. All the figures we have given refer' to the railways. The tramways system is, of course, -a smaller, concern. ■ The final profit from the tramways, for instance,' was Jess than one-eleventh of that from the railways.' There are 6217 men employed on the tramways. of the concessions and advances to the staff during the year are given. The total amounted to no less a sum than .£196,029., ■The following table summarises the working of the past' five j'ears :— Return . ... '.. . . p.c. Gross Expen- Net: Capi- . ' Revenue, diture. Earnings, tal. ■.'£...■£.-'. £• 1905-6 4,234,791 ;2,308,384, . 1,926,407 4.42 1906-7 4,709,406 2,499,741 2,209,665 4,96 1907-8 4,944,134. 2,714,839 2,229,295 4.88 1908-9 0>028.450 2,952,824 2,075,026 4.45 1909-10 5,485,715 3,276,409' 2,209,301) 4.58 By way of comparison we give the New, Zealand figures'as .presented in the. Eailways Statements:— .. ; i • Return • . • - .p.c. Gross Expen- Net. . Capi- .- Eevcniie. diture. Earnings, tal. £■'-'■£' ' ■£ 1905-6 2,349,701 • 1,621,239 ' 728,465 3.24 1906-7 2,624,600 1,812,482 812,118 3.45 1907-8 2,761,938 1,949,759 - 812,179 3.33 1908-9 .2,929,526 2,114,815' 814,711 3.13 1909-10 3,249,790 2,169,474. 1,080,316 3.80 In The Do'jrrNiox last Friday it was shown that if there had :been no increase in fares, if stores had been built up instead of being eaten into, if maintenance had not been greatly curtailed, and if there had been no reduction in the amount of improvements charged to revenue;''the:riet earnings in 1909-10 would have been 4814,144. The closeness of this'figure to the figures of the three preceding years is remarkable. The sum of 4814,144, it is worth noting, .would amount; to 2.85 per ceiit. on the capital invested. _ •