NOTES OF THE DAY.

Dominion, Volume 4, Issue 1024, 13 January 1911, Page 6

NOTES OF THE DAY.

Last night s Gazette gives the railway returns up to December 10 last and according to our custom we give an analysis of the figures. For the four weeks ending December 10 the returns were as follow, the figures for the corresponding four week's in 1909 being 'given for purposes of comparison: _ Net revenue •'" . lu- ■ ■ '• ■ 1909 1910 crease. ' " '£ "'£'■ .£■■ . North Island lines 46,774 ■: 55,289 ' 8,515 South Island lines 37,690 ' 42,990 5,300 This is merely a continuation of the movement, which will grow, more intensd until the end of-.the fiscal.year, towards the - final- overwhelming superiority of the.North-Island as a railway field. December 10 marked the conclusion, of,, the "first 36 weeks'-.of the fiscal year, and . the figures . relating -to the ' net revenue' for the 36 weeks, and the correspond-ing-period in the year 1909, : are as follow:. ■ . . . Net Revenue.." ' 1909 1910 ." Increase. £• . £ ' \.....'£'• North ".2i9,'3G9 375,063 v 95,694. South 315,296 - .351,972 '■ 36,676 Although at that date in the fiscal year 1909-10 the net revenue from the Southern lines exceeded the net revenue from the Northern.lines by over £35,000 the year ended withah advantage,'absolute-as well, as relative, in favour of the. North. "This year, at the same date, the- Northern lines have already. established an advantage of nearly £25,000, and it is obvious-th'erefoTo that their advantage on March 31 next will'be enormous:-': It must be remembered, too, that the Southern system is far larger-than- the Northern system. For the 36 weeks the earnings per mile o,f line , have been: North, - £326 25.'10 d.; South, £221 12s. 10d.—which means that the earning power of the Northern lines is nearly 50 per cent greater than the Southern lines.' -We have been blamed sometimes for not taking the cost of construction into account every time wc discuss this matter, so we shall take it into, account here. The eost of the opened and; unopened lines, together with the. annual interest, (at 3$ per; cent) for 52 weeks and for 36, weeks, is shown in'this tabic: Interest Interest ' Cost. 52 weeks. 32 weeks. ■ ■£ £ £ North' . ' 18,655,054 512,064 354,500 South "16,199,494- 018,731 128,352 If we set side by net earnings of the two systems for the 36 weeks.'.and the interest charge for that period, we got this result: : -' ; ' Net . Interest Profit ■ ' ■■■• :■: revenue, bill. or loss. - •- ■■£■,■■ £ £ North 375.063 354,508 20,557 profit. South' ; 351,972 428,352 7G.350 less. This position- will.be greatly intensified by March 31. That is what is happening on: the.-railways. ■

One of the: most curious' official explanations which we have ever had'.the'-pleasure of publishing ap'pcars in another part, of this issue. A correspondent wrote to us complaining of the inequality of telephone, charges in this city.- Before printing his letter, we referred it to the officer controlling the local telephone system. ■ His reply, which we publish this 'morning with the ordinal letter, begins by asserting that our correspondent has "not correctly stated the position," and then goes on to say what the annual charges for the.use of' private telephones actually arc,'. And his-.statement of these.fcfiaYfics.isimp'ly-cohfirms that o'f our correspondent and i justifies his complaint. 'The"officer says:

"The 1 annual charge levied for' the use of private telephone,lines to points within a ratlins o£ one mile from tho Central Exchange' is' '£b, ;' and' the subscriber is required-to sign a bond .for one year. The annual charge-for a private wire to any point distant more than a mile from the Exchange is .EG 10s., and tho subscriber is required to enter into a bond to continue payment for three years." Everybody knows that what the authorities choose to' call tho "Central" Exchange is situated close.to the northern end of , Feather.ston Street, and our'correspondent was clearly right when ho said:

"The-people.of Newtown.aro penalised and the people of .TUonidon subsidised simply, .because the-authorities, chose to luentc the Exchange a long way from the' centre of Hie city." -

The question of greater initial expense scarcely applies in an urban area, which soon becomes intersected by telephone lines, in all directions, but if the difference in cost of in, stallatioft -.-were . substantial, that would bo no reason why. people in Kent Terrace or Adelaide Road should be. made to'pay for the ; , Departmental < eccentricity which has placed the Exchange at' the • Thtirndon end of the' city.; A letter posted at Island'.Bay, or for.that matter at Bay-of Islands,, does .not require any more stamps than one posted at the Central Office. .If the telephone-.system were conducted as sensibly and fairly- as the postal service, it might, become as popular in New Zealand-as it is-in:Amcricav -.

We referred yesterday to the vio--lent but, .very, unfortunate fashion in which" tho Christchurch organ of the -Ministry, preferred, against us, in its issue of Tuesday, a charge- of deliberately falsifying the prices of colonial "stocks. It w : as shown by us that the'"Christchurch paper itself had mis-stated,'the price of the New Zcailahd .'3i' per cents, by giving it as £95.15s...instead, of £95 7s. 6d., and had represented. the superiority of the \Vcstralian.3j per. cents, as only. 155., -whereas it was really 325. 6d. : We. added that wo were sure that these-mis-statements were innocent mistakes,"but it is possible that we were a little, too', generous in doing his. For, in its issue of Wednesday,- after ■ again examining the figures and thinking out the matter, our critic. uses even - stronger language than ever concerning The Dominion. It : speaks of "the brazen effrontery of - a journal, that has deliberately misquoted the prices of l stocks," refers to our "impudence." and concludes that "Satan reproving sin would be quite a mild performance compared with this extraordinary exhibition." It still makes no reference of any kind to the fact that it so misquoted tho price of New-Zealand stock on its own account as to.make that stock. appear at a smaller disadvantage in comparison with the, Australian- securities, and in, particular .assisted itself still further by misquoting arid under-stating the. price of Westralian slock. It says our action was deliberate, and it speaks, of our brazen effrontery. Wo havo said, and wc still think, that our contemporary's own serious misquotation of tho New Zealand and Westralian prices was accidental. The public, wc are afraid, however, will. form.a" -less kindly opinion of the wretched posi-

tion in which our critic has placed itself by its peculiarly., unfortunate violence and vituperation. "Satan reproving sin," indeed! So far as the public is concerned,- the reallv significant thing about, the incident is the desperation of the case that has led the Christchurch journal to depart so far from candour and propriety. ■■ ■

AVe drew attention a few months ago to a forecast of economic depression in America. What ! was said then has lately received (corroboration in the form of a remarkable utterance by Mn. Jajies J. Hill, the American railway magnate. The year 1911, according to Mn. Hill, is to witness-' the shutting down of many iron and coal mines because of the decreased demand-lor' iron and. coal and other materials. His own railway,' he stated, would be making no extensions during 1911, and other- great -business • interests would be equally reluctant to spend more than.' was strictly required. "Entsrprise in all lines will come to a standstill. There-will be no progress. "Many people- will have to change their occupations and habits of living." Other leading financiers and business men, while thinking, that Mr. Hill's forecast was too pessimistic, agreed that' during the present year, there would be a curtailment, of trade 1 .-. One 1 authority, quoted by- the Washington corres-. pondent of the Morning Post, attributed the s trouble; to, over-exten-sion of.-the means' of' "There are too'many mills and factories, and they are capable of producing more than the country can consume. The means of supply being greater than the demand has. resulted in millions of dollars being locked up in unproductive -enterprises.' Apparently it is the old.story of the optimistic ' American temperament too heavily discounting the future. These warnings should be heeded in New Zealand, fo> it is' surely no longer necessary! to point'out that this. country - cannot be cut off from ,the economic currents of the world.