NOTES OF THE DAY.

Dominion, Volume 6, Issue 1693, 8 March 1913, Page 4

NOTES OF THE DAY.

The latest four-weekly statement of the_ railway finances, which appears in this week's Gazette, places it beyond all doubt that at the end of the current financial year there I will be a deficit on the working of the railways. The figures in the Gazette cover the working of the railways for 44 weeks. The net revenue from the Northern lines has every month exceeded that from the Southern lines, and has kept at a level which will secure that the North Island system will again pay its way, while the Southern system will as usual fail to do so. At the same time there has been a persistent increase each month in the expenditure in this island, as compared with the corresponding month last year. The figures for the 44 weeks in the two years are as follow : . Net Revenue. 1911-12. 1912-13. £ £ North Island 572,405 ' 552 724 South lslaml 467,919 4835)/ The fact that the North Island net revenue has decreased while, the South Island net revenue lias increased is duo to the abnormal growth of the expenditure in this island. The gross revenue of the Northern system is much greater, and its increase for the year is much greater, than is the case in the South, but the gross expenditure in this island has increased very disturbingly. It is clear enough that by March 31 the net 'revenue for the whole system will fall short of meeting the increased interest bill and the charges improperly set against capital. The figures fire the natural outcome of the many years of mismanagement under thi old Government, and they strongly emphasise the urgency of the reformed management to which the present Government is committed. I

The annual summary of the world's shipbuilding output for 1912, issued by Lloyd's Register, shows a slight increase over the previous year's figures, but the United Kingdom appears to less advantage.' The total number of vessels launched was 1893, and the gross tonnage 3,436,398 tons. Britain's contribution to the world's shipbuilding in 1911 was 822 vessels, of a total tonnage of 2,034,030 tons, or 68 per cent, of the world's output, whereas last year .only 742 vessels were built, of a total tonnage of 1,930,251 tons, or 60 per cent. Exclusive of warships, 643 steamers and' 69 sailing vessels were launched in the United Kingdom, but it is worthy of note that the sailing ship tonnage was composed almost entirely of barges and similar craft. The ocean-going sailer apparently lias at last dropped right out of the running. Of the vessels built in Britain, over 7G per cent, of the total were for registration in the United Kingdom, while the balance were built for other countries. In this respect it is interesting to note that the British colonies have been the Mother Country's best outside, customers, no fewer than 47 vessels of 72,970 tons (nearly 4 1-5 per ccnt. of the total output) being built for the overseas dominions. The total of 60 per ccnt. of the world's shipbuilding output, which is credited to the United Kingdom, though, as stated, smaller than the previous year's prois puc of those strikiuc cvi-

denccs of the place Britain holds in relation to the world's shipping and commerce, which cannot fail to impress oven the most careless observer. A table, which will be read with particular interest just now, is that showing a comparison of the number and displacement of warships of 100 tons and upwards launched for the various navies of the world during the years 1892-1912. Space will not permit the publication of this table in full, but we give below the figures for Britain, Germany, and the grand total of the whole of the vessels launched:

This table illustrates very well the enormous annual growth in the navies of the world and the increasing strain placed on the Mother Country in order to retain her'position of dominance in relation to the other naval Powers. '

The disinclination of the Government to make known the names of its latest nominees to the directorate of the Bank of New Zealand is understandable now that the information is forthcoming. Both gentlemen are very estimable citizens, and arc reputed to be shrewd men of business, but they are, nevertheless hardly the choice the Government would have been expected to make. v Why it has been thought necessary to appoint a director living as far away from the headquarters of the bank as Auckland may be possible of explanation, but there are good reasons why no 'cleihcnt of provincialism should be allowed to obtrude itself in connection with the bank's management. Presumably, the Prime Minister was responsible for this selection. When Me. Beauchamp was appointed a few months back to fill the vacancy caused by Mr. Reid's resignation, it was given forth that there were special reasons f connected with the difficulty of filling the acting-chairmanship of the bank which led to the choice falling in his direction. It certainly seemed at the time a flimsy pretext, and a poor compliment, to the bank's directors and the business community as well. Those who held that view will no doubt feel themselves justified today by Mr. Beauceamp's reappointment.

British. German. Total. }/• Tons. No, Tons. No. Tons. 52 22 137,271 9 34,400 53 308,901 I, IS <I0 ' Z78 2 8 ' W0 51 1W.533 94 29 32,088 . 2 5,070 57 120,006 ?5 44 139,145 2 5,490 82 248,725 96 34 117,445 1 ll.ico 92 331,791 97 i3 66,740 6 44,214 90 228,900 98 28 140,120 6. 10,648 91 366.873 99 18 121,140 6 29,240 91 344,760 CO 20 35,050 16 43,330 99 260,464 SI 14 59 - <0 ° 123 J® 1' 92.5JS 12 32.524 102 278,106 m 7? 16 60 ' 590 119 Ml, 100 " J3 126,375 11 44,970 102 435,006 05 . 23 96,505 6 36,487 118 363,211 06 23 85,700 17 62,678 148 362,972 SI 33 133,405 17 14,800 142 321,211 08 26 49,560 16 97,660 127 309,689 09 35 98,790 27 99,116 .... . 151 404 475 10 43 133,525 ' 21 49*24 .l. 122 SIMM }J: 41 221,430 28 128,340 169 768,869 12 28 163,C87 30 99,810 174 634,629