N.Z. RAILWAYS

Dominion, Volume 9, Issue 2582, 2 October 1915, Page 6

N.Z. RAILWAYS

• ANNUAL STATEMENT RECORD GROSS RECEIPTS NET PROFIT £1,185,000 POLICY OP EXPANSION FORECASTED The ■ annual -Railways Statement for the year/ ending March 31, 1915 was , presented; to Parliament last night by ,'tlio Minister, of Railways (the Hon. W. H. Herries)". " In .tho course of this tho Minister stated that he had pleasure ill ■ announcing ■ that, ■ notwithstanding tho :fact ithat'.'.thevexceptional' cironmi. 1 stances created- by. the European, war prevailedduring-, the greater part of tho fiscal' year,.' the: gross .receipts (£4> 103,457) : were . the. highest'on record. The following tahlo gives a summary . 'of tho results:— : : . : v.' : ■ 1915. •• 1914. £ £ Total earnings 4,105,457 . .4,043,328 Total l expenditure' '2,920,435 . 2,880,323 ' Net profit 'on ' "•/: yworking£7,lßs,oo2 £1,163,005 increased Mileage,

Tlics . mileage of . lines opened for traffic was increased -from 2863, at March 31', -1914,. to 2955 for tho year .1915. Tho average mile's* operated during: tlio : iiiidei;\T®vieV-;wa^; , 29W/; , agiiiiistj'att ; averago of '2861 : :tho,.previous year.;Tho. extensions opened . during the year to-.talled-91- miles 25 chains; -Tlra capital • cost 1 of linepopen for, traffic, ineludiug ■plant and steamers on Lake "Wakatipu, .' advanced from to £34,133,825; ■Tlio' net . rcvenuo. (£1,185,002) is equal to av 1 return of 3.53 per cent, on tho capitalWested iivtlio .working railways,! and i' 3.28 per cent, on the capi:ttar (£3G,133,155) invested in .the opened and unopened lines. Tlie: gross revenue (£4,105,157), j whilo_ in > excess of : tho earnings of tho previous year, fell short of tho estimate by £144,543, .but a, saving of £109,545 effected in tho ' expenditure • brought tho net revenue to :/ within. ;£34,998. of. the estimate,

i Expenses for the Yoar. The expenditure amountd to £2,920,- ■ 455, being - £109,545 less than the .estimated amount.v The percentage iof ex..peiisos to . earnings were 71.14 against 71.24. per: cent. last, year, a decrease■in cost of 0.10; per cent. The sum of £524,391 was expended -under tli9.> head of Additions to' Open Lines in provid- . for : -siOTal, iri.terlockiiig, water, ser- : r'vices, /grade : improvements; new - office and - station ■, accommodation,. Westinghouse- brake, car lighting- and heating, workshops machinery,- and rolling stock.. During tho year under roviow 24 locomotives, 34 .< carriages, ,8 brakevans, 84 .bogie wagons, and ■ 928 four-, wheeled . wagons wero completed . _and ;■ added to tho:stock, and;4B locomotives; ''75 'bogie, wagons, and 1268 four-wheeled wagons •wero on order on March 31. This will rkeep /tho 'railway'vwdrkshops, ftUy '."employed during-'tho ensuing year.

i _ Superannuation Fund. The. accumulated amount-'standing to tdo credit of;tho Government Railways Superannuation Eund on: March 31 was £346,156, an increase of £50,686 over tho balance at credit on March 31,1914. The total income for tho year was £138,829, and tho outgoing £88,143. Of tho lattor sum, £77,036 represented . payments to 916 members of the. service retired voluntarily 'or by reason of being medically unfit', 212 widows,-, and - 321 children,' dependants on deceased ■ contributors. to 'the fund, who had" not retired on superannuation at the fime of their death. The: incomo, from ac-. ■ tual- contributions of -' subscribers ■ amounted to £75,023, wliilo t'ho charges on tho fund wero £79,936. The total '.-contributions; 1 were, •; therefore], : f £4913 short of the liabilitiM:V.-i.-vTlie!Vrecoip.ts'.-1 : are, however, supplemented by;the tiov- - ernment subsidy of £25,000' per, annum i- ; tiiid ,amount-s: r accruing : -f rom ; interes fc -on funds/invested and fines imposed under the railway regulations. These.amount--ea last year to £13,795., .■.;■■

; * " 1 Details of Working. ■ .■■■"•V .Tho following table shows some: of ; tho results of 'working fori tho year, in < comparison with 1914:— • : • Earnings per aver- ; . > • ' - " 1914. 1915. I' Earnings per average .mile open <£l.ilG ■ ' t-Gl.'ilO 1 ,Working expenses per . '-:.'Xr- ' : average - mile open'" ~7' . -Not earnings per .7. average mile open . . MOS Earnings per train-. v. '. •mile IOi.OOd, 104.75(1. t .Working expenses: ; .V' f . , ? per train-mile ?4.00d, . . 74.54 d. Net earnings per /, V "... v •••:••¥ 30.00.:.,-..', 30.21 f' Passengers;,ordinaiy.: >13,355,893 H" 13,565,772. Season tickets 287,037.:' • y 303,912 ' Goods tonnage 5,661,340 - 6,075,282 : live-stock-tonnage..., ; ,;358,293'^-V 378,190 1 .V Train mileago 9,319,268- 9,863,420. Locomotives:!..;-. 534 .557 v Passonger cars ■ 1,363 1,397 - ' Wagons,.anil brake- .-. ■ - : * vans"'. ..■;.,.\;..V.......; '"' , '20,25r ; 21^220 : The'Eflect of. the War. Dealing -with effect., of tho war on tho railways,vthe ; .'Minister;-states "In -view".of the conditions 'induced by tho European war, in which .tho Empire has been-actively engaged for several, months, it was aeemed lrapru- " dent 'tp: commit: thev-'Dqmiiiio.n "to any laTge expenditure' in conntction witu °; the-prosecution of the important scheme of works'out-lined in. last yeaHs -State? Blent.'. Operations were,'therefore, con- - fined to . portions ot the general schemo that -wore ic hand thoujjjsis . occurred, - 'ho isstrjeted nxpo-i'lirure heing tentatively-provided for out'of the ; ordinaxy. iunds voted for the.Depait-v -'ment., The fact .that a; record Tn. rail- .. ■• way'.trafnc was created during -a- year . ; when the'adverse conditions alluded to ' prevailed for two-thirds',of .tho period t l can only bo. regarded as a strong indi.- • ■« cation 'of .the ,imperative necessity;'for. : ' going ahead with tho propoMd 'sbhomo i/Of work's immediately the financial'strin-. ; geucy is removed. I find that 'diinng ■ ' tho past -ten- years' the-: train-mileage-ha3. increased: -by 5i - per -cent.-; the' ;. i passenger traffic by 59 per cent.; goods .'traffic by 51 per. cent, j and, notwithstanding the ■ increase .in - the -tractive; power ' of tlici locomotives and thai greator capacity of the lines. resulting-, from improvements such- as grade-eas2> ■ menfe, deviations, and-liko works, congestion of traffic is still severely felt • ,Si tho busy areas and depot

Creat Impetus Probable. 2 "I am, confident that on' the conclusion of the war a great impetus will be given to the various industries of J the Dominion; and considerable dovelop- ' ment of.its vast natural-resources must : "tako place. At the ordinary, rate*of expansion tho traffic would exceed;-tlie ; capacity of tlie" busier portions, of the c'xistin"- lines within the next live:years. If therefore, the railway, system is to be' placed in a position'ta deal cffective- ]. with the traffic that will undoubtedly require, to be handled in the nea/ "' future arrangements: must -bo made, as Boon as funds are available, to push ' on 'the works ; with .rapidity .and; complete them .it tlie earliest moment. I : estimate - that,; tha ■ ley CHU6 for, thft jeaj.

ending March 81, 1916, will bo £-1,000,000, and the expenditure £2,920,000. I :am not including in this estimato tlio extra pcrcontagos' levied by Gazette noticos.of Septombor 10, 1916, for war purposes. Tho railway men have come forward in considerable numbers to servo the Empire in tlio war, and in many other practical ways have shown their sympathies for t'hosa whoso lot necessitates the establishment of relief .funds for-i.idloviation of -d|istress. • I desire to place on record; my appreciation, of their loyal and valuable services." . I ■■■-.