THE RAILWAYS YEAR

Dominion, Volume 13, Issue 302, 15 September 1920, Page 6

THE RAILWAYS YEAR

= A BIG INCREASE IN EXPENDITURE Tho Railways. Statement, which is to be- presented this weeJ:. covers a workins voar nifti'ked bv exceptional features: The financial returns, for 1919-20 were gazetted some time ago, and the leading items compare as. under with 'those,'of the previous year:— 1918-19. 1919-20. « «£ ■ Revenue 4,988,632 5,752,187 fixponditiire 3,308,575 .4,105,067 Net rovenue 1.650.057 1,617,420; Hie percentage of net rovenue to capital invested- works out (it a little over foui l and a half per cent, and shows_a slight decline on the corresponding, figure in 191S-19. The. proportion of expenditure to revenue was 71.36 last year, as against 'C 15.32 per cent.-in 1918-19. The financial results for 1919-20 were, of course, heavily nnd adversely affected by tho cut M service*; for the three months, from July to September, 1919, .which was made nccessary by the depletion of coal supplus But for this, untoward intenup tion if better balance, of revenue. ove working expenditure might have been anticipated, more, especially when it is considered that owing- to a of obtaining materials and other arrears of maintenance.work aro slifl for from having been oVcrt ?K n \ v ;T,. „m Hi# Statement will, be! awaitoil vatli ill «♦. move'interest smce the llimsUr oi mu n-nvi it faced by somewhat staggering fmaiipinl problems, Aowt torn sfantinl inoreuso lateb nw" 6 : d nnd salaries, tho cost of, coal .ua » ' materials jus heavily i— * (lition railway loans i 2? this" of course, means licreased capital charges. '