RAILWAY REVENUE

Evening Post, Volume CXXX, Issue 85, 7 October 1940, Page 4

RAILWAY REVENUE

A HEALTHY OUTLOOK

FIGURES FOR HALF-YEAR

(By Telegraph—Press Association.)

CHRISTCHURCH, October 6.

Reviewing the approximate returns of railway revenue and expenditure, the Minister of Railways (the Hon. D G. Sullivan) stated today that the position was satisfactory, the net revenue for the four-weekly period ended September 14 being £64,424. compared with a deficit of £7814 in the corresponding period last year. The approximate net receipts lor the 24 weeks of the current year amounted to £588,919, against £169,568 for the first 24 weeks of 1039.

Mr. Sullivan drew special attention to the fact that while the revenue for the past four weeks showed an increase of £72,845, expenditure had increased by only £607.

"During the four weeks ended September 14," said the Minister, "there was a substantial increase in passenger traffic, due largely to the transport of troops. Traffic in coal, manure, lime, and general commodities also showed considerable expansion.

"While the net result of all operations for the four-weekly period of last year was a deficit of £7814. operations for the relative period of this "year have produced a surplus of £64,424, gross revenue being £773,698 against an expenditure of £709,274. "There is good reason for congratulation in the fact that this total of expenditure was only £.607 in excess of the expenditure incurred during tht» corresponding four- weekly period of 1939. "Examination of accounts from April 1 to September 14 (24 weeks) provides opportunity for fuller appreciation of the ■ improved state of the railway finances," concluded Mr. Sullivan. "The gross revenue to date was approximately £4,885,552, compared with £4,306,401 received during the first 24 weeks of last year, an increase of £579,151. Expenditure was £4,296,633 this year, exceeding last year's figures by £159,800. Net revenue from all operations of the Department for the 24 weeks of the current year was, therefore, approximately £588,919, compared with £169,568 for the corresponding period of 1939, an increase of £419.351.

"There will be additional charges, however, for the balance of the financial year to meet increased costs arising from the inevitable increase in the cost of imported raw materials, while further provision will require to be made for the cost of living allowance granted to lower-paid employees of the Public Service, including employees of the Railways Department."