THE RAILWAYS.

Hokitika Guardian, 3 December 1918, Page 1

THE RAILWAYS.

YE Alt 1917-1918 REVIEWED

■SUMMARY OF RESULTS

WELLINGTON November 2-8

The annual report of the Railway Department to 31-st. March. 1918, was presented to Parliament- to-day.

The report- mentions the difficulties created b.v the war, and the extra expenditure in wages and material. Notwithstanding these conditions the gross receipts amounted to .-£4,687,000 an advance of £487,700, on the estimated

. revenue. j The following is a summary of the j results compared with the previous year:— . * 1918 1917 ! £ £ Total earnings .. 4,081,700 4,800,810 Total expenditure 3.042,907 2,926,804 Net profit on workj i„g £1,644,793 £1.873,940 1 • The mileage of lines open for traffic on the 31st, March was 2993. The following extensions were opened during the year:—Mntawai-Motuhora, 4 miles 02 chains; AVaiuku branch, 5 miles; Whangamomona-Kokurntnhi. 4 miles -'0 chnj ns; -Raetilhl lira noli. 8 miles chains.

'Hie capital cost for all lines opened for traffic, including the steamers and plant on Lake Wakitipu advanced from £35,378,664 to £36,001,43..

The net revenue £1,644,793) is equal to a return of 4.00 per cent on the capital invested in th<» lines open for traffic, and 4.24 per cent on the capital (£38,798,163) invested in tbo opened and unopened lines. The gross receipts per train mile from the North Island main lines and branches were 150,25 d. against 124.00 d last year, an increase of 27.25. 'I he .South Island main line and branches prdtieed a gross return of 149.25 d, against 124.75 d last year, an increase of 24.50 d.

j The gross earnings per train mile for all lines amounted to 150.50(1, against 125.75 for the previous year, an advance of 24.75 per train miles. ! Tile expenditure for the year (£3,042.907) was £116,043 more than the previous year and £99,407 over the estimate, £2,943,500. I The percentage of working expenses to earnings was 64.91 per cent., against 60.97 per cent, last year, an increase of j 3.94 per cent .

| The sum of £202.130 was expended i. under the head “Additions to Open ines,” in providing additional rollingstock. tarpaulins, workshop machinery, , Westingliouse brake, steam-heating gear, interlocking, telegraph, telephone, and tablet- facilities, purchase of land etc. ! BETTER, THAN AUSTRALIA.

| The Minister states that he does not anticipate that any material improvement will take place in the shipping ; during the current year, and is con- ! strained, therefore, to take a conservative view in forecasting the revenue and expenditure for the year ending 31st Afareh 1919. Having regard to the existing circumstances be estimates the revenue at £4,725,000 and tbe expenditure at £3,244,231. The financial position is excellent. The interest earned on capital invested, though not- quite so high as that of the previous record v ear, is very good, and compares favourably with the returns shown in the : Australian States. A study of comj parative statements will show that the financial results of the working < f the New Zealand Railways during the war period are superior in nearly every respect to those of the railways of tbo Australian States . j THE OUTLOOK, j “Notwithstanding the fact that prudence and the exigencies of the moment impel me to make a conservative estimate for the ensuing year,"’ says Mr Herries, “I desire to again emphasise the desirability of making adequate provision to enable the scheme of works

J outlined in the. General Manager s special report of 1914 to ho commenced ns Roon ns it is practicable to obtain men and materials and pushed on vig- | orously until finished. Unless this is ' done it is obvious, from the develop- ' mont that has taken place in the railway traffic despite the four years <>, i war conditions, that very serious oonj gestion of business wiTT inevitably occur 1 as soon as normal conditions are again ’* restored.”