RAILWAY SETTLEMENT

Hokitika Guardian, 18 October 1919, Page 4

RAILWAY SETTLEMENT

I PRESENTED TO HOUSE. ‘ RECORD RECEIPTS, £4,988,632 ! In presenting the Railways Statement for the year ended March 31st, iqig, states the Right Hon W. F. Massey, I have pleasure in announcing that, notwithstanding . the exceptional conditions which pre- , vailed during the greater part of the year, the gross receipts amounted to £4,988.632, which constitutes a ; record for the Dominion. This is |an advance of £300,932 on the ! earnings for the year ended March i 31st, 1918, and £263,632 in excess of the estimated revenue. The following gives a . summary of the i results: i Year 1919. Year 1918. I d£ £ | Total earnings 4,988,632 4,687,700 j T’l expenditure 3,308,575 3,042,907

Net profit on working 1,680,057 1,644,793 The mileage of lines open for traffic on March 31st, 1919, was 2993, no new extensions being opened . during the year. The capital cost of lines open for traffic, including the steamers and. plant on Lake Wakatipu, increased from £36,001,432 to £36,167,681. The net revenue, £1,610,057,.. is equal to a return of 4.65 per cent on the Capital invested in the lines open for traffic, and 4.28 per cent on the capital (£39,260,882) invested in the opened and unopened lines. The gross receipts per train-mile for all lines amounted to i60.00d, against 150,50 d for the previous year, an increase of 9-sod per trainmile.

NORTH AND SOUTH ISLANDS COMPARED . ■ The receipts per train-mile from the North Island main line and branches were i6i.ood, against 150.25 d for tlie previous year,, an advance ot. 10.756. The South Island main line and branches produced a gross return of 159.006, against 149,254 last year, an increase of 9-75 - The expenditure for the year, £3,308,575, was £265,668 more than the previous year, aud £64,344 over the estimate. The ' percentage of working expenses to .earnings was £66.32 per cent, against 64.91 per cent last year, an increase of 1.41 per cent.

The sum of £85,708 was expended under the head “ Additions to open lines ” in providing additional rolling stock, tarpaulins, workshop machinery, Westinghouse brake, telegraph, telephone, and tablet facilities, purchase of land, additions to workshops, new locomotive depots, etc. During the year one new heavy tank engifie. one bogie Car, and 143 new wagons were built in the workshops, aud put into traffic. Fourteen engines, thirty-nine cars, fifteen brake-vans, and 909 wagons were on order or under construction at the end of the year. Owing to the great shortage of material the building programme has been greatly retarded. CONTINUED UNSETTLED CONDITIONS. In view of the continued unsettled conditions prevailing as the result of the war, and the uncertainty as to when anything approaching normal circumstances will again be restored, it would not be prudent to take other than a conservative view in making a forecast of the railway revenue and expenditure for the year ending March 31st, 1920. I anticipate, however, that the revenue will reach £5,000,000, and the expenditure will amount to hot less than £3,575.0cd. It is unfortunate that prevailing circumstances have precluded the vigorous scheme ot improvements outlined in 1914. The inadequacy a of the facilities provided for meeting the requirements of railway business was strongly emphasised at that date, and has been pointedly referred to on many occasions during the intervening years. The manner in which the business of the Dominion has extended during the war period is conclusive evidence that our industries will receive a great impetus after peace is concluded and normal conditions are fully restored. It is, therefore, imperatively necessary that the scheme of improvement's to which I have referred be put in hand and pushed on vigorously to completion, so that the disabilities inseparable from lack ot proper facilities, may be minimised as soon as possible. With reference to the superannuation fund, the Minister said that the position is such as to tender it desirable to have another actuarial examination made with a view to determining its stability, and it appears inevitable that the Government subsidy 0f£25,000 per annum must be largely increased. When the statement was presented to the House last evening, Sir Joseph Ward said he hoped that a good railway station for Wellington would be provided with accommodation aud conveniences to meet the needs of the next hundred years.