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Hokitika Guardian, 16 March 1922, Page 2

The railway figures published yester* day in our columns are not encouraging, but are not disappointing. They only ton clearly show that the railway year is a year of heavy ioss. Of course, the filet of the loss is ndt improved by the general knowledge that it was inevitable; The main duty of the citizen, however, is to get the meaning of these figures iiito his head, So that he cati realise exactly what the loss which the railways have sustained during the year. Tf the figures published were the whole stray of the railway year, they would show a profit, for they do show that, on the whole account of both islands, the railway income has exceeded the railway expenditure. The excess is small, only £230.780; nevertheless, it is something to know that the expenses of our railway system have b e en more than covered, especially as these expenses include all or most of the maintenance and repair charges. The South Island has less cause for satisfaction, for the j southern lines have not covered their j expenses, the fact being that the de. j licit was made good by the profits of the North Island, as well as the surplus of £230,780. The loss was, in fact £161,960 in one of the two main divisions of the railway service, and the profit on the other was £392,741. But to these figures, which do not tell tlie whole story, must ho added the interest charge. Taking these at 3$ per cent, on the capital of thirty-six ! millions expended on the open rail- ■ ways, the aggregate interest for the whole pomes to £1,260,000 for the year, ; representing a daily average of £3450. 1 This appears to corroborate two recent statements of the railway management. , According to the older of these, the lines were losing £4OOO a day; accord- . ing to the more recent, the daily aver- j age loss had fallen to £3OOO. The j above £3450 being the average over twelve of the thirteen four-weekly periods of the railway year, is therefore in fair agreement with the current statements of loss. The fact to be faced squarely is that the railways are requiring a subsidy from the Consolidated Fund at the rate of over a million and a quarter a year. .