WELLINGTON TOPICS

Hokitika Guardian, 14 February 1923, Page 1

WELLINGTON TOPICS

THE RAILWAY FIGURES. ANOTHER VIEW. BFUCIAI, TO OUAItmAN. WELLINGTON. I'Vh 12. The same figures lead different people to different conclusions, and while the Minister of Railways has teen pluming himself upon the improved returns front the lines during the nine months between April Ist, 1922 and January tit.li 1929, an accountant of sonic .standing, who professes to he free from political bins, lias been making comparisons which give much less satisfactory results. Ho quotes the, Minister's own figures, which up to a certain point are not capable of dispute. The re-

venue from tlm lines during the nine months of the financial year 1921-22 was t 0,021,009. and during the. corresponding period of the financial year 1922-29. £4.912,592, a, decrease of £108.417. It is tho lessened expenditure that the Minister gets his improved results. In the first nine months of 1922-29 the expenditure amounted to £1.872,225 and in the first nine months of 1922-23 to £4,2(32,10 a decrease of CGO9.BK!. Thus the surplus. that is the excess revenue over | expenditure, during the first threequarters of the current financial year was £101.309 more than the surplus during the first three-quarters of last vear. ANOTHER VIEWPOINT. Thine are the figures upon which the Minister is pluming himself and receiving the applause of his friends. IJul the accountant analyses them from a different view point. “The difference between revenue and expenditure for tin current year shows a very great improvement.” lie says, "hut it would he misleading, or at ail events it would give a very wrong impression, if we stopped at this and coiigi atulatid ourselves on tin' improvement without some reservation. Railways cost money to build and interest has to In paid on this money. Roughly tile opened lines have cost £99.300,(XX) and the unopened linos £5,300,000. The interest at- 31 per rent, per annum on the total of Lliese sums voulil amount t<> over £ I .o'rhOflli. For the period under review. practically nine months, the ininierirt- would 'he f 1.173.105. so that s'ler allowing for the surplus of CO.V) 189 them was actually a deficiency of £.‘•22.822 during the period be I ween April Ist. 1922. and January (ji.li. 1923. ■’ Ol course, this Mould hi- the proper method ol ascertaining the r -uIL obtained troni tlm i.iilnay.. hut 0 icier lias been adopted, and the Minister is entitled to such credit as he nay obtain from the excess of revenue over expenditure. THE FACTS. Rut the critic might have, pushed the question of interest- much further than lie has done. Tie has taken the eost ol the fiilwavs at the (igurrs thev stand in ih ■ hooks of the Public Works ! i•■•cii r 'in-nt. These figure- however, take up account at all of tie- interest that Inis been mounting up year after ver,■ oil the monel burrowed tor the const met ion of the lines. Wire this ~; !ere -1 d 'lilted, as m-arly ;i, might he. to each line, the book cost Would lie tin' actual cost and the total would lie ■'l h-.ist doubled. Take, for instance, the Fa-t and West Const line in the South Ishynd. Money was expanded upon this work mnic than thirty years ago and meu 'v s; l|| j- l.eing spent upon i ; hut never a penny for interest Inis been added to its r. (Ye'd, I And what lias happened to this line has happened to every line in tho country. Taking interest into n'cnuut the X- v. salami Railways cannot have cost the community In- 1 - ilni.u a hundred millions. That being I'm >-is . tlm fact Ll llll a charge of 3! m r ' 'id -■ on I "■< than half I hat sum for a p-u nul- of mile months binds them into a deficit ney ol over half a million certainly j i- not satisfactory. II IE PARTY TANG! E. Nothing has happened during the | week-end to throw any Ruminative light upon the unravelling ol the party tangle. At the monuni the appearance oil the surface is that the prospects of a working arrangement between tho Reformers and the Liberals being reached are not so encouraging to (lie advocates of such a settlement as they were last week. Neither party is yet talking ol concessions and Mr Massey and Mr Wilford remain aggressively apart. Rut it is thought hy many members on both sides ol the Huii.-e that this is only part of Vlie game that during the nil-rent week the leaders will draw closer together. Meanwhile Mr Wilford has given notice of Ills intention to introduce an Electoral Reform Bill and an Agricultural Bank Bill. These measures may be inlemkid merely to provide a hn-is for negotiation between tin, parlies. If •ir Wilford can present a sufficiently kohl front with his Electoral Briorio Bill to impress Mr Massey and his mliuwers they may he prepared to meet he leader of the Opposition with re a .suitable and acceptable conditions. I h'“ part the Agricultural Bank Bill mig". play in this strategy is not so plain. The Liberal Party has derived tin main part of us accession of strength rom the rural constituencies, hut it was a State Bank, not an Agricultural Bank with which it tickled the ears of ,e farmers during the election campaign. [