LATE LOCALS.

Hokitika Guardian, 1 October 1924, Page 3

LATE LOCALS.

The New Zealand railways earned :|.s:l per cent on lice ceijiital in vest eel, and working expenses in proportion to earnings showed an appreciable drop last year. The General Manager of Railways, discussing the financial side of the Department, anticipates a revenue of LT.IMKI,IHIO during the current year and an expenditure bhill.OllU loss than that. The total wages hill went up lie Cl 12.1 11 last year and the elifferelic:.' between the total and that of the wages hill in IfWI is, says Mr McVilly, sufficient to pay G.OJ per cent on the- capital invested. 'I he estimated annual loss on the working of the Otirn •eelinn is C7o,o:i<b The policy obtaining in New Zealand has been to regard the financial return as of less inimediilU. ie.ioori ane-e Limn the developmental aspect, and for that reason the return required cat railway capital lias keen lixt el at | per cent, which i-. of course, less than the average interest the public debt. The value of concessions granted in railway rates and

.services, however, represents a. sum more than sufficient hi cover the difference between interest at the policy i-ite anel the amount that would he required to meet the lull liability at Htf avenvo rate of interest cn public debt in respect of the capital invested in