Page 3 Advertisements Column 3

Hokitika Guardian, 17 May 1928, Page 3

RAILWAYS STATE.MKNT CIUTfCMSF.D. WKSTPORT. May 17. In a statement’to Hie press to-day. .Mr 11. K. Holland (Leader of the Opposition) expressed the opinion that a change was necessary in the railways system of accounting if the public were to be permitted to have a clear knowledge of the financial results ol the yearly operations ol the Railway Department. Jt was agreed, of course, that whatever losses were made by any Department must in the end lie borne by the Consolidated Fund, but that was no reason why such losses should not he clearly stated. The figures furnished by Mr Coates at I’aparoa were likely to be wholly misleading to the general public. On the surface. Mr Coates’s statement showed a deficit ol £263,479, whereas the actual loss was £783,0-17. The smaller amount proclaimed by Mr Coates was arrived at l,v taking £<189,568 from the Consolidated Fund and passing it through the railways account as “revenue.” " ,s was done under the provisions of the amending legislation of Ibid. A i o land points out that in 1926 a deficit of £339 518 was transposed into a surplus of £21,022. by transferring £358.510 from the Consolidated und, and calling it railways ■eveime, wiule , 1927 the actual loss of £o-H>Bo uas rnde to appear to a casual observer as deficit of only £98,659 by similarly rnnsferring £445.221 and treating it s railway revenue.

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