RAILWAY STATEMENT

Hokitika Guardian, 12 September 1928, Page 1

RAILWAY STATEMENT

WELLINGTON, Sept. II

’’ Tla* Minister of Railways, Mr Coates, delivered tho Railway Stute- ' meat iu the House., In prcsontiiig my sixth annual Railways Statement I have the honour to 'report that the gross* revenue from all ‘sources was £8,021,538, an increase of £89,384 on that of the previous year, 'whilst the expenditure was £'6,085,123, 'aii increase of £194,243. The net earnings, therefore, amounted to £1,839,415, or £111,3(50 better than anticipated in the forecast given in my-last 'year’s, statement. "The net revenue amounted to £1,839,415, as compared with £1,943,774 last year, a decrease of £104,359; while interest charges increased from £2,043,433 to £2,130,867, or by £87.431. Included in the gross revenue is the sum of i‘489,568 credited in respect of development lines, a sum which is higher by £14,347 than the corresponding amount for the previous year.

A siim tb cover accrued depreciation and provision for renewals, amounting to £613.674, 'was debited during the year to working expenses. Against this there was an expenditure. of £321,542 for assets written off or renewals effected during the year. The net increase in renewals and depreciation fund was therefore £25M,132, the tofed amount standing at credit of the fund at the close of the, year being £930,870. Interest charges increased from £2,043,433 to £2,130,867, or by £87,434. Of this increase, new lines taken over diiriug the year accounted for £11,603, while the balance was due to improve'ment works and'the provision of additional, rolling stock. The interest lmr- ' den on improvement works under construction ' was' particularly high l this year, amounting to £75,000. Thin amount is" charged to working expenses; Tim rev'n’-e from passenger traffic decreased by £158,844, or by 7 per cent.