RAILWAYS STATEMENT.

Hauraki Plains Gazette, Volume XXXVII, Issue 5010, 6 August 1926, Page 2

RAILWAYS STATEMENT.

SATISFACTORY SURPLUS SHOWN.

GENERAL INCREASE IN TRAFFIC.

The fourth annual Railway Statement, which was placed on the table of Parliament yesterday by the Rt. Hon. J. G, Coates, Minister of Railways. records a year of ve,ry satisfactory progress. The -net revenue amounted to £l.992,333, which is equal to 4.35 per cent, an the capital invested in lines open for traffic, including on railway improvement works which have not yet reached the stage when they are revenue-producing. Included in the revenue is £359,540 paid from the Consolidated Fund in terms of the Government Railways Amendment Act, 1925, in respect of services performed by the department in working developmental lines. The sum of £317.142 ha's been charged against expenditure and eet aside, as a Renewals and Insurance Fund. Excluding these two items, which have not hitherto appeared the accounts, the net revenue amounted to £1,949,935, equal to 4.25 per cent, on the average capital invested, as compared with 3.55 per cent, for the previous year.

A Betterments Fund has, also been established to provide fair improved accommodation in passenger carriages and the replacement of gas- by electric lighting therein, improvements, in shunting yards, the retirement of obsolete equipment and works not ’fully covered by the Renewals Fund, and minor improvements required to maintain the standard of service. The sum of £58,000 has been credited to this fund during the year. After paying interest charges- at the rate o'f £5 3s 9d per cent? on capital raised under the provisions df the Railways Improvement Authorisation Act, 1914, and £4 2s 6d per cent, oh all other capital moneys there remains a surplus of £21,022.

The subsidy pa.id from the Working Railways Account to the Government Railways Superannuation Fund was increased, during the year by £65,000 to £145,000, equivalent to 18s 10d in the pound on members’ contributions. The results of the year’s working must on the whole be considered to be very satisfactory. Nearly all classes of traffic show an increase in both volume a,nd revenue, due ndt only to the natural growth off business, but also in a large measure to the spiiit of enterprise which has- actuated all ranks of the staff in fostering traffic and catering for the requirements of the department’s customers.