State-Owned Railways.

Kaipara and Waitemata Echo, 6 November 1914, Page 2

State-Owned Railways.

There are in South Australia 1(589 miles of railway open and controlled by the State. The earnings for the past twelve months totalled £2,222,436, and the expenditure £1,393,775, leaving a surplus after providing for interest charges on loan capital, of £335,754. The net revenue on the State lines equalled 5.84 per cent, on a capital expenditure of £14,178/185. Referring to the splendid position of the railways the Commissioner of Public Works said he doubted if any other country in the world, where the railways were in the hands of the people, could show such a satisfactory return. After costing about £14,000,000, or half the public debt, the railways had returned up to the present full interest on capital for the whole 50 yesr.s since the State started rail-way-building. The fact that they were not indebted to the general revenue of the State for one penny spoke volumes for the wisdom of the policy of borrowing money for their construction. During the last eight years of prosperity the railways had wiped out the liability of about one and a half millions which, up till then, had been due to the general revenue. During the last few years, owing to the prosperous seasons, they had been enabled to spend a larger sum out of revenue in keeping the railways as fully equipped as they were when they were buiit, and this year they had paid into the general revenue, at least a quarter of a million pounds from railway revenue, after j laying interest and working expenses on a very liberal scale. i