RAILWAY STATEMENT.

Taranaki Daily News, 18 October 1919, Page 3

RAILWAY STATEMENT.

RECORD RECEIPTS—£4,9BB,O32. In presenting the Railways Statement for the year ended March 31st, 1919, states the Right Hon. W. F. Massey, I have pleasure in announcing that, notwithstanding the exceptional conditions which prevailed during the greater part of the year, the gross receipts amounted to £4,988,632, which constitutes a record for the Dominion. This is an advance of £300,932 on the earnings for the year ended March 31st, 1918, and £263,632 in excesß of the estimated revenue. The following gives a summary of the results:— Year 1918. Year 1918. £ £ Total earnings ... 4,988,632 4,687,700 Total expenditure 3,305,5T5 3,042,907 Net profit on working .... 1,680,057 1,644,793 The mileage of lines open for traffic on March 31st, 1919, was 2993, no new extensions being opened during the year. The capital cost of lines open for traffic, including the steamers and plant on Lake Wakatipu, increased from £36,001,432 to £36,167,681. The net revenue, £1,680,057, is equal to a return of 4.65 per cent, on the capital invested in the lines open for traffic, and 4.28 per cent on the capital (£39,260,9821 invested in the opened and unopened liDes. . The gross receipts per train-mile for aU lines amounted to lfiO.OOd, against 150.60 d for the previous year, an increase of 9.50 per trainmile. NORTH AND SOUTH ISLANDS COMPARED. The receipts per train-mile from the North Isand main line and branches •were 161.00 d; against 150.25 d for the previous year, an advance of 10.75 d. The South Island main line and branches produced a gross return of 159.00 d, sigainst 149.25 last year, an increase of 9.75 d.

, The expenditure for the year, £3,306,575, was £265,668 more than the previous year, and £64,344 over the estimate. The percentage of working expenses to earnings was 66.32 per cent, against 34.91 per cent last year, an increase of 1.41 per cent. Tho sum of £85,708 was \expended under the head "Additions to open lines" in providing additional rollingstock, tarpaulins, workshop machinery, Westinghouac brake, telegraph, telephone, and tablet facilities, purchase of land, additions to workshop, new locomotive depots, etc. During the year one new heavy tank engine, one bogie cafy and 143 new wagons were built in the workshops, and put into traffic. Fourteen engines, thirty-nine cars, fifteen brake-vans, and 909 wagons were on order or under construction at the end of the year. Owing to the great shortage of material the building progTainme has been greatly retarded.

CONTINUED UNSETTLED CONDITIONS.

In view of the continued unsettled conditions prevailing as the result of the war, and the uncertainty as to when anything approaching normal circumstances will again be restored, it would not be prudent to take other than a conservative view in making a forecast of the railway revenue and expenditure for the year ending March 31st, 1920. I anticipate, however, that the revenue will reach £5,000,000 and the expenditure will amount to not less than £3,575,000.

It is unfortunate that prevailing circumstances have precluded the vigorous scheme of improvements outlined in 1914. The inadequacy of the facilities provided for meeting tie requirements of railway business was strongly emphasised at that date, and has been pointedly referred to on many occasions during the intervening years. The manner in which the business of the Dominion has extended during the war period in conclusive evidence that our industries will receive a great impetus after peace i$ concluded and normal conditions are fully restored. It is, therefore, imperatively necessary that the scheme of improvements to which I have referred be put in hand and pushed on vigorously to completion, so that the disabilities. inaeparaWe from lack of proper facilities, may be minimised as soon as possible. With reference to the superannuation fund, the Minister said that tlu> position is such as to render it desirable to have another actuarial examination made with a view to determining its stability, and it appears inevitable that the Government subsidy of £25,000 per annum must be largely increased.