THE RAILWAYS.

Taranaki Daily News, 17 September 1920, Page 5

THE RAILWAYS.

INCREASE OF REVENUE. NET PROFITS SMALLER. THE DEARTH OF LABOR. (By Wire.—Parliamentary Reporter.) Wellington, Last Night. The Railways Statement for the year ended March 31, 1920, shows that notwithstanding the curtailment of the service brought about by the, shortage of coal between July 2 and September 27, 1919, the gross receipts amounted to £5,752,457, an increase of £703,855 on the previous year, and £752,457 above the estimates. The expenditure was £790,492 more than the previous yekr, ai|d £530,007 above the estimate. The net profit was £1,<t)47,420, compared with '£1,080,057 in the previous year. The percentage of working expenses to earnings was 71.30, as against 60.32 for the previous year, an increase of 5.04 per :ent. , The sum of £100,323 was expended under the head of "additions to open lines," in providing additional rollingstock, tarpaulins, workshops machinery, Westinghouse brakes, . improvements to workshops and engine; depots, station facilities, additional dwellings, tablet installation and purchases of land. During the year four new heavy tank engines, three bogie cars, and 279 wagons were built in the workshops and put into traffic. Forty engines, forty ears, sixteen brake vans, ninety-nine bogie, and 520 four-wheeled wagons were on order or under construction at the close of the financial year. " The following summary of results is given:— 1920. 1919- £ £ Total earnings .. 5,752.487 4.988,032 Total', expenditure 1,105,1007 3.308,575 Net profit on working ... £1,047,420 £1,080,057 The net earnings per train mile fell from 54.03 d to 52.28 d, ■ "Having regard to the world-wide unsettled conditions that exist as a consequence of the war (the Prime Minister continued), and the impossibility of forecasting when normal circumstances will be restored, prudence compels me to adopt a conservative view in respect to the railway revenue and o\>penditnrc for the year ending March 31, 1921. I anticipate, however, that the revenue will he £0,000,000, and the expenditure £4.012,500. It ic. a matter of regret that circumstances have precluded any material progress being made with the important essential works proposed in 1914. Th« lack of accommodation results in congestion of traffic, and' is a serious obstacle to successful operations." - The general manager's report gives detailed information, and states that in the past five years the revenue has increased by £1,047,030. There is every indication that this rate of interest will be maintained. It is therefore imperatively r»cessary thnt the railway improvement scheme of 1914 should be vigorously pushed on, T;hc department could find regular employment for at least five years for £SOO suitable men.