RAILWAYS PROFIT

Wanganui Chronicle, Volume 83, Issue 34, 10 February 1939, Page 12

RAILWAYS PROFIT

ESTIMATE EXPECTED TO BE REACHED L Per Press Association.] WELLINGTON, Feb. 9. The Minister of Railways, Hon. D. G. Sullivan, stated that he had every reason to anticipate the Budgetary estimate, made at the beginning of the current financial year, for the net earnings from the railways of £505,000 would be realised, plus an additional £200,000 from the increased rates- operative from December 11. Returns for the four weeks ended January 7 showed a net revenue of £55,180, or £32,215 less than for the corresponding period of 1938. These receipts, however, were adversely affected by advance bookings in the previous period anticipating the increased rates and unfavourable holiday weather. Although the net revenue for the 40 weeks ended January 7 fell short of the estimate by £25,911 the revenue for three weeks subsequent to January 7 showed a total increase of £68,000, which, after allowing for the 10 per cent, increase in rates, was much above the estimate and would assist substantially toward making up what was required to meet the Budgetary position. Another favourable feature was that no debit similar to the £83,000 shown in the accounts for the March period last year for arrears of wages and salaries due but not paid would appear in the March accounts this year,, all payments having been made at increased rates.