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Sess. 11.—1897. NEW ZEALAND.

Me. Speaker,— This is the third annual Railways Statement which I have had the honour of making, and I am glad to say that the results of the year's work are such as to make my task an unusually pleasant one. I propose to review the transactions of the year in the following order: First, the transactions as a whole, under the heading of " General " : second, Earnings; third, Working Expenses ; fourth, Expenditure for Additions and Improvements to Open Lines charged to Capital Account; fifth, Midland Railway (results of working); sixth, Concluding Remarks. * 1. GENBEAL. The number of miles now open for traffic is 2,018, as against 2,014 last year. The revenue for 1896-97 has been ... ... ... £1,286,158 for 1895-96 ... ... ... 1,183,041 Giving an increase of ... ... £103,117 The expenditure for 1896-97 has been ... ... £789,054 for 1895-96 ... ... ... 751,368 Giving an increase of ... ... £37,686 The excess of revenue over expenditure for 1896-97 has been £497,104 for 1895-96 431,673 . , f Giving an increased net return of ... ... £65,431 These results are phenomenal, and enable the Government to show a return of £3 3s. 10d. per cent, on the capital cort (£15,577,392), as against £2 16s. per cent, last year. During the year considerable additions have been made to the regular train services. Additional trains have been put on between Hamilton and Morrinsville, Te Aroha and Paeroa, New Plymouth and Hawera, Hawera and Wanganui, Wellington and Lower Hutt, Masterton and Eketahuna, Grreymouth and Reefton, Springfield, Darfield and Christchurch. The Canterbury North line train services to and from Christchurch have been quickened and added to. Additional workmen's trains have been provided between Christchurch and Islington. The train services between Lumsden and Invercaigill, and Invercargill and the I—D. 2.

RAILWAYS STATEMENT. (28th September, 1897.) BY THE MINISTER FOR RAILWAYS THE HON. A.J. CADMAN.