P.—2

1898. NEW ZEALAND.

RAILWAYS STATEMENT. (19th July, 1898.) BY THE MINISTER FOR RAILWAYS, THE HON. A. J. CADMAN.

Me. Speaker,— In presenting my fourth annual Bailways Statement, I have again the pleasure to announce a most satisfactory year's working. As in last year's Statement, I propose to review the transactions of the year in the following order : Eirst, the transactions as a whole, under the heading of " General " ; second, " Earnings " ; third, " Working Expenses " ; fourth, " Expenditure for Additions and Improvements to Open Lines and Boiling-stock charged to Capital Account " ; fifth, " Midland Eailway (results of working) " ; sixth, " Concluding Eemarks and Forecast." 1. GENERAL. The number of miles now open for traffic is 2,055, as against 2,018 last year. The revenue for 1897-98 has been ... .. ... £1,376,008 1896-97 ... 1,286,158 Giving an increase of ... ... £89,850 The expenditure for 1897-98 has been ... ... £857,191 1896-97 789,054 Giving an increase of ... ... £68,137 The excess of revenue over expenditure for 1897-98 has been £518,817 1896-97 ... 497,104 Giving an increased net return 01... £21,713 The rate of interest earned on the capital cost of the open railways (£15,993,903) has been £3 4s. lOd. per cent., as against £3 3s. lOd. last year, or £3-24 as'compared with Victoria, £274; Queensland, £2-86; South Australia, £2-98; Tasmania, £1-15 ; and New South Wales, £3-79. (See Eeturn No. 15.) The extensions from Kanohi to Makarau, 3 miles 6 chains; Newman to Woodville, 24 miles 40 chains; Hyde to Kokonga, 10 miles 2 chains—a total of 37 miles 48 chains—have been opened during the year. (See Keturn No. 21.)