VICTORIAN RAILWAYS.
The annual report of the Victorian Bailway Commissioners was recently presented to the Victorian Parliament. The "Argus" gives the following summary of the report:—" It deals with the working of the railways from the time when the Commissioners took office .to, the end of the financial year 1884-5, a period of eighteen months. The' result of the firßt six montim' management under the new regime Bhowed net earnings equal to 2 per cent, on the total capital expended upon the construction, of railways (£21,893,386), but, deducting ■£500,000 expended on railways not ojpen for trafiio, the returns showed £2 Is 2d per cent, for tiie half-year. The gross revenue for the financialyear 1885 was 422,181,932, the working expenses 411,277,425, leaving a net-revenue of 42904.507, which is equal to 3.95 per cent, on the total capital expenditure (4322,914,449; 403 per cent, on the capital of railways open for trafiio, and 4.54 upon the expenditure out of debenture capital upon railways open for .traffic. The net interest paid on debenture capital was 42944,086,* or over 4240,000 more than the net revenue. The returns for the year ending June, 1885, show an increase of revenue, as compared with the returns for the year ending December, 1883, of 42283,621, an increase in the expenditure of 423503, leaving a net increase of 42280,118. This result has been attained in ' the face of reductions of freight amounting in the aggregate to 4230,000 During the twelve months 34,814,002 passengers were carried — an increase of 8,328,697—whi1e the tonnage of goods and live stock was 2,272,361, an increase of 390,601 tons, and the train miles run 6,849,818, an increase of 1,148,305. The earnings per train mile amounted to 6j 4_d, and the expenditure to 3s Bsd, leaving a net 2s 7fd against ,2a 2sd in 1883 an increase in the net profit of 6_d per train mile. The sum of 42896,063 was expended on capital account last year. The Bailway Commissioners deprecate the practice which has hitherto prevailed of preparing sectional returns from the different systems, on the ground that it is contrary to the- policy of tiie country in the matter of railway construction, while the,figures are only approximate and entail an amount of labor and expense out of all' proportion to their value.. Although suggesting. that in future the practice should be discontinued, they,: however, on the present occasion, furnish the sectional information. .The northern system bas now 540. miles of railway, seventy-eight miles having been added I since the commencement ot the term dealt with. Its revenue shows an increase of £43,105, and its expenditure a decrease of 4217,242, the net earnings being equal to 3.12 per cent, on the capital invested, _38,779,289, against 2 37 per cent, in 1883. On the western system there are 543 miles of railway,fi7f mileshavingbeen constructed during the period reviewed by the report; the revenue has increased by 4295,110, and the expenditure decreased 4222,259, the net earnings being equal to 3.89 per cent, on a capital of 456,923,419, against 2.41 per cent, in 1883. The north-eastern system has 363. miles of railway, 55} miles having been added; its revenue has increased by 4252,714, and ita expenditure by 4244.395, the net earnings, being 6.03 per cent, on a capital of 423,552,684,-aa compared with 6.85 per cent, in 1883. If the capital not earning revenue were deducted, the net return would be equal to 6.30 per cent. The mileage on the eastern system has grown from 169 to 1911 miles, the revenue has increased by 4230,258, and the expenditure by 4221,329, the net earnings being 212 per cent, on a capital of .421,891,328, against 2.55 per cent, in 1883. Deducting the unproductive capital on this Beetion the return would be equal to 2.30 per cent. The returns of the suburban lines are most satisfactory. The revenue has increased by 425?;433, and the expenditure has been decreased by 4232,720, while 22,054,411 passengers were conveyed during but year, or 4,690,382 more than in 1883. The net revenue was equal to 6.43 per cent, upon a capital of 421,778,730, including the whole ot tiie cost of the Prince's bridge station, the laying down of additional lines between Prince b bridge, and the South Yarn and Swan street alterations. The net revenue in 1883 was at the rate of 1.45 per cent, upon 421,631,097, in -1883, bo that the improvement shown is nearly equal to 5 per cent."
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