THE RAILWAYS

Dominion, Volume 10, Issue 3177, 30 August 1917, Page 7

THE RAILWAYS

ANNUAL STATEMENT GOOD RESULT ON THE YEAR'S WORKING •The annual Railways Statement was presented to tlio Legislative Council by Sir' .Francis Bell on Tuesday. Tho Minister of Railways makes tho following review of tho year's work:— "I have to announce that, notwithstanding the abnormal conditions which have prevailed during the- year, the railway earnings, which constitute a record for the Dominion, amounted to £1,800,810. This is an advance of X252,d51 on the earnings for the year ended March 31, 1916, and .£350,810 in excess of the estimated revenue. Tho following gives a summary of tho results: — Year, 1917. Year, 191 U. n n Total earnings 4,800,810 4,548,358 Total expenditure 2,926,861.? 2,910,883 Net profit on working ... =£1,873,345 .£1,637,173 "The mileage of lines open for traffic on March 31, 1917, was 2,970, no new extensions being opened during the year. The capital cost of all lines open for truLTc, including the steamers and plant on Lake AVakatipu, increased from <A' 34,857,882 to .£35,378,001. Earnings 5.3 Per Cent. "The net revenue, X' 1,873,946, is equal to a i return of 5.30 per cent, on tho capital invested in the lines open for traffic, and 4.91 per cent, on tho gross capital: (i!38,73?,?73) invested in the openeu and unopened lines. "The gross receipts per train-mile for all lines amounted to 125.756;., against 116.50 d. for the previous year, an increase of 9.25 d. per train-mile. The receipts per train-mile from the North Island main line and branches were 123.00 d., against 112.25 d. last year, an increase of 10.75 d. The South Island mainline and branches produced a gross return of 124.75 d. per train-mile, against 117.253. last year, an increase of 7.50(1. per train-milo. "The expenditure for the year (.£9 926,861) was .£15,981 more than tho preceding year, but ,£118,130 under the estimate (.£3,045,000). "The percentage of working expenses to earnings was 00.97 per cent., against (14.00 per cent, last year, a decrease ot 3.03 per cent. "The sum or .£296,276 was expended under the hcack" Additions to open lines in providing additional rolling-stock, workshops machinery, car-lighting, AVesti7ig?Vouso"&ake, steam-heating interlocking, -telegraph, telephone and tablet facilities, purchase of lanu, improvements to wharves, etc. "During the year 23 new locomotives. 29 carriages, 58 bogie and 332 four-wheeled wagons, ancHioO 1 tarpaulins wore completed arid put into traffic; and 27 locomotives. 46 carriages, 16 brake-vans, 205 bogie and 956 four-wheeled wagons, and 1050 tarpaulins were in hand on March 31. Results of Working. ' "The following is a summary of results of working for year ending March 31, 1917. as compared with 1916:— Year ended March 31. < Particulars. .19". WIGTotal miles open for ' traffic -'.9"0 "i 9,0 Average miles open ■. for year 2,970 2,9a9 Capital'cost of opened and unopeued - lines ..,'. .£38,187,173 437,335,080 Capital cost of open lines ;........: JC35,375,GG1 J134,857,882 Capital cost per mile of open lines ... .£11.913 £11,737 Gross earain»s £4,800,810 £4,548,356 Working exp°enses... ■ £2,926,864 £2,910,883 Net profit on workin/ ; ii 1.673,9-16 £1,637,473 Percentage of profit to capital invest- ' ed 5.30 4.'2 Percentage of working expenses to earnings . '. 60.97 61.00 Earnings per average mile open ... £1,C19 £1,540 Working expenses per average mile open £987 £OSS Net earnings per averago mile open ... Abo- ~saa 125.75 A. 116.50 d. Working expenses per train mile 76.63 /4.50 Net earnings per ■ train milo' ' 49.12 ' 42.00 Passengers, ordinary 14,173,115 14,201,j0fi Season tickets 355,832 330,622 Goods itonnago 5,826,265 5,960,562 Live-stock tonnage... 412.908 410.353 Train mileage 9,146,331 9,356,522 Locomotives 607 •>&> Wagons and brake- I vans 22.3R0 ■ 21.3 M Pafsenger-cars l>4Bo M»This Year. "liT'vlew of tho uncertainties created by the war conditions,' more especially in regard to overseas 6hippihg, th'edoaftu of which affects-our imports, exports,, and manufactures very seriously, it is quite impossible to make anything beyond a, conservative forecast of the railway revenue and expenditure for the year ending -March 31, 1918. Having regard, therefore, to these circumstances, 1 do not consider it. prudent to anticipate a higher revenue than 0:4,200,000, or to fix tho expenditure at less than £2,943,500. • "Although constrained by the uncertainties and adverse conditions of the moment to make a conservative estimate of the results of working for the ensuing year (1918), I deem it essential to emphasise tho advisability of making ample provision to carry on comprehensively and progressively tho improvements referred to in the apecial report made by the General Manager in 1914. It was definitely stated at that time, and has been emphasised since, that unless the works enumerated were completed wuuin live years very serious disabilities would occur in dealing with the railways traffic. At that date the revenue was', verging on four millions per annum. ' In the succeeding foul years, it has advanced to ■£4,800,000, an increase.ot £800,000, or 20 per cent, per annum. 1 am firmly convinced that not long_ after hostilities cease .this country, witn us great natural resources, will enter upon an era of unprecedented industrial activity, and our railways will be called upon to deal with a grea'fiy increased business. During ten years, 1905-1914, under normal conditions the railway revenue increased by over 83 per cent., and the tonnage by 48! per cent. The experience of the last four years confirms my opinion that this rate of advancement will be maintained, ii not exceeded, when normal conditions are restored. It is obvious that facilities that were insufficient for the business in 1911 will be totally inadequate to deal with the 50-per-cent. greater traffic that will be offering before tho works can be completed fivo years hence. Much valuable time has already been lost through unavoidable circumstances. This cannot be recovered, but the consequent disabilities can bo rendered less acute by at once making euch provision as w.ill enable the improvements to be commenced and hastened on vigorously and uninterruptedly as soon as materials and labour are available. Superannuation Fund. "Tho total amount standing to the credit of tho Government Railways Superannuation l'und at the end of the financial year was £377,585, an increase of £14,775 on the lmlanco to credit to the fund on March 31, 1916. The total incoirio for the year was £125,434, and the out"oim,' amount £110,659. Of the latter sum, £89,359 represented payments to 1019* members of the ecrvice who have retired voluntarily or by reason of bein" medically unfit, 250 widows and 347 olnldren win. are dependants ot deceased contributors, to the fund who were members of tho service at the time of their death The income from actual contributions of members totalled £82,983, or £10 870 less than the estimated annual liability. The receipts are, however, augmented by the subsidy received Irom tlio Government, £25,000, and amounts received by way of interest'on funds invested and fines imposed under the regulations and a donation: these amounted to £17,451."