RAILWAY FINANCE

Evening Post, Volume CVII, Issue 106, 6 May 1924, Page 6

RAILWAY FINANCE

REVENUE SHOWS INCREASES :

3.82 PEE S CENT:: INTEREST

EARNED,

In a statement issued to the Press last night the Minister of Railways (ttie Hon. J. G. Coates) shows that last financial year_ the railways earned slightly more than 3| pe.r cent., the minimum amount of interest which is aimed at by the Government. Although there was' a decrease in passenger traffic, goods tonnage and mileage increased. The Minister's statement is asf "follows :— „ v> "Notwithstanding the n 'fact that severe floods and interruptions to» traffic occurred in the early part of the year, the revenue has not only been well mainta™a-" but -' has. shown an increase" of £250,409 over the revenue for''the preceding year, ,while during the .same period the expenditure has. been reduced by the sum of £98,731. The net, return of revenue'over the expenditure for the year ended 31st March, 1924 amounts to £1,580,445, as against the sum of £1,225,305 for the previ6us year, ihe percentage of profit to the capital , invested is approximately 3.82 per cejitf., as against 3.04 for the-previous year Ihe rate of interest which vthe Government expects the railways to' return is 3J per cent. It will be seen, therefore, that the rate earned by thfe Department is slightly in excess of "that .rate. Pas. sengers show a decrease of 420,000. Thn goods tonnage shows an increase 6*f 300,000 tons,, while the train mileage has increased to the extent of 670 000 train miles."