OUR RAILWAYS.

Evening Star, Issue 11944, 21 July 1903, Page 6

OUR RAILWAYS.

THE MINISTER'S STATEMENT. A RECORD YEAR. SUPERANNUATION SCHEME A SUCCESS. [From Ouk Pakliamentabt Repobteb.] WELLINGTON, Julj The Railways Statement for the year ended March 31 was presented to Parliament to-day. The results, says the Minister, have again been most satisfactory, and show a large increase on the business of the preceding financial year, notwithstanding the fact that the latter was a record one. The results of working may be summarised thus:— 1903. 1902 Total earnings £1,974,038 £1,874,5*6 Total expenditure ... 1,345,415 1,252,237 Net profit on working 630,623 622,349 Net increase over previous year, £8,274. At the end of the year there were miles open for traffic, as against 2,255 miles open on March 31, 19C2. The capital cost of lines open for traffic has increased from £18,170,722 last year to £19,081,735 for the year under review. The net revenue is equal to a return of 3.30 per cent, on the capital invested in the open lines. The Kawakawa and Nelson sections faled to pay workinc expenses, showing a. deficit of £834 and £533 respectively. The permanent additions made to timetables represent 246,597 miles and a cost of £60,622. The traffic continues to maintain that buoyancy for which it has become remarkable during the past few years, and has again very largely exceeded that of any previous year. The number of passengers carried last year exceeded that of 1902 by 219,254, and gave an increased revenue of £832. The coaching and goods traffic also show large increases under the various headings, except in grain, which shows a decrease of 94,969 tons. The increased revenue derived fromcoaching traffic amounted to £7,712, and from goods traffic to £87.061. A noticeable feature of the year's business has been the increase in live stock and mineral traffic; the increase in cattle being 19,003 head, pigs 6.685 hrad, sheep 1,096,473 head, and minerals 160,633 tons. The increase in sheep is unprecedented in the history of onr railways. The rollingstork has been increased by 10 locomotives. 45 bogie airs, 13 bogie brake-vans, 2 Fell machine brake-vans, 537 waggons, and 391 tarpaulins, all of which have been turned out by the railway workshops. Two hundred and twenty-one locomotives, 437 carriages, 137 brake-vans, 3,804 waggons, and 5 travelling cranes have now been supplied with the Westinghouse brake, 636 vehicles with Pintsch gas, 373 second class cars with cushions, and 232 cars with lavatories Further ears are being fitted. The average number of men employed was 8,875, as against 8,313 for the previous year. During the year 164 members of the permanent staff resigned, 35 died. 66 were retired, 32 were dismissed, and 509 engaged The sum of £3,250 has been paid as compensation and compassionate allowances to members retired from the service, and the relatives of deceased members of the service during this year. Extensions of the railway systems, amounting to 56 miles, were opened for traffic during the year. The gross revenue, £1,974,038, exceeded the estimate by £99,038, and the revenue of the previous year by £99,452. The net revenue, £630,623, was £8,274 in excess of that of the previous year. The receipts per train mile were 7s 3d, as against 7s 4*d for the previous year. The total expenditure was £1,343,415, an increase of £91,178. The expenditure for working absorbed 68.05 per cent, of the revenue, an increase of 1:25 per cent over the rate for the previous year. The amounts chargeable to working expenses are shown by the following figures : ~ —Expenditure.- „_„ 1901-02. 1902-03. Traffic ... ... „ -£333,211 £360,061 Locomotive ... .„ _ 450,694 484 551 Maintenance . _ ■ _. • „. -436,847 460*398 Management „. ... ... 56,756 62^997 £1.277,508 £1,368,007 Less credit recoveries ... 25,271 24,592 £1,252,237 £1.343,415 The. expenditure for the maintenance of the lines, buildings, bridges, and other structures has increased from £436,847 last year to £460,398 for the.year under renew, and represents an average expenditure for maintenance of £204 per mile of railway open* £15,057 has been expended <m ad(ffiicfis' and. - iajprrognefita to fees ■ and

structures which might fairly have beet* debited to capital. £63,278 was spent on bridge repairs and renewals, of which the sum of £10,320 was debited to capital, and the balance, £63,408, to working expenses. The increased expenditure in the traffic and loccmotive branches is due principally to the additional train mileage and increased staff to meet requirements of the.business, and also to improvement of the wages and salaries under'the Classification Act. A summary of the results of working for the year, as compared with the previous year, is given as follows: 1903. 1902. Total miles open for traffic 2,291 2,235 Average miles open for year 2,262 2,227 Capital cost opened and unopened lines £20,214,935 £19,496,553 Capital cost opened lines £19,081,735 £18,170,722 Capital cost per mile of open lines ... £8,436 £8,159 Gross earnings ... £1,974,038 £1,874.586 Working expenses... £1,343,415 £1,257,237 Net profit on working £630,623 £622,349 Percentage profit to capital invested ... 3.30 3.43 Earnings per average mile open ... £873 £842 Working expenses per average mile open £594 £562 Net earnings per average mile open £279 £2BO Earnings per train mile ... 87.00 d 88.75 d Working expenses per train mile ... 59.23 d 59.32 d Net earnings per train mile 27.77 d 29.43 d Passengers ordinary 7,575,390 7,356,136 Season tickets ... 118,431 100,778 Goods tonnage ... 3,730,394 3,52\177 Live stock tonnage 187,867 137,862 Train mileage ... 5,443,333 5,066,360 Locomotives 372 36i Passenger cars Waggons 12,992 12,444 The capital cost does not include the line known as the Midland Railfay, the capital cost to the colony of which was £576,413. The net earnings for the year give a return of 3.21 per cent on the capital cost. Good progress continues to be made in connection with the installation of safety appliances. Up to 31st March no less than 3,586 of the members of the service had given their adherence to the superannuation scheme, and the Minister states that as that scheme is provided by law, no payment of compassionate or other allowances will in future be. made In November last the Government acquired the steamers and of the Lake Wakatipu Steamship Company. In order that the business may be satisfactorily catered for it will be necessary to procure a new steamer, capable of carrying 1,000 passengers, and of steaming up to eighteen knots an hour. After making a comparison of the railway traffic and rolling stock accommodation in 1895 and 1903, the Minister goes on to urge 'that they must convince even the most sceptical of the healthy and prosperous condition of the colony. It will, he says, be at once apparent that if our railways are to keep pace with the rapidly-increasing demands for quick, safe, and cheap transport of both the people and commerce of the country, ample provision must continue to be made to enable«the relaying of the track and the strengthening of bridges to be pushed- on at a greatly increased rate, in order that heavier engines and trains may be run on all the principal lines. Increasing! the load of trains means economy and' efficiency. These desiderata cannot, however, be secured until the heaviest type of engines can be used on any portion of the main trunk and principal branch lines, and until this can be done the ratio of working expenses to earnings must neoessarily be high. " I anticipate,' he says in conclusion, " that the existing satisfactory commercial condition of the colony will be maintained throughout the financial year, and therefore estimate the revenue for the year ended 31st March, 1904, at £2,000,000, and the expenditure at £1,360,000."