RAILWAYS STATEMENT.

Evening Star, Issue 16514, 28 August 1917, Page 4

RAILWAYS STATEMENT.

LAST YEAR'S RESULTS. RECORD EARNINGS. [From Our-Parliamentary Reporter.] WELLINGTON, August 28. The Railways Statement was presented to the House to-day by the Hon. W. *H.. Berries (Minister of Railways). It shows that, notwithistanding the abnormal conditions which prevailed during the year, the earnings constituted. a ireoord for the Dominion, amounting to £4,800,810. This is an advance of £202,454 on the previous year's earnings, and £360,810 in excess of the (estimated revenue. Th© summary of results is as tabulated : 1917. 1916. Total earnings ... £4,800,810 £4,548<356 Total expenditure 2,926,864 2,910,883 .Net pTofit. on worldng, ... £1,873,946 £1,637,473 The mileage of lines open for traffic on March 31 last was 2,970, no new extensions being opened, during the year. The capital cost of all lines open for traffic, including steamers and plant on Lake Wakatipu, increased from £34,857,882 to £35,378,664. (The net revenue of £1,873,946 was equal to a return of 5.30 per cent, on the capital invested in open lines, and 4.91 per cent, on the gross capital.) The gross receipts per train mile for all lines amounted to 125.5 d, against 116.50 d for the previous year, an increase of 9.25 d per train mile. The receipts per mile from the North Island main line and branches were 123.00 d, against 112.25 d last year. The South Island main lino and brandies produced a gross return of 124.75 d per train mile' against 117.25 d last year, an increase of 7.60 d per train mile. The expenditure for the year (£2,926,864) was £591 % more than for -the preceding year, but £118,136 under the estimate (£3,045,000). The percentage of working expenses to earnings was 60.97 per cent., against 64.00- per cent, last year, a decrease of 3.03 ne.r> cent. The sum of £296,276 was expended under the head of Additions to Open. Lines in providing roHing-stock, etc. During the year 23 new locomotives, 29 carriages, 58 bogie and 332 four-wheeled waggons were put into traffic, while 27 Jocos., -46 carriages, 16 brake vans, 205 bogie and 956 four-wheeled waggons, and 1,050 tarpaulins were in hand on March 31.

The number of passengers carried was 14,113,115, as against 14,201,506 in Season tickets Stalled 355,832, as against 330,622; goods tonnage, 5,826,265 (5,960,562); live stock tonnage, 412,908 (410,383); train mileage, 9,146,331 (9,356,522).

FORECAST AND .FUTURE PROVISION. The Milfister states, in conclusion: In view of the uncertainties created by the war conditions, mora especially in regard to overseas shipping, the dearth of which affects ouv 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 31st March, 1918. Having regard, therefore, to these circumstances, I do not consider it prudent to anticipate a higher revenue than £4,200,000, or to fix the expenditure at less than £2,943,500.

Although constrained by the uncertainties and adverse conditions of tlie

moment to make a conservative estimate y of the results of the working for the ensuing year, I deem it essential to emphasise the advisability of making ample provision to carry on comprehensively arid progressively the improve- ' ments referred to in the special 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 within five years very serious disabili-

ties would occur in dealing with the railway traffic. At that date the revenue' was verging on £4,000,000 per annum. In the succeeding four years it lias advanced to £4,800,000, an increase of £BOO,OOO, or 20 per cent., per annum. lam firmly convinced that not long after hostilities- cease this country, with its great natural resources, will enter upon an era of unprecedented industrial activity, and that our railways

will be called upon to deal with greatly increased business. During the years 1905-14, under normal conditions, the

railway revenue increased by over 83 per cent., and. the tonnage by 48A per cent. The experience of thelast four years

confirms my opinion that this rate of advancement will be maintained', if not

exceeded, when normal conditions are restored. It is obvious* that facilities that were insufficient 'for .business in 1914 will be totally inadequate to deal with the 50 per cent, greater traffic that will be offering before the works can be completed five years hence. Much valuable time has already been lost through unavoidable circumstances. This cannot he recovered, but consequent disabilities can be rendered less acute by at once making such provision as will enable "improvements to be commenced and hastened on vigorously and uninterruptedly a.s soon as materials and labor are available. <•>