N.Z. RAILWAYS

Gisborne Times, Volume LX, Issue 9797, 6 May 1924, Page 5

N.Z. RAILWAYS

YEAR’S ACCOUNTS

SATISFACTORY INTEREST RATE EARNED.

WELLINGTON, May 5. The Hon. J. G. Coates, Minister of Railways, communicated the following information ito the Press in regard to railway accounts lor the year ending March 31, 192 51*- 1 “Notwithstanding the fact that severe floods and interruptions to traffic occurred in the early. part of the year, the revenue lias not only been well maintained, but has shown an increase of £2,564,409 over the revenue for the preceding year, while duz-ing the same period the expenditure has been reduced by the sum of £98,731. The net of revenue over expenditure for the year ending March 31, 1924, amounts to £1,580,445 as against the sum of £1,225,305 for the previous year. The percentage of profit to capital invested is approximately 3.82 per cent, as against 3.04 for the previous year. The rate of interest which the Government expects the railways to return is 33 per cent. It will be seen, therefore, that the rate earned by the Department is slightly in excess of that rate. Passengers show a decrease of 420,000; goods tonnage shows an increase of 300,000 tons, while train mileage has increased to the extent of 670,000 train miles. — P.A.