THE RAILWAYS.

Lyttelton Times, Volume CXXII, Issue 15717, 9 September 1911, Page 8

THE RAILWAYS.

Most of the information supplied in our parliamentary correspondent’s brief message dealing with the Railway Statement which was laid on the table of the House of Representatives yesterday afternoon has been anticipated by tho monthly returns and tlie speeches delivered by tho Minister during the recess. The revenue for the year lias exceeded Mr Millar’s estimate by £244,182 and the expenditure by £79,997, the increase in *the expenditure, of course, being due to tlie satisfactory growth of tho traffic on the lines. Tho general expansion of the business can he conveniently shown by quotjng the salient figures in tho last three Statements:— 1909. 1910. 1911. Gross earnings . . £2,929,526 £3,249,790 £3,494,182 Working exponses . £2,114,815 £2,169,474 £2,303,272 Not profit . £814,711 £1,060,316 £1,190,910 P 0 r eentago of profit to capital invested . 3.13 880 • 4.06 The earnings for 1910-11 are the highest that liavo yet been recorded in tho history of the Department, whether judged by their 'magnitude or by tlie percentage they bear to the capital investment, and the Minister is certainly justified in taking some credit for having raised the revenue from £2,929,626 in 1908-09 to £3,494,182 in 1910-11 without adding more than £188,457 to the expenses. Wo hope, however, that tho improved, condition of the accounts will not lead Mr Millar to suppose that the process of profitmaking can bo carried beyond very definite limits. Tho railways are now paying a rate of interest which is quite sufficient from the financial point of view, and this year the Minister should give increased attention to tho interests of the employees and of the users of tho lines.