THE RAILWAY RETURNS.

Lyttelton Times, Volume CXVII, Issue 17788, 13 May 1918, Page 4

THE RAILWAY RETURNS.

This morning wo are ablo to compile from the returns appearing in the “Gazette” a comparative statement of the railways accounts for the last two financial years. Th 0 position is not too healthy. In 1917-18 there was a fall in revenue and a rise in expenditure, making together about £230,000. Tho Minister’s explanation is that tile Department has been paying war bonuses to tho stuff. But it must be remembered that fares and freights liavo twice been increased and the public was informed that the additional charges woro necessary to provide tho money for these bonuses. Tho drop in net earnings cannot, therefore, bo fairly ascribed to tho bonuses, because those payments were supposed to have been provided for. An examination of the figures shows that in the last financial year there were moro or less heavy decreases in every item except that of expenditure. With the greatly restricted service that is run it is really surprising to find an actual increaso in tho cost of working tho system. Ono could understand that it might bo impossible to reduco tho expenses relatively to the curtailment of traffic, but in view of tho largo falling off in the n’amber of passengers carried and the tonnago of goods handled tho high ratio of expenditure does not convey evidence of the best kind of management. The principal figures for tho two years compare as under: — Increaso or

Now, the railway services have been deliberately restricted with the main object of releasing employees for active service. Wo forget liow many thousands of men have gone from tho railways to the war, but tho number is surely largo enough to have made an impression on the pay-sheet of tlio Department. Tli® curtailment of trains has caused much public inconvenience, bub this is borne willingly enough by people who realise that the war must como first. It does, however, seem to be a matter of legitimate criticism that tho Department is spending moro money in maintaining a partial service than it spent on the normal Service, while at tho same timo the users of the railway have to pay about 20 per cent higher fares and freight charges than before.

decrease 1917-18 1916-17 per cent Miles open for traffic . 2383 Gross earn2970 Ino. 0.43 ings . . £4,GS7,703 £-1,809,810 Deo. 2.35 Working oxponses . £3,042,906 £2,926,80-1 Inc. 3.90 Net profit on working . £1,044,794 £1,873,916 Dec. 12.22 Percentage of prefit to capital invested . 4,6 Percentage of working expenses to 5.3 Dec. 0.7 earnings . 04.91 Earnings per 00.9 7 Inc. 3.94 railo , £1,571 Working ex£1,619 Dec. 2.96 penses per mile . £1,020 Net earnings £837' Inc. 3.44 per mile . £551 £632 Dec. 12.31 Passengers . 11,730,643 14,528,947 Deo. 19.26 Goods tonnage . 5,373,136 No. of live 5,826,265 Dec. 7.43 stock . 0,864,224 7,672,313 Dec. 9.09