THE RAILWAY REVENUE.

Manawatu Standard, Volume LIX, Issue 99, 27 March 1939, Page 6

THE RAILWAY REVENUE.

The serious financial position of the railways noted during a considerable part of last year has given way to a much improved state. At one stage prospects of the Department returning even a fair sum towards the cost of interest on the capital outlay were far from bright. With nearly half the financial year gone there was a working loss of £33,060, as against a surplus of £184,000 in 1937 and £350,000 in 1930. With the 10 per cent, increase in fares and freights and better traffic figures there was a welcome change in the outlook, and for four weeks (which included a part of the New Year holiday traffic) the net yield was £155,730, or £47,504 more than in the corresponding period of 1938. The improvement has continued to such an extent that the Minister is able to announce an approximate total revenue, for the last four-weekly period of £9lB, 000, a record for the Department for any one period. This sum was £78,000 greater than the record revenue recorded in the previous four weeks, and £114,000 higher than the yield in the corresponding period of last year. A net working profit of £237,000 is anticipated, giving a return at March 4, and leaving only one moro period before the close of the financial year, of £440,000. The Budg-et estimate was a net return of £500,000, and the Minister expects that this sum will be increased to £7Of),000, but to achieve this a net working profit of £254,000 will be required in the final four weeks with another Departmental record. As little Easter traffic will come into this year’s figures the expectation may not be realised. Nevertheless, the country will be pleased to know that the Department's position, which at one time was far from favourable, has so greatly improved. As interest charges on the capital outlay, £56,000,000 at March 31 last, amount to £2,335,800, the taxpayer has a considerable sum to find towards meeting the Departmental liability-