Operation of the Railways

Manawatu Times, Volume 60, Issue 68, 22 March 1935, Page 7

Operation of the Railways

Financial Results Announced

EFFECT OF 5 PER CENT. WAGE RESTORATION

Per Press Association. WELLINGTON, Last Night. ' The chairman of the Railways Board (Mr H. H. Sterling) announced to-day the preliminary figures showing the financial results of the working of the railways for the portion of tinfinancial year up to March 2, 1935. For the four-weekly period which ended on that date, the gross revenue had increased by £46,951, while the working expenses had increased by £21,971, resulting in an increase in the uet revenue of £24,080 when compared with the corresponding period of last year. For the portion of the financial year up to March 2, the gross rcvemic showed an increase of £257,875, while the expenditure showed an increase of £331,594. The net result to the date mentioned was a decrease in the net. revenue of £43,719 compared with the previous year.

Included in the working expenses was the cost of the 5 per ceut. restoration of wages and salaries, and the cost of the rent adjustment which had been made during the year. The aggregate of these items to March 22 was approximately £166,000. There was one more period to go before the year ended, said Mr Sterling, and he felt very sanguine that the forecast which he had made some months ago, that the department would be able to carry the increased expenditure in which it had beeii involved and at the same time return a net levenuo equal to that of last year, would be realised. Railways Superannuation Funds Board MEMBERS ANNOUNCED Per Press Association. ’WELLINGTON, Last Night. The election of the following as members of the Government Railways Superannuation Fund Board has been Gazetted: Louis Vincent Carmine, representative of the First Division, North Island; James Stanley Roseoe, representative of the First Division, South Island; Ernest John Dash, Michael Connelly and Jacob Elliott, representatives of the Second Division, both Islands.