Forecasts Heavy Railway Loss
WELLINGTON, Wed. (Sp.).—A forecast that the losses of the Railway Department would amount to £5,000.000 by the end of the current financial year was made by Mr G. IT. Mackley (O—Wairarapa) in the House of Representatives yesterday. Mr Mackley, a former general manager of railways, said that, judging from last year’s deficit, which he had forecast fairly accurately, the department’s working losses would be in the vicinitv of £1,500,000 and interest £3.250*000. Now that the department, was "so hopelessly in the red’’ the Prime Minister had” suggested to ' the House on Friday aight that the losses should be regarded as part of the social system, added Mr Mackley.
This was the new philosophy, and typical of the Government’s monetary policy.
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Northern Advocate, 20 July 1949, Page 4
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124Forecasts Heavy Railway Loss Northern Advocate, 20 July 1949, Page 4
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