THE RAILWAYS REPORT.

New Zealand Herald, Volume XLVI, Issue 14203, 28 October 1909, Page 6

THE RAILWAYS REPORT.

LAST YEAR'S RETURNS.

[BY TELEGRAPH.—SPECIAL CORRESPONDENT.]

Wellington, Wednesday.

The annual Railways Statement was presented to the House to-day. This is the first statement presented by the present Minister (Mr. Millar), but as it does not deal with any matters subsequent to March 31 last it has very little bearing upon any changes of policy introduced by Mr. Millar, who took office in January last. The total earnings for the 12 months ended March last were £2,929,526, as against £2,761,938 for the previous year. The expenditure totalled £2,114,815, as compared with £1,949,759 for the preceding year. The net profit on the year's working was £514,711,' as compared with £812,179 for 1807-8. The net revenue is equal to a return of 13 per cent, on the capital invested in the open lines and 2.80 per cent, on the total capital (£29,052,432) invested in open and unopened lines. The total number of train miles run during the year was 7,458,236, an increase of 406,962 miles over the preceding year. Tho capital cost of lines opened for traffic increased ' from £24,365,647 to £27,762,692. For the first time in the history of the railways of the Dominion ordinary passengers totalled over 10,000,000. The average number of men employed during the year was 12,505, against 12,338"f0r the previous year. The cost of maintenance increased from £638,560 to £656,154. In this connection the Minister says that the increased cost of maintenance is a natural corollary of the demand created by the expanding traffic for engines of greater power, cars and waggons of increased carrying capacity, and further train services. "I confidently anticipate." he adds, "that as a result of the expenditure incurred in connection with betterments during the past few years a diminution of maintenance expenditure is now within measurable distance." Duplication works were responsible for the following items: — Wellington-Hutt, £53,823 ; newilutt Road, £12,428 ; Auckland-Penrose, £31,005 Ad-dington-Rolleston, £37,510 ; Duncdin-Mos-giel, £73,019. The percentage of working expenses to earnings during the past year was 72.19, as against 70.59 for the previous year. The Minister, taking into consideration the circumstances connected with the recent depression, estimates the revenue for the = year ending . March 31, 1910, at £3,050,000, and the expenditure at £2,143,500. ■■-■'■'.■" During the year 125 miles of railway had been opened, and the Government had acquired the Manawatu railway of 83 miles, making the total added during.the year 208 miles.