VICTORIAN FINANCE.
SOLDIER SETTLEMENT LOSS. HEAVY DEFICIT ON RAILWAYS. A. and N.Z. MELBOURNE, March 6. Speaking at a dinner tendered to the members of the State Ministry the Premier of Victoria, Mr. E. J. Hogan, said the finances of the closer settlement scheme had been investigated, and in all probability the people of Victoria -would be faced with a loss for the past eight years of £8,000,000 on soldier settlements. No provision was being made to meet that loss, with the exception of £75,000 a year. Referring to the expected deficit on the railways, Mr. Uogan said interest amounting to £3,500,000 a year had to be met. If the people did not use the railways but patronised private enterprises instead, they would still have to meet that bill for interest.
The Minister of Railways, Mr. T. Tunnecliffe, said the Railways Department was in a serious position. The actual deficit for the year would be about £2,000,000, owing to the bad harvest, through which th© department was deprived of revenue amounting to £300,000. A similar ameunt was lost through the absence of return.traffic. On top of that 120,000 motor-cars competed with the railways, and at an estimate of £5 a year each they represented a loss of £6,000,000.
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New Zealand Herald, Volume LXV, Issue 19889, 7 March 1928, Page 11
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207VICTORIAN FINANCE. New Zealand Herald, Volume LXV, Issue 19889, 7 March 1928, Page 11
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