RAILWAY FINANCES.

New Zealand Herald, Volume LXV, Issue 20131, 17 December 1928, Page 9

RAILWAY FINANCES.

MORE HOPEFUL OUTLOOK.

REVENUE SHOWS INCREASE.

DOWNWARD TENDENCY CHECKED

Indications of a more hopeful outlook for the financial position of the railways are pointed out by Mr. IT- H. Sterling, the general manager, in a Christmas message to railway employees, published in the New Zealand Railway Magazine. "I wish to convey to all members of the service my thanks for the splendid way in which they have backed up my efforts to meet the transport requirements of the community since taking control of the railways in June last, and to wish all, staff and public alike, a merry Christinas and happy New Year," Mr. Sterling says. "Already there are indications of a more hopeful outlook. I have been looking over last year's returns for the first seven periods of that year up to October 15, and I find that then a comparison with the previous year showed a decrease in revenue of £64,000 and an increase in expenditure of £89,000, or an adverse total of over £153,000.

"When I look at this year's returns to October 13 1 find tho revenue has increased by £75,000 jover the similar term last year, while the expenditure has increased by £92,000, an adverse total of only £l7,ooo—with two less days accounted for. Comparing the two adverse balances, £153,000 last year, with £17,000 this, it seems evident that the dangerous downward tendency has been substantially checked. This gives hope that by the time the end of our present financial year is reached the railways will be able to make a better, showing financially than they did in tho previous 12 months, besides giving the public a service more in keeping with present day transport needs. "Much still requires to bo done and I confidently look for that measure of support from the staff in 1929 that will enable us to discharge our duty to the public in a manner that will reflect credit on ourselves and bring satisfaction to tho users of our services."

The latest return, covering 32 weeks to November 10, published last Friday, shows a decline in net revenue of £43,000, as compared with the corresponding period of 1927-28. The net revenue for the latter pei'iod was £152,000 less than in 1926-27.

LONDON DAIRY VALUES. MARKETS FIRM OVERSEAS. Week-end cablegrams from London received by the city exporters of dairy produce indicate the firm tone of the markets for butter and cheese at the recently advanced rates.

Messrs. Leonard and Son received the following cablegram from its London principal, Mr. A. C. Rowson: —New Zealand first-grade white cheese, 975; finest white, 98s; first coloured, 995; finest grade coloured, 100s. Market steady, with fair demand. New Zealand first-grade butter, 182s to 183s; finest, 184s to 185s. Market fair with general good demand. A. 11. Turnbull and Company received the./following cablegram from its London Jjessrs. W. Weddel and Company :—Danish butter, 218s; Nmv Zealand, unsalted 194s to 198s, salted, 182s to 186s. Market firm, Ne\v Zealand cheese, white 97s to 98s, coloured 99s to 100s. Market steady. Canadian cheese, white 110s .to 112s, coloured 108s to 112s THE DAIRY BOARD'S REPORT. The New Zealand Dairy Produce Board has received the following market report from its London office, dated December 14, the prices for the previous week being given in parentheses : Butter.- New Zealand: fialtod, 182s to 186s per cwt. (176s to 182s) j unsalted, 194s to 198s (194s to 198s); first whey, 174s (1625; second whey, !l7os (162sj. Deliveries New Zealand this week, 1950 tons; in store, 3350 tpns. Australian; Finest salted, 180s to 182s up to 186s (1.74s to 178s); unsalted, 182s to 186s up to 188s (192s to 186s). Argentine: Finest unsalted," 176s to 180s up to 182s (176s to 180s). Danish: F.o.b. 211s (198s); Spot, 218s (2045). Dutch: Unsalted, 212s (204s to 2065). Market firm. Retail prices unchanged. Cheese,—New Zealand: White,- 97s to 98s (96s to 98s) ; coloured, 99s to 100s (97s to 98s). Deliveries New Zealand this week, 27,500 crates. In store, 37,000 crates. Canadian: White, 110s to 112s (110s to 112s); coloured, 108s to 112s (108s to 112s). Australian; White, 96a to 975; coloured, 96s to 100s. Market steady. Retail prices unchanged. The lonic finished discharge of butter on December 11. The Port Froemantle finished discharge of cheese on December 8 and finished discharge of butter on December 13.

THE MEAT MARKET

PRICES AT SMITHTTELD. The New Zealand Mont Producers' Board has received tho following cablegram from its London office, dated December 14, advising Smithfield delivered prices averaged for the week ended that date as follows New Zealand Wethers and Mnidons, — Canterbury quality, sojected brands, 561b. and under. per lb: 571b, to 641b., 6id; 651b. to 721b., 6d. Other brands, 5611). and under, 61-8 d; 571b. to 641b., 6d; 651b. to 721b., 5Jd. New Zealand Ewes.—64lb and under, 4 3-Bd. „ , , New Zealand Lambs.—Canterbury quality 361b, and under, 9-} d; 371b. to 421b., 91,1 • 431b. to 501b., 9id; seconds, 74c. Selected brands, 361b. and under, 371b! to 421b., 9 3-Bd. Other brands, second quality, 301b. to 321b. average, 7 3-Bd. * . . . , Australian Lambs. ietorian, first qualitv. 361b. and under, 9d: 371b. to 421b., 9d. "Argentine Lambs.—First quality. 361b. and under, 7^d; 371b. to 421b... 7?d. Now Zealand Beef.—Ox fores, 3 7-8 d; hinds, sd; cow fores, 3W; hinds, 4Jd. Argentine Chilled Beef.—Ox fores, 4 fi-8d ;; hinds, 6 3-Bd. New Zealand Frozen Pork.—Porkers, 601b. to 8011).. 6idt 811b. to 991b., 6^; 1001b, to 1201b, 6Jd; baconers, 1211b. to 1801b., 7d. Lamb Market.—Quiet at present. Oversupplied with new season and South American lamb. Mutton Market.—N9 change, but rather more Inquiry. Beef Market.—Firm, but trade slow. New Zealand Porker Pigs.--No change in market, but consumption is improving. Ne\y Zealand Baconer Pigs.—Market steady; slocks are light. PRICES OF STOCK FOR EXPORT. The New. Zealand Meat Producers' Board advises that (he following prices were being offored for fat stock for export on "December 13: — Huwke's Bay,—Prime woolly lambs, 3611) and under, lOd par lb.; 371b. to 421b., 4311). find over, 9il, Second quality lambs, 90. Wellington.—Prime woollv lambs, 361b. and under, lOd; 371b. to 421b., 9Jd: 431b. and over, 9d. Second quality lambs, 9<l. • Canterbury,—Prime woollv lambs,— 361b. and under. 10£ d: 371b. to 421b, lOd; 431b. and-over, Second quality lambs, 9id.