EARNINGS OF RAILWAYS.

New Zealand Herald, Volume LXVI, Issue 20228, 12 April 1929, Page 12

EARNINGS OF RAILWAYS.

RETURNS FOR 48 WEEKS.

HIGHER WORKING PROFIT.

INCREASE IN INTEREST BILL.

[BY TELEGKAPIf. —OWN COH RESPONDENT, j

WELLINGTON, Thursday

The Railways Department's working account for the four weeks ended March 2 shows an excess of receipts of £218,502, which is £67,072 more than in the corresponding period of last year. For tho 48 weeks of the financial year tho working profit s havo been £1,153,533, as against £1,105,824 i n 1927-28, £1,332,435 in 1926-27, and £1,429,130 in 1925-26. The gross receipts during the four weeks covered by the latest return were £771,940, and the expenses £553,438. The former shows an increase of £88,025, while the latter have increased by £20,953. With these additions the gross receipts for 48 weeks were £7,455,365, and the expenses £6,301,832. The corresponding figures for last year were £7,257,791, and £6,151,977, so that receipts are £197,574 higher and expenses havo increased by £149.855.

Following is a summary of tho results for 48 weeks, showing the net operating revenue from the North and South Island railways, and from miscellaneous services, compared with the corresponding figures for last year :

1927-2 S. 1925-29. crease. North Island £'727,587 £748,110 £20,550 South Island I(32,.'Hit 179.75:! 17,392 Miscellaneous 215,800 225,634 9.70S Totals . £1,105.811 £1,153,533 £17,719 Tho final return fop 1927-28 showed a working profit of £244,006, making the net revenue for the year £1,349,847. The account for 1928-29 has tho advantage of two Easter holiday seasons, since last year Easter occurred in the first week of April and this year all tho bookings at excursion fares fell in tho last week of March. Tho net revenue for the year will be supplemented by a subsidy, as estimated in t lie Budget, of £485,000, and against the total will be set the interest charge of about £2,255,000. In 1927-28, tho net revenue fell short of the interest, £2,130.867, by £781.020, the loss being reduced by tho subsidy of £489,568 to £291,452.