RAILWAY PROSPECTS

New Zealand Herald, Volume LXX, Issue 21462, 8 April 1933, Page 10

RAILWAY PROSPECTS

The railway accounts for 1932-33 are almost complete. After the return gazetted this week, results for only one more four-weekly period have to be added to round off the year. It is already possible to estimate how nearly the contribution toward interest on railway capital allowed for in the Budget will be realised. In the previous year the estimates demanded £930,000 from the railways for the assistance of the Budget. This may have seemed an optimistic figure, since in 1930-31 the actual contribution had been only £'685,000. Actually the results for 1931-32 showed so great an improvement that £841,720 was available for general revenue. It fell short of the estimate, but by far less than might have been expected. The Budget statement for the year just closed forecasted a fall of £IOO,OOO, £740,000 being the sum set down as the railway contribution toward capital costs. With the returns for four weeks still to be added, the net revenue is £739,673, or only £327 short of the amount stipulated. If anything approaching the results for recent months materialises—in none of the last three four-weekly periods has the net revenue failed to exceed £125,000 last , year's achievement will be bettered. This cannot be counted on exactly, because March last year contained an Easter holiday period, when increased business is normally to be expected. The railway year 1932-33 will be without any Easter traffic. That may not, however, make so much difference as it used to do, for the return from the December-January four weeks, which included the Christmas and New Year holiday periods was disappointingly below that for 1931-32. Apart from these details it is abundantly proved that the recovery in net railway results —if not in gross revenue —which began with board management has been well maintained in the year just ended. Most of the improvement is attributable to reduced, working expenses, but the fact that in several recent returns a, higher gross revenue has been recorded is one of the most promising features of the railway year covered by the accounts available to date.