A Good Result.

New Zealand Mail, Issue 787, 1 April 1887, Page 30

A Good Result.

Ik another column we publish inextenso the annual report and balance-sheet of the "Wellington and Manawatu Bailway Company. It will be seen that it is of a most satisfactory and encouraging character. The very favourable sale of a portion of the Company’s land has been noticed by us recently. Still more agreeable is the announcement that, although the through line has been opened only a short time, and the traffic is still in its infancy, the net profits on the traffic have been at the rate of £5 3s 6d per cent, on the total cost of the line. This is a highly gratifying commencement, and one which augurs well for the future of this great undertaking. It _ also suggests some startling comparisons with the results shown by the Government railways. These last year yielded only £2 18s 6d interest on the cost of opened lines, as against the Manawatu Railway’s £5 3a ed—a very marked difference ! The reason is not far to seek. The Government lines have been hampered by political influences, both in their construction and in their working. Thus the constructive cost of the railways has included that of many political lines which never have paid, never can , pay, and never were expected to pay ; while in working the lines political influence has compelled trains to be run at a dead loss —certain from the' outset —and charges to be reduced below the limit of possible profit. Of the Government Railways, last year the Auckland section yielded only £2 9s Id per cent, profit ; on the Wellington and Masterton the net profit was £2 lls 2d ; on the HurUnui-Bluff 1 £3 5s 9d ; on the Napier-Woodville line it rose to £4 18s 9d, and on the Greymouth section to £5 9s 3d, the last being due to the heavy and profitable mineral traffic. Thus, with the exception of that special colliery line even leaving out of computation such very black sheep as the Picton-Blen-heim section, and one or two similarly unpay abl e lines—the legitimate railways constructed by the Government yield only from £2 9s Id to £4 18s 9d per cent., as against the Manawatu line’s £5 3s 6d, This is not surprising when it is recollected thar the latter was able to own line unhampered by political considerations, and is able to work it

similarly free from interference. Hereiu we see the gist of the whole difference, and the lesson is one which ought not to be lost on the Government. Putting aside comparisons, however, it is undeniable that the Manawatu Bail way has been cheaply and most efficiently constructed, and that it is being very cheaply and efficiently worked. Great praise is due to Mr Higginson, Mr Wallace, and Mr Pulton for this remarkable excellence, and it is to be hoped that the Manawatu line will be always run on the same principles ; also that the result may be more and more satisfactory as the traffic follows its natural course of development. We cordially congratulate the Directors and shareholders on the position of the Company, and we wish them every success in the future.