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New Zealand Times, Volume XXXIII, Issue 5314, 6 April 1878, Page 2

The Lyttelton Times and Otago Daily Times have recently discussed the estimated revenue from railways in New Zealand during 1877-8.- Both papers display a; patriotic desire that the railways should pay well. We regret, however, to observe in them a sort of petty weak anxiety to show that this year the receipts are not going to reach the estimated amounts, and to raise an outcry against Major Atkinson on the ground of having made too sanguine ah estimate. The Lyttelton Times estimates, the deficiency at about £IOO,OOO ; ; its contemporary, thinks it will be, £60,000 short. It will be seen that these self-appointed judges very materially differ in their > verdicts. The articles are based on the tables of‘ railway traffic appearing in the gazette, and especially refer' to those for the 9th February. Our contemporaries, however, in forming their estimates for the future do nht appear tb have-' examined the past, either as regards last year’s revenue and results,;or the tables before alluded to for the current year.. - The- Lyttelton Times remarks very justly that the information now given in the Gazette is far more useful and instructive than that formerly supplied. ' Ln passant we might observe ■that ilia present lucid and- straightforward statement was introduced- ; by a gentleman who, if rumor speaks truly, is being forced into resignation by the

present Ministry. Reference to the Gazette will show to whom we allude. Our contemporary has, however, failed to make use of thd information supplied, - and instead reverts to English statistics of twenty years ’ ago. In the Public Works Statement ,of 1876-7 we find from the report of the Engineer-in-Chief that the railway revenue for 1876-7 was £439,455, while it is estimated for 1877-8 to be-£600,450, showing an'estimated increase of £110,995; or stating it in another, form, an estimated- increase of about 22 qqer cent. Now.it will be-seen that if the sanguine results estimated by the Lyttelton Times should prove correct there, will only be on last year’s revenue an increase of £II,OOO, while, as a fact, on the date of the tables under discussion the re-' ceipts of the current year had exceeded those of the preceding by nearly four times that sum ! This shows how carelessly our contemporary has treated the subject ; but to show the real aspect of the question, we will regard it from another point of view. As we before stated, the estimated revenue is about 22 per cent, in excess of that of last year. On examining the Gazette tables for December, we find that at that date the increase was about 14 per cent, in excess of the corresponding period .last year. If we look through the February tables we ascertain that this has increased to about 17 per cent., thus pointing unmistakeably to the probable realisation of the anticipated increase. This increase will be partly due to the increased prosperity of the colony, and partly, also, to the extension of certain lines which will be opened during the current half-year. We are, of course, unable to form any estimate of what may be due to such: extensions, but we feel sure that when the Colonial Treasurer made up his estimate he would have carefully considered such increase. Our contemporaries hint at a probable increase of traffic between February 9th and the end of the financial year, owing to transport of grain ; but they have considerably underestimated the importance of this. From the detached and imperfect accounts attached to the last Public Works Statement it is not easy to elicit much information, but the Canterbury statements would point to the probability of a very extensive increase in receipts during the latter part of the year. We confess to a greater trust in the late Colonial Treasurer’s estimate than in that of these papers.