THE RAILWAYS
RESULTS FOR THE YEAR AN UNSATISFACTORY POSITION (Special to the Times.) WELLINGTON, May 11. The railway returns for the financial year ended March 31, show the result that had been indicated by the quarterly figures. The revenue has fallen from £6,908,531 in 1920-21 to £6,643,590 in 1921-22. The expenditure has increased from £5,636,600 to £6,237,726. The percentage of expenditure to revenue was 87.13 in the North Island, 104.25 in the South Island, and 93.89 for the Dominion. The railways, in other words, paid less than 1-J per cent, on the invested capital during the financial year. The Minister of Railways, commenting on the figures said he could only admit that the position was unsatisfactory, but substantial economies had been made already by the Railway Department, and he hoped that the reforms now being introduced would have the effect of improving the position materially during the current year. It should be remembered that the expenditure included heavy purchases of coal and materials at prices that would not have to be paid in future.
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Southland Times, Issue 19513, 12 May 1922, Page 5
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174THE RAILWAYS Southland Times, Issue 19513, 12 May 1922, Page 5
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