RAILWAY STATEMENT

Stratford Evening Post, Issue 15, 3 October 1929, Page 5

RAILWAY STATEMENT

THE PAST YEAR’S WORK REVIEWED. INCREASE IN REVENUE AND EXPENDITURE. The annual statement of the Minister of Railways, the Hon. W. B. Tavennpr, presented to Parliamen: yesterday, shows that the gross income of the railways last year from all sources was £8,747,975, an increase of £164,260 on that of the previous year, while the expenditure was £6,849,383, an increase of £164,260. The net earnings were £l,898,592, as compared with £1,839,415, an improvement of £59,177 on the results te ( the previous year. On March 31, 1929, the capital invested in the lines open for traffic was £56, 568,598, an increase of £5,381,222. A sum of £655,986 was charged against revenue for depreciation and provision for renewals, and the amount expended from this fund was £258,836 for assets written off or renewals effected during the year. The accumulated credit balance in this fund at March 31, 1929, was £l,328,020, an increase of £397,150 over the balance at March 31, 1928. Interest charges amounted to £2,331,335, as compared with £2,130,867 in the previous year, an increase of £200,468. The deficit on account of revenue and expenditure on the year’s workteg wa s £432,743, as compared with £291,452 for the previous year, an increase of £141,291; and this increase is principally due to the< unprofitable nature of the new lines taken over during the year, the revenue from which was insufficient to pay working expenses, thus leaving no margin for interest charges. The revenue from passenger traffic totalled £2,124,746, as compared with £2,145,296 in the previous year, a decrease of £20,550, or 0.96 per cent. While these figures are more satisfactory than those for the pre-

cial benefit that was to be obtained from, the undertaking of the scheme. There seemed no doubt that the shops had developed on patchwork lines, and had arrived at the stage when work could not be carried on with the degree of comfort and convenience that could be desired, but it still remained to be determined whether the improvement scheme decided on was the one which should have been undertaken. As to the financial results of the scheme, whatever the position was when the scheme was decided on, it was Undeniable that at present it was obscure. The actual financial result of, the reorganisation depended on factors which could not in present circumstances be determined with any real degree of certainty. A saliaat feature of the scheme was the centralisation of the heavier varieties of work, requiring the provision of up to date machinery. Thi s work requires the provision of up to date machinery. This machinery is expensive and requires to be worked to its maximum capacity, in order that the full economies of its installation may be obtained. It would not be ecoaiomical to duplicate it, as there is not enough work in either island to keep more than one set of the heavy machinery employed. RAIL-CARS.

As far as the internal working of the department is concerned, the statement continues, and assuming that the branch lines still remain, consideration of the matter at once raises the question of the more extended use of rail-cars. A committee of executive officers of the department, representing every phase of railway operation that may have: a bearing on the question, is now undertaking a thorough and systematic examination of the position with a view to the formulation of recommendations —firstly, a s to the best method of working the traffic (that is, whether by railcars, road services, or trains) and, secondly, to the event of rail-cars