NEW ZEALAND RAILWAYS

Waikato Times, Volume 112, Issue 18723, 25 August 1932, Page 7

NEW ZEALAND RAILWAYS

A SATISFACTORY POSITION. REVIEW BY MR STERLING. AUCKLAND. Thursday. The chairman of the Railway Board. Mr 11. 11. Sterling, in an interview yesterday, said that expenditure on the railways had fallen by J 11.573.000 during the past two years, aild by £II,OOO a week since the end of last March. According to the figures for the current year’s working to July 23, as published last week, Mr Sterling said, revenue, unfortunately, had continued to decrease, the drop for tlie period mentioned, as compared with the corresponding portion of last year, being £170,800. However, the Railway Board had succeeded in bringing about a reduction in expenditure of no less than £ 190,287 to July 23, so that the net revenue for the period showed an increase of £13,127. The recent coal strike had caused a substantial loss of revenue in the current financial year, and this loss could not be balanced by an equal reduction in expenditure. The fact that expenditure had fallen faster than revenue, said Mr Sterling, justified the hope that when the decline in revenue had been arrested It would be possible to look for a very substantial improvement in the financial position of the railways. Saving In Expenditure. Bincc llic first operation of the economy measures in Angus!. Ifi.'iu, the total saving in expenditure as compared with Ihe equivalent preceding period had been no less than £1.873.(bin. During the current financial year there had been a fall of about £ll.mil) a week. Regarding the future, Mr Sterling said Rial the railways were in a good position |o meet a revival of trade. Plant and rolling-stock were in good order, amt the public might rest assured lb d in Ho? cutting of expenditure llicir ellieicuc y had out boou sacrificed.