D.—2

Session IT, 1918. NEW ZEALAND

RAILWAYS STATEMENT. BY THE MINISTER OF RAILWAYS, HON. W. H. HERRIES.

Mr. Speaker,— In presenting the Railways Statement for the year ended 31st March, 1918, I have pleasure in announcing that, notwithstanding the conditions existing throughout the whole year, the gross receipts amounted to £4,687,700, an advance of £487,700 on the estimated revenue. The following gives a summary of the results compared with the previous year : — Year 1918. Year 1917. £ £ Total earnings .. .. ..4,087,700 4,800.810 Total expenditure .. .. 3,042,907 2,926,864 Net profit on working. . £l, 644,79:5 £l, 873,946 The mileage of lines open for traffic on the 31st March was 2,993. The following extensions were opened during the year : — M. eh. Matawai-Motuhora .. .. .. .. .. 4 62 Waiuku Branch .. .. .. .. ..50 Whangamomona-Kohuratahi. . .. .. .. 4 50 liaetihi Branch .. .. .. .. .. 8 38 The capital cost of all lines opened for traffic, including the steamers and plant on Lake Wakatipu, advanced from £35,378,664 to £36,001,432. The net revenue (£1,644,793) is equal to a return of 4-60 per cent, on the capital invested in the lines open for traffic, and 4-24 per cent, em the capital (£38,798,163) invested in the opened and unopened lines. The gross receipts per train-mile from the North island main line and branches were 150-25 d., against 123-OOd. last year, an increase of 27-25 d. The South Island main line and branches produced a gross return of 149-25 d., against 124-75 d. last year, an increase of 24-50 d. The gross earnings per train-mile for all lines amounted to 150-50 d., against 125-75 d. for the previous year, an advance of 24-75 d. per train-mile. The expenditure for the year (£3,042,907) was £116,043 more than the previous year, and £99,407 over the estimate, £2,943,500. The percentage of working-expenses to earnings was 64-91 per cent., against 60-97 per cent, last year, an increase of 3-94 per cent. The sum of £202,130 was expended under the head " Additions to Open Lines " in providing additional rolling-stock, tarpaulins, workshops machinery, Westinghouse brake, steam-heating gear, interlocking, telegraph, telephone, and tablet facilities, purchase of land, &c.

i—D. 2.