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1889. NEW ZEALAND.

ANNUAL REPORT ON WORKING RAILWAYS BY THE NEW ZEALAND RAILWAY COMMISSIONERS.

Presented to Parliament, in pursuance of " The Government Bailways Act, 1887."

To the Hon. the Ministeb for Public Woekh. Silt,- Government Buildings, Wellington, 25th June, 1889. We have the honour, in compliance with the direction in section 61 of " The Government Bailways Act, 1887," to submit the annual report on the working railways of New Zealand for the twelve months ended 31st March, 1889, for presentation to Parliament. Bevenue, Expenses, and Traffic. As the Act was only brought into operation on the 28th January last, the report necessarily deals with the results obtained under the management of the late Department of Working Railways-. The returns of traffic, revenue, and expenditure of tho various sections of railways are presented in the same tabular form as in the. annual reports of previous years, and therefore afford a ready means of comparison with the results formerly attained. The outcome of the year in respect of earnings is as follows : — £ b. d. Gross earnings ... ... ... 997,615 3 9 Working expenses ... ... ... 647,045 1 7 Net profit ... ... £350,570 2 2 The net profit oi £350,570 on a capital cost of £13,472,837 on 1,777 miles of railway gives a return of £2 12s. per cent., as against £2 6s. per cent, on £13,352,978 and 1,758 miles of the previous year. The total gross earnings were only £2,772 greater than the year before, but the expenditure was £40,233 less. As will readily be seen, it is to the saving in expenditure that the better net result is due. There is an increase of tonnage on nearly every section, the increase over the whole system being over 10 per cent, on the former year's returns. Tho principal items on which there are increases are grain, minerals, timber, and merchandise. On the other hand, the passenger traffic shows a falling-off of about 9 per cent., due partly, no doubt, to the number of persons attracted to the Australian Colonies by the large expenditure there on. public works and the Melbourne Exhibition, and to the saving habits induced among the people of the colony by the preceding years of low prices of produce and consequent dulness of trade. The recent four-weekly returns show over the main sections an increase in traffic, which is hopeful for the current year. The traffic for the last ten years has been as follows: —

Year. Miles. Bevenue. Expenditure. Tonnngo. Parcels, &o. Cattle, Sheep, &e. Passengers. Season-tiokets. 79-80 80-81 81-82 852-83 83-34 8-1-85 85-88 86-S7 87-88 83-89 1,172 1,277 1,319 1 ,358 1,396 1,477 1,613 1,727 1,758 1,777 & 76?,573 836.454 892,026 953,347 961,304 1,045,712 1,047,419 998,708 994,843 997,615 £ 580,030 521,957 523.099 592;821 655,990 690,020 690,340 699,072 687,328 647,045 1,108,108 1,377,783 1,437,714 1,564,793 1,700,040 1,749,856 1,823,767 1,747,754 1,735,762 1,920,431 No. 180,331 286,865 316,611 341,186 359,896 347,425 349,428 372,397 399,109 399,056 No. 285,209 300,704 343,751 477,075 0S6,287 729,528 858,662 942,017 940,209 919,392 No. 2,967,090 2,849,561 2,911,477 3,283,378 3,272,644 3,232,886 3,362,266 3,426,403 3,451,850 3,132,803 No. 5,077 6,499 7,207 8,621 9,036 8,999 10,717 11,821 11,518 11,817