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The New Zealand Railways Magazine, Volume 9, Issue 3 (June 1, 1934.)

A Good Railway Year

A Good Railway Year

Mr. E. Newman, C.M.G., Acting Chairman of the Government Railways Board, in a statement regarding the financial operations of the New Zealand Railways in the past financial year, has announced that the total revenue of the Department amounted to #6,331,935, and that the expenditure was #5,246,365, giving a net revenue of #1,085,570. This, said Mr. Newman, was an increase of #235,026 over the net revenue earned in the financial year ended 31st March, 1933, when the net revenue amounted to #850,544.

“The passenger revenue for the year just ended,” he continued, “amounted to #1,336,329, an increase of #129,033 over the previous year's figures. This feature of improvement is particularly pleasing, as vindicating the Board's policy of fares reductions. The decision to make holiday excursion fares operate all the year round was made effective in September, 1931. These reduced fares have thus now been in operation two and a half years. It is obvious that an increase in revenue to this extent when lower fares are operating indicates a substantial increase in the number of passengers carried, and it is interesting to know that passenger revenue for the latter half of the year under review has been higher than before the reduction in fares was introduced.

“Another feature of improvement is shown in goods revenue, where an increase from #3,745,777 to #3,911,245 has been made, the increase being #165,468.

“Although the passenger revenue was assisted through the inclusion of two Easter holiday periods in the 1933–34 accounts (accounting for approximately #50,000 of the passenger revenue) this naturally reduced to some extent the revenue from freight due to the temporary partial cessation of freight traffic during the two Easter holiday periods. The improvement in freight traffic has been a constant feature of the year's work, the principal increases coming from the primary, industries. Farming products accounted for over #100,000 of the increase.

“It is interesting to know also that the net revenue earned by the Railways was #364,078 in excess of the budget estimate.”

One of New Zealand's most favoured holiday resorts. A recent photograph of Queenstown, Lake Wakatipu, shewing the “Remarkables” in the background. (Reached by rail from Kingston or Cromwell.)

One of New Zealand's most favoured holiday resorts. A recent photograph of Queenstown, Lake Wakatipu, shewing the “Remarkables” in the background. (Reached by rail from Kingston or Cromwell.)