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The following table shows the average loss on the working of the Tasmanian railways for each year during the last ten years:

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The foregoing table shows that there was a slight improvement in the condition of the railway revenue during the five years preceding 1901. During 1901 the interest returned on capital expenditure fell to nearly that of the year 1895. Among the causes leading to this was the reduction in passenger fares, in the case of single fares by 45 per cent., and return fares by 27 per cent. These large reductions did not result in the fulfilment of anticipations, and on the 1st December, 1901, a revised scale was adopted, which is still 20 per cent. below that in force

in 1900. The competition of the Emu Bay Company and the low prices ruling for lead and silver have brought about a decrease revenue on the Government West Coast line. Working expenses have absorbed 84.26 per cent. of total revenue, and the large increase over the previous five years is due to increased mileage, more extensive renewals of locomotive boilers paid for out of working expenses, and the increased price of coal. The competition already referred to, together with the heavy initial cost of the railways themselves, especially of the main line connecting Hobart with Launceston, for which the price paid by the Government on its resumption was at the rate of £9,069 per mile, as against an average of £8,304 per mile for the lines of the state generally, render it extremely difficult, even with the most careful management, to effect any considerable diminution in the average loss. Even in the case of the Western line from Launceston to Burnie, which passes through the finest agricultural land in the State, the return, after paying working expenses for the year ended 31st December, 1901, was only 1.17 per cent. on the cost of construction and equipment.

Earnings and Expenses per Mile.

The following tables indicate the gross earnings, expenditure, and net earnings per train mile and per mile of line open. It will be observed that the net earnings per train mile reached 13d. in 1896, a point beyond which it does not seem likely there will be much expansion. The considerable reduction in net earnings during 1901, in comparison with the previous five years, is due to the shrinkage of revenue consequent on the reduction of fares, and the contraction in revenue from goods traffic already referred to. This compares very unfavourably with the results for other parts of Australia.

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The earnings and expenditure per average mile open were as follows:

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The peculiar position of Tasmania has already been referred to. The portions of the lines at first constructed were within the more densely populated districts, and the later extensions were projected into the more thinly-peopled areas, which were without sufficient production to afford a payable traffic. In comparison with the other States the proportion of expenses to gross earnings is extremely high, and while for the five years ended 1900 an improvement was shown, the increase in 1901 indicates that it is not possible under present conditions to reduce expenditure.

Coaching and Goods Traffic.

Particulars in respect of the number of passengers carried on the State lines of Tasmania during the year 1881, and for the last ten years, together with receipts from the traffic and the average receipts per journey, are set forth in the following table :

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It will be seen that during the year 1892 there was a comparatively large number of passengers carried. This was due to the resumption of the main line connecting Hobart with Launceston, the returns for the years in question being swollen by the traffic over the increased length of line. The traffic, however, was not sustained, for in the subsequent year a large diminution in the number of persons making use of the lines was recorded. There has since been a revival, and there are good grounds for supposing that this improvement will be continued. The average receipts per journey do not vary to any considerable extent, the amount of suburban traffic properly so-called being very small. The fall in the average receipts per journey during 1901 is largely due to the considerable reduction in fares already alluded to.

The amount of goods tonnage for a similar period is shown in the following table :-

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No information is available showing the subdivision of the tonnage of goods and live stock for the year into a general classification. The average distance each ton of goods was carried was 40.93 miles, and the average receipts per ton per mile 1·73d.

NEW ZEALAND.

The continuance of the native war in New Zealand, militated against the rapid extension of the railways, and at the close of the war in 1870 there were only 46 miles in operation. In 1875 the length of line opened for traffic had increased to 542 miles; in 1885, to 1,613 miles ; in 1890, to 1,842 miles; and in 1895 to 2,014 miles. The length of line opened to 31st March, 1902, was 2,235 miles, at a cost of £18,170,722 for construction and equipment, or at the rate of £8,130 per mile.

The railway system of the colony is divided into ten sections. The Kawakawa and Whangarei sections, in the extreme north of the North Island, are short lines to coal-fields, and the Kaihu section was built for the purpose of tapping large timber areas inland. The Auckland

section forms the northern portion of the North Island main trunk railway, which, when complete, will terminate at Wellington, on the shores of Cook's Strait. The Wellington-Napier-New Plymouth section comprises the group of lines which serve the southern portion of North Island. In the northern portion of Middle Island, the Westland, Westport, Nelson, and Picton sections form only the first link in the chain of through communication. On the East Coast of Middle Island, the actual working portion of the main trunk line is to be found. The present terminus is at Culverden, from whence extension will be made northward. This is known as the Hurunui-Bluff section, and includes the service to Christchurch, Dunedin, Invercargill, and the Bluff.

During the year ended March, 1901, the whole of the Midland railways were formally taken possession of by the Government, and incorporated with the Westland section of the Government railways. They had previously been worked by the Government as a trust. The total length of these lines was about 83 miles.

The management of the railways of New Zealand was placed in the hands of three Commissioners in 1887, but early in 1895 the Government resumed charge of the lines, the active control being vested in an officer with the title of General Manager, who is responsible to the Minister for Railways.

Revenue and Working Expenses.

The net sum available to meet interest charges during each year of the last decennial period is set forth in the following table :

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The foregoing table shows that the serious fluctuations that at times characterise the returns of the states on the mainland of Australia are absent from those of New Zealand, the configuration of the islands and their higher latitude rendering them to a very great extent immune from the periodical droughts to which the Australian states are so subject The proportion of working expenses to gross earnings does not vary to

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