1895. VICTORIA. VICTORIAN RAILWAYS. REPORT OF THE VICTORIAN RAILWAYS COMMISSIONERS FOR THE YEAR ENDING 30TH JUNE, 1895. PRESENTED TO BOTH HOUSES OF l'.ARLIAMENT PURSUANT TO THE ACT ;;4 VICTORIA No. ll35. W!1 Dutborit!1: :ROBT. S. BRAIN, GOVERX)!ENT PRINTER, M~:LBOUR;IIE, No. 68.-[ls. 9d,]-247I. APPROXIMATE COST OF REPORT. £, 8. d. Preparation-Not l{iven Printing (1,200 cop1es) 115 0 0 REP 0 RT. VICTORIAN RAILWAYS, 10th September, I 89 5. To the Honorahle tlw Ministe1· cif Railways. SIR, In accordance with the provisions of the 59th section of the Railways Act, No. IIJS, we have the honour to submit, for the information of Parliament, our Annual Report upon the working of the Railway Department for the year ending 3oth June, 1895. DEBENTl.i'RE CAPITAL. The amount of borrowed capital was, on 3oth June last, £]6,835,o95 4s. 4d., details of which are shown in the Appendix, Return No. Io. The Debenture Capital Account at the close of the year showed an increase of £391,619 7s. 6d. The additional capital consisted of the following amounts allocated to Railways during the financial year :- Victorian Government Stock Acts, Nos. 1015 and 1341 ... £96,903 14 6 Victorian Loan Act, No. 1296 ... 16o,s6s o o Victorian Government Stock Act 1895, No. 1369 1341 150 13 0 The latter amount has been raised for the redemption of :Melbourne and Hobson's Bay United Company's debentures. The amount redeemable during the ensuing financial year is £122,ooo. The last of the company's stock, amounting to £31,9oo, will be paid off on the 1st January, 1897· The interest for the year amounted to £1,437,347 2s. 4d., which, with £22,7 53 2s. 8d., the amount paid by the Treasury for expenses in payment of interest, made the total £1,46o,IOo ss. From this, however, a sum of £10,ooo has been deducted, b~ing the interest on £2 so,ooo transferred from the Railway Loan moneys to "Irrigation Works and Water Supply," Act 57 Vict. No. 1327. Credit has also been taken for £3 I ,2 53 Ss. 4d., being 3 per cent. on the unexpended balances of loan moneys raised for railway purposes. The net amount AZ 4 debited to the Railway account is, therefore, £r,4r8,846 r6s. 8d., as per following detailed statement :- Amount qf Interest on Railwa.y Loans paid during the Year ending 3oth June, 1 8 9 5. Loans. Interest. £ s. d. 42 Vict. No. 6o8 187,045 16 3 36 Vict. No. 439 3.554 I8 4 3 7 Vi et. No. 468 58,ooo 0 0 39 Vict. No. 531 55,867 14· 5 45 Vict. No. 7I7 I 10,760 4 IO 46 Vi et. No. 7 39 8o,ooo 0 0 46 Vict. No. 741 4,304 0 0 47 Vict. No. 76o I 50,35 I lO 5 48 Vi et. No. 8o5 130,o46 17 9 49 Vi et. No. 84 5 I8o,ooo 0 0 51 Vict. No. 963 s,zoo 0 0 52 Vict. No. 989 93,586 19 1 54 Vict. No. 1196 77·9 1 3 0 Il 53 Vict. No. 1032 11o,z5o 0 0 55 Vict. No. 1217 58,333 6 8 56 Vict. No. 1287 84,280 0 0 53 Vict, No. 1015 and No. 1341 21,193 18 7 56 Vi et. No. 1296 I 5,9o5 7 9 58 Vict. No. 1369 ... 58 7 4 1,429,652 2 4 42 Vict. No. 6I7 (Hobson's Bay) 7,695 0 0 •·437.347 2 4 Expenses in payment of Interest 22,753 2 8 1146o,JOO 5 0 Leas 4 per cent. on £z5o,ooo amount transferred to Irri­ gation Works and Water Supply, 57 Vict. No. I 327 £10,ooo o o Less Interest at 3 per cent. on weekly unexpended balances of Loan moneys 31,253 8 4 ------ The deficiency in meeting the interest charges for the year is, as shown in the profit and loss account, £380,648. The result of working for the year may be summarized thus :- Total traffic .•. £2,581,591 Total working expenditure 1,543,393 NET PROFIT ON WORKING £1,038,198 The ratio of working expenses to gross revenue is 59'78 per cent., and, exclusive of pensions and gratuities ( £8o,2o3) charged to railway working during the year, the percentage is s6·67. The railway revenue reached its highest point in 189o-9I, and for that year the ratio of working expenditure to revenue (after deducting the extra cost of working occasioned by the labour troubles-owing to the coal strike-of the period) was 68 per 5 cent. The revenue for 1894-5, compared with 1890-91, shows a decrease of 22 per cent., and the expenditure after allowing for the extra cost referred to was 3 1 per cent., or a decrease of £695,452. After making allowance for additional pensions and gratuities to the amount of £2,349 in excess of the sum debited to working expenditure last year, the decrease in the cost of working is £92,026. This is in face of the fact that extensive renewals of permanent way have been effected, and that an average of over 1 oo additional miles have had to be maintained and operated. The average rate of interest payable on the par value of all loan moneys allocated to railways is 3·92 per cent. The net revenue for the year is equal to 2'97 per cent. on the total expended debenture capital and 2 ·7 4 per cent. on the total capital cost, and, exclusive of pensions and gratuities, 3·2o per cent. on the former, and 2'95 per cent. on the latter. The following statements show details of Revenue and Expenditure for the last two years:- TOTAL REVENUE. 1893-4. 1894-5. (Average 1Ii]e! open, (Average Miles open, Increase. Decrease. Net Decrease. 2,98lt.) 3,082!.) ---~~----------1------- -------1------------- ~--~--1------ £ s. d. £ s. d. £ $, d- £ $, d. £ s. d. Passengers ... .. ... I,Il8,375 3 II 1,025,431 14 3 92,943 9 8 Parcels, &c. ... .. 93.353 IS 4 93,592 I 7 S ... Horses, carriages, and dogs 14,914 14 9 1o,865 16 o 4,048 IS 9 Mails ... ... 6!,733 10 4 61,886 I I 152 10 9 ... Rents ... .. 53.401 7 3 52,o86 2 8 1,315 4 7 Miscellaneous 17,896 0 7 15,746 19 3 2,149 I 4 Live stock IJ6,J80 12 3 125,102 II IO 11,278 0 5 Goods ... _,. 1,230,103 IJ Il t,tg6,879 z o I 3J,224 11 II 391 9 10 1#,959 6 8 Number of passengers .. 4o,SSo,378 40,210,733 669,645 Tons of live stock .. to8,128 104,277 3,8 51 Tons of goods . .. .. 2,347,68J 2,3J1,58o 16,103 Train mileage .. .. 10,145,307 9,567,453 577,854 Revenue per average mile open £gt4 £837 £77 , , train mile ... ss. 4'49d. ss. 476d. ToTAL ExPENDITURE. i ' 1893-4. 1894-5. ~-~-,---;--'-----;----!, _______,_,--~--~ I Increase. Deerease. Net Decrease. Cost Per Cent. Cost Per Cent. Amount. perTrain to Amount. per Train to Mlle. Revenue. :Mile. Revenue. £ s. d. d. £ 8. d. d. £ s. d. £ s. d. £ s. d. Maintenance ... 8 1 7'60 331,198 5 8'31 12'83 lt 3 ... Loco. charges .•. ' lit. so 47s,,n9 8 12 '00 I8'53 ... 49,86g 13 I Carriages · and I ~ waggons ... , 104.050 2 7 2 ',~6 8g,129 2'24 0 1 3 ·sz 4 3 '45 ... 14,920 18 Traffic charges 562;226 I 4 13'30 20'62 5I4,IJO 12 ~ 12'90 19'92 ... 4S,o9s 8 IQ Compensation , 4,315 12 I a· 10 o· 16 6,8os 14 1o o· 17 o·z6 2,490 2 ~ .. ... General charges : II5,537 10 IO 2 '73 4·24 I 12 3,689 IO 4 3.10 4'79 8,151 19 ... I ! s. d. ' s. d. .1,635,419 5 8 3 2'69 59' 9911,543,392 16 3 3 2' 72 10 6 II2,885 19 II 192,o26 9 5 ! * Due to increo.se in pensions P.nd gratuities, and the tmllllfer from Tr:.ffic of the Advertising Charges !or Iil94-S- 6 The mileage has increased from 3,020 to 3,1 20, owing to the opening of the following lines :- N atimuk to Goroke 28! miles Boort to Quambatook 22 " VVycheproofto Sea Lake 47! " Total opened during the year Additional mileage included :- W illiamstown Race-course Line miles Bendigo Cattle-yards Branch i " Total ... Ioo miles The following shows the additional mileage opened during the last ten years:- Year ending June, 1886 67! miles " !887 137! , 1888 " 137-!- " " 1889 179! " " 1890 273! " " 1891 " 1892 " 1893 72 " 1894 ••• 45! " " 1895 ... " " The number of passengers conveyed was 40,2I01733, as against 4o,88o,378, being a decrease of 669,645. The tonnage of goods and live stock was 21435,857, as against 21455,811, being a decrease of 19,954· The train miles amounted to 9,567,453, as against I01 I451307, or a decrease of 577,8 54· CAPITAL ExPENDITURE. The capital expenditure at 3oth June, 1895, amounted to £37,922,206 15s. 3d., or an increase for the year of £q3,643 9s. 10d., which was charged as follows:­ Construction of new lines and capital works on existing lines, &c. £ 143,03o o 9 Rolling-stock- Engines £2,441 7 10 Carriages, waggons, and brakes ••• 28,172 I 3 7 .