Traffic Fluctuations.

The revenue figures to the 5th January (i.e., for ten completed Railway periods) show a total increase of £95,405 as compared with last year. For the last four-weekly period there has been an improvement in the deficit position of revenue in relation to expenditure of £57,000.

The position in regard to expenditure is that with so considerable an addition to the mileage of lines operated by the Railways during the current year, all built at high cost per mile, the increase in interest charges is so great as to account almost wholly for the increase in net deficiency as compared with last year. The principal items that prevented our substantially better position in regard to gross revenue being reflected in our net position were the heavy increase (amounting to £53000) in the maintenance of rolling stock, due to the abnormal conditions resulting from the partial changeover from the old workshops to the new, and the expense working both sets of shops; and another main cause of the increase in expenditure has been in the cost of subsidiary services, amounting to over £70,000.