Note Footnote b: — Chapter I

The Commissioner puts the total cost of our railway system on 30th June last, including £1,139,405 spent on lines not yet open, at £24,534,727. The total authorised outlay is, however, given as £27,221,805, so that at the rate of expenditure of last year the balance unexpended will enable construction to be continued for over two years. The net revenue available for the defraying of interest accruing on capital for the financial year 1908-9 was £883,610,b equal to £3 7s. 6d. per cent. The mean rate of interest payable on the total public debt of Queensland, which includes much stock bearing more than 3½ per cent., is £3 14s. 1d. per cent., so that our railways may be deemed almost directly reproductive; and, what is still more satisfactory, they are rapidly improving in net earning capacity. As every extension adds to the volume of traffic, apart altogether from the added value given to Crown lands by providing them with railway communication, every inducement is held out to maintain a vigorous policy of construction. There is every reason to believe that in a few years our railway system will be the greatest and most stable of all contributors to the Consolidated Revenue; and when it is recollected that forty-five years ago there was not a mile of railway or tramway open for traffic in Queensland, the progress made in providing transport facilities is brought out in bold relief.