RAILWAY RETURNS, I understand-that'the railway returns have shown a material ■ improvement during the last tew weeks of the financial year. The falling-oftin February is said to have been mostly, recovered mthe latter part of March, and the reduction ot expenditure still continuus. The balance sheet .is not yet made up, but it is believed that ■^rnm?^ W' U F° Ye t0 h;lVe bee" "bout ±1,040,000, only a lew thousands less than last year, but more than £70,000 short of the Trea surer's estimate in last session's budget. On the other hand, the working expenses (by rigid economy aud even curtailment of many public conveniences through reducing the number of trains) have been diminished by about the same amount as the receipts have fallen off ; conse quently the net profit; is expected to prove somewhat over £350,000—about the same as last year. - ■ ■

MINISTERIAL MOVEMENTS. ■ Mr Stout goes to Nelson to-morrow, but at present has no intention of addressing a public meeting. He .will probably do so, however, if sufficieut" pressure is brought to bear on the spot. Mr Ballance is expected to return to \\ elliug ton oft Saturday. ' ■ ■ ' :

MINING.
WAKATIPU MINING NOTES. (Prom Ouk Own Coeeespondent.) Arrow, April 2S. The electric apparatus at the Phceuix mine continues to work with the utmost regularity, giving every satisfaction. The stonein the mine also looks vei-y well, and the output is increasing in quantity with every week.
