24 THECUBAREVIEW 



Material progress was made with the improvements in public lighting, which now consists 

 of 1,388 high efficiency incandescent lamps of 600 to 1,000 candle power, 359 incandescent 

 lamps of 50 to 200 candle power and 359 alterntiting current arcs. The ires will be substi- 

 tuted by incandescent lamps as soon as practicable. 564 steel tubular railway poles were ex- 

 tended during the year for the use of the light and power lines. 



'•<i^The gas distributing system was extended by 2.19 miles of new main and 761 new services 

 were connected. 



The sales of gas apphances in 1917 amounted to $134,728.71. The sale of gas during 

 December, 1917, increased 42.7% over that of December, 1916. 



The net increase in consumers' meters during the year was 1965 — 4037 stoves and ranges 

 —721 water heaters and 650 other gas apparatus were sold and installed during the year. 

 ^ The total number of passengers carried on the cars during the year (66,418,450) shows an 

 increase of 6,719,659 or 11.25% compared with 1916, and passenger earmngs also increased 

 11.25%. 



The rolUng stock of the company was increased by the construction in the shops of 16 

 new passenger cars. 



Track statistics show 2.21 miles of main line built during the year and 3.70 miles of single 

 track, making a total of 92.52 miles of single track on December 31, 1917. 



The consolidated power pLant has continued to operate reUably and economically. The 

 total net output was 53,087,668 K. W. H. and the coal consumed 48,168 tons or 2.033 lbs. per 

 K.W.H. 



The high cost of feed made the result of the year's operation of the stage lines nearly as 

 unfavorable as in 1916 and the average earnings per stage has been maintained only by reducmg 

 the number of stages in operation from year to year. Ordinarily the rising prices in labor and 

 feed could be balanced by substitution and improving the organization and equipment, but 

 the rapid and enormous increase in the cost of feed in 1917 made this impossible. 



The Employees' Mutual Benefit Society has continued sound and prosperous and at the 

 end of 1917 had 1,477 members or 253 more than on December 31, 1916. Over $14,000 has 

 been expended in assistance to members and the object to protect them against loan sharks by 

 advances at a low rate of mterest has not been lost sight of. 



In pursuance of appropriate action taken therefor by the stockholders at their special 

 meetmg in May, 1917, and of resolutions of the Board of Directors, the Preferred Capital 

 Stock of this company was increased from $15,000,000 to $21,000,00; the increase of $6,000,000 

 was sold to the stockholders on June 15, 1917, at $101.25 per share; the proceeds thereof, to- 

 gether with 150 of the Company's General Mortgage Bonds, made ample provision for the 

 redemption, including expenses connected therewith, of the $6,000,00 General Consolidated 

 Obligations or bonds of the former Compania de Gas y Electricidad de la Habana which were 

 called for redemption at par and accrued interest on June 15, 1917; during the year $5,851,100 

 of said obHgations were presented and paid off, leaving only $148,900 unpresented. 



Havana, Cuba, March 31, 1918. 



HAVANA ELECTRIC RAILWAY. LIGHT & POWER COMPANY 

 BALANCE SHEET, DECEMBER 31, 1917 



ASSETS 



Properties, plant and equipment, as per December 31, 1916, rejiort $55,317,527.75 



Net additions during year 777,629.51 



$56,095,157.26 



Investments (at cost) 159,813.38 



Current Assets: 



Cash in banks and on hand $1,044,998.2 5 



Accounts receivable, after providing for bad and doubtful debts 1,116,413.10 



Stock of materials, merchandise and supplies on hand 1,142,200.17 



Materials in transit 62^47^1 ^.^^.^^^^^^ 



Deferred Assets: 

 Insurance paid in advance, deferred charges, etc 115,625.97 



LIABILITIES 



Capital Stock — Authorized and Issued: 

 Common l-iO.OOO shares, par value, $100 each, fully paid and non-assessable $15,000,000.00 



Less: Held in Treasury: 

 515.94 shares, par value, $100 each 51,594.00 



$14,948,406.00 



