26 THECUBAREVIEW 



The expenditures on Improvements and Betterments during the year have been 

 as follows : 



Cane Planted, New Lands $20,928.37 



Pastures 3,565.20 



Buildings and Fences 32,487.77 



Irrigating Plant 1,067.12 



Agricultural Machinery 1,382.16 



Narrow Gauge Railway and Equipment 52,676.46 



Standard Gauge Railroad 51,469.53 



Factories ■ 51,538.64 



Miscellaneous 18,182.44 



Total $233,297.69 



Other changes in capital assets during the year were as follows: 

 Additions : 



Live Stock $36,875.00 



Deductions : 



Timber Lands ( Stumpage) $23,760.13 



Other Properties ( Sales, etc. I 4,125.00 



— 27,885.13 



$8,989.87 

 The following is the result of operations of the Guantanamo Railroad for the 

 years ended June 30th : 



1918 1917 1916 1915 



Gross Income $417,132.87 $286,747.28 $308,548.82 $201,494.42 



Operating Expenses and Taxes.. 280,070.10 164,682.89 166,998.51 192,886.50 



$137,062.77 $122,064.39 $141,550.31 $68,607.92 



Depreciation 49,899.25 39.94S.63 54,238.39 34,024.36 



Net Earnings from Operations. . $87,163.52 $82,115.76 $87,311.92 $34,583.56 



Interest < Jharges 63,931.6 1 63,931.61 65,973.44 63,872.44 



Profit $23,231.91 $18,184.15 $21,338.48 *$29,288.88 



The properties have been maintained in good condition and all necessary repairs 

 effected. 



BALANCE SHEET— SEPTEMBER 30TH, 191S 



ASSETS 



Cost of Properties : 



Real Estate, Cane Lands, Buildings, Equipment and other Permanent 



Investments $4,999,680.29 



Deduct — Betterments charged to Surplus July 1. 1911, to June 



30, 1915 425,643.07 



$4,574,037.22 



Advances to Guantanamo Railroad Comoany 788,198.23 



7,649 Shares held in the Guantanamo Railroad Company 1.00 



Current and Working Assets : 



Growing Crop carried over to 1918-1919 Season $°-20,466.0O 



Inventories : 



Raw Sugar on hand, 29,044 bass $397,818.34 



Molasses 20,630.69 



Stores and Supplies in stock and in 



transit, at cost 490.519.02 



Materials for New Construction and 



Spare Parts, at cost 185,451.90 



1,100,425.96 



* Deficit. 



