26 THE CUBA REVIEW 



57,215,953 K.W.H., ;in increase of 7.8% as compared with 1917, in the production 

 of which 54,691 tons of coal were consumed, or 2.14 lhs. per K.W.H. 



To meet the high cosl of operating the Omnibus Service of your Company, the 

 stage line organization was discontinued and its buildings and equipment were 

 turned over to the Transportation Department and thus by more careful administra- 

 tion the operating cost was decreased and the accompanying report shows net earn- 

 ings during the year 1918 as $11,584.99 against loss in operation during 1917 of 

 $21,742.70 — in other words, an increase of $33,327.69. On December 31, 1918, there 

 were 49 stages and 14 motor buses in operation. 



It is with great sorrow that your Board of Directors is called upon to record 

 the death on December 1, 1918, of one of its most active and useful members— Mr. 

 Horace E. Andrews. 



To each member of the Board, Mi-. Andrews had endeared himself, both by his 

 genial personality and by the valuable services rendered to your Company in Ins 

 faithful devotion to its affairs. 



The vacancy in the Board of Directors occasioned by the death of Mr. Andrews 

 was filled by the Board of Directors through the election on December 5, 1918, of 

 Mr. E. N. Brown, to hold office for the unexpired portion of the term of the late 

 Mr. Andrews, to wit, until the annual meeting of the Stockholders on the third 

 Thursday in May, 1919. 



The Employes' Mutual Benefit Society lias continued sound and prosperous and 

 at the end of 191S had 1,455 members, or 22 less than on Dacember .".1, 1917. The 

 sum of $21,921.55 has been expended in assistance to members, and the object to 

 protect them against loan sharks by advances at a low rate of interest lias not been 

 lost sight of. 



Accompanying this report will lie found the balance sheet and profit and loss 

 account as of December 31, 1918, in connection with which your Board of Directors 

 desire to state that as all of the power generating and distributing equipment is 

 comparatively new and up-to-date in design and construction and thoroughly main- 

 tained, the amount of $203,000.00 set aside for depreciation during 191$, in addi- 

 tion to the payments to the sinking funds, aggregating $122,755.83, is deemed ample 

 in the judgment of your Engineers to cover the loss of value due to unavoidable 

 deterioration and obsolescence. 



For the Board of Directors, 



Frank Steinhart, President. 



Havana, Cuba, March 31. 1919. 



BALANCE SHEET— DECEMBER 31, 191S 



ASSETS 



Properties, Plant and Equipment, as per December 31, 



1917, Report $56,095,157.26 



Net Additions during year 637,146.58 



$56,732,303.8 1 



Investments (At Cost ) 544,213.38 



Current Assets : 



< 'ash in Banks and on Hand $863,718.19 



Accounts Receivable after providing for Bad and 



Doubtful Debts 1 .2< ►6,280.71 



Stocks and Materials, Merchandise and Supplies on 



Hand 1,406,312.14 



Materials in Transit 112,912.38 



3,589,223.42 

 Deferred Assets : 



Insurance paid in Advance, Deferred Charges, etc. . . 136,869.49 



$61,002,610.13 



