THECUBAREVIEW 21 



THE UNITED RAILWAYS OF HAVANA AND REGLA 

 WAREHOUSES, LIMITED. 



REPORT FOR THE YEAR ENDED JUNE, 1916. 



The result of the working of the Railwaj's for the year 1915-1916, as conij)ared with 

 1914-1915, is as follows: 



1914-1915 

 £ s. 



Receipts 1,692,361 18 



Expenses 894,465 9 



Balance £797,89o 9 



Ratio of expenses to receipts 52.85 per cent. 



To this balance of £961,122 4.s. 3d. there has to be added the profit on the working of the 

 Regla Warehouses, the gain in exchange and Transfer and other Fees, and to l^e deducted the 

 payment in respect of the Marianao Railway leased to this Company. These adjustments 

 having been made there rem.ains a total of £971,173 lis. 3d. After payment of interest on 

 Debentures and Debenture Stocks, dividend on Preference Stock, Interim Dividend (2 per cent, 

 paid on the Ordinary Stock on INIay 15, 1916, Taxes (including Excess Profits Duty for 1914- 

 1915), Stam.p Duties, and adding Interest and Dividends on Investments, the value of the 

 coupons on the Bonds of the Havana Central Railroad Company exchanged for four per c^ent. 

 Debentures and Debenture Stock of this Company, and the amount brought forward from last 

 account, there remains an available balance of Net Revenue of £625,469 36'. 5d. 



This sum. of £625,469 3.s. 5d. is dealt with as follows: 



£ 



Transferred to Reserve Account 300,000 



Transferred to General Renewals Reserve 100,000 



Transferred to Insurance Account 5,000 



Transferred to Pension Account 10,000 



The Board recomnaends a final dividend of 3 % (less income tax at 3.s. Qd. in 



the £) — -making 5% for the year — -on the ordinary stock, absorbing 196,077 



Carrj-ing forward 14,392 



£625,469 3 5 

 The Reserve Account amounts to £1,000,000 Os. Od. 

 The General Renewals Reserve am,oants to £322,157 15s. id. 

 The Insurance Account amounts to £3r,000 Os. Od. 

 The Pension Account amounts to £44,792 2s. 8d. 



RECEIPTS 



Passengers. — The receipts from Passenger Traffic (inckiding ^Marianao Electric Service) 

 amounted to £569,404 against £447,059 last year, an increase of £122,345, or 27.37 per cent. 

 The nmnber of passengers carried was 7,936,512 against 6,727,030, an increase of 1,209,482, or 

 17.98 per cent. The average distance travelled per passenger (main Une only) was 33 miles 

 and the average fare (main hne only) 3s. 10.98(/. against distance per passenger of 3." miles and 

 an average fare of 4s. 3.4.0d. in the previous year. The average receipts per passenger ro.ile 

 (main line only) were 1.44d. against 1.47 d. and the percentage of traffic to capacity hauled 

 36.83 against 31.90 for the previous year. 



The actual number of main line passengers and corresponding earnings during the years 

 1914-1915 and 1915-1916 were as follows: 



Year Passengers Receipts 



1914-15 1,856,163 £397,491 



1915-16 2,634,271 515,659 



Increase 778,108 or 41.927o £118,168 or 29.73% 



