24 



THE CUBA REVIEW 



Loans, Discounts, Time Bills, etc 37,467,629.46 



Bank Buildings and Real Estate 1,497.425.19 



Sundr> Accounts 10 591.28 



Securities on deposit 6,483,490.9/ 



Total $70,121,698.32 



liaeilitip:.s 



Capital $5,000,000.00 



Surplus 2,800,000.00 



♦Undivided Profits 551,275.42 



.$8,351,275.42 



Deposits 54,843.011.86 



Due to Banks end Bankers ; 403,920.07 



Pension fund for Employees 40,000.00 



Deposits (Securities) 6,4S3,490.97 



Total $70,121,698.32 



♦Deduct $250,000 for the semi-annual Dividends of i% plus a special dividend of 1% 

 (making a total of 5% semi-annual) payable January 1, 1917. 



A year of unprecedented prosperity was enjoyed by Cuba in 1916, the sugar crop having 

 been the largest and most profitable in the history of the island and tobacco exports were also 

 larger than the previous year and better prices realized. 



The largely increased sugar cane plantings and the construction of ten new mills in 915 

 enabled Cuba to produce a crop of 3,003,624 tons, or over 400,000 tons greater than the previous 

 largest crop, which was harvested in 1914. The average price of sugar in Cuba during the year 

 1916 was 4.425 cents per pound, as against 3.2246 the previous year and the amount realized 

 from the crop was about $300,000,000. 



During the year 1916 sixteen new sugar mills were built which will grind during the i^resent 

 season. Weather conditions on the whole were favorable to the crop, although excessive rains 

 were reported in many sections. To this fact and injury to the cane by a wind storm in Novem- 

 ber which nearly reached the intensity of a hurricane, is attributed the reduction in yield of 

 sugar, of which many mill owners complain. 



The December estimates of crop statisticians for the present season of about 3,500,000 

 tons are being reduced owing to the following circum_stances : the decreased yield of sugar from 

 the cane, the delay in grinding due to rains in early December and failure to receive new ma- 

 chinery in time, the deficiint service of the railroads and the scarcity of labor. The prevailing 

 opinion is that the crop, with normal weather conditions during the grinding season will be 

 about 3,200,000 tons. 



While the prices of sugar opened higher this season than last and have so continued up to 

 this writing, it is believed that the average for the total crop will not be as high as last year un- 

 less Europe increases its purchases. Last year European countries imported from Cuba and 

 the United States about 1,300,000 tons of raw and refined sugar, whereas, thus far they have 

 purchased less than 500,000 tons this season. 



The profits of the cane growers (colonos) will probably be smaller than during the two 

 previous years owing to the largely increr.sed scale of wages and other difficulties under which 

 the crop is being harvested. 



Port receipts up to February 3rd have been 469,089 tons as against 641,616 tons up to 

 February 5th last year. 



There was considerable improvement in the tobacco situation during the year 1916. The 

 quality of Vuelta Abajo and Partidos crops was good and that of Remedios fair. While the 

 crop was smaller prices were ro.uch higher and the new year finds the planter in better financial 

 condition than for the several years past. Stocks are practically exhausted and it is thought 

 prices will rule higher than last year. The growing crop of Vuelta Abajo has improve J with 

 recent rains and it is thought quality will be fair to good, but the crop will be smaller than 

 last year. The Partidos crop will probably be a little smaller than last year, but of good quality. 



