THECUBAREVIEW 25 



It is :i little early to make predictions relative to the Keinedios erop; its (iiumtity and (luality 

 will depend iii)on the weather duriiifi the mouth of Fel)ruary. The aereage is s:<ici to bo larger 

 than last year, but the probabilities are that this erop will not be larger than the last if as large. 

 The oroj) of 1910 amounted to 361,099 bales as compared with 433,2()7. Exports for 191t) were 

 352,220 bales, being an increase of 11,519 over the previous year. 



Considerable attention has been given to copper mining in the tobacco province of Pinar 

 (!el Hio during the past year. Many mining claims have been denounced and a considerable 

 amount of work was performed, but shipments of copper ore have been confined to two or three 

 mines. Th(> declared value of copper ore .shipped from Pinar del Hio during the year 191(1 was 

 about $4,ri()0,()()0, of which amount 90' ^ or more was from two mines. 



Deposits on December 30, 191(5, were $54,843,01 1.8() as against $3(;,145,4()o.5"/ on the same 

 date of the previous j'ear, representing an increase of $1S,()97,(305.29, or 51.73^ i- 



The number of individual deposit accounts on December 30, 1916, was 59,397 as compared 

 with 53,077 the previous year, being an increase in number of 6,320 accounts, equal to 11.90%- 



Deposits in the Savings Department on December 30, 1916, amounted to $15,144,361.63 as 

 : gainst $8,582, 769. SS on the same date of the previous year, being an increase of $6,561,591.75 

 or 76.45 "^o- The number of accounts was 30,504, as against 24,836 on the same date of the 

 previous year, an increase of 5,668 accounts, or 22.82%. 



Amounts handled by the Collection Department in 1916 aggregated $358,000,000 as com- 

 I)ared with $327,000,000 in the previous year, representing an increase of $31,000,000 or 9.48%. 



The turnover in the Exchange Department during the past year amounted to .$471,000,00 

 as against $371,000,000 in the previous year, or an increase of $100,000,000 equal to 26.95%. 



The cash movement at the head office for the year 1916 amounted to $3,130,000,000 

 against $2,146,000,000, being an increase of $984,000,000, or 45.85%. 



Loans on December 30, 1916, were $37,467,629.46 as compared with .$22,724,471.53 on the 

 same date of the previous year, representing an increase in amount of $14,743,157.93, equal to 

 64.88%. The number of loans on the last day of 1916 was 5,924 as against 5,111 in 1915, being 

 an increase in number of 813 or 15.90%. 



The regular 8% dividend for the year was paid and also an extra dividend of 2' ^ which 

 was warranted by ihe earrings. The surplus of the bank was increased $800,000, making a 

 total surplus of $2,800,000. Ample provision was made for bad and doubtful accounts and 

 $551,275.42 were left in undivided profits prior to payment of dividend. 



During the year a new Havana branch was opened on Belascoain Street and six other 

 branches in the interior as follows: Pains in Havana Province, Pedro Betancourt in the Province 

 of Matanzas, Cabaiguan in Santa Clara Province, Florida and :Moron in the Province of Cama- 

 juey and San Luis in Oriente Province. 



A considerable addition was made to the head office building for the occupancy of important 

 tenants and a new bank building was erected at Placetas, making in all 12 branch bank build- 

 ings owned by the institution. Not a single office in the building of the head office has been 

 vacant during the year. 



It is with great satisfaction that shareholders are advised of the increased holdings of 

 shares of the bank during the past fifteen months by active officers and employees of the insti- 

 tution, the number of such shareholders now being 115. 



During the year $20,000 were added to the employees pension fund, making a total of 

 $40,000 set aside for said fund. 



THE ROYAL BANK OF CANADA 



DIRECTORS' REPORT 

 ANNUAL REPORT FOR THE YEAR ENDED NOVE:vIBER 30, 1916 



Profit and Loss Account 



Balance of Profit and Loss account, November 30, 191.5 $676,472.16 



Profits for the year, after deducting charges of management and all other expecs s, 

 accrued interest on deposi s, full provision for all bad ard doubtful debts atd 



rebate of interest on unmatured bills 2,111,307.65 



$2,787,779.81 



