HAVANA ELECTRIC RAILWAY, LIGHT & POWER 



COMPANY 



FIFTH ANNUAL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 



DECEMBER 31. 1916 



The gross earnings for tl.e years 1913, 1914, 1915 and 191() were as follows: 



1913 1014 1915 lOlf) 



$5,417,0.-)4.27 $5,3!)f),713.7S $.5,r)41,:i02.72 $0,017,708.59 



A condensed statement of the results of operation: 



1910 1915 1914 \9\:i 



Ornss oirnines $0,017,70*.59 $5,541,302.72 $-,3 '0,713.78 $5,417,054.27 



Operation expenses andtaxes; .::.■:.■ ;:.:... 2.443.885.33 2.337,506.05 2,-95,321.59 2,612,952.80 



Net inpome " $3,573,823.26 $3,203,790.07 $2,p01,392.19 $2,804,101.41 



Miscellaneousincome.. ....::;■.:: ......... 144.501.49 147,874.95 102,119.18 H0,087.0() 



Gross income $3,718,384.75 $3,351,671.02 $2,903,511.37 $2,944,189.01 



FirstVharges ..■.■■. .' .' .' 1,297,093.23 1,115.413.99 1.0-)4, 131.97 1,090,085.82 



Net profit from operation* miscellaneous mcome. $2,421,291.52 $2,236,257.63 $1.MJ9,371.40 $1.S48,103.19 

 Balance at credit of profit and loss account, Jan. 1. 



1910 l,70;t,950.00 



$1.131,24S.12 — of which anioimt the following disbursements 



were made: 



Dividends paid during the year (6% on the preferred and common shares) $1,790,901.18 



Provisions for sinking fund in r-speet to English bonds of the Compania de Gas y Electricidad de la 



Habana, and Consolidated mortgage bonds of the Havana Electric Railway Company 111,761.83 



Reserve for deprecia' ion IS'ncQ oo 



Reserve for bad and doubtful debts and other adjustments 123,U»3.3d 



Profit and loss account — balance transferred to 1917 2,024,501.78 



Total $4,131,248.12 



To comply with the tax laws of Cuba, separate accounts are kept of the various depart- 

 ments of the company and the following is a summary of the operation thereof during 1916: 



Operating Ex- 

 Departments Gross Earnings penscs and taxes Percent. Net Earnings Percent, 

 from Operation (not including of Gross from of Gross 

 First Charges) Earnings Operation Earnings 

 Electric Railway .... $3,122,362.81 $1,346,260.36 43.12 $1,776,102.45 56.88 



Electric Light ■ 2.099,059.86 552.235.87 26.31 1.540.823.99 73.69 



Gas ,575.290.35 344.927.00 59.95 230,363.35 40.05 



Stage Lin-s V.'. 219,333.77 198,874 31 flO. 67 20.459.38 9. 33 



Electric Omnibuses (1 month). 1.661.80 1.587.71 95.54 74.09 4.40 



$'1,017,708.59 $2,143,885.33 40.61 $3,573,823.26 59.39 



The average force employed during the year was 3,017, of whom 35% have been in the 

 service of the company or its predecessor for ten years and more and 25% for at least five 

 years. 



The improvement in public lighting continues and over seven hundred incandescent 

 lamps of from CO to 1,000 candle power were installed during 1916 and whenever practicable 

 suspended from fancy brackets attached to the railway poles. The increase in electrical output 

 was 15.31% and the increase in net earnings on account of electric lighting 13.68^ c. The 

 number of electric meters in service Tecember 31, 1916, was 3,285 in excess of that of the pre- 

 ceding year. 



Twenty-one electric autcn chiles for pessenger and for other company purposes were 

 purchased and partly placed in service. A suitable garage is under construction and will be 

 completed early in 1917 for storing, charging and repairing purposes. 



The new track constructed during the year aggregates 2.47 miles and the reconstructed 

 track 2.66 miles. 



The gas distributing system was extended by 2.22 miles of new main and 802 new ser- 

 vices were connected.. 



The sales of gas appliances during 1916 amounted to $105,453.71. The output of gas 

 increased 15.2% over 1915, the net earnings increased 23.6% and the operating expenses de- 

 creased 3.92%. The net increase in meters during the year was 1551. The stoves and ranges 

 installed at the end of 1916 total 5325, water heaters, 827 and industrial apparatus 633. 



