22 THECUBAREVIEW 



$62,753.49, which amounts to a total of $;i38,0-K).7t), whifh, adled to the $392,906.28 of re- 

 ceivables assets on the account sales amount to $730,947.04, that is, an increase of $81,456.99 

 in relation to same entries apportioned in the previous report; likewise the value of live stock, 

 wagons, utensils, etc., having increased from the previous report, which was $112,694.21, to 

 $164,002.23. 



The continuation of imjirovements and enlargements of our Brewery and Ice Factory, 

 started during the period comprised by the previous report referred to, and other necessary 

 improvements including the materials and malt in existence to-day, represent an investment of 

 $323,164.64 during the nine months, of which $91,173.83 belong to the improvements on the 

 grounds, enlargements of the factory building, improvements in the restaurant, small houses 

 for the chemicals, canteen, and the construction of new shops, sanitary service, coal houses, 

 stables and houses for the storage of hay and barrels; $114,092.28 to machinery, comprising 

 therein the buying and installation of new beer tanks, the new ice plant, the system for the 

 purifying of water, three boilers and new pieces of machinery; $4,835.42 to the buying of motor 

 trucks and to the making of new wagons for the ice and beer; $9,382.65 to the acquisition of 

 live stock and harnesses; to-day we have one hundred and forty mules instead of sixty mules 

 ~we had formerly, and we have to increase that number because the growing increase in the 

 product to be transported requires it; and the rest up to the $323,164.64 to kegs, new refriger- 

 ators, furniture and utensils, including the malt and materials in hand mentioned above. And 

 lastly, in addition to having increased considerably the sale of our product, exceeding our own 

 calculations, we have taken in, in the nine months referred to in this report, $204,362.42 more 

 than in the same months of the previous year. 



All this will prove to the stockholders that the eagerness shown by this Board of Directors 

 toward the development and prospei"ity of the Company has given the results expected. 



Our brewery and ice factory, with the improvements and enlargements accomplished there- 

 in, and those we will undertake in order to have it completed next year, can be considered as a 

 model in its class; even to-day, by its installation, it causes that impression to those that visit 

 this plant, and its product is entirely accepted by the public, as shown by the necessity of 

 making some of the enlargements in order to be able to increase the production to attend to the 

 demand of the market. 



Now in regard to the liabilities of the company: its consolidated debt amounts to $1,500,- 

 000 for the issue of bonds of the First Series in force to-day, having in the company's treasury, 

 the rest up to $2,000,000, that is to say, $500,000; we expect that with those bonds and the pro- 

 duction of next year we will be able to pay all the other debts of the balance's liabilities, the 

 major part of which has been incurred on account of the enlargements and improvements 

 made in the factory and by taking care of those that have to be made. 



The balance referred to in this report has been approved, after having been minutely 

 analyzed and verified by the examination of all the accoimts and its vouchers, by .Messrs. 

 Deloitte, Plender, tJriffiths & Co., of London, accountants of reputation, who perform that 

 kind of work for large concerns throughout the world, amongst them in Havana, for the United 

 Railways of Havana and the Havana Electric Railway Light & Power Company, by which we 

 can be sure that said balance means the true condition of the company. 



We think that the stockholders will be satisfied with the success obtained so far in the 

 enterprise, this Board of Directors trusting that it shall be much better in the future, and that 

 very soon we will be able to declare dividends on the shares regularly. 



Habana, December 31, 1916. 



General Balance taken on the Slst day oj Deee)nher oj 1916. 



ASSETS 



Properties $2,432,682.41 



Live stock, wagons, utensils, etc 164,002.23 



Cash in hand 81,757.06 



Drafts and collectable bonds 62,753.49 



Raw materials and merchandise in < xistence 193,530.21 



Divers debtors 392,906.28 



Securities advanced 7,455.53 



