THE CUBA REVIEW 



25 



During the past 11 years, says the report, the annual increase in revenues on both the 

 stage and rail lines has been uninterrupted. The stage line receipts began in 1903. 

 The 1901 rail line revenues totalled about $600,000, contrasted with nearly $2,600,000 in 

 1911. Therefore total rail and stage line receipts during the past 11 vears have increased 

 from about $600,000 to nearly $::i,U(lO,0(iU. 



The operating ratio was slightly higher than in the previous year, although, as com- 

 pared with 1908 and 1907, represents a lilieral saving in this respect. There has been a 

 gradual improvement in per mile operations of the property for a number of years past. 



The figures from the year 190.5 for both lines follow: 

 1905 1906 1907 1908 1909 1910 1911 



$1,806,563 $1,919,102 $2,143,122 $2,276,807 $2,488,647 $2,656,979 $2,991,501 



Average earnings per day during the last fiscal period were better than in the year 

 previous and the indications are that the current year will show a very satisfactory gain 

 over 1911, as December returns were the largest of the year by a substantial margin. 



Following are the average gross earnings per day during each month of the last fiscal 

 period : 



Month — Av'ge per 



day 



January $7,943.66 



-FebruaVv 8,312.99 



March " 8,063.03 



April 8,109.75 



May 7,932.43 



June 8,086.55 



Julv 8,281.69 



Month — Av'ge per 



day 



August $8,197.70 



September 8,299.66 



October 8,376.61 



November 8,157.88 



December 8,595.92 



Average 



$8,195.89 



The balance sheet of the company, as of December 31st last, shows a surplus of 

 $1,327,839, which is applied as follows : In redemption of consolidated mortgage bonds, 

 $366,000 ; sinking fund, $84,626 and profit and loss, $876,507. Cash on hand on December 

 31st amounted to nearly $1,000,000, and there was a very liberal working balance on the 

 date mentioned. 



Harbor Work in Cuba.— Cuban Lighter off Isabela de Sagua, north coast of Santa Clara Province. 



