THE CUBA REVIEW 



21 



FINANCIAL AND COMMERCIAL 



UNITED RAILWAYS EARNINGS 



Mail advices from London state that 

 the report of the United Railways of Ha- 

 vana for the year ended June 30, 1912, is 

 due to be published in October next and 

 that already the market is discussing the 

 dividend which the directors are likely to 

 pay. The gross receipts for the year 

 amounted to il,413,000, an improvement 

 of il8S,000, and of this latter figure a con- 

 siderable proportion should be available 

 for distribution. In arriving at any con- 

 clusion regarding the matter, says Financial 

 America of Xew York, it must I^e remem- 

 bered that an additional £522, .500 5 per cent 

 cumulative preference stock will rank for 

 dividend for the first time. After allowing 

 for this, however, there is a reasonable 

 probability that the dividend on the ordi- 

 nary capital will be raised from 4 to 5 per 

 cent. The current price of the issue in 

 question is 87^/2, and assuming the rate of 

 distribution to be 1 per cent in excess of 

 that of recent years, the return is approxi- 

 mately 6 per cent on the basis of the price 

 now ruling. The outlook of the current 

 year is rendered encouraging by the fact 

 that the 1912-13 sugar crop promises to be 

 an exceptionally heavy one. 



GULF COAST PINE SHIPMENTS 



Cuban shipments of pitch pine since the 

 opening of the year totals 65,104,324 feet. 

 The trade is less in volume than it has 

 been since 1909 and is not in a very satis- 

 factory condition from the shipper's point 

 of view. No general improvement is looked 

 for before the winter months, but accu- 

 mulated orders should cause a fair move- 

 ment through the season. — Gulf Coast 

 Record. August 24th. 



A new project of the Cuban Central 

 Railway is the construction of a branch 

 road from Santa Rosalia to Delicias, join- 

 ing the line between Cruces and Ranchuelo. 



Hawaii's exportations of canned pine- 

 apple to the United States, like those of 

 Porto Rico, show a continual expansion. 

 The official figures follow. The period 

 covered is twelve months ending June 30th. 



1910 1911 1912 



$1,548,880 $2,020,800 $2,567,564 



Recent advices from the Cuban consul 

 in Cadiz are to the effect that since August 

 1st, the Eastern Telegraph Company, an 

 English tirm, has put in operation a new 

 tariff between Cadiz and Cuban cities with 

 the exception of Guantanamo and Caima- 

 nera, which reduces cable tolls 50 per cent. 



BLAUGAS COMPANY IN CUBA 



The Financial Jl'orld, date of August 

 24th, has the following to say regarding 

 this company : 



"No less than a 50 per cent dividend on 

 the common stock annually is promised by 

 the Blaugas Co., of Cuba, though one share 

 of the stock is given as a bonus with every 

 subscription for two shares of preferred 

 stock — of the preferred stock $500,000 is 

 offered to American investors at its par 

 value of $10 a share and it calls for an 

 annual dividend of 7 per cent if earned. 



"The Cuban company has an authorized 

 capital of $2,000,000 preferred, of which 

 there is outstanding, including the present 

 offering, $520,000, and $3,000,000 common, 

 of which there is outstanding $1,124,540. 

 As the company's circular states that its 

 right to manufacture blaugas for Cuba was 

 paid for in cash and stock it is presumed 

 the difference between tjhe outstanding 

 stock and what is now offered, about $20,- 

 000 is preferred and $874,540 common, 

 represents what was paid for the privilege 

 in stock of the company. 



"The promoters are extremely optimistic 

 as to the profits their company will make — 

 we fear too much so. As yet the company 

 is not doing any business. Its future is 

 all based on expectations. It has no plant, 

 but will erect one if it can sell this issue 

 of $500,000 preferred. Too much im- 

 portance is placed in the company's pro- 

 spectus on the rich men who have pur- 

 chased the right to make blaugas in the 

 United States and who, by the way, are 

 financing their project out of their own 

 pockets, not having offered any stock to the 

 public. They are not interested in the 

 Cuban company and therefore play no part 

 in its success or failure." 



The Cuban-American Sugar Co. has de- 

 clared a dividend of one and three-quarters 

 per cent on the preferred capital stock out- 

 standing, payable on October 1, 1912, to the 

 stockholders of record at close of business 

 on September 16, 1912. Transfer books 

 will not be closed. 



Iron one importations to the United 

 States from Cuba for eleven months ending 

 May 31st were as follows: 



1912, 1,158,649 tons valued at $3,214,527. 



1911, 1,143,876 tons valued' at $3,415,279. 



1910, 1,208,362 tons valued at $3,638,984. 



The steamer "Saratoga" brought to Ha- 

 vana on August 28th $800,000 in American 

 gold from Speyer Brothers, the New York 

 bankers. The money is part of the $16,- 

 000,000 loan made to the Cuban government. 



