THECUBAREVIEW 23 



NIPE BAY COMPANY'S ANNUAL REPORT 



A SYSTEM OF IRRIGATION SOON IN OPERATION ON THE COMPANY'S 

 FIELDS YIELD OF SUGAR AND MOLASSES 



By the action of the stockholders taken at the meeting held at Jersey City, N. J., on 

 December 13, 1911, the fiscal year of the company was changed so that it would end on 

 June 30th instead of on September 30th as heretofore. The report issued August 13th 

 accordingly covers the fiscal period of nine months ended June 30, 1912. 



INCOME ACCOUNT 



Total earnings for nine months, after deducting $68,951.12 expended for bet- 

 terments and charged against operating expenses $646,594.91 



Interest on mortgage notes $149,237.99 



Interest on debentures 166,670.00 



Interest and discount 4,264.31 320,172.30 



Balance, net income for the year $326,422.61 



Three dividends of 1 per cent each on preferred stock 60,000.00 



Surplus for the period' $266,422.61 



Surplus brought forward 26,367.66 



Total Surplus $292,790.27 



Direct charge, representing depreciation on cane fields 100,000.00 



Balance, surplus June 30, 1912 $192,790.27 



The production of sugar by the company's mill was SI, 386,568 pounds, and of molasses 

 1,408,932 gallons, comparing with 92,835,600 pounds of sugar and 1,842,087 gallons of 

 molasses in the previous year.. The crop season came to an end on July 31, 1912, and 

 the total output for the season was 86,217,760 pounds of sugar and 2,038,152 gallons of 

 molasses. 



The rainfall on the company's plantations was abnormally Hght throughout the season, 

 and resulted in a substantial reduction in the rate of yield of cane. The sugar content 

 of the cane also suffered a reduction of nearly ten per cent, as compared with the previous 

 season. These factors, and the further fact that the operations cover only the period 

 to June 30th, mainly account for the shrinkage in the output. 



The company expects to have in operation shortly, throughout a part of its fields, a 

 system of irrigation, which has been the subject of careful study, and which should in- 

 sure a larger and more regular supply of cane. Two heavy steam-plowing outfits are 

 being employed upon the cane fields, and by bringing them to a higher state of cultivation 

 should materially increase the rate of yield of cane, and lengthen the life of the fields. 

 As the fields grow older, they get into more favorable condition for plowing, and highly 

 favorable results are looked for from this work. The opening up of new cane fields has 

 necessitated the construction of some two miles of additional railway. The mill, as 

 well as the properties generally, is kept in the highest state of repair and efficiency. 



There were redeemed within the year $144,000 in five-year notes of the issue of 

 $3,500,000 maturing June 1, 1914, leaving a balance outstanding of $3,207,000, and there 

 were also redeemed $200,000 of the issue of $4,000,000 in 6 per cent debentures maturing 

 June 1, 1917, leaving an outstanding balance of $3,566,000. 



A comparative statement of cultivations and lands owned by the company on June 30, 

 1912, and September 30, 1911, is also given in the report and this follows : 



ACREAGE 



Cultivations : 1912 1911 



Sugar cane 24,673 23,829 



Pasture 12,559 13,365 



Total acres cultivated lands 37,232 37,194 



Improved land other than cultivation . - ^^.381 4,590 



Unimproved land 86,irt) 86,008 



Total acres land owned 127,792 127,792 



The number of cattle owned by the company totals 3,745 head and the number of horses 

 and mules total 307. 



