THE CUBA REVIEW 



21 



UNITED OF HAVANA REPORT 



The London Economist, anal3zing the annual report of the United Railways of Havana, 

 finds that the revenues of the United Railways of Havana and Rcgla Warehouses 

 went up substantially in the year just closed. The broad results of the year's working 

 are shown below : 



1910-11 1911-12 



Gross receipts £1,222,719 £1,414,792 



Expenses 730,744 774,240 



Net revenue £491,975 £640,546 



Ratio of expenses 59.76 54.73 



After paying debenture interest and other charges and meeting the preference stock 

 dividend (£ll4,02S), and adding interest on investments, £156,865, and coupons on the 

 bonds of the Havana Central Railroad, there was a balance of £403,880. Out of this, 

 £75,000 was transferred to general reserve, £50,000 to renewals reserve, £l0,000 to in- 

 surance account, and £263,700 was absorbed in paying at 4V2 per cent dividend on the 

 ordinary stock, against 4 per cent last year, leaving £5,180 to be added to carry forward, 

 raising it to £l7,SSl. The reduction in the ratio of expenses has been more or less 

 a consequence of the increase in receipts, practically all branches of expenditure showing 

 small increases in amount. Locomotive running expenses are up £18,000, way and works 

 maintenance £16,000, and coaching stock maintenance £5,000, but goods stock maintenance 

 is £8,000 down, owing to a larger proportion of new stock in use, the capital expenditure 

 on rolling-stock having been £160,070 during the year. The ^traffic statistics of the 

 company are naturally good, as it is in times of falling rather than rising receipts that 

 the management is put to the test. The average receipts per passenger mile fell from 

 1.47d to 1.46d, but the receipts per passenger train mile rose from 7s 0.87d to 7s l.SOd. 

 The receipts per ton of goods and live stock fell from 2s 11.74d to 2s 7.99d, and the 

 receipts per ton mile went down from 1.47d to 1.40d. The goods train load went up 

 from 107 to 117 tons. United of Havana ordinary stock is at present quoted at 89, 

 yielding 5% per cent, allowing "for the dividend included in the price. The 5 per cent 

 cumulative preference stock yields 5 per cent. 



Financial and Commercial News 



WESTERN RAILWAYS 



Weekly receipts : 



September 7th . . . £5,044 



September 14th.. 0.224 



September 21st.. 6,197 



September 28th. . 5,835 



October 5th 4,489 



October 12th 4.390 



October 19th 4,384 



October 26th 4,266 



CUBAN CENTRAL RAILWAYS EARNINGS 



Weekly receipts : 



October 5th £6,205 Increase. . £696 



October 12th 6,065 Increase.. 498 



October 19th 6,196 Increase. .1,197 



October 26th 6,979 Increase. .1,908 



A semi-annual dividend has been declared 

 on the preferred and common stock of the 

 Havana Electric Railway, Light and Power 

 Co., $3 on the preferred and $2.50 on the 

 common. 



Telephone connection between Havana 

 and Camagucy, 343 miles, has been estab- 

 lished. 



CLASSIFICATION OF CIGARETTE PAPER 



The portion of tarifif No. 161 of the 

 Cuban customs tarifif (Tarifif series No. 27) 

 dealing with cigarette paper has been 

 changed in wording as follows : 



a. In reams or loose sheets, not more 

 than 60 centimeters long or 35 centimeters 

 wide: General rate per 100 kilos, $4.60; 

 rate to the United States per 100 kilos, 

 $3.68 ; reduction to United States, 20 per 

 cent of duty. 



b. Cut to size on reels, perforated, con- 

 tinuous, or manufactured in any shape, 

 width or length : General rate, 50 per cent 

 ad val. : rate to the United States, 40 per 

 cent ad val. ; reduction to United States, 

 20 per cent of duty. 



IMPORTS OF ROSIN 



Cuba's imports of rosin for the years 

 beginning January 1st compare as follows. 

 The quantities given are in pounds. 



1906 1,536,070 



1907 3,709,909 



1908 2.520,339 



1909 2,848,506 



1910 3,199,188 



