THECUBAREVIEW 19 



NIPE BAY COMPANY ANNUAL REPORT 



HEA\Y OUTPUT OF SUGAR, BUT LOW PRICES FURNISH SMALL PROFIT 



INCOME ACCOUNT 



On July 31st the board of directors of the Xipe Bay Company submitted the following 

 report of the company's business for the fiscal year ended June 30, 1913. 



Total net earnings for the year after deducting $89,916,1!) expended for betterments 



and charged against operating expenses, were $374,017.13 



Interest on mortgage notes $191,412.00 



Interest on debentures 212,426.07 



Interest and discount 16,199.5.5 420,038.22 



Deficit $46,021.09 



Surplus brought forward from the close of the previous year 192,790.27 



Surplus $146,769.18 



Two dividends of 1 per cent each on preferred stock 40,000.00 



Balance, surplus $106,769.18 



The production of sugar by the company's mill at Preston was 118,330,812 pounds and of 

 molasses 2,847,021 gallons, comparing with 81,386,568 pounds of sugar and 1,408,932 gal- 

 lons of molasses in the period covered by the last previous report. Final figures for the 

 current crop season could not be stated, as grinding operations were still in progress. On 

 June 30th the balance of uncut cane available for the current crop was 4,749 acres, or 

 twenty per cent of the total mature cane. 



Operating conditions were generally favoral)le, and the crop season will show a heavy 

 output of sugar from the mill. On the other hand, the selling price of sugar has l)een 

 exceptionallv low, so that prices realized have furnished a very small margin of profit. 



The properties are maintained in excellent physical condition. New cane fields have 

 been planted to the extent of 884 acres. In connection with these new fields an irrigation 

 svstem has been constructed for the purpose of testing out the beneficial results to be 

 derived from producing cane with the aid of irrigation. It is anticipated that this system 

 will insure the company against irregularity in tonnage due to drought and give a 

 regular annual yield of cane in excess of that produced on plantations conducted by the 

 ordinary methods of cultivation. The company has also improved its older cane fields 

 by the re-planting of 500 acres. Six miles of railway were constructed, and otiier better- 

 ment work carried on. 



The company has redeemed and canceled within the year $140,500 of its five-year 

 6 per cent notes, leaving a I)alance outstanding of $3,060,500, and has also redeemed and 

 canceled $200,000 of its (> per cent debentures, leaving an outstanding balance of 

 $3,366,000. 



A statement of cultivated and uncultivated lands on June iiOth, as compared with 1912 

 is also given in the report and is as follows : 



Acreage 



Cultivated lands: 19i:5 ''-'l^ 



Sugar cane *24,942 24,673 



Pasture ^2,287 12,559 



Total 37,229 37,232 



Other improved lands 4,381 4,381 



Unimproved lands SS.l^^ 86.179 



J,,i;i\ 90,560 90,560 



Total lands owned 127.789 127,792 



The live stock owned by the conii)any totalled 3, .-.79 head as oimparcd with l,():,2 in 1912. 

 The plantation railroad cfiuipment compares as follows: 



' 19i:i 1912 



Miles of road, guage 4 feet H '/j inches T3.9(i (•)7,c,l 



Baldwin Locomotives of 43 tons each I ' '■' 



Number of cars ■^«' ^^S 



•Of these cultivated lands 1,151 acres are now under irrigation. 



