22 



THE CUBA REVIEW 



The main results of working for the last dozen years or so, together with the dividends 

 paid on the Company's Ordinary capital, are set out beneath : 



CUBAN CENTRAL RAILWAY 



Dividend 

 Miles Gross Net Net on 



Year Open Earnings Expenses Ratio Earnings Profit Ordinary 



Percent Percent 



1912-13* 337 £614,000 £351,000 57.16 £263,000 £145,000 4 



1911-12 260 499,982 293,900 58.7S 206,082 109,545 2 



1910-11 255 460,083 281,288 61.14 178,798 97,976 2 . 



1909-10 241 465,310 282,686 60.75 182,624 105,870 S 



1908-09 241 434,357 249,523 57.45 184,834 103,388 Nil 



1907-08 241 359,948 214,666 59.61 145,282 89,955 Nil 



] 906-07 241 429,310 247,616 57.63 181,694 104,445 2 



1905-06 241 406,000 226,000 ,55.71 180,000 100,436 Nil 



1904-05 219 345,000 193,000 55.95 152,000 81,551 2 



1903-04 216 281,170 170,000 60.60 111,000 54,040 Nil 



1902-03 216 254,000 154,000 60.62 100,000 48,881 Nil 



1901-02 216 271,000 153,000 56.40 118,000 56,157 Nil 



1900-01 214 248,000 131,000 52.64 117,000 67,995 1 



1899-1900 214 196,000 111,000 56.81 85,000 41,279 Nil 



* Estimated. 



It should, of course, be appreciated that the dividends paid in no sense represent the 

 profits earned. In the last seven years, for instance, the balance available for the Ordi- 

 nary has averaged over £37,000 a year, a sum equal to an average annual dividend of 4% 

 per cent. Including 1912-13, the results for which are as yet problematical, the average 

 dividend earned has been something like 5 per cent on the shares. By distributing profits 

 so sparingly the directors have, of course, been able to greatly add to the Company's 

 financial strength. The total reserve funds now amount to about £140,000, of which 

 £50,000 constitutes a general reserve and £69,000 renewal and casualty fund. The Com- 

 pany is, therefore, in a better position than ever previously to raise the dividend to a 

 4 per cent basis, and having regard to past results, which include both good and bad 

 years, such a rate might conceivably be maintained even when relatively bad times come 

 again, as they may in a country so largely dependent on crop conditions. — London Statist. 



An excellent wind-up of its financial year to the end of June last is shown in the Cuba 

 Railroad Company's statement of earnings and expenses, says the London Financial 

 News. With a gross increase of $80,282 for the month, the working expenses were de- 

 creased by $7,376, and as the fixed charges were slightly smaller, the surplus for the 

 period was raised by $88,491. For the past twelve months the gross earnings rose to the 

 extent of $812,787, the net profits by $396,642, and the fixed charges by $42,224, the 

 surplus thus showing an imorovement of $354,418. The working expenses include $96,000 

 for extraordinary replacements. 



EARNINGS OF RAILWAYS AND STAGE 

 LINES 



In the report of the Havana Electric 

 Railway, Light and Power Co., for the 

 year ending December 31, 1912, the gross 

 receipts of the Havana Electric Railway 

 from the beginning of the operation of the 

 road in 1901 are given and these follow : 



1901 $611,131 



1902 871,697 



1903 1.084,508 



1904 1,235.945 



1905 1.477,064 



1906 1,570,302 



1907 $1,810,888 



1908 1.937,797 



1909 2.106.761 



1910 2.272,603 



1911 2,588.050 



1912 2,754,139 



From the stage Unes of the company, 

 which tap the suburbs of the city, the re- 

 ceipts since their beginning in April, 1903, 

 aggregate as follows : 



1903 $228,785 



1904 279,343 



1905 329,500 



1906 348,801 



1907 332,234 



1908 $339,009 



1909 381,886 



1910 384,376 



1911 403,451 



1912 390,002 



The net income and operating ratio for 

 1911 and 1912 compare as follows: 



1912 1911 



Net income $1,443,038 $1,376,363 



Operating ratio.. 47.59 46.82 



WANT RAILWAY EXTENDED 



- The municipal government has asked 

 Congress and the President to take the 

 steps necessary for extension of the West- 

 ^-n Railroad line extension to Arroyos de 

 Mantua. 



