16 



THE CUBA REVIEW 



CUBAN RAILROAD MATTERS 



UNITED RAILWAYS OF HAVANA REPORT 



The United Railways of Havana system 

 enjoyed remarkable prosperity last year due 

 to a big sugar crop, which ensured abundant 

 freight earnings and stimulated all classes 

 of business. Sugar constitutes its most 

 important source of revenue, and in the 

 , year to June 30th last it yielded almost 

 £500,000 out of a gross income of il, 626,000, 

 while it was responsible for no less than 

 £71,900 of the gain of £212,000 in the com- 

 pany's total receipts. Passenger receipts 

 rose by £51,500 and from freight earnings 

 £16,200 additional were derived. The past 

 year's results compare favorably with those 

 of the previous twelve months as will be 

 seen from the following table : 



Year ended June 30th 

 1911-12 1912-13 



Receipts £1,114,792 £1,626,674 



Expenses 774,247 887,057 



Profits 640,545 739,617 



Net revenue ■ 643,851 744,193 



Interest & dividends. 244,081 260,465 



Total net income.... 887,932 1,004,658 

 Debenture interest, 



Preference dividend, 



etc 484,052 498,209 



Surplus 403,880 506,449 



Brought in 12,701 17,881 



Available 416,581 524,330 



General reserve 75,000 125,000 



Renewals reserve.... 50,000 50,000 



Pensions 20,000 



Insurance 10,000 5,000 



Extraordinary expen- 

 diture 15,000 



Ordinary dividend... *263,700 1293,000 



Forward 17,881 16,330 



* 4:^2 per cent. t5 per cent. 



Passenger receipts, as already stated, im- 

 proved by £51,500, of which £43,800 was de- 

 rived from the main line and £7,600 from 

 the Marianao section. The latter gain is 

 equal to 24.35 per cent, and a steady in- 

 crease of the traffic on this branch in the 

 current year is indicated. 



The heaviest increase on the expendi- 

 ture side was one of £66,600 in traffic 

 charges, which was due to an outlay of 

 £72,300 in respect of terminal station ex- 

 penses, an item which appears in the ac- 

 counts for the first time. As to the con- 

 dition and prospects of the property, the 

 general manager reports that locomotives 

 have been well maintained, and, with the 

 assistance of the twelve new engines on 

 order, no difficulty in handling business 



promptly is anticipated. The average con- 

 dition of the company's rolling stock shows 

 a great improvement. 



RAILROAD TARIFF REVISION 



Under the Railroad Law of Cuba, rail- 

 road tariffs are subject to revision by the 

 Railroad Commission at intervals of not 

 less than two years. The commission has 

 called upon the various companies of the 

 island to submit their views regarding a 

 modification of the existing tarififs. The 

 general manager of the Cuban Central at a 

 recent meeting had advised the directors 

 that these had been presented. They were 

 informed, however, that the President of 

 the republic would in no way permit any 

 arbitary action on the part of the Railroad 

 Commission, and that he desired to en- 

 courage railway development in Cuba. 



Railroads in Cuba will hereafter undergo 

 government inspection as often as in the 

 opinion of the authorities such action shall 

 be necessary. President Menocal has so 

 ordered. 



The Havana Electric Railway, Light & 

 Power Co. has declared a semi-annual div- 

 idend of $3.00 per share of the Preferred 

 Stock and a dividend of $2. .30 per share on 

 the Common Stock, which was paid on 

 November 15, 1913, to stockholders of rec- 

 ord at the close of business on October 

 25, 1913. 



The damage caused by straying animals 

 to the rolling stock of Cuban railroads 

 during the last ten years was as follows : 



Locomotives derailed 55 



Passenger coaches derailed. ... 51 



Cane cars derailed 103 



Number of persons killed 27 



Building of the branch bank of the Royal Bank 

 of Canada in Santiago de Cuba. 



