THE CUBA REVIEW 



19 



REPORTS OF CUBAN RAILWAYS 



HE UNITED RAILWAYS. THE CUBAN CENTRAL. AND THE 



WESTERN RAILWAY 



THE UNITED RAILWAYS cumstances, should meet with other than the 



The report of the United Railways of the proprietors' approval. 



Havana and Regla Warehouses for the year In the event of the dividend being paid 



ending June 30 last shows the following com- ^ ^he manner described above, says the 



parative results of the working of the railwavs: London Financial Times, £328,001 of the 



1913-14 19r^-13 above balance will be absorbed, leaving 



Receipts £1,(311,671 £1,626,674 ^^"^'-^J ^o be carried forward. The reserve 



Expenses 950 411 'SS7 056 ^'^<^«"^^ ^"^^^^^^s to £550,000 The general 



^ '_ ' renewals reserve amounts to £14<S,694. The 



Balance £661 260 £739,617 iii^urance account amounts to £25 000. The 



' pension account amounts to £23,409. 



The profit derived from the Regla ware- The new terminal station in Havana, the use 



houses amounted to £9,712, against £7,584 in of which has been enjoyed dm-ing the whole 



the previous year. Passenger traffic fell period covered by the accounts, has again 



away to a small extent during the year in proved of enormous atlvantage to this com- 



question, and there was a decline in the total pany. It is anticipated that as the result of 



revenue from sugar cane and kindred pro- an arrangement entered into by the Havana 



ducts; in fact, only a few som-ces of traffic Terminal Raihoad Company for the through 



gave increases, this being due partly' to the shipment of merchandise from and to the 



outbreak of bubonic plague in Havana, which United States bj- means of a train ferry ser- 



caused steamship companies to cancel many vice which the Florida East Coast Railway 



of their sailings, and the generally bad condi- proposes to run between Havana and Key 



tions which existed throughout the island on West, the business of this company will greatly 



account of the very low prices ruling for benefit. It is expected that this new service 



sugar. In the end the net revenue available, will be inaugm-ated early in January next. It 



after meeting debenture and preference is proposed to submit a resolution altering the 



charges, enabled the board to place £50,000 articles of association. It may be mentioned 



to reserve, a similar amount to renewals re- that, in view of the great development which 



serve, and £40,000 to extraordinary expendi- has taken place in the company's business, it 



tiu'e on works in suspense, or a total of £140,- has been found necessaiy from time to time 



000 specially set aside, against £215,000 so to obtain temporary loans for considerable 



used for the previous year, and, after meeting amounts, and in order to keep within the 



the 5% dividend recommended, the cai'rymg powers of the company the directors recom- 



forward will be shghtly reduced, at £14,217. mend that the temporary borrowing powers 



The report shows that the reserve fund now be increased from £250.000 to £750,000. 



amounts to £550,000, while the general re- As to what the future has in store, the Pall 



newals reserve totals, £148,694. Mall Gazette says: 



The rather novel announcement made a few "As to the prospects for the current finan- 

 weeks ago by the board of the United Rail- cial year, we have akeady referred in these 

 ways of Havana, to the effect that they would columns to the benefit which the planters will 

 pay the same 5% dividend to their stock- derive from the enhanced prices of sugar, 

 holders as for the previous year, but in deben- The expectation of these higla prices resulted 

 tm-e stock, makes the report an interesting in very extensive plantings dui'ing August and 

 document, says the Stock Exchange Gazette of September, but this cane will not be available 

 London. It does not show any more falhng until the 1915-16 crop, which should be the 

 away in the revenue than the decline in gross largest ever carried, if the weather conditions 

 receipts would have led one to expect, but are favorable. Owing to poor rainfall, the 

 simply that the board are compelled to adopt United of Havana general manager expects 

 the course proposed owing to the fact that a 10% reduction in the next crop, and the ab- 

 the capital account is overspent, and it is normal conditions brought about bj* the 

 obviously impossible to raise a fresh loan Em-opean war are naturally affecting imports, 

 under present conditions. In normal times Most of the machinery orders have been can- 

 the board were able to avoid issuing fresh celled, and the scarcity of money wiU make 

 capital by using undistributed revenue funds harvesting conditions difficult. On the other 

 for capital works. There would have been hand, grinding will commence at tlie end of 

 no difficulty in providing the money now this month, or about three weeks earlier than 

 needed for dividend purposes but for the war, usual, and the general manager expects con- 

 and, while the course proposed necessitates ditions generally to improve after the crop has 

 the passing of a special resolution altering the started should the high prices for sugar con- 

 articles of association, the directors do not tinue." 



anticipate the stockholders withholding their WESTERN railway OF HAVANA 

 sanction; as a matter of fact, we see no reason 



why the proposal, under these abnormal cir- The report of the Western Railway of 



