24 THECUBAREVIEW 



CUBAN FINANCIAL MATTERS 



NATIONAL CITY BANK q^^^^ N. J., for the purpose of electing fifteen 

 The National City ]5ank has opened a directors for the ensuing year and of voting 

 branch in Cuba, taking over the business and ^ov or against a proposition to lease all the 

 quarters of the National Bank of Havana. properties of the Company to the United 

 This will be known as the West Indian Branch Railways of the Havana and Regla Ware- 

 as it is intended to make it the headquarters houses, Limited. 



of a number of sub-branches among the Carri- 



bean sea islands. For the present only the NEW YORK ASSAY OFFICE 

 Havana branch will be operated, but later on ^^^^^ ^^^^.^^ ^^ ^.^^^^.^ .^^ j^^^^^^^ amounted 

 sub-branches will be opened in other parts of ^^ |i,070,332 and were the largest for anv 

 Cuba, at Kingston, Jamaica, and m San ^^^^^^ ^.^^^ ^^^ Republic began to re- 

 Domingo. Mr. John S. Durand IS m charge ^^.^,^^^-^^ j^^ monetary system by the 

 of the Havana office. introduction of the new gold coinage. The 

 __^_^____ Philadelphia Mint has for several months 



been working on this contract, from which 

 point the coined gold comes to New York 



The annual meeting of the stockholders of for export. Thus far in the past five months 



the Havana Central Railroad Company will Cuba has taken a total of $2,864,542 in 



beheldon the 15th day of September, 1915, at value, of which $1,070,332 were sent in 



12 o'clock noon, at the principal office of the August alone and $1,749,210 in the four 



Company, No. 15 Exchange Place, Jersey months prior to August. 



HAVANA CENTRAL RR. CO. 



GUANTANAMO SUGAR COMPANY 



TENTH ANNUAL REPORT FOR THE FISCAL YEAR ENDING JUNE 30, 1915 



New York, July 29, 1915. 

 To the stockholders of the Guantanamo Sugar Company'. 



The Directors beg to submit the accounts of your Company for the year ending June 30, 

 1915, and a copy of the Balance Sheet together with the report of the General Manager on the 

 operations of the Company. The accounts have as usual been audited by Messrs. Price, Water- 

 house & Company, and a copy of their certificate is appended. 



The net profits for the year from sugar and molasses after charging off for depreciation the 

 sum of $170,649.97 amount to $958,381.41. The total net income amounted to $1,043,516.30. 



Part of the sugar on hand June 30th had already been sold, part has since been sold, which, 

 with the small balance, are accounted for in the profits at current prices. Prices of raw sugar 

 have fluctuated between 2% cents and 4 cents per pound, but in the main have been steadier 

 than last year, a condition satisfactory to producer and ref in er. 



h^ The General Manager has referred in his report to the decreased production. This has 

 been more than offset by the good prie-es obtained for raw sugar resulting in a handsome profit 

 for the year. This good outcome has enabled your Directors to declare a cash dividend of $6 

 per share, absorbing $298,746, and to authorize the expenditure of a large amount of money 

 for improvements and betterments. An entire new set of mills, crusher and engine is to be 

 furnished to Los Canos factory and a quadruple effect, vacuum pan and other machinery parts 

 to Isabel. The capacity and efficiency of these factories will be materialh^ increased thereby. 

 The balance of earnings will be used as working capital. 



Since its organization and previous to this year it has been considered advisable to expend 

 in betterments and improvements on the property all the net earnings the surplus of [^ assets 

 being thus increased from time to time. In view of this your Directors have thought it equit- 

 able to distribute to stockholders out of such surplus a part of the Treasury stock and have 

 therefore declared a dividend in stock, at its par value, of $5 per share. 



By order of the Board of Directors, 



W. E. GLYN, President. 



