26 T H E C U B A R E V 1 E VV 



Bonds: 



20-Year First Mortgage Coupon 6's, Interest j^ayablo Fel)ruary and 



August, authorized 1,500,000.00 



Two-Year 6% Coupon Notes (Due Noveml^er 1, 1915) 25,000.00 



Bills Payable: 



New York *25,000.00 



Acceptances 32,000.00 



Cuba 39,500.00 96,500.00 



Accounts Payable: 



New York Current Accounts $7,481.90 



Cuba Current Accounts 7,935.13 15,417.03 



Accrued Interest: 



On Funded and other Debt 18,925.00 



^Surplus: 200,000.00 



$4,077,142.03 



LA MAYA VALLEY LAND AND IMPROVEMENT CO. 



Report for the fiscal year ended June 30, 1915. 



The year was a satisfactory one. The cane fields were all cut in due season, the output 

 was larger than the previous year and the prices realized were uniformly good. The European 

 war temporarily demoralized the cedar market; nevertheless, and from a smaller output, the 

 net revenue was nearly as much as for the year before : 



The results of the operations in Cuba, with comparisons with those of preceding years, 

 are shown below: 



1915 1914 1913 



Timber Output, Feet 957,695 1,322,761 1,099,303 



Timber Output, Gross Revenue $48,582.68 $54,304.89 $47,949.77 



Timber Output, Net Revenue 18,731.43 19,878.59 16,448.97 



Cane Output, Tons 54,600 49,352 41,262 



Cane Output, Gross Revenue $266,447.39 $116,052.75 $96,555.43 



Cane Output, Net Revenue 90,726.66 12,875.34 3,414.55 



Miscellaneous Revenue 852.00 



Gross Earnings, Cuba 110,310.09 32,753.93 19,863.52 



Administration and General Expenses 11,270.13 9,105.56 9,072.62 



Operating Profit, Cuba 99,039.96 23,648.37 10,790.90 



Real Estate account was credited with the profit as above and charged with land tax and 

 title expenses of $1,039.89, discount on debentures $4,000, New York Office expenses, corpora- 

 tion tax, stock transfer fees, auditing, directors' fees and expenses, legal services, etc., amounting 

 to $6,832.60, interest on debentures, mortgages and other debt $33,705.52, and amounts charged 

 off aggregating $8,767.94, leaving a net credit to Real Estate of $44,694.01 and reducing that 

 account to $694,191.61. 



This is a great deal less than the actual value of the land to-day. No changes have been 

 made in book appraisals since 1910, although during this period the railroad has been greatly 

 developed and first-class service provided, and much of this development has taken place in 

 the adjacent territory, including a new sugar mill adjoining the property of the stockholders. 

 Belona, the company's headquarters, is now a thriving village with a water supply, police 

 force and post office, and long distance telephone connection with Habana and other parts 

 of the Island. The time is near when this property can and should be developed into a large 

 sugar manufaturing proposition, and plans to this end are now under consideration. 



