THE CUBA REVIEW 



29 



The greater part of the capital expendi- 

 tures on the properties for the year were 

 as follows : 



Chaparra Railroad and equip- 

 ment, telephone lines, etc $341,615.11 



Mercedita, installations of new 

 machinery, railroad extensions, 

 etc 121,968.98 



Chaparra, Tinguaro, Unidad, 

 Constanciaand Gramercy (La.), 

 machinery, improved dwellings 

 for company's employees, etc.. 231,863.29 



Total $695,447.38 



These extensions and improvements have 

 practically completed the railroad lines and 

 general development of the company to a 

 point where further new construction on 

 the comprehensive scale undertaken in the 

 past will not be needed. Our fields, fac- 

 tories and general equipment are now 

 equal to the company's plans. For the new 

 year a record output at lower relative 

 •operating costs is assured. 



The report of the company for the year 

 1913 shows net earnings of $356,888, against 



,886 the preceding year. The income 

 account compares as follows : 



1913 1912 



Gross income $16,161,213 $17,242,191 



Producing and refin- 

 ing costs, selling 



& general expenses 14,120,103 14,851,470 



Gross profits $2,041,110 $2,390,721 



Interest, disc, and 



depreciation 1,684,222 1,521,834 



Net profits $356,888 $868,886 



Preferred dividends. 552,566 552,566 



Deficit $195,678 *$316,320 



Previous surplus 1.918,711 1,771,532 



iMiscell. credits.... 145,250 147,000 



Total surplus .... $1,868,283 $2,234,852 



§Miscell. debits 138,141 316,141 



Profit and loss 



surplus $1,730,141 $1,918,711 



*Surplus. t^onds canceled. §Sinking fund. 



Sugar Making News 



PROSPECTS OF THE NEW CROP 



[By Joaquin Guma in the Diario de la Marina, 

 Havana] 



It is a difficult task to predict or even to 

 form an idea regarding the result of the 

 season of 1913-1914 which has just begun. 



According to the information of the 

 majority of the "hacendados" the season 

 will be better than last year due, not only 

 to the five new centrals which will grind 

 this year, but also to the fact that the 

 majority of the centrals in Oriente have a 

 larger area of cane cultivated than they 

 had last year and some (although few) in 

 the provinces of Matanzas, Santa Clara 

 and Havana, also have a greater area cul- 

 tivated, which will compensate in part for 

 the loss from the centrals at Cruces, Es- 

 peranza, Ranchuelo and Sagua which suf- 

 fered greatly from the dry months of 

 August and October. 



Up to now the industrial yield is greater 

 than in previous years, due, no doubt, to 

 the fact that the cane is well ripened ; the 

 increase can be estimated at 50 per cent. 

 It is probable that this industrial yield will 

 continue and even increase somewhat, but 

 if the dry weather continues as it has up to 

 now it is very probable, almost certain, that 

 there will be some decrease in the land 

 yield. 



In regard to the prices of sugar in the 

 next campaign, I find it not only difficult, 

 but almost impossible to form any opinion. 

 While the production may be greater than 



the consumption, we must lament the con- 

 sequences of over production. It is gen- 

 erally believed that when the new tariff of 

 the United States begins to go into effect 

 on ]\Iarch 1st next, there will be a reaction 

 in prices by reason of great demand and 

 the natural increase of consumption. This 

 is logical, but the factors that enter into 

 the sugar business are such that on these 

 more than on anything else depends the 

 looked-for reaction. — December 31, 1913. 



NEW CUBAN CENTRALS TO GRIND 



Five new central factories expect to 

 make their first crop this year, the "Manati 

 Sugar Company" and central "America" in 

 Oriente Province, "Compania Azucarera 

 Ciego de Avilla" and central "Camaguey" 

 in the province of Camaguey, and central 

 "Ulacia" in Santa Clara Province. "Ma- 

 nati" expects to make 150,000 bags of sugar 

 and "Ulacia" 50,000 bags. The crop made 

 by the other three will depend upon the 

 date when their plants will be ready. 



WANT LOWER CANE TARIFF 



Former Secretary of the Treasury Fran- 

 cisco Gutierrez Quiros is urging a revision 

 of the railroad tariffs for sugar cane, which 

 he claimed were excessive. The President 

 told Sr. Gutierrez Qiuros that he would 

 study the matter. 



