20 



THE CUBA REVIEW 



our imports of Cuban sugar last year amounted to about 224,000 tons, of a total value of 

 £2,246,000. In consequence, however, of the Continental situation the price of sugar has 

 risen to a very high level, current quotations varying between 50% and 100% higher than 

 they were at this time last year. Assuming that our imports from Cuba this year are no larger 

 than they were in 1913 the price we shall have to pay will be something like £4,000,000, as 

 against under £2,250,000. With Continental supplies cut off and with stocks in this country 

 low a very much larger quantity will have to be imported this year from Cuba and elsewhere 

 to help meet our requirements. Indeed, every available ton will be needed to in some measure 

 make good the Continental deficiency. 



The value to Cuba of this position will be evident from the fact that of its total exports 

 something like 65% consists of sugar; and, consequently, whilst the crop is always of prime 

 importance to the country it is doubly so now with the present state of European politics. 

 With the certainty of a bumper crop likely to be marketed at exceedingly high prices the out- 

 look for the country is very favorable. Enormous profits will be made by planters and others 

 connected with the industry, the wealth of the country will be enhanced, trade generally 

 will continue active, and a large amount of money will be available for increasing the pro- 

 ductivity of the island. 



The company is now paying not only the full 6% on its preferred stock, but is this year 

 distributing at the rate of 6% per annum on $10,000,000 of common stock. The margin 

 behind the dividend is as much as .$451,500, and the accumulated profit and loss sm'plus 

 amoimts to no less than $3,848,000. To show the existing charges of the company and the 

 relative strength of the preferred and common stocks we append the income statement of 

 the company for the last five years: 



Year Ended June 30: 1914 1913 1912 1911 1910 



Gross earnings: $ $ $ $ $ 



Passenger 1,939,059 1,666,096 1,427,270 1,185,811 



Freight 2,156,843 1,738,243 1,319,304 1,138,474 



Other 536,138 415,914 313,076 237,050 



Total 5,164,671 4,632,040 3,819,253 3,059,650 2,559,335 



Working expenses 2,693,749 2,416,538 2,000,393 1,685,579 1,452,036 



Ratio (52.00) (52.17) (52.37) (55.06) (56.73) 



Net earnings 2,470,922 2,215,502 1,818,860 1,374,071 1,107,299 



Fixed charges 819,417 801,222 758,998 576,755 435,210 



Net profit 1,651,505 1,414,280 1,059,862 797,316 672,089 



Dividend on preferred stock 600,000 600,000 550,000 450,000 350,000 



Rate, percent (6%) (6%) (53^%) (43^%) (3^%) 



Profit for ordinary 1,051,505 814,280 509,862 347,316 322,089 



Ordinary dividend 600,000 400,000 



Rate, per cent (6%) (4%) 



Surplus 451,505 414,280 509,862 347,316 322,089 



Brought forward 3,396,841 2,982,561 2,472,699 2,125,383 1,803,294 



Carried forward 3,848,346 3,396,841 2,982,561 2,472,699 2,125,383 



CAR FERRY TO HAVANA 



According to a Key West paper visitors are 

 now attracted by the building operations on 

 the great pier for berthing the ships of the 

 Flagler ferry service at that point. It is 

 claimed that the pier, now nearly completed, 

 will be the most substantial and costly in the 

 country. It is more than a thousand feet 

 long and a hundred feet wide, constructed of 

 concrete and steel, up from the soUd rock of 

 the harbor. 



The plans call for dock room for forty large 

 ships. It was provided in Mr. Flagler's 

 schene that ten or more of these piers should 

 be built at regular distances, one of them to 

 be reserved exclusively for passenger service. 

 The total outlay for this docking service wiU 

 be about $15,000,000. 



EXPORTS OF HONEY 



Cuba's exports of honey amounted to: 



1911-12 $476,407 



1912-13 $509,225 



The value of the honey exports to Germany, 

 Belgium, France and Great Britain were as 

 follow : 



1911-12 $298,268 



1912-13 $318,034 



For the same period the exports of wax were: 



1911-12 $345,658 



1912-13 346,819 



Germany, Belgium, England and Russia 

 took $266,322 worth of wax in the fiscal year, 

 1911-12 and $217,280 worth in 1912-13. 



In the latter period there were no wax ex- 

 ports to England or Russia. 



