24 



THE CUBA REVIEW 



NIPE BAY COMPANY'S ANNUAL REPORT 



The annual report of the Xipe Bay Com- 

 pany for the fiscal year 1913-14 has just been 

 issued. The operations of the company are 

 fully described in reports of its prospects and 

 conditions on June 30th, 1914. 



The income account is stated to be as fol- 

 lows : 



Total net earnings for vear were: $750,079.32 

 Int. on mtge. notes $168,327.50 

 Int. on debentures. 200,826.67 

 Int. and discount. . . 48,943.54 418,097.71 



Net Income $331,981.61 



Surplus brought forward from 



the close of previous year. . . 106,769,18 



Total Surplus $438,750.79 



Direct charge, representing de- 

 ciation on cane fields of $189,- 

 896, and on railway of 

 $114,210 ^ 304,106.00 



Balance, Surplus June 30, 1914 $134,644.79 



The Company's production of sugar is 

 stated to be the largest it has ever reported, 

 namely, 147,732,480 pounds, and of molasses 

 3,168,952 gallons, comparing with 118,330,812 

 pounds of sugar and 2,847,021 gallons of mo- 

 lasses for the previous year. On June 30 the 

 balance of uncut cane available for the current 

 crop was 4,554 acres. 



A special charge against income account of 

 $304,106 is made for depreciation of cane 

 fields and raUway. 



The Company has retired the balance of the 

 $3,060,500 five-year six per cent, notes which 

 matured June 1, funds for this purpose having 

 been provided by the United Fruit Company, 

 to which Company has been issued a demand 

 note secured by the same mortgage obligation 

 that applied to the retired notes. The Com- 

 panj' also redeemed and canceled $200,000 of 



its six per cent debentures, leaving an out- 

 standing balance of .$3,166,000. 



Attention is called to the fact that when 

 the fiscal year closed on June 30, low prices on 

 sugars prevailed. 



The balance sheet for 1914 and 1913 com- 

 pares as follows: 



Assets: 1914 1913 



Cost of Property $4,396,006 $4,396,006 



Plantation Equipment 7,405,929 7,744,036 

 Coupon Dividend and 



Trustee Account . . . 42,755 5,954 



Cash 54,454 



Accts. Rec. Sugar and 



Molasses 633,432 365,019 



Stock Investments . . . 141,250 141,250 



Liabilities: 1914 1913 



Capital Stock $5,502,500 $5,502,500 



Funded Debt 3,166,000 6,426,500 



Demand Note 3,060,500 



Unclaimed dividends. 

 Coupons and Ma- 

 tured Notes 48,965 13,542 



Notes and Accouiits pay- 

 able and drafts " 690,933 570,822 



Interest 15,830 32,132 



Income Account 134,644 106,769 



From the company's statement of cultiva- 

 tions and lands owned we read as follows : 



1914 1913 



Total cultivated lands 



in acres 36,936 37,229 



of which 23,737 were devoted to sugar cane 

 culture in 1914 as against 24,942 in 1913. 



The total acres of land owned by the com- 

 pany aggregated 127,789 in 1914 and 1913. 



The company operated 76.14 miles of rail- 

 road in 1914 as against 73.96 in 1913. It 

 owns 11 Baldwin locomotives of 43 tons each. 

 Of cars of all kinds the company had 396 in 

 1914 and 387 in 1913. 



CUBA SHOULD PAY 



Representative Jefferson M. Levy of New 

 York, beUeves it incumbent on the people of 

 Cuba to reimburse the United States for the 

 money expended in pacifying that island. 

 He introduced a resolution in the House on 

 October 5th, requesting the President to take 

 steps "to have the Repubhc of Cuba reim- 

 burse the United States to the extent of 

 $6,509,511, said sum being the amount ex- 

 pended out of the Treasury of the United 

 States from 1907 to 1909 on account of the 

 army of pacification in Cuba." 



ARRANGING POSTAL TREATY 



United States Representative Garner in- 

 troduced on September 21st a bill designed 

 to pave the way for a postal treaty with Cuba. 



The measm-e provides that cigars and cigar- 

 ettes may be imprted in lots of 500 and that 

 these importations may be tlu-ough the par- 

 cels post with the waiving of inspection under 

 such regulations as may be prescribed by the 

 treasury department. 



Under the present law the lowest amount of 

 cigars and cigarettes that can be imported 

 from Cuba in lots of 3,000 and there is no 

 parcel post provision whatever. 



SALVADOR'S TRADE WITH CUBA 



The following shows the Repubhc of Sal- 

 vador's imports from Cuba dm-ing 1913 com- 

 pared with 1912, according to figures pub- 

 Ushed in the Report of Finance and Pubhc 

 Credit for 1913: 



1912 1913 



$3,517 $1,520 



