THE CUBA REVIEW 19 



amounts to at least £513,000, a dividend of slightly under 8% was earned on the increased 

 capital. The approximate earnings and profit of the combined undertaking for the year to 

 June last will be seen from the following statement: 



Estimated Results for the Year to June 30, 1914. 



United of Cuban Combined 



Havana Central Undertaking 



Mileage 681 345 1,026 



Gross earnings £1,585,000 £598,000 £2,174,000 



Expenses 891,000 337,000 1,228,000 



Ratio 56.21% 57.21% 56.48% 



Net earnings £694,000 £252,000 £946,000 



Miscellaneous 260,000 2,000 262,000 



Net income £954,000 £254,000 £1,208,000 



Fixed charges 384,000 131,000 515,000 



Net profit £570,000 £123,000 £693,000 



Dividend on preferred stock 114,000 66,000 180,000 



Profit for ordinary *£456,000 t£57,000 |£513,000 



Ordinary dividend 293,000 27,000 320,000 



Rate per cent 5% 3% 



Balance £163,000 £30,000 £193,000 



(a) Equal to 7.88 % on the Ordinary capital of £5,840,400. 



(6) Equal to G.33 % on the Ordinary capital of £900,000. 



(c) Equal to 7.87 % on capital of combined undertaking of £0,51.5,400. 



Financially, also, the company is in a strong position. It has ample capital resources 

 with which to further develop its system, and its reserve and renewal funds now amount to 

 a fairly respectable total. This, together with the fact that the earnings of the line are 

 progressive, and that the various subsidiary undertakings in which the company is interested 

 are producing improving results, clearly indicates that higher dividends than 5% are likely 

 to be forthcoming. Especially is this the case having regard to the excellent outlook for sugar. 

 The price of the ordinary stock on July 30 was 76 K, and on a 5% dividend basis the yield 

 afforded is nearly £7 per cent. The 5% cumulative preference stock at the price of 95 is 

 a good purchase, having regard to the fact that the dividend was covered fully five times 

 by last year's estimated profits and that it is cvmiulative. The debenture issues of the com- 

 pany are well secured, the total fixed charges representing less than 40% of last year's 

 estimated net income. 



The capital of the company and the yields afforded by the various securities at the quo- 

 tations current on July 30 will be seen from the table appended: 



Price 

 Amount Interest July 30 Yield 



£ % £ s. d. 



5% "A" irred. debenture stock 380,000 5 110 4 11 6 



5% consol. irred. debenture stock 1,425,900 5 104 4 16 10 



6% irred. debenture stock (1906) 2,692,500 5 104 4 16 10 



4% debentures and debenture stock red 1,281,455 4 86 4 12 3 



43^% debentures to bearer 988,750 43^ 91 4 19 9 



5% cumulative preference stock 2,282,712 5 95 5 61 



Ordinary stock 5,840,400 5 76)4 6 18 11 



Ordinary shares 30 . . ... 



Deferred ordinary stock 493,434 . . ... 



Total 15,385,181 



PITCH PINE MARKET SHIPMENTS lower than a year ago, import of the past 

 Shipment of about 1,650,000 feet to Cuba twelve months having been on an exception- 

 is recorded for the week of October 2d, most ally small scale. While the prospect is re- 

 of it to Havana. garded as good, nothing substantial in the 

 Cuban shipment was about ten per cent way of improvement has made appearance as 

 less than last year, and for the week was about yet. 



one and one-quarter million feet. — October 10. West Indian shipment of the week was 



Cuban lumber orders remain scai'ce, though above the recent average, including about 



about as many are in sight as at this time last one and three-fourths million feet for Cuba, 



year. Cuban stocks are, however, much — October 31. — Gulf Coast Record. 



