32 THE CUBA REVIEW 



are now practically all in place. The total amount provisionally appropriated for thi 

 improvements and additions, other than the Santa Cruz Branch, is $700,000, on whid 

 the cash outlay will be only $450,000. The balance will consist of material already oi 

 hand. The cash outlay on so much of the Santa Cruz extension as can be built withii 

 the next few months is not likely to amount to as much as $300,000, as the rail ant 

 much other material is already on hand and has been paid for. 



Since the beginning of the new fiscal year the business has shown an improvemen 

 over the same period of last year, and the sugar' mills indicate that they will havi 

 increased business. All things considered, the prospects for the current year ar 

 satisfactory. 



Respectfully, 

 H. C. LAKIN, 



President 

 Income St.a.tement for Year Ended June 30, 1922 



Gross Earnings $11,722,971.^ 



Operating Expenses and T.\xes 8,644,593.3 



Net Earntings $3,078,378.5 



Other Revenue: 



Income from Rents $24,126.39 



Miscellaneous Interest 100,468.59 



Town Lot Sales 2,740.80 



Profit on Sales of Material 26,571.93 



153,907.7 



Gross Income $3,232,286.2 



Less: 



Interest on First Mortgage Bonds $658,500.00 



Interest on Improvement and Equipment Bonds 200,000.00 



Interest on First Lien and Refunding Mortgage Bonds 163,333.34 



Interest on Two- Year, 6% Secured Gold Notes 83,667.00 



Interest on Car Trust Certificates 270,110.85 



Interest on Scrip Warrants 1,500.00 



Discount on Bonds and Notes 89,369.24 



Interest on Equipment Notes 9,025.14 



Interest on Sinclair Conversion Account 58,839.44 



Interest on Temporary Loan, Overdraft, etc 53,324.52 



Uncollectible Accounts Written Off 98,172.77 



1,685,842.3' 



Net Income Tr.AlNsferred to Profit and Loss $1,546,443.9' 



JOHN ASHLEY, 



A uditm 

 GENERAL BALANCE SHEET, JUNE 30, 1922 



ASSETS 



Property Investment — Road and Equipment. . . , $58,444,574.5 



Investments : 



Camaguey and Nuevitas Railroad — Capital stock $2,692,700.00 



Marine and Industrial Company of Cuba — Capital stock Ill ,805.33 



Camaguey and Nuevitas Railroad — First mortgage bonds (pledged) 3,700,000.00 



Total investments 6,504,505.3. 



Current Assets: 



Cash— General $569,915.17 



Cash on deposit to pay interest on funded debt 27,205.37 



Notes and loans receivable 281,934.28 



Agents and conductors 214,526.61 



Individuals and companies 547,316.93 



Traffic balances receivable 233,473.47 



Materials and supplies 1 ,715,985.46 



Compania Cubana 2,950,693.23 



Total current assets 6,-541 ,050.5 



