26 



T ?IE CUBA RE V I E W 



additions to certain of the tariffs. These additions, which averaged about 10%, only- 

 applied as from December, 1920, so that during nearly six months the Company derived 

 no benefit from this increase. 



Further progress was made during the year in the conversion of locomotives to 

 fuel oil, and most of the equipment suitable for conversion is now using this fuel. The 

 high cost of coal consumed by locomotives still burning coal has, however, prevented 

 any saving during the past year in the cost of fuel, although there is no doubt that but 

 for the use of oil the total fuel bill for the .year would have been much higher than that 

 shown in the Accounts. 



The absorption by this Company of the undertakings of The Cuban Central Rail- 

 ways, Limited, and The Western Railway of Havana, Limited, which was sanctioned by 

 the Proprietors at the Ordinary General Meeting held on the 2nd December, 1920, 

 has now been carried through. The actual transfer to your Company of the two prop- 

 erties above-mentioned was made in Cuba on the 14th March last, but the amalgamation 

 became effective on the 1st July, 1920, and the Accounts now submitted relate to the 

 combined undertakings from that date. 



On the 3rd February, 1921, the Directors appointed the Right Honorable Lord 

 Ashfield to the Board and, in accordance with the Articles of Association of the Com- 

 pany, the Proprietors will be asked to confirm this appointment. 



Mr. C. J. Cater Scott and Sir Henry Mather Jackson are the Directors who retire 

 in accordance with the Articles of Association, and, being eligible, offer themselves 

 for re-election. 



The year has been a very trying one to everybody connected with the undertaking, 

 and your Directors desire to record their appreciation of the services of the General 

 Manager, the Legal Advisers, the London Manager and Secretary, and the Officers and 

 members of the Staff of the Company in London and Cuba. 



By Order of the Board, 



Offices of the Company : 

 Dashwood House, 



9 New Broad Street, 

 London, E.C. 2. 

 10th November, 1921. 



W. J. MASLEN, 



London Manager and Secretary. 



Extracts from the General Manager's Report on the Year's Working 

 Dated Havana, 10th September, 1921 



Mileage 

 "The mileage open to public traffic was 1,210 miles." 



General Working Results 

 "The results of the year's working, compared with those of the previous year, are as 

 follows : 



"As in former years, the receipts and expenditure of the Marianao-Havana Railway are- 

 included in the above figures for the year." 



Receipts 

 "The total receipts of £6,329,669 are the highest in the history of the combined Companies, 

 exceeding the previous year's record by £453,594. Of this increase, £320.000 had been earned 



