THE CUBA R E \" I E W 



::i 



FINANCIAL AND RAILROADS 



The Cuba Railroad Company is soon 

 to begin work on a new road from Mani- 

 caragua to Fomento, in Santa Clara Prov- 

 ince, which will open up transportation 

 facilities to the cane growers in that coun- 

 try. The franchise for building the road 

 has recently been granted by the govern- 

 ment, and the terms stipulate that the 

 work must begin within two years. 



The Havana Central Railroad will soon 

 extend its lines to Artemisa. Its westerly 

 lines at present end at Guanajay. Thence 

 to Artemisa is 14 kilometers. The West- 

 ern Railways of Havana alread}' has a 

 regular station there. 



The Havana Electric Railway is construct- 

 ing a new line in its suburban sections to 

 the San Miguel quarries. 



The Santiago Light and Traction Com- 

 pany has been authorized to extend its 

 tracks in the city along other thorough- 

 fares and in the outh-ing sections. 



The Board of Trustes of the Cuban 

 Central Railways has declared a dividend 

 on the preferred shares of the companj- 

 of 5s. 6d. per share out of the profits 

 earned during their fiscal year, which will 

 end on the 30th of June next. 



Holders of the preferred shares issued 

 for Cuba can collect the dividend at the 

 office of Messrs. Xarciso Gelats cS: Co.. 

 where they will be paid in Spanish gold 

 at the rate of $1.37 gold per share, upon 

 presentation of the coupons, beginning on 

 Mav 30th. 



In a statement issued by the Xational 

 Bank of Cuba it is shown that the sur- 

 plus has increased over 11 per cent. The 

 total assets, amounting to over $33,000,000. 

 have increased during last year over 

 $6,500,000, or an increase of more than 

 24 per cent. The deposits have increased 

 over $6,800,000. or more than 43 per cent. 

 The number of individual deposit accounts 

 is 27,316. or a net increase of over 26 per 

 cent, or an average net increase of 18 ac- 

 counts per each business day of the year. 



The reiiurt just issued shows that the 

 road is doing well, says the Montreal Star. 



Gross fcrr the six months ended Decem- 

 ber 31, 1910, increased $242,629 over 1909, 

 and net increased $173,098. On this basis 

 of increase gross for the current fiscal year 

 will approximate $3,100,000, comparing with 

 $2,559,336, actually earned in 1910. 



Xet earnings will probably amount to 

 $1,333,000. on a basis of operating expendi- 

 tures consuming 57 per cent of gross. Taxes 

 and fixed charges will require an estimated 

 sum of $495,000. leaving as net income 

 $838,000. Dividends of 4 per cent on the 

 $10,000,000 outstanding preferred stock will 

 require $400,000. which, deducted from the 

 net income, will leave a surplus of $438,000 

 for the year, or an equivalent of 7.15 per 

 cent on the $6,126,000 common stock. 



The preferred is entitled to a dividend of 

 6 per cent and should the stock be placed 

 upon that basis during the current year, the 

 estimated surplus available for the common 

 would be reduced to $238,000, which is 

 equivalent to 3.88 per cent on the amount 

 outstanding. Last year dividends were de- 

 clared at the rate of 3 per cent on the pre- 

 ferred. 



The United Railways of Havana and 

 the Havana Terminal Company, which 

 came in possession of the arsenal 

 wharves on Mslx 3d by virtue of the ex- 

 change authorized of the arsenal for Vi- 

 llanueva, will be required to file a bond 

 for $65,000 with the Havana customs 

 house before the wharves are used in any 

 way. 



NEW ISSUE OF STOCKS 



According to word received in Havana 

 April 21st, the United Railways of Ha- 

 vana will issue in the near future £2.000.- 

 000 in cumulative preferred stock, author- 

 ized at the meeting of the board of di- 

 rectors in London April 25th. 



This issue will be for the purpose of 

 retiring the £600,000 pendino- from the pur- 

 chase of the notes of the Havana Central 

 Railroad Company-, due July 1st, to exploit 

 the ^latanzas terminal and to purchase 

 rolling stock and equipment. 



The Havana Chamber of Commerce has 

 sent a request to the secretan,- of the 

 Treasury for the return of the deposits 

 put up to guarantee payment of duties on 

 merchandise lost in the bay during the 

 cyclone of last October. 



Another request was for the remission 

 of duties of crude materials brought in for 

 use in domestic manufactures. 



George Behrens. a Hamburg banker, 

 who arrived at New York recently from 

 Cuba, where he has been inspecting 

 branches of the Banco Territoriale, said 

 that conditions on the island were promis- 

 ing commercially, and he did not think 

 there would be any revolution under 

 President Gomez. 



