THE CUBA REVIEW 



LONDON NEWS OF CUBAN MATTERS 



[Exclusive correspondence of The Cuba Review] 



Amongst the important Cuban issues on the London market recently might be men- 

 tioned the Henr\- Schroder and Company issue of one milHon pounds sterHng of 5 per 

 cent preference stock of the United Railways of Havana and Regla Warehouses, Ltd. 

 Issued at 96 per cent on June 7th, the money asked is required to purchase £500,000 

 six per cent three year sterling note of the Havana Central Railroad ; to acquire further 

 terminal facilities at the Port of Matanzas ; and to buy more rolHng stock. Interest 

 on the total amount outstanding, including that now offered, was, on the basis of the 

 net income for the year ended 30th of June, 1910, covered nearly four times. 



An important recent Cuban registration here has been the Anglo-Cuban Oil, Bitumen 

 & Asphalt Company with a nominal capital of two hundred thousand pounds in 395,000 

 preferred shares of one shilling each. Its object is to carry on in the United Kingdom, 

 Cuba and elsewhere, the business of producers, manufacturers, refiners and brokers 

 of and dealers in petroleum, and other mineral oils, bitumen, asphalt, coal gas, minerals 

 and other substances and products, etc., and to adopt an agreement wdth the London 

 and Mexican Exploitation Company, Ltd. At the first statutory meeting of this company, 

 held on ^lay 17th, Sir Thomas Brooke-Hitching, the chairman, pointed out that the 

 company had already sent its own engineer out to Cuba, that machinery had been 

 ordered and that it was expected that the results of the w^orking of the company's 

 mines at Cardenas would prove satisfactory. 



Sir William Young presiding at the general meeting of the Cuban Central Railways 

 on May 23d moved a series of resolutions in accordance with the object of the meeting 

 and said that the shareholders were asked to approve of the increase of the capital 

 to i2, 300,000 by the creation of 20,000 shares of £10 each to be issued at 5% per 

 cent cumulative preference shares. They would also increase their borrowing powers 

 in proportion. He foreshadowed in his address at the last general meeting of the 

 company that the time was rapidly approaching when it would be needful for them 

 to extend their Hues in order to open up new cane lands to meet the demands of the 

 owners of the sugar mills and thereby secure considerably enhanced traffic for the 

 railway in respect to the sugar business upon which their prosperity so rnuch depended. 

 He pointed out that unless they made extensions they would be ignoring traffic was 

 really ready to hand. He dealt in some detail with the financial position and the 

 proposed paying off of some of the present second mortgage 6 per cent. Debentures, 

 which would be replaced by a new issue, which w-'ould be obtained in the best and 

 most economical way. He had paid three visits to Cuba in the past three years, 

 and he knew most of the sugar planters who were the clients of the conipany. He 

 could not, therefore, too strongly recommend the construction of the extensions. _ They 

 could never afford to stand still in that company. He alluded to the question of 

 tariffs, and stated that the company had made petitions to the railway commission to 

 rectify certain errors, and they had just received a cablegram to the effect that the 

 rates had been restored to the old figure, which would mean a great deal to the company. 



Cuban ponies laden wirli fodder passing through Cuban streets 



