T II K C U P. A R E \- 1 !•: W 



NIPE BAY COMPANY'S YEAR 



SHOWS SMALL SURPLUS AFTER ALL CHARGES AND DIVIDENDS 



DEFICIT OF TWO YEARS AGO COMPLETELY WIPED OUT 



The third report of the Nipe Bay Co. controlled by the United Fruit Co., fnr the 

 fiscal year ended September 30th last compares with previous years as follows : 



1911 1910 li)()9 



Net earnings $470,06.3 $],672,07.-, S44G,920 



Interest charges 405,4.56 405,Oso 422,781 



Net income $64,607 $1,266,99.5 $24,i:59 



Dividends fSO.OOO 280,100 



Surplus $44,607 $986,S9.5 $24,i:j9 



Previous surplus 1,909 $9.30,966 *610,10.") 



Total surplus $46,516 $155,929 *$5S5,966 



Other charges against increase 20,148 154,021 245,000 



Balance surplus $26,368 $1,908 *$830,966 



* Deficit, t Preferred stock dividend of 1 per cent, payable October 2, 1911. 



The total net earnings for the year of $470,063 as above was after deducting $102,410 

 expended for betterments and charged against operating expenses. 

 The balance sheet, as of September 30th last, compares as follows : 



Assets — 1911 1910 1909 



Cost of property $4,396,006 $4,396,006 $4,396,006 



Securities of other companies 128,750 128,750 



Plantation equipment 7,510,129 7,153,-599 6,940,560 



Current assets 847,424 532,192 92,901 



Funds for 3-yr. 6 per cent notes, due June 1, 1909 5,000 



Total $12,882,309 $12,210,547 $11,434,467 



Liabilities — • 



Capital stock, common $3,502,500 $3,502,500 $3,502,000 



Capital stock, preferred 2,000,000 2,000,000 2,000,000 



6 per cent notes due 1914 ( a ) 3,351,000 3,500,000 3,500,000 



6 per cent common notes due 1909 5,000 



6 per cent debenture notes due 1917 (b) 3,766,000 3,000,000 1,600,000 



Floating debt 1,512,504 



Current liabilities 91,388 70,484 41,344 



Unclaimed dividends 2,713 5,656 1,995 



Income accrued 142,340 130,000 102,000 



Income account 26,368 1,909 *S30,966 



Total $12,882,309 $12,210,547 $11,434,467 



* Deficit. 



(a) During the year the company redeemed $149,000 of these notes. 



(b) The company issued $920,000 of these debentures, and redeemed $154,000 of them 

 in accordance with the terms of the agreement under which they were issued. 



President Andrew W. Preston in his remarks to the stockholders says : "The production 

 of sugar by the company's mill was 92,835,600 lbs., and of molasses 1,842,087 gals, 

 comparing with 137,196,740 lbs., of sugar and 2,870,434 gals, of molasses in the previous 

 year. The reduced output was the result of a serious drought which prevailed throughout 

 Cuba during the season when ordinarily the cane gets its best growth, and the con- 

 sequent reduction in yield of cane, and the low prices of sugar which prevailed during 

 the crop season make the earnings compare unfavorably with those of the previous 

 season. 



"Total expenditures for improvements and additions to properties for the fiscal year 

 aggregate $458,940, of which $102,410 was absorbed in operating accounts. Work has 

 been commenced on 3,000 acres of new cane, of which it is intended that all but 500 



