Capitalization.-$900,000 stock and $900,000 first-mortgage debenture stock (all securities owned by the International Light & Power Co. (Ltd.), of Canada).

Income account.-Year ended June 30, 1915: Net earnings, £22,210 (£22,759 in 1913-14); deductions for renewals and general reserves, £4,058; surplus carried to balance sheet of International Light & Power Co., £18,152 (£18,514 in 1913-14).

Directors.-See International Light & Power Co.

VENEZUELA TELEPHONE & ELECTRICAL APPLIANCES CO. (LTD.).

Registered 1890 as successor to the Inter-Continental Telephone Co., of New Jersey, U. S. A. The company's concession gave exclusive privileges until 1914. These privileges have not been renewed. The ownership of the property is perpetual, however.

CAPITALIZATION, JUNE 30, 1915.

Securities.

Author- Outized. standing.

Ordinary shares (par £1).......

£70,000

Cumulative 8 per cent preference shares.

£70,000

6 per cent prior lien debentures (matured July 1, 1915; payment of principal deferred). 5 per cent first mortgage debentures (due Oct. 1, 1925).

15,000

8,600

30,000

30,000

70,000

per

7 cent second mortgage debentures (due 1940)..

70,000

20,000

20,000

a Includes £7.100 deposited as security against loan. Secured loans amounted to £22.338

Telephone receipts.-Years ended June 30: 1900, £23,892; 1905, £22,768; 1910. £24,393; 1911, £25,854; 1912, £27,967; 1913, £31,648; 1914, £34,824; 1915, £37,612. Income account.-Year ended June 30, 1915: Receipts, including other income, £39,736; net income, £17,644; operating and London office expenses, £22,092; interest and income tax, £7,676; surplus, £9,968. A total of £10,434 was carried forward from 1913-14, making surplus £20,401. Out of this surplus £2,580 (less income tax) was paid as a dividend of 30 per cent on the cumulative preference shares, liquidating dividends in arrears to December 31, 1906. In addition, £6,000 was credited to reserve for renewals and depreciation.

Directors.-Sir Douglas Fox, chairman; J. S. Austin, C. E. S. Bishop, H. S. Simmonds; secretary, R. J. Beevor, 9 New Broad Street, London, E. C.

I

Appendix B.-CENTRAL AMERICA AND THE WEST INDIES.

Registered 1897.

COSTA RICA.

COSTA RICA COFFEE ESTATES (LTD.).

Owns large coffee estates in the Republic of Costa Rica. About 365 acres are under cultivation.

Capitalization.-June 30, 1914 (latest available): Stock (par £10), £50,000 authorized, £30,560 outstanding; debentures, £10,000 authorized, £5,000 outstanding (an additional £4,000 deposited as security for loans); loans, £10,750 outstanding.

Income account.-Year 1913-14 (latest reported): Receipts, £3,946; expenses, depreciation, etc., £6,348; loss, £2,402; debit balance to carry forward, £10,186. Dividend.-A 3 per cent dividend was paid in 1903-4; none since.

Directors.-A. J. Shepherd, chairman; Kenneth Reid, Dr. A. F. Pirie; secretary, R. J. Beevor. Office: 9 New Broad Street, London, E. C.

COSTA RICA ELECTRIC LIGHT & TRACTION CO. (LTD.).

Registered 1898. Operates electric lighting and electric tramway properties located in the city of San Jose and in the central valley of Costa Rica. The tramway line is 10 miles in length. The municipality of San Jose will take over the tramway lines, without cost, in 1956, the lighting undertaking remaining the property of the company in perpetuity.

Capitalization.-June 30, 1915: Authorized and issued, £130,000 ordinary shares (par £1); prior lien 6 per cent debentures, £98,900 (£1,100 additional redeemed out of sinking fund), sinking fund suspended until one year after close of European war, issue to be retired on or before July 1, 1954; 5 per cent first debentures, £230,000 authorized, £197,150 issued, £187,750 outstanding (balance retired through sinking fund, which was suspended 1912 to 1916), principal repayable on or before January 1, 1948.

Income account.-Net earnings, 1914-15, £21,663; interest, discount, London expenses, etc., £17,839; balance, £3,824; net earnings, 1913-14, £26,352; profits, £8,057; profits, 1912-13, £7,338; 1911-12, £5,732. The earnings in 1914-15 were affected by adverse exchange conditions.

Directors.-W. F. Leese, Frederick Davies, F. M. Crisp, C. A. Vansittart, F. Witting; secretary, I. Zillhardt, 9 New Broad Street, London, E. C. Costa Rica office: San Jose.

HONDURAS.

ANTIGUA GOLD & COPPER CO.

Hibernia Bank Building, New Orleans, La. Mine located at Minas de Oro, Comayagua, Honduras. Owns approximately 531 acres of land carrying gold, silver, and copper.

Capitalization.-$2,000,000; par $5.

Officers.-O. M. Dunn, president; James L. Wright, vice president; L. S. Scott, secretary and treasurer.

NICARAGUA.

BABILONIA GOLD MINES (LTD.).

Registered December, 1911. Owns three mining claims-the Crimea, the Babilonia, and the Santa Maria-located at La Libertad, Chontales District, Nicaragua. Tons milled, 7,675. Ore reserves, December 31, 1914, estimated at £59,980.

Capitalization.—£200,000 shares authorized, £170,007 outstanding; par £1.

Operating results.-Year 1914 (after depreciation), loss £17,274; year 1913, profit £3,705; debit balance carried forward, £13,400.

Directors.-T. J. Hoover, chairman; J. A. Agnew, J. H. Cordner-Jones, A. F. Kuehn, A. Pomeroy; secretary, G. G. Hay, 1 London Wall Buildings, London, E. C.

CENTRAL AMERICA GOLD FIELDS SYNDICATE.

Registered 1914. Acquired options on five groups of gold mines in Pis Pis district of Nicaragua. Not worked at present.

Capitalization.-£5,000 stock, par £1, and £10,000 7 per cent notes (income). Secretary: G. G. Hay, 1 London Wall Buildings, London, E. C.

CENTRAL AMERICAN MINES (LTD.).

Registered 1913 as a reconstruction of the Oroya Leonesa (Ltd.). Owns gold-mining properties near Matagalpa, Nicaragua. A 20-stamp mill and various plants have been erected.

Capitalization.-£150,000 shares, par 5s.; 6 per cent debenture bonds, £35,000, redeemable at par November 30, 1917, convertible into shares at par until redemption.

Yield for 13 months ended December 31, 1914, £38,279 (31,556 tons). reserves, 83,606 tons.

Ore

Directors.-T. J. Hoover, chairman; J. A. Agnew, J. H. Cordner-Jones, A. F. Kuehn, A. Pomeroy, W. F. Turner; secretary, G. G. Hay, 1 London Wall Buildings, London, E. C. Manager at mine: C. E. Bunker.

SALVADOR.

BUTTERS SALVADOR MINES (LTD.).

Registered 1912 in Canada to take over assets of a British company of same name. Assets transferred in 1914. Properties consist of an area of 547 acres of gold-bearing lands, situated not far from Santa Rosa, Salvador.

Capitalization.-$750,000 United States gold; par $5. fully paid.

Dividends.-1903-4, 55 per cent; 1904-5, 40 per cent; 1905-6, 55 per cent; 1906-7, 75 per cent; 1907-8, 80 per cent; 1908-9, 683 per cent; 1909-10, 45 per cent; 1910-11, 411 per cent; 1911-12 and 1912-13, 35 per cent each; 1914, 17 per cent; 1915, January $0.25 regular and $0.12 extra, April, July, and October $0.25 each, total for year $1.12 or 22§ per cent; 1916, 225 per cent. Income account.-Year ended June 30, 1914 (report submitted December, 1915) Gross, $504,580; net, $116,041; dividends, $92,062; carried forward, $110,264.

Office: 232 St. James Street, Montreal, Canada, and 120 Broadway, New York.

See page 447.

MONTE MAYOR GOLD & SILVER MINING CO.

Registered 1911. Acquired the Monte Mayor Mines, covering an area of about 4 square miles, located near Santa Rosa, Salvador.

Capitalization.-Preference shares, £30,000 authorized, £20,297 outstanding. The preference shares are entitled to 15 per cent per annum until May, 1918, when they become ordinary shares. A dividend of 4 per cent was paid on the preference shares in 1912; none since.

No income account or balance sheet is published at present.

Directors.-J. P. Clarkson and E. L. Pullinger, London; F. Macay and E. H. Pullinger, Salvador; secretary, St. J. Bennett. Office: 16-17 Devonshire Square, Bishopsgate, London, E. C.

BRITISH WEST INDIES.

ANGOSTURA BITTERS-J. G. B. SIEGERT & SONS (LTD.).

This company handles the manufacture and sale of Angostura bitters and other cordials. With the exception of products of the sugar industry this is practically the only manufactured export of Trinidad. The total exports of bitters from the colony in 1915 amounted to 27,742 gallons.

Capitalization.-Authorized and outstanding, £85,000 6 per cent cumulative preference shares and £85,000 ordinary shares, par £1.

Dividends for the past several years have averaged 6 to 6 per cent per aunum. Reserve funds, 1913-14, £9,293; carried forward, £1,332.

London ad

Directors.-A. Henderson, chairman; R. F. Henderson, Capt. A. Lund, R. H. McCarthy, A. C. Siegert, A. G. Siegert; secretary, H. E. Perks. dress: Spencer House, South Place, E. C.

BARBADOS ELECTRIC SUPPLY CORPORATION (LTD.).

-Registered 1909. The corporation, which was granted the right to construct an electric supply plant and station at Bridgetown, Barbados, has an exclusive franchise until 1949. This franchise covers all territory within 5 miles of the city. The company is supplying a large portion of the public lighting of Bridgetown, and has also obtained a contract from the government for lighting the wharves and Inner Basin. As of June 30, 1915 (latest report obtainable), there were 997 consumers, as compared with 737 in 1914, 456 in 1913, and 247 in 1912. A total of 15,036 lamps and motors were connected, as compared with 5,201 as of June 30, 1912.

Capitalization.-June 30, 1915: Preference shares, 7 per cent and participating, £40,000 (par £1); ordinary shares, £20,000 (par £1); loan secured by an issue of 7 per cent debentures, £10,000.

Directors.-A. W. Tait, chairman; G. H. J. Hooghwinkel, William C. Kenny, W. F. Leese, London, England. Advisory committee in Barbados: Hon. Sir William Chandler, Hon. J. P. Wright, Bridgetown. London office: Basildon House, Moorgate Street, E. C.; Bernard Heyburn, secretary.

DOMINICA FORESTS & SAWMILLS (LTD.).

Registered 1911. Acquired 12,500 acres of timberlands in the island of Dominica and option over additional lands, warehouses, etc. The company has planted coconut and lime trees and has partly suspended timber operations. Capitalization.-£80,000 shares authorized (par 5s.), outstanding, £59,280; £5,000 5 per cent first debentures (par £1) have been authorized and offered for subscription at 72 per cent.

Income account.-Year ended March 31, 1915 (submitted March, 1916): Loss on working and expenditures in London, £1,112; debit balance to profit and loss, £7,888.

Directors.-H. E. Carter, chairman; C. P. Bennett, C. Temperley, A. B. Raper. Office: 53 Palmerston House, Old Broad Street, London, E. C.

GENERAL OIL FIELDS (LTD.).

Registered 1912. Acquired 1 square mile of oil properties located in the Palo Seco district, Trinidad (recently an oil property in Newfoundland was acquired).

Capitalization.-Authorized, £70,000, including £30,000 ordinary (par 5s.) and £40,000 deferred (par 1s.). The ordinary shares will receive all dividends up to 10 per cent and one-half the balance. Thus far, 21,507 ordinary and 500,000 deferred shares have been issued.

Income account.-None has been published as yet. Capital expenditures December 31, 1915, £25,411; general expenditures, £2,160; investments, £2,080; advances, etc., £720; cash, £258; calls in arrears, £180; creditors and temporary advances, £2,150.

Directors.-H. A. Clifton, A. A. G. Kendall, H. F. G. Weber; secretary, P. C. Bird, Finsbury Court, London, E. C.

MONTSERRAT CO. (LTD.).

It

This company, incorporated 1875, owns large lime plantations on the island of Montserrat and on other islands of the Leeward and Windward groups. carries on an extensive business in bottled lime juice. Its properties in Great Britain are located at Birmingham.

Capitalization.-Shares authorized, £29,180; outstanding, £13,880 (£9,369 paid in); debentures, £1,000.

Income account.-Year ended June 30, 1916: After the payment of a dividend of 7 per cent, there remained to be carried forward £810. Reserve funds, £10,607.

Dividends.-1906-7, 30 per cent; 1907-8, 35 per cent; 1908-9, 10 per cent; 1909-10 and 1910-11, 20 per cent each; 1911-12, 12 per cent; 1912-13, 15 per cent; 1913-14, 10 per cent; 1914-15, 7 per cent.

Directors.-W. A. Albright, chairman; R. Clark, W. King, A. T. Little, F. A. Sturge, J. Sturge (managing director). Offices: 2 Gas Street, Birmingham, England; Plymouth, Montserrat, British West Indies.

NEW TRINIDAD OIL CO.

Registered 1915. Acquired the property of the Trinidad Silverstream Oilfields (Ltd.), consisting of about 1,100 acres of oil lands, the properties being known as Malgretout, Mon Desir, and Silverstream.

Capitalization.-£75,000 authorized (par 5s.).
Accounts not yet published.

Directors.-F. King, J. K. Kelty, J. Sinclair; secretary, D. M. Purkins, 26 Victoria Street, Westminster, S. W., London.

OIL EXPLORATION CO. OF TRINIDAD (LTD.).

Registered 1915. Acquired from the International Oil Lands (Ltd.) large oil-bearing areas in Trinidad (approximately 1,040 acres).

Capitalization.-£80,000 shares authorized (par £1), £45,010 outstanding. Income accounts not yet published.

Directors.-H. A. C. Bonar, J. Conchie, E. Nash; secretary, E. Ronaldson, 62 London Wall, London, E. C.

PETROLEUM OPTIONS (LTD.).

This company, registered in 1908, holds approximately 47,000 ordinary shares of the Trinidad United Oilfields (Ltd.) (total ordinary shares outstanding, £180,000, par £1). The investments held by the Petroleum Options (Ltd.) were valued on its books as of December 31, 1914, at £15,085, while the property of the company in Trinidad was valued at £7,487.

Capitalization.-Ordinary shares, authorized £30,000, outstanding £14,857; preference shares, 10 per cent noncumulative (par 5s.), £15,000. There are also outstanding first-mortgage debentures, with interest, £1,486. In 1915 additional shares were issued.

Profit and loss account from December 1, 1911, to December 31, 1914, showed a balance of profit (subject to realization of shares at their estimated values) amounting to £835.

Directors.-A. A. G. Kendall, chairman; H. Weber, A. Vernon Davis, H. A. Clifton; secretary, P. C. Bird. Office: Finsbury Court, London, E. C.

SOUTH NAPARIMA (TRINIDAD) OIL CO. (LTD.).

Registered 1910. Acquired about 1,044 acres of oil-bearing lands located at Barrackpore Settlement, South Naparima Ward, Trinidad. Later sold 297 acres, including two producing wells, to the Venezuelan Oilfields Exploration Co. (Ltd.), for £15,000 cash and £30,000 in preference shares and an annual royalty of 5 per cent on oil produced. The rest of the property is to be disposed of to the Trinidad Oil & Transportation Co. (Ltd.) for £66,000 in shares. Capitalization.-£50,000 shares authorized, £47,100 outstanding.

Directors.-J. S. Smith-Winby, chairman; L. E. Agostin, R. H. McCarthy, Hugh McLelland, Frank Martin; secretary, A. O. Chudleigh, 48 Cannon Street, London, E. C.