The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1946-03-15
United Fruit
Net. Earnings
Hit New High
Profit Last Year
Best Since 1898
Saws ZOmuFFay

Boston. March i5-(UP) United
Fruit Company's l945 net earnings
hit a l7-year high, President Sam
uel zemurray disclosed today in the
46th annual report TO stockholders.
Consolidated net profit last year
amounted TO $le,908, zoe or $6,46 a
share, the best since 1928 when
$40 606, 1893 or 1924 a share was
earned. In 1874, net income agBre-
gated Si4,745, isl or $5.04 q share.
Provision for federal and foreign
income and excess profits taxes
amounted TO Sl8,300,000 against
$l4, 100000 in 1914,
TrOpic Expenditures
zemurray reported that the COM
pany last year spent sl5, 89,0o7 for
additions to fixed properties Of
which $i0,522,6 $50 was expended In
the tropics, $S,647,66- for construc-
ton Of new vessels, and the remain
der for miscellaneous items. APP
prriationS for capital expenditures
In l946 aggregate $39,490, 1855, Of
which SIS, 4,747 Is for the tropics,
ga, 652, 1903 for ships and the re-
mainder for other capital require
mentS.
Banana importationS, he said, In
creased somewhat over 1914 as a
result Of the acquisition Of two old
ships and the use Of some other
tonnage which became temporarily
available, particularly In the latter
half Of the year,
planting Of farm5 and the con-
struction OF railroads, buildings and
other auxiliaries to serve them have
been handicapped by lack Of mater
ials and equipment" Zemurray said,
but the progress Of our plans for a
considerable increase IN banana
acreage In most Of the countries
where the company operates assures
O greater supply OF high quality
fruit noN insufficient to SATISFY al
markets"
He reported that sugar production
last year dropped bit" below l944
because Of the severe drought over
the entire island Of Cuba. The
United States again purchased thu
entire Cuban crop, except for 400, 00(
tons held back for local consump'
ton and export to other countries
and paid $40 cents a pound agains
2.65 In 1914.
The company, Zemurray disclosed
has maintained sizeable acreages o
African oil palms, rubber, lemon
grass, citronella grass and ttmbe
trees. 1t continues 10 operate 27,05
acres OF Abaca manila hemp 10
the U. s. ON lands In Panama, COST
Rica, Honduras and Guatemala.
United Fruit last year made an ad
ditional grant OF $l,005,4l0 to tn
Escuela Agricola Panamericani
(School OF Pan American Agricul
ture) and OF this 100000 was addet
to the endowment fund which nov
totals 100000, he said.
Research Program
Zemurray told stockholders tina
the company has arranged a nutri
ton research program-a joint pro
ject Of the Massachusetts 1nStitut
Of Technology and the Escuela Ag
ricola Panamericana - which WI
call for a three-year survey OF diet
and food plants In middle Americf
The company'S communicate
subsidiary, Tropical Radio Tele
graph, Company, last year handle
the heaviest volume OF radiotele
graph and radiotelephone bushes
In its history, he disclosed.
The consolidated balance sheet re
vealed that current assets Dec. 8
1915, totaled 81 ,684,0 OTIS and curren
liabilities $S3, 90S, 500 compared wit
sec, 400, 1857 and $27 1851 500, respec
lively, year earlier.