Title: Fourth Annual Report
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 Material Information
Title: Fourth Annual Report
Series Title: Braga Brothers Collection
Physical Description: Serial
Creator: Cuba Cane Sugar Corporation
 Record Information
Bibliographic ID: UF00003607
Volume ID: VID00001
Source Institution: University of Florida
Holding Location: University of Florida
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Resource Identifier: ltqf - AAA4990

Full Text





















CUBA CANE


SUGAR


CORPORATION


FOURTH ANNUAL REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1919
























CUBA CANE SUGAR CORPORATION



OFFICES:
No. 112 WALL STREET, NEW YORK, N. Y.
EDIFICIO DE BARRAQUI, AMARGURA 32, HAVANA, CUBA.




TRANSFER AGENTS:
GUARANTY TRUST COMPANY OF NEW YORK,
No. 140 BROADWAY, NEW YORK, N. Y.
THE TRUST COMPANY OF CUBA, HAVANA, CUBA.




REGISTRARS OF TRANSFERS:
COLUMBIA TRUST COMPANY,
No. 60 BROADWAY, NEW YORK, N. Y.
BANCO NATIONAL DE CUBA, HAVANA, CUBA.














CUBA CANE SUGAR CORPORATION




EXECUTIVE OFFICERS:

September 30, 1919.

PRESIDENT:
MANUEL RIONDA.

VICE-PRESIDENTS:
REGINO TRUFFIN, HAVANA; FREDERICK STRAUSS, NEW YORK;
ALFRED JARETZKI, NEW YORK; B. BRAGA RIONDA, NEW YORK.

SECRETARY AND TREASURER:
H. F. KROYER, NEW YORK.

ASSISTANT SECRETARIES AND ASSISTANT TREASURERS:
MANUEL E. RIONDA, NEW YORK; VICTOR ZEVALLOS, HAVANA;
EDWARD H. GREEN, NEW YORK; HIGINIO FANJUL, HAVANA.

COMPTROLLER: RESIDENT AUDITOR:
GORDON WILSON. G. P. BLYTHE, C. A., HAVANA.

GENERAL MANAGERS:
MIGUEL ARANGO. LEANDRO J. RIONDA.

ASSISTANT GENERAL MANAGER:
JOSE B. RIONDA.

GENERAL COUNSEL:
SULLIVAN & CROMWELL, NEW YORK.

COUNSEL IN CUBA:
A. S. DE BUSTAMANTE, HAVANA.

AUDITORS :
DELOITTE, PLENDER, GRIFFITHS & CO., NEW YORK AND HAVANA.
















CUBA CANE SUGAR CORPORATION


DIRECTORS:


A. S. DE BUSTAMANTE
W. H. CHILDS
W. E. COREY
S. B. FLEMING
HORACE HAVEMEYER
CHARLES HAYDEN
ALFRED JARETZKI
JAMES N. JARVIE
HENRY F. KROYER
W. J. MATHESON
G. M-P. MURPHY
W. E. OGILVIE
W. P. PHILIPS
MANUEL RIONDA
MANUEL E. RIONDA
B. BRAGA RIONDA
JOHN D. RYAN
CHARLES H. SABIN
FREDERICK STRAUSS, Chairman
REGINO TRUFFIN .


S. Havana
S. New York
S. New York
. New. York
S. New York
S. New York
S. New York
S. New York
S. New York
S. New York
S. New York
S. New York
S. New York
New York
S. New York
New York
New York
New York
S. New York
S. Havana


EXECUTIVE COMMITTEE:


W. E. COREY
HORACE HAVEMEYER
ALFRED JARETZKI
JAMES N. JARVIE
G. M-P. MURPHY


MANUEL RIONDA
B. BRAGA RIONDA
CHARLES H. SABIN
FREDERICK STRAUSS






















CUBA CANE SUGAR CORPORATION

112 WALL STREET

NEW YORK

November 14th, 1919
To THE STOCKHOLDERS:-
Your Board of Directors submits its Annual Report of the business of
the Corporation for the fourth fiscal year ended September 30, 1919.
The preparation of the Annual Financial Statement and the audit of
the year's business involved an immense amount of detail, and this work was
not made easier by the fact that the operations of seventeen different fac-
tories were involved, all of them located in a foreign country. It is a gratify-
ing proof, therefore, of the improved efficiency of the accounting department
that, despite the hugeness of the task, the Annual Report is now ready for
distribution to the Stockholders.
Notwithstanding the railroad strikes and the generally disturbed con-
ditions of labor, the crop was gathered within the usual time, that is from
December to the end of June-with the exception of 'Moron' which finished
on July 9th-and the early estimates of the crop were fully realized.
It is to be regretted that the percentage of sucrose in the cane was
unsatisfactory, being lower at nearly all your plantations than in any other
year since the incorporation of your company; the average for this year was
more than one-quarter of 1% lower than in the previous year.
The variations in the sucrose are due to climatic conditions and beyond
human control. This decrease in sucrose was not limited to your plantations
but prevailed throughout Cuba with very few exceptions.
As there is less demand in the United States for molasses this year,
by reason of prohibition, and as this by-product is no longer needed for
munitions, the financial return from this source is not as great as it was in
the previous year.
Owing to the above two causes, the Profits from Operation of your
Corporation were over $2,000,000 less than they would have been had the
sucrose in the cane been as high as in the previous year and had molasses
had the same value.
Note: All weights in tons given herein consist of 2240 lbs.












CANE SUPPLY
The estimates made by the General Managers early last season of
the amount of cane available at your Corporation's plantations in the Western
and Eastern sections of the Island were more than realized, as appear by
the following tables:
Western estates ........... 294,000,000 arrobas (3,281,250 tons)
Eastern ........ 198,000,000 (2,209,821 )

492,000,000 arrobas (5,491,071 tons)
The actual quantity of cane ground by your Corporation was as follows:
Western estates .......... 307,329,091 arrobas (3,430,012 tons)
Eastern ......... 194,267,464 (2,168,164 )

501,596,555 arrobas (5,598,176 tons)
In addition to the 307,329,091 arrobas (3,430,012 tons) of cane ground at
the Western plantations there were sold to outside plantations 8,557,477
arrobas (95,505 tons). This was made necessary by strikes. Your manage-
ment, realizing that because of the time lost thereby all the cane could not
be ground at your factories, deemed it best to sell this cane to outside planta-
tions rather than have it left in the fields uncut. Mention of this is made
merely to show that your Western mills had more than an adequate supply
of cane for their capacity.
In the East your Company, for the same reason, sold 9,554,281 arrobas
(106,635 tons), chiefly from 'Moron'.
The sugar made from the above mentioned 18,111,758 arrobas (202,140
tons) of cane delivered to outside plantations is not included in the report
of the company's production of sugar.
CANE GROUND
The following table gives a comparison of the cane ground at your mills
during the four years since the incorporation of your Company:
1915-1916 359,955,746 arrobas or 4,017,363 tons
1916-1917 393,584,058 4,392,679 "
1917-1918 409,900,529 4,574,782 "
1918-1919 501,596,555 5,598,176 "
The above figures show an increase of 141,640,809 arrobas (nearly 1,600,000
tons) of cane from 1915-1916 to 1918-1919. This increase was divided by
sections, as follows:
Western estates ........... 12,460,826 arrobas or 139,071 tons
Eastern ........... 129,179,983 1,441,741 "
The above total increases in the cane supply of this company exceed the total
amount of cane produced in the entire United States for the coming crop
8












RATES PAID TO COLONOS FOR THEIR CANE


The average percentage of sugar per 100 of cane paid to the Colonos
(tenant farmers) for their cane continues to diminish as the Cane supply
in the Eastern plantations increases. In order to show the percentages paid
to the Colonos in each section, the following figures for the last four crops
are given:-
1915-16 1916-17 1917-18 1918-19
Western Estates.. 6.713% 6.849% 6.891% 6.901%
Eastern .. 5.079 5.029 5.115 5.130

Averages ........ 6.383% 6.337% 6.254% 6.168%

SUCROSE IN THE CANE

The average percentage of sucrose in the cane at the 17 plantations for
the four crops was as follows:
1915-1916 1916-1917 1917-1918 1918-1919
13.87% 13.00% 13.31% 13.02%

The sucrose in the cane has not been high for the last three crops. Such
continuously low sucrose in the cane is most unusual. In Cuba it is rare
indeed to have low sucrose for so many consecutive years.
The sucrose content depends much upon the temperature and seasonable
rains ,but, above all, the cane needs cool and dry weather during the grinding
season. Weather conditions up to the present have been most satisfactory
for the growing crop.
The highest percentage of sucrose this year was at "Perseverancia"
13.72%, and the lowest at 'Socorro' 12.052%.


LOSSES IN MANUFACTURE

The Losses in manufacturing, which have been decreasing year by year,
showed a still further, though slight, improvement during the last campaign,
as may be seen by the following figures:
1915-1916 1916-1917 1917-1918 1918-1919
3.07% 2.67% 2.36% 2.32%
Your management had hoped to show a still greater improvement, but it is
difficult to maintain a high state of efficiency of operations with labor troubles
in the fields and sugar houses, and with railroad strikes.
Whenever there is a railroad strike, the quantity of cut cane in the fields
waiting for transportation accumulates and there is a constant loss in sucrose
content from the time the cane is cut until it is finally milled.
9












When strikes of cane cutters or other laborers occur, the mills cannot
be supplied daily and regularly with the required amount of cane; conse-
quently grinding cannot be uniform and the mill work must suffer.
The machinery in your plantations was in far better condition than in
any previous year and would have been able to further diminish the losses
in manufacturing had the cane gone to the mills freshly cut with the usual
daily regularity. Any irregularity in feeding the mills with sufficient cane
not only causes bad mill work and increased bagasse losses, but necesitates
the consumption of more fuel, thereby further increasing the cost of pro-
duction.

YIELD OF 960 CENTRIFUGALS

The yield of the four crops in 96* centrifugals was as follows-

1915-1916 1916-1917 1917-1918 1918-1919
11.25 7 10.76 11.41% 11.15%

These figures show that the yield this year is .26% under that of last year
but only .10o under that of 1915-1916 notwithstanding that the sucrose
content during that year was .85% higher than this year. This is due to
the higher efficiency attained in the factories since the first crop.

COMPARATIVE RECEIPTS PER POUND OF SUGAR
For the purpose of comparing the f. o. b. price, per pound manufactured,
obtained during the last four crops, the proceeds from "Molasses" and "Other
Earnings" are included in the following:
1915-1916 1916-1917 1917-1918 1918-1919
4.112 4.4790 4.630g 5.3986
The small increase of .151 per pound for 1917-1918 crop, the first year of
Governmental control, over the price obtained the preceding year of 1916-
1917, was not sufficient to cover the extra cost of manufacturing as was
shown in last year's Annual Report, thus proving conclusively that the crop
of 1917-1918, sold to the International Sugar Committee at 4.60# f.o.b. was
disposed of at too low a figure. The price obtained from the U. S. Sugar
Equalization Board for the crop just completed, although .90 per pound
higher, was none too high, in view of the poor sucrose in the cane, an im-
portant factor in the cost of production. The difference indicated between
the average price of 5.398 obtained for last crop, and the basic price of 5.50#
f.o.b. Northside ports paid by the U. S. Sugar Equalization Board, represents
the reduction of .050 per lb. in the price of the 1,824,049 bags shipped from
the Southside, as well as losses in weight and polarization on the portion
of the Corporation's production held in Cuba after the crop was finished,
in conformity with shipping provisions of the contract.
10












COST OF PRODUCTION
The cost per pound of producing sugar including cane on an f.o.b. basis
at your factories during the last four crops was as follows-
1915-1916 1916-1917 1917-1918 1918-1919
2.7480 3.431# 3.998# 4.6060
The above figures show increases in cost of:-
.6830 per pound in 1916-1917 over previous year
.5670 1917-1918 "
.608# 1918-1919 "
The greater portion of these increases is due to the higher cost of cane.
As is known, Cane is paid for in sugar which, in turn is usually bought back
by the Company from the Colonos at the fixed price obtained for the whole
crop sold to the Government, or, in the absence of governmental control,
at the market price. The Company selling its own sugar and also that pur-
chased from the colonos, at the ruling price, neither gains nor loses by the
purchase of sugar from the colonos. The best way therefore, to state the
actual increase in the cost of production would be by excluding the cost of
cane. On this basis, the cost of transporting the cane to the mills, manu-
facturing the sugars therefrom and the delivery of the sugars on board
steamer would be as follows, per pound:-
1915-1916 1916-1917 1917-1918 1918-1919
0.7150 1.072# 1.456f 1.555#
The increases were, consequently:
0.357 cents per pound increase 1916-1917 over 1915-1916
0.384 1917-1918 1916-1917
0.099 1918-1919 1917-1918
From the above table it is gratifying to note that the cost of manufacturing
for the last crop shows only a slight increase over that of the previous crop,
an increase of 6.8% as compared with an increase of 36% for the year 1917-18
over 1916-17. The increase would have been even less had the sucrose in
the cane not been so disappointing.

OPERATING PROFITS PER POUND OF SUGAR
If from the preceding f.o.b. prices at which the sugars of the last four
crops were sold, we deduct the Cost of Production including the Cane, it
will give us the Operating Profits made per pound, as follows-
1915-16 1916-17 1917-18 1918-19
Receipts ................... 4.1120 4.4790 4.630# 5.398#
Production Cost ........... 2.748 3.431 3.998 4.606

Operating Profit ........... 1.364# 1.048# 0.632 0.792#
11













It is interesting to note that during the two years of Governmental
control of sugar, the Operating Profits were smaller than during the pre-
ceding years of open market.
From the above statements it can be easily seen that as the Colono
shares the benefits of high prices of sugar because he is paid for his cane
in sugar, so he will bear the corresponding share of the burden of lower
prices whenever they may prevail.
Lower prices, whenever they do come, will therefore mean not only
cheaper cane (which is the largest item in our costs), but it will also mean
lower salaries, wages, cost of fuel, packages and general supplies. In other
words, any decrease in price must be offset by decrease in cost.
Cuba, in the future as in the past, will continue to be the country pro-
ducing sugar at the lowest cost.
As stated above, the increases in Cost per pound of sugar during the
last crop were-
0.509# in cane,
(This extra cost in cane, however, is recovered by the extra
price obtained for the sugars, as already explained.)
0.0990 In wages and other expenses.
These figures confirm the prediction made in last annual report that the items
other than cane would this year show but little increase.


COMPARISON OF CROPS MADE BY YOUR COMPANY
Bags Tons
1915-16................... 3,174,168 or 452,035
1916-17.................... 3,261,621 or 472,542
1917-18.................... 3,613,325 or 521,328
1918-19.................... 4,319,189 or 624,101
This production has been divided between the Western and Eastern Estates
as follows:
WESTERN EASTERN
Bags Tons Bags Tons
1915-1916 2,616,301 or 372,589 557,867 or 79,446
1916-1917 2,383,866 or 345,373 877,755 or 127,169
1917-1918 2,437,926 or 351,742 1,175,399 or 169,586
1918-1919 2,653,620 or 382,783 1,665,569 or 241,318
These figures show the large increase of 161,872 tons in the Eastern planta-
tions between the first and latest crops.
Owing to the competition for cane in its locality, the small size of the
Plantation and the consequent higher cost of production, your Board of













Directors decided to sell the lands of the "Jobo" plantation and transfer the
machinery to plantations in the Eastern section of the Island. The major
portion of said machinery is being installed at "Moron", thereby increasing
the capacity of that Central, as referred to elsewhere.



PRODUCTION AND CAPACITY OF THE EASTERN MILLS

The following table shows the production of the Eastern mills during
the last four crops and the estimated production for 1919-1920:

1915-1916 1916-1917 1917-1918 1918-1919 1919/1920 estimated
Moron ..... 170,263 181,045 315,439 524,940 650/700,000 bags
Stewart .... ...... 378,097 416,560 506,494 575/625,000 "
Jagueyal ... 233,545 251,013 326,200 353,168 425/450,000 "
Lugareno .. 154,059 67,600 117,200 280,967 300/325,000 "

557,867 877,755 1,175,399 1,665,569 1950/2,100,000 bags

This increase of over 1,400,000 bags-(200,000 tons)-in the Eastern mills
in the four years, between the first crop of your corporation and the estimated
crop of 1919-1920, is the greatest achievement of your Cuban management.

Your management has increased the capacity of 'Moron' more than any
other Eastern plantation, because of its favorable location for the acquisition
of large quantities of cane. With a great deal of the machinery from 'Jobo'
now installed at 'Moron', the coming crop at the latter estate is expected to
be from 650,000 to 700,000 bags (90/100,000 tons) during the usual crop
months, December to June inclusive.

There is only one corporation in Cuba, i.e. the Cuban-American Sugar
Company, which began its operations after the Cuban War of Independence,
whose production in its two Eastern Plantations of 1,252,768 bags sugar
last crop, compares with that of your Corporation in the same section.

Your production in the East will not have reached its maximum even
with the next campaign. If the plans of the management are carried out
for the transfer of some of the smaller Western mills to favorable locations
in the East, where your Corporation has options on ample and suitable
cane lands, the production in the East can easily be raised, in two or three
years, to 2,500,000 bags during the usual grinding period. Your Company
is therefore in a good position to make increasing quantities of sugar in the
East while maintaining the usual quantity in the West.
18













SUPPLY OF CANE FOR 1919-1920
The present estimate of the cane supply for the coming crop is as follows.
Western estates ....... 300,000,000 arrobas or 3,350,000 tons
Eastern ....... 250,000,000 2,790,000 "

550,000,000 arrobas or 6,140,000 tons
Although somewhat early to make estimates of cane, the above figures are,
however, believed to be conservative. The percentage of sucrose in the cane
is the unknown factor.
Particular attention is called to the enormous increase in cane for the
Eastern estates from 1916-1917 to 1919-1920, namely, over 145,000,000 arrobas
(1,600,000 tons). In order to obtain that additional quantity of cane about
80,000 acres of timber land had to be cleared and planted in cane within the
last three years.

ESTIMATE OF SUGAR CROP FOR 1919-1920
It is not easy to estimate the amount of sugar that your Corporation
will make during the coming crop as the total depends largely upon the per-
centage of sucrose in the cane. Even with as low sucrose in the cane as last
year-which is unlikely after three years of low sucrose-the total crop for
1919-1920 should be:
In the Western estates 2,600,000 bags (377,000 tons)
In the Eastern 2,100,000 (303,000 )

4,700,000 bags (680,000 tons)
With a higher percentage of sucrose in the cane, the total production will
be correspondingly increased.
LANDS
Your Company having sufficient lands to supply cane for its present
needs, made no additional purchases or leases this year. This account, there-
fore, remains unchanged from last year's figures which show that the cor-
poration owns 11,216 caballerias (373,800 acres) of land, and holds under
lease, many of these leases being for long periods, 6,932 caballerias (231,000
acres) of land. The total lands owned and leased amount to 18,148 caballerias
(604,800 acres). Land values have increased very much during the last four
years, especially in the East where they had been much lower than in the
West, and with this new virgin soil in greater demand values are drawing
nearer to those of the more densely cultivated portion of the Island.

RAILROADS
Your Company now owns and operates for the transportation of its
products and supplies, 1,090 kilometers (683 miles) of railway, of which 781
kilometers are standard gauge and 309 kilometers are narrow gauge; together
with equipment consisting of 121 locomotives, of which 87 are standard gauge
and 34 narrow gauge, and 3,504 cane and other cars, of which 2,219 are
standard gauge and 1,285 are narrow gauge.
14













PROPERTY ACCOUNT
Original Cost of the 17 Plantations, Including Taxes, Notary
Fees, etc. ..................... ................. $48,983,296.68
Additional Purchases:
Central "Stewart" ..................... $ 8,400,000.00
Warehouses .......................... 159,600.00
Lands ................................ 2,197,276.59
Taxes, Notary Fees, etc., thereon........ 125,599.48

$10,882,476.07
Less:


Sale of Central "Asuncion".. $425,000.00
Sale of Lands, Machinery,
etc. .................. 1,057,753.23


1,482,753.23

$ 9,399,722.84


Additional Improvements, etc.:


Fstcal Year
1915-1916......
1916-1917 ......
1917-1918......
1918-1919 ......


Western
Plantations
$ 264,603.13
2,376,123.95
1,835,050.42
730,004.32

$5,205,781.82


Eastern
Plantations
$ 155,131.08
2,657,229.86
8,246,313.70
3,309,334.68

$14,368,009.32


Less amount written off Property Account to
cover dismantling and relocation of ma-
chinery ..........................


Machinery and Construction Material on hand

Total as per Balance Sheet.............


Total
$ 419,734.21
5,033,353.81
10,081,364.12
4,039,339.00

$19,573,791.14

$28,973,513.98


1,200,000.00 27,773,513.98

$76,756,810.66
631,396.21

$77,388,206.87


RENEWALS, BETTERMENTS AND DEPRECIATION
Following the customary practice, your Company has made adequate
expenditures for renewals, repairs and changes in the location of machinery,
all of which have been charged to operating expenses before arriving at the
operating profit.
In addition to the cost of above renewals and repairs, your Board of
Directors have made a charge of $1,750,000 for Depreciation.
15













RECEIPTS AND EXPENSES
FISCAL YEAR ENDED SEPTEMBER 30, 1919.
RECEIPTS-
Production, 4,319,189 Bags
Sugar Sales ........................... $80,470,542.43
Molasses Sales .......................... 484,414.89


Other Earnings .........................

Total Receipts ......................
EXPENSES-
Cost of Cane per 100 arrobas $8.50........
Dead Season Expenses (Salaries and
Wages, Materials and Supplies, Repairs
and Renewals) ......................
Crop Expenses (Salaries and Wages, Ma-
terials and Supplies, Fuel, Maintenance,
Administration-Cuba and United
States) .............................
Fiscal Year Charges:
General Insurance ...................
Cuban taxes on Sugar..............
Cuban taxes on Molasses.............
Cuban taxes on Real Estate..........
Legal Expenses .................

Total Fiscal Year Charges.......

Sugar Expenses:
Sugar Bags and Packing ............
Sugar Inland Railroad Freights......
Sugar Shipping Expenses ............
Sugar Insurance ....................
Selling and Landing Expenses........

Total Sugar Expenses...........

Total Expenses-F. O. B........
M arine Freight .........................

Total Expenses-Delivered ......

Operating Profit to September 30th, 1919..
This compares with an Operating Profit last
year of .................................
and a Profit per bag of..................
16


560,368.62

$81,515,325.94

$42,658,281.93


4,440,048.62



9,038,523.33

326,109.94
335,391.07
75,997.10
S260,349.84
56,404.51

$ 1,054,252.46


$ 3,106,313.13
1,626,931.29
953,741.07
210,639.85
1,300,605.47

$ 7,198,230.81

$64,389,337.15
6,056,108.03

$70,445,445.18

$11,069,880.76

$ 7,390,603.98


Per Bag
$18.631
.112

.130

$18.873

$ 9.877


1.028



2.093

.076
.077
.018
.060
.013

$ .244


$ .719
.376
.221
.049
.301

$ 1.666

$14.908
1.402

$16.310

$ 2.563


$ 2.05













CAPITAL ACCOUNT


Your Corporation has lacked working capital from the start. Of the
amount realized from the sale of the stock, all but $3,600,000 was required to
pay for the properties originally purchased. It was expected that the short-
age in working capital would be made up out of earnings, but most of the
surplus earnings of the first year were used in the purchase of the 'Stewart'
plantation, and the surplus earnings of the following years in defraying the
cost of additions and improvements, particularly in increasing the output
in the Eastern plantations.
While the above expenditures increased the production and earning
power of the Corporation, they deprived it, to that extent, of working capital.
To remedy this, your Board of Directors has recommended a $25,000,000
issue of 7% ten-year Debenture Bonds convertible into Common Stock, as
set forth in the Circular to the Stockholders dated October 30, 1919.


GENERAL REMARKS


According to the preceding Receipts and Expenses State-
ment, the Operating Profits this year were .................
Deducting disbursements for:
Interest and Exchange ................. $ 555,810.06
Taxes (Reserve) ...................... 979,490.11
Dividends on Preferred shares.......... 3,500,000.00

leaves a balance of. ...................................
This is equal to about $12.00 per share on the 500,000 shares
of Common stock of the Corporation, before making allow-
ance for Depreciation and Doubtful Accounts.
After deducting:
Reserve for Depreciation........... $ 1,750,000.00
Reserve for Doubtful Accounts..... 400,000.00

the remaining balance of.......... ....................
is equivalent to about $7.77 per share on the Common Stock.


$11,069,880.76




5,035,300.17

$ 6,034,580.59







2,150,000.00

$ 3,884,580.59


Your management has provided a regular and adequate supply of oil
for fuel purposes, so that the operations of your factories will not be directly
affected by any stoppage of coal deliveries resulting from strikes in the
coal industry, such as are now threatening in this country.
17













While the "STEWART" did not show up satisfactorily the first year
after its purchase, it is gratifying that it now stands first in Operating results
for the past fiscal year.
"MORON", prior to the present crop, did not do as well as had been
expected, due to delays in arrival of machinery-which caused late starts
in grinding-and also due to low sucrose content in the cane. Much of the
the cane from which must necessarily have a lower sucrose content during
the first two or three years than in the succeeding ones. During the coming
crop "MORON" may reasonably be expected to produce about 700,000 bags
in the period from December to June, which will make it as large as any
other plantation on the Island.
"JAGUEYAL" has maintained its good record.
"LUGARENO", after two disappointing crops, for the reasons given
in last year's Annual Report, has shown up well for the 1918-19 crop. This
estate is exceptionally well located, with an abundant supply of cheap cane
and a low rate of railroad freight to the shipping port.
The program adopted in 1916 by your Board of Directors to increase
the capacity of the Eastern plantations is now completed.
The four Eastern plantations, as well as the twelve Western, are now
,all well equipped, but some capital expenditures must necessarily be made
each year in order further to develop efficiency in operation.

EXPERIMENTS
Your Company is still carrying on its experiments for the improvement
of the cane seed, and mechanical devices for cutting the cane. It cannot
'be said that much has been accomplished in the improvement of cane seed,
as years are required to obtain results. Considerable progress has been made
in the development of the cane cutter which, however, is not yet a practical
success, and in mechanical means for transporting the cane to the mills.

CONTRACT FOR COMING CROP
So far no contract has been entered into with the United States Sugar
Equalization Board, or any other similar Corporation, for the whole or any
portion of the next Cuban crop.
The scarcity of sugar and the great European demand, because of which
there is a fear that the United States may be left with insufficient sugar, are
factors that are attracting the attention of the Administration in Washington.
While the whole Cuban crop might have been bought last summer it would
now be difficult to do so, owing to the large sales that have already been
anade for future deliveries.
18












STOCKHOLDERS
To show the distribution of the stock of your Company, the number of
Stockholders at the end of the last three fiscal years is given in the table
below:-
1917 1918 1919
Holders of Preferred stock.... 3,840 4,494 4,880
Common .... 1,843 1,860 2,584

Total .................... 5,683 6,354 7,464
The continuous increase in the number of holders is gratifying.

GENERAL INFORMATION REGARDING SUGAR AND
SUGAR STATISTICS
(All general statistics given herein are compiled from figures published
by Willett & Gray unless otherwise credited.)
Sugar being a topic of general interest at present, the stockholders may
desire to know the respective production of Cane and Beet sugar in various
producing countries, as well as other data relative to the article. For that
reason we are appending the following-
Exhibit 1-Statement and Chart of the sugar crops of Cuba from 1894
to 1919 showing the amounts of each crop produced in the Western
and Eastern sections of the Island respectively.
This shows the tremendous drop in production in 1895 by reason
of the Cuban war of independence and the rapidity with which
Cuba recuperated, which is without parallel in the history of any
other sugar producing country. This recuperation by Cuba occurred,
moreover, during years of very low sugar prices.
Exhibit 2-Statement and chart of the proportion of Cuban sugar pro-
duction controlled by American companies, including Cuba Cane
Sugar Corporation, during crop 1918-1919.
Exhibit 3-Sugar Production of the world (cane and beet) by countries,
for the six crops 1913-1914 to 1918-1919 inclusive.
By this statement it is seen that Cuba was the only country that,
notwithstanding high prices, largely increased its production during
those years. India, whose sugars are all consumed locally, comes
next to Cuba in the production of sugar but by reason of unfavor-
able weather this year's crop was so reduced that it shows less in-
crease over the 1913-1914 crop than Java does, although still making
about 700,000 tons more sugar than the latter.
Exhibit 4-Statement and Chart showing a comparison by countries of
the world's Cane and Beet sugar production for the crop of 1913-14,
immediately prior to the world war, and the last one, 1918-19.
19












Exhibit 5-Statement and Chart showing a comparison of the portion
of the world's cane and beet sugar production contributed by differ-
ent countries for the crop of 1918-1919
Exhibit 6-Chart showing a comparison of the wholesale prices of re-
fined sugar in various countries before and after the world war,
years 1914 and 1919.
Exhibit 7-Statement of sources of sugar consumed in the United State:s
during the years 1914 to 1919 inclusive.
Exhibit 8-List of Cuban Centrales Producing over 280,000 bags of
Sugar during the crop 1918-19.
The scarcity of sugar, to which attention was called in the last Annual
Report, is now being felt by the entire world. It, therefore, may be of
interest to enumerate some of the causes for this world-wide sugar scarcity:
(a): Smaller production of European beet sugar during the four years
of the war.
(b): Only a comparatively small increase in the Cane sugar production
throughout the world, outside of Cuba, during the last five years,
notwithstanding the high prices prevailing (see Exhibit 3).
(c): The large increase in sugar consumption in the United States,
particularly since the enforcement of prohibition (see Exhibit 7
showing the consumption in U. S. for five years along with an
estimate for 1919).
(d): A very active foreign demand from all quarters after the cessation
of hostilities, particularly from European countries whose con-
sumption had been temporarily restricted by Governmental ration-
ing during the World War. Notwithstanding that Europe has
received fully one-third of the 1918-19 Cuban crop the demand
from that source continues unabated, as a result of which large
sales of new crop Cubas have already been made and are still
being made for delivery as late as June, 1920.
(e): The increase in the World's potential demand, which, having been
restrained by Governmental control during the four years of war,
is now asserting itself. Had there been no war, the probable in-
crease in consumption would have been 400,000 to 500,000 tons
per annum, requiring an increase in production of about 2,500,000
tons of sugar during that period as compared with an actual de-
crease of about 2,300,000 tons.
(f): Last, probably the additional consumption arising from the uni-
versal war-time advertisement of the fact, previously known to
those who had thoroughly investigated the subject, that, for the
same price, sugar contains more calories of nutritive value than
any other article of food.
20









The present scarcity of sugar in the United States may be relieved some-
what by diverting to the Northeast and Southwest some of the domestic
beet sugar now being harvested, but the scarcity will probably not be com-
pletely overcome even when the new crop Cuba sugars are available in large
quantities, say in January and February. The advent of the new crop sugars
will, of course, relieve the acute situation now prevailing, but the demand
and the high prices will doubtless continue until production catches up with
consumption.
A glance at Exhibit 7, shows that the main sources of supply of sugar
for the United States are Cuba, Porto Rico, Hawaii, Philippines, domestic
beets and Louisiana.
If there was no European demand to be satisfied, the above mentioned
countries could furnish more sugar than the United States can now consume,
but with the Eastern hemisphere clamoring for sugar, it is natural that a
great deal of Cuban sugar will find its way there. The other sources of
supply enjoy an advantage over Cuba of entry into the United States free
of duty, but they cannot compete with Cuban sugar in other countries where
they have no such advantage.
In reply to the question as to what countries can largely increase their
production, the following might be answered: first, Cuba; second, Russia,
and third, United States (beet). It is not to be expected that Germany or
Czecho-Slovakia will be able to increase their production appreciably unless
they again resort to the old system of Cartels and Bounties, which is unlikely.
Cuba's capacity for producing sugar is dependent upon labor supply and
mechanical devices for cutting cane. Lands in the Eastern section of Cuba
are ample to permit of a material increase in the stgar production of the
Island. The increases shown by Exhibit 1 demonstrate the fertility of the
soil and the suitability of the climate for sugar cultivation, two advantages
which Cuba enjoys in a greater degree than any other sugar producing
country.
The Balance Sheet as at September 30th, 1919, together with the Profit
and Loss and Surplus Accounts for the year ended that date, certified by
the Corporation's Auditors, Messrs. Deloitte, Plender, Griffiths & Co., and
the Comparative Financial Statement, will be found appended hereto.
Acknowledgment is made of the loyal co-operation of all officers and
employees during the year.

Respectfully submitted,

By order of the Board of Directors,

MANUEL RIONDA,
President.
21












Exhibit A


CUBA CANE SUGAR

BALANCE SHEET


ASSETS


PROPERTIES AND PLANTS............
MACHINERY AND CONSTRUCTION
MATERIAL ON HAND..............

CURRENT ASSETS, ADVANCES TO
COLONOS AND GROWING CANE:
Cultivations-Company Cane ...........
Materials and Supplies.................
Advances to Colonos less Reserve for
Doubtful Accounts ................
Advances to Stores and Sundry Advances
Sugars on hand at Net Contract Prices
(Pledged to Bankers as security for
Loans. The major portion of these
Sugars has since been shipped and
collected for, and the Loans paid).
Molasses on hand at Net Contract Prices
Accounts and Bills Receivable less Re-
serve for Doubtful Accounts........
Cash ................................
Cash-Special Deposit-Rental Guarantee
Cash on deposit to meet Preferred Divi-
dend due October 1st, 1919.........


$76,756,810.66

631,396.21


$77,388,206.87


$ 2,656,023.61
2,634,600.23

6,850,872.94
263,145.83



11,692,000.36
420,029.46

1,245,107.59
4,303,188.17
63,000.00

875,000.00 31,002,968.19


CASH DEPOSITED FOR REDEMPTION OF LIENS
AND CENSOS ON PROPERTIES-per contra.......
DEFERRED CHARGES:
Insurance, Rents, Taxes, Etc., paid in ad-
vance ......................... $ 299,913.43
Interest paid in advance. ............... 305,688.49
Items in Suspense. .......... ...... ... 30,626.53


954,541.42




636,228.45

$109,981,944.93


We have verified the above Balance Sheet as at September 30th, 1919, and
that date, with the books in New York and Havana and certify, that, in our
Company as at September 30th, 1919, and the results of the operations for
49 Wall Street, New York City,
November 13th, 1919.











Exhibit A

CORPORATION

SEPTEMBER 30th, 1919


LIABILITIES


DECLARED CAPITAL:...............................
500,000 Shares 7% Cumulative Convertible Preferred
Stock, par value $100.00 each
500,000 Shares Common Stock without nominal or par
value


BILLS PAYABLE .... ..............
ACCEPTANCES-Loans against Sugars
(Since Paid) .........................
SHORT TERM DRAFTS OUTSTANDING
ACCOUNTS PAYABLE AND ACCRUED
CHARGES ...........................
PREFERRED DIVIDEND NO. 15 (Payable
October 1st, 1919).....................

LIENS ON PROPERTIES-Cash deposited
per contra ...........................
CENSOS ON PROPERTIES-Cash de-
posited per contra....................


$52,500,000.00


$15,000,000.00

11,000,000.00
1,541,081.86

2,512,438.98

875,000.00 30,928,520.84


$ 567,911.44

386,629.98 954,541.42


RESERVES:


Taxes and Contingencies...............
Depreciation .........................


$ 1,439,089.43
6,500,000.00


DEFERRED LIABILITIES:
Balances in respect of purchases of lands..............

SURPLUS ACCOUNT:
Balance ..........................................


7,939,089.43


947,490.73


16,712,302.51


$109,981,944.93

the accompanying Profit and Loss and Surplus Accounts for the year ended
opinion, they correctly set forth respectively, the financial position of the
the year ended that date.
Deloitte, Plender, Griffiths & Co.


28
















CUBA CANE SUGAR CORPORATION




PROFIT AND LOSS ACCOUNT AS OF SEPTEMBER 30th, 1919

Operating Profit for Year Ended September 30th, 1919..... $11,069,880.76

Less:


Interest and Exchange .................
Reserve for Taxes, etc., Including Income
Tax, United States and Cuba.......
Reserve for Depreciation ...............
Reserve for Doubtful Accounts ........


$ 555,810.06

979,490.11
1,750,000.00
400,000.00


Balance, being Net Profit for the Year Carried to Surplus
A account ...........................................


3,685,300.17


$ 7,384,580.59


SURPLUS ACCOUNT AS OF SEPTEMBER 30th, 1919


Balance at October 1st, 1918..............................
Add:
Net Profits for Year, as per Profit and Loss Account..


Deduct:
Appropriations of Surplus:
Amount written off Property Account to
cover dismantling and re-location of
m achinery ........................
Sundry Adjustments and Charges......
Dividends on Preferred Stock:
No. 12, January 1, 1919 $875,000.00
No. 13, April 1, 1919.. 875,000.00
No. 14, July 1, 1919... 875,000.00
No. 15, October 1, 1919 875,000.00


$14,292,949.12

7,384,580.59

$21,677,529.71


$1,200,000.00
265,227.20


3,500,000.00


4,965,227.20


Balance, September 30, 1919 ............................... $16,712,302.51
24









Exhibit C
CUBA CANE SUGAR CORPORATION.
Comparative Financial Statement, Years 1916, 1917, 1918, 1919.


PROFIT AND LOSS ACCOUNT: FISCAL YEAR,
Production (Bags) ----------------------


1915-16
3,174,168


CREDITS :
Gross Operating Profit ---------..-.$13,899,672. 24*
DEBITs:


Interest------.----.----------------
Real Estate.--.---------.------
Taxes-Cuba Molusesg --------------
MMolasses, ---------- ---- -----~~
Total-..........--

Taxes (Capital Stock U. S-..--..-----
8 (Reserve)
Income U. S. and Cuba..-------
Total.-.--.------

Reserve for Bad Debts-..-----------------
Amount written off Property Account to cover
dismantling and relocation of machinery .-..
Sundry Adjustments and Charges _---------
Depreciation..----..--.---------------
Dividends .-....--------.------ -----
Surplus ....-.. ----------------------
Grand Total.......-----


91,385.85

$ 89,273.82


$ 89,273.82

$ 10,000,00

280,000.00
$ 290,000.00


$ 1,250,000.00
2,327,505.25
9,851,507.32
$13,899,672.24


BALANCE SHEET:
ASSETS.
Properties and Plants.--------- .---------- $57,636,115.65
Machinery and Construction Material on hand... 140,156.37
Cultivations-Company Cane -------..------ 1,122,568.90
Materials and Supplies -------------------- 1,703,706.14
Advances to Colonos (less Reserve)-.--.- ---. 3,659,019.49


1916-17
3,261,621

$11,246,172.88*

244,042.97

$ 150,641.53


$ 150,641.53


1917-18
3,613,325


$ 8,016,855.97* $11,741,618.77*


679,654.56

$ 136,899.34
421,386.50
67,966.15
$ 626,251.99


555,810.06

$ 260,349.84
335,391.07
75,997.10
$ 671,738.01


36,471.00 $ 34,525.00 $ 54,490.11


1,250,000.00
$ 1,286,471.00

$ 500,000.00


1,750,000.00
3,500,000.00
3,815,017.38
$11,246,172.88


$62898,964.66
1,540,866,76
1,845,732.11
3,077,125.60
5,502,720.02


800,000.00
$ 834,525.00


$ 1,750,000.00
3,500,000.00
626,424.42
$ 8,016,855.97


$74,522,783.47
767,665.30
2,771,852.99
3,211,158 68
9,052,710.18


925,000.00
$ 979,490.11

$ 400,000.00

1,200,000.00
265,227.20
1,750,000.00
3,500,000.00
2,419,353.39
$11,741,618.77


$76,756,810.66
631,396.21
2,656,023.61
2,634,600.23
6,850,872.94


1918-19
4,319,189





Advances to Stores and Sundry Advances ---- 26,208.98
Sugar on hand -----------.------------. 3,421,414.71
Molasses on hand.--------..---- ---..---
Accounts and Bills Receivable-.------------ 760,793.36
Cash _------------_----------__------------ ,527,723.42
Cash, Special Deposit-Rental Guarantee- - -
Cash for Dividends ---------------"-------- 875,000.00
SECURITY FOR REDEMPTION OF LIENS AND CENSO :
Cash deposited with Trust Co. --------------- 1,669,482.13
Bonds of Cia Central Mercedes ------------ 60,000.00
DEFERRED CHARGES :
Insurance, Rents and Taxes paid in advance..... 267,624.60
Interest paid in advance--------------------
Items in Suspense -------------------------- 7,500.00
Total ----------------.. $72,877,313.75

LIABILITIES :
Declared Capital ------- ----------------- $52,500,000.00
Bills Payable ----------------------------3,836,229.57
Acceptances-Loans Against Sugar---------- -
Drafts Outstanding ----------------------- 405,000.00
Accounts Payable and Accrued Charges- __- 2,140,094-73
Preferred Dividend due----------- 875,000.00
Liens on Properties-Cash deposited, per contra. 937,688.82
Censos on Properties-Cash deposited, per contra. 731,793.31
Bonds of Cia Central Mercedes, per contra- -- 60,000.00

RESERVES:
Taxes, Etc..------- -.--------------------- 290,000.00
Depreciation ----------------.---------- 1,250,000.00
DEFERRED LIABILITIES :
Balances for purchases of Additional Lands ...
Items in Suspense ---- ---------
Surplus Account -----.---------------- -- 9,851,507.32
Notes Guaranteed, (not included in total)--....-
Total-.------------ -$72,877,313.75
*Cuban Taxes on Real Estate, Sugar and Molasses
not Deducted.


151,244.30
3,427,624.87
155,562.35
1,330,131.76
739,348.72

875,000.00

1,303,698.77
60,000.00

389,326.49

45,075.95
$83,342,421.86



$52,500,000.00


1,059,682.89
9,504,286.76
875,000.00
649,313.36
654,385.41
60,000.00


1,286,471.00
3,000,000.00



86,757.74
13,666,524.70

$83,342,421.86


214,092.58

261,112.95
1,026,885.76
700,712.06

875,000.00

1,203,205.07
60,000.00

190,490.90
125,805.38
290,682.54
$95,274,157.86



$52,500,000.00
12,000,000,00

1,409,497.72
5,864,607.67
875,000.00
601,183.50
602,021.57
60,000.00


800,000.00
4,750,000.00

1,194,909.79
323,988.49
14,292,949.12
30,000.00
$95,274,157.86


263,145.83
11,692,000.36
420,029.46
1,245,107.59
4,303,188.17
63,000.00
875,000.00

954,541.42


299,913.43
305,688.49
30,626.53
$109,981,944.93



$52,500,000.00
15,000,000.00
11,000,000.00
1,541,081.86
2,512,438.98
875,000.00
567,911.44
386,629.98


1,439,089.43
6,500,000.00


947,490.73

16,712,302.51

$109,981,944.93














Exhibit 1

Sugar Crops of Cuba for the Years 1894 to 1919

SHOWING THE PORTION OF EACH CROP PRODUCED BY THE WESTERN AND EASTERN
SECTIONS OF THE ISLAND.

(made up from Willett & Gray statistics)


Western
Portion %
1893-94 974,377 = 90
1894-95 916,178 = 89
1895-96 174,663 = 76
1896-97 218,664 = 100
1897-98 310,892 = 99
1898-99 305,919 = 89
1899-1900 255,617 = 83
1900-01 546,603 = 86
1901-02 699,917 = 82
1902-03 835,841 = 84
1903-04 866,648 = 83
1904-05 954,312 = 82
1905-06 969,688 = 82
1906-07 1,120,408 = 78
1907-08 687,798 = 71
1908-09 1,082,796 = 72
1909-10 1,278,024 = 71
1910-11 1,020,438 = 69
1911-12 1,330,645 = 70
1912-13 1,685,296 = 69
1913-14 1,606,401 = 62
1914-15 1,711,785 = 66
1915-16 1,939,158 = 64
1916-17 2,006,249 = 66
1917-18 1,993,590 = 58
1918-19 2,145,768 = 54
* "Santa Lucia" production estimated.


Eastern
Portion %
113,119 = 10
114,919 = 11
56,517 = 24
29= ..
3,117 = 1
39,342 = 11
52,926 = 17
89,253 = 14
150,264 = 18
163,037 = 16
173,580 = 17
208,946 = 18
209,061 = 18
307,265 = 22
274,160 = 29
430,786 = 28
526,325 = 29
463,013 = 31
565,339 = 30
743,241 = 31
991,331 = 38
880,882 = 34
1,068,757 = 36
1,017,471 = 34
1,452,493 = 42
*1,818,189 = 46


Total Island
Tons of 2240 lbs.
1,087,496
1,031,097
231,180
218,693
314,009
345,261
308,543
635,856
850,181
998,878
1,040,228
1,163,258
1,178,749
1,427,673
961,958
1,513,582
1,804,349
1,483,451
1,895,984
2,428,537
2,597,732
2,592,667
3,007,915
3,023,720
3,446,083
*3,963,957


NOTES :-The falling off in production from 1,031,097 tons in 1894-95 to 218,698 tons in 1896-97
was caused by the Cuban War of Independence, then in progress. It is interesting
to note the continuous growth from the time peace was restored in 189.1 until last
year, with the two exceptions of 1907-08 and 1l10-11, when the productions were
curtailed by drought during the growing season.
28












4000000
3.800,000
3.800.000 SUGAR CROPS OF CUBA
3,.600,000
FROM 1894 TO 1919
3.400,000 --
CHART SHOWING THE PORTION OF EACH CROP PRODUCED IN THE
3,200,000 ___...____...,,/
WESTERN AND EASTERN SECTIONS OF THE ISLAND
aooo ooo
^ 3.000000 -
(I
Z 2,800,000
2,600,000
Z2,400,000 --------------------------------------------------- ____________________ ____
z2000 -------------------------------------------------_ 1
2,400,000 ---------------

,2,4800.000 -----------------------------------------___ -___ ___ ____________ _______
Z /
- 2,200,000 -.-.-- --- --- --- --- --- --- --- --- ----___-- - -____... ...__.._________ ___ __
2,200,000 ---------


, 1.000.000 -
o 1.800o.0oo .. --- -

S1,600.000 ---- /
4 ~ -- --- - -- -
1,400.000 .--..../

0 oo.ooo ........ ........--
S1,000,000.C -
o o .. .... .. ..

400.000 0---, _
400,000 -
', j ,, O ** ......
400 ft


# I I I I I I I I I I I
OD O Ooo m (o )o o goY oE A R
CROP YEARS









Exhibit 2
Comparison of the Portion of the Cuban Sugar Production Con-
trolled by American Companies for the Crop of 1918-19.
(Willett & Gray)


CUBA CANE SUGAR CORPORATION ---------- (17) mills..
RIONDA MANAGEMENT ----------------.- (7)....-
Rionda's Estates ---------- 1,124,871 (5) 4.06%
Tacajo .---------------- 195,392 (1)0.71%
Manati------------------- 507,300 1) 1.83%
CUBAN-AMERICAN SUGAR C -------------(6)-----
Delicias ----------------- 701,768
Chaparra----------------- 551,00
Tinguaro---------------- 271.000
Constancia---------------- 201,600
Mercedita ---------------- 128,000
Unidad------------------- 85,000
WEST INDIES SUGAR FINANCE CORP....-------(3......
Palma Sugar Co---------- 256,540 (1) 0.93%
Alto Cedro S. C. ----------212,376 (1 0.77%
Cnpey Sugar Co----------- 150,288 (3) 0.54%
GUANTANAMO SUGAR COMPANY.-------------(3)-----......
Soledad ----------------- 153,000
Isabel-------------------- 108,500
Los Caios ----.---------- 97,703
PUNTA ALEGRE SUGAR COMPANY--- --------(3)----......--
Florida.----------------- 264,300
Punta Alegre ------------ 215,721
Trinidad ---------------- 114,500


4,319,189 bags. 15.59%
1,827,563 ------ 6.60


1,938,368 ------ 7.00





619,204 ------ 2.23


359,203 ------ 1.30


594,521 ----- 2.15


E. ATKINS & CO. (Soledad) -----------------(1)-----.141,522 ------0.51
UNITED FRUIT COMPANY--------- ---------(2)--..... 776,045 ------ 2.80
Boston ------------------ 468,290
Preston ------------------ 307,755
CUBA COMPANY.--------------- ----------(2)---.--- 587,800 ..-- 2.12
Jobabo------------------- 327,000
Jatibonico ----------------260,800
BARAGUA SUGAR COMPANY------ ----------(1)------- 332,300 ----- 1.20
OTHERS (Below 1%) ---------------------(20)------- 2,092,018 ..... 7.56
Centr. lormiguero -------- 255,000 (1) 0.92%
North Amer. S.C. -------- 207,000 (1) 0.75%
Miranda Sugar Co--------- 186,482 (2) 0.67%
Rio Cauto S. 0. ---------- 169,600 (1) 0.61%
Ermita Sugar Co---------- 133,099 (1) 0.48%
Cape Cruz Co----------- 122,000 (1) 0.44%
Central S. Corp -,-------. 112,000 (1) 0.40%
Matanzas-Amer. S. C. ------ 110,000 (1) 0.40%
La Paz S. Co. ---------- 101,300 (1) 0.37%
Havana S. Co. ------------- 101,200 (1) 0.37%
Cuba S. Mills------------- 97,626 1) 0.35%
Hershey Corp------------- 93,38 (1) 0.34%
Sta. Cecilia S. C.---------- 93,300 1) 0.34
Cent. Teresa S. C. -------- 78,000 (1) 0.28
Sta. Clara S. C.---------. 68,000 (1) 0.25
Sta. Maria S. C. ---------- 63,000 1) 0.23
Cardenas-Amer. S.. .---.. 45,000 1) 0.16%
Mapos..-----------------. 28,229 1) 0.10%
Centr. Natividad----- ---- 27,800 (1) 0.10%
TOTAL AMERI N I C A N ----(65)------- 13,587,733 ......49.04
NON-AMERICAN INTERESTS-------- (130) ------ 14,159,971 ------50.96
T O T A L-------------------- 195)------ 27,747,704 .-___100.00
30












Comparison of the por- \ SUGAR CORP. (17)
tion of Cuban Sugar ,\
production controlled %0 0
by American com-
panies. Crop of 1918-
'19. o \
(According to Messrs. Guma- -%
Mejer, Production Reports.) C/ d

2.28% West Indies a 93%0 c
Sugar Fin. Corp. (3) ) 0. 77% o ol.i sA

1.30 % GUANTNAMO SUA g.

2.66% Atkin's 2.15% PUNTA ALEGRE SUGAR COA 3)
Management (4) L. E
o0.503tO^ Co'.t 50.96 % NON-AMERICAN INTERESTS (130)



Total Production of Z f 0 'l0
Cuba-27,747,704 bags. Oo "
Total number of
Centrales-195.
The number of Mills con- o\o
trolled in each case is ,6
indicated by the figure in'
parenthesis.














Exhibit 3

SUGAR PRODUCTION OF THE WORLD

FOR THE SIX CROPS

(WILLETT


COUNTRIES. 1913-14
Tons
Cuba_----------.-----.-... ..... 2,597,732


Hawaii -----.. ---------,-..-
Porto Rico .....-- ..----------
Louisiana. ------- ---------
Texas-------_--- -
St. Croix ---------------------
Philippines---

U. S. Cane Total---...-- --
U. S. Beet.. _

U. S. Cane and Beet, Total___


550,925
325,000
261,337
7,000
5,800
225,000

1,375,062
655,298

2,030.360


Canada-Beet------ ------ 11,675
British West Indies- --------... 120,221
French West Indies------------- 78,650
San Domingo and Hayti - 105,778
Mexico and Central America 152,000
South America----------------- 781,158
Java..--- -------.......1,272,417
Formosa and Japan ----. -.-- 204,000
Australia and Fiji ------- - 355,000
Africa (Mauritius, Egypt, etc.)-__ 474,664
Various-Total----_____ 3,555.563

European Beet:
Germany ----- ---- --------2,717,940
Czecho-Slovakia (Austria). 1,685,443
France -----.7----1781,020
Belgium---- ----------. 226,200
Holland --------_ 229,257
Russia------------.------- 1,740,000
Other European Countries. 842,316
Europe. Total-.----------.---- 8,222,176
Total Cuba U.S. Various, Europe-16,405,831
British India (All tOLnsmeid 0loally). -- 2,291,500
Grand total---.. __-18,697,331

Decrease from preceding crop._ ----
Increase on ------
32


1914-15
Tons
2,592,667

577,186
308,178
216,696
3,500
4,500
243,000

1,353,060
646,257

1,999,317

13,979
120,748
80,000
108,267
132,000
879,465
1,303,045
262,000
348,408
523,788
3,771,700


1915-16
Tons
3,007,915

529,895
431,335
122,768
1,000
14,750
332,158

1,431,906
779,756

2,211,662

17,641
179,745
74,036
126,058
100,000
749,930
1,198,567
405,227
249,681
521,573
3,622.458


2,500,000 1,400,000
1,602,315 1,011,400
302,961 135,899
203,608 113,097
302,458 242,758
1,967,336 1,467,096
711,913 713,874
7,590,591 5,084,119
15,954,275 13,926,154
2,460,573 2,634,000
18,414,848 16,560,154

282,483 1,854,694


1916-17
Tons
3,023,720

575,510
448,567
271,389
6,250
7,787
202,655

1,512,108
734,577

2,246,685

12,500
194,678
70,603
130,171
75,000
652,b28
1,596,174
436,026
288,731
522,513
3,979,224


1,603,920
944,500
184,191
135,031
269,180
1,321,600
551,924
5,010,346
14,259,975
2,728,000
16,987,975


497,821












Exhibit 3

(CANE AND BEET) BY COUNTRIES

-1913-14 to 1918-19.


&:GRAY)


1917-18
Tons
3,446,083

515,035
405,174
217,499
2,009
5,400
216,260

1,361,377
682,867

2,044,244

11,250
179,786
,48,881
143,430
65,000
691,240
1,791,064
397,618
396,700
511,166
4,236,135


1,570,578
668,250
200,265
131,000
,199,295
1,028,580
495,955
4,293,923
14,020,385
3,311,000
17,331,385


1918-19
Tons
4,000,000

520,000
375,000
250,802
3,125
9,000
150,000

1,307,927
674,892

1,982,819

22,300
201,900
60,000
184,680
70,000
877,90"2
1,669,637
415,678
306,000
578,000
4,386,097


1,411,900
700,000
109,783
75,000
164,981
700,000
487,000
3,648,664
14,017,580
2,337,000
16,354,580


-. 976,805
343,410 ....


Changes between
1913-14 and 1918-19


Increase.
Tons
1,402,268


50,000


3,200


Decrease.
Tons


30,925

10,535
3,875

75,000


COUNTRIES.

Cuba

Hawaii
Porto Rico
Louisiana
Texas
St. Croix
Philippines


67,135 U. S. Cane Total
19,594 --.. U. S. Beet


-.... Net 47,541

10,625
81,679 ....
18,650
78,902 ....
--.. 82,000
96,744 .
397,220 ....
211,678 ....
49,000
103,336 ....
830,534 Net


-- 1,306,040
985,443
---- 671,237
151,200
-- 64,276
1,040,000
-... 355,316
-... 4,573,512
.... Net 2,388,251
45,500 ....
---- Net 2,342,751


U. S. Cane and Beet. Total

Canada-Beet
British West Indies
French West Indies
San Domingo and Hayti
Mexico and Central America
South America
Java
Formosa and Japan
Australia and Fiji
Africa (Mauritius, Egypt, etc.)
Various-Total

European Beet:
Germany
Czecho-Slovakia (Austria)
France
Belgium
Holland
Russia
Other European Countries
Europe. Total
Total Cuba, U. S., Various, Europe
British India (All co0u1medi locally)
Grand Total


S Decrease from preceding crop
--Increase on "
83











Exhibit 4

Comparison, by Countries, of the World's Cane and Beet Sugar


Production, the Year before the War and at the

(WILLETT & GRAY)

1913-14
Tons. %


CANE-U. S., Porto Rico and St. Croix-_ 599,187
Hawaii ----------------------- 550,925
Cuba------------------------ 2,597,732
Other West Indies-------------- 304,649
Central America and Mexico 152,000
South America----------------- 781,158


America------------------- 4,985,601

British India ----------------- 2,291,500
Java------------------------- 1,272,417
Formosa---------------------- 204,000
Philippines-------------- ------ 225,000


Asia ---------------------

Australia and Fiji --....-----.
Africa-----------------------
Spain_-- --,------------------

TOTAL CANE,


3,992,917

355,000
474,664
13,231

9,821.413


BEET-Germany-- ------------------- 2,717,940
Czecho-Slovakia --5---------- 1,685,443
Russia----------------------- 1,740,000
Other European Countries -.. -.. 2,065,562

Europe --------------------8,208,945

United States------------------ 655,298
Canada------- ----- ----- 11,675

America------------------- 666,973

TOTAL BEET, 8,875,918


GRAND TOTAL,


18,697,331
34


3.20
2.95
13.89
1.63
0.81
4.18

26.66

12.26
6.80
1.09
1.20


21.36

1.90
2.54
0.07

52.53


14.54
9.01
9.31
11.05

43.90


3.50
0.07

3.57

47.47


Present Time.



1918-19
Tons.
637,927 3.90
520,000 8.18
4,000,000 24.46
446,580 2.73
70,000 0.43
877,902 5.37

6,552,409 40.06

2,337,000 14.29
1,669,637 10.21
415,678 2.54
150,000 0.92

4,572,315 27.96

306,000 1.87
578,000 3.53
6,000 0.04

12,014,724 73.46


1,411,900
700,000
700,000
83(,764

3,642,664

674,892
22,300

697,192

4,339,856


8.63
4.28
4.28
5.08

22.27

4.18
0.14

4.27

26.54


100.00 16,354,580 100.00


~ ---


--









Comparison, by Countries, of the World's Cane and Beet Sugar Production, the Year before
at the Present Time.-Mesra. Willett & Gray.
Crop 1913-1914 Crop 1918-1919
Cane-9,821,413 tons-52.53% Cane-12,014,724 tons-78.46%
Beet-8,875,918 -47.47% Beet 4,839,856 -26.54%
18.697.831 tons 16,354,580 tons


NOTE-The areas of the circles are in proportion to the respective total productions.
BLACK represents CANE and RED represents BEET.
Vertical hatching includes countries in AMERICA.
Horizontal .. EUROPE.
Diasonal. AFRICA and FAR EAST.


the War and












Comparison of the Portion of the World's Sugar Production Contributed by Different Countries
for the Crop of 1918-19.
(Willett & Gray)


Tons


U. 8. & St. Croix.--------------- 262,927 2.19
Porto Rico ----- -------- ---. 375,000 3.12
Hawaii.--------- ----------------. 520,000 4.34
Cuba- -------------4,000,000 33.29
South America ---------------------- 877,902 7.31
Central America & Mexico. -------- -- 70,000 0.58
West Indies French 201,900 261,900 2.18
British 60,000
San Domingo & Hayti. -------------- 184,680 1.54
AMERICA 6,552,409 54.54
Australia _------------------------ 226,000 1.88


Fiji...------............-- -
AUSTRALIA & FIJI
Mauritius.--------------
Natal. .---------- --- -
Other African Countries -
AFRICA
British India...-.. .
Java ------ -- -
Formosa--------------- -
Philippines. ----------------
ASIA
EUROPE (Spain)


- ... 80,000 0.67
306,000 2.55
252,000 2.10
144,000 1.20
182,000 1.51
578,000 4.81
2 2,337,u00 19.45
- .. 1,669,637 13.90
--- 415,678 3.46
150,000 1.25
4,572,315 38.06
6,000 0.05


BEET


Tows %


Germany- ----.--------------------1,411,900 82.53
Czecho-Slovakia (Austria-Hungary)__ 700,000 16.13
Russia-- .------ ----.. ...-. . 700,000 16.18
Holland. --- ---_--- 164,981 3.80
Spain --------_ ____-- --- 135,000 3.11
Sweden .- ----. -___-.. -_-. 119,000 2.74
Denmark. -. -, 115,000 2.65
France - ----_ -109,783 2.53
Italy -----------------__ _------ 100,000 2.30
Other European Countries .------... 87,000 2.01
EUROPE 3,642,664 83.94
United States ----------------------- 674,892 15.55
Canada.. ---------------------------- 22,300 0.51
AMERICA 697,192 16.06
GRAND TOTAL BEET 4,339,856 100.00


Total Cane
Beet


GRAND TOTAL CANE 12,014,724 100.00


tr1
xT
4*


SUMMARY
12,014,724 Tons (73.46%)
4,339,856 (26.54%)
16,354,580


CANE


I












Comparison of the portion of the world's 'sugar production contributed
for the crop of 1918-'19.-(Messrs. Willett & Gray.)
CANE


by different countries


BEET


World's Production of-
Cane Sugar-12,014,724 tons 78.46%
Beet 4,839,856 26.54%
16,354,580 tons


NOTE-The areas of the circles are in proportion to the respective productions of cane and of beet sugars in the world.


Co
ii


rrrf
X

(JI`










Exhibit 6
WHOLESALE PRICES OF GRANULATED SUGAR
In Various Countries
Before and After the World War


Duties and Taxes on Refined Sugar


1914 .40c 1.08C 1.36c 2.88 8.67c 2.03c 4.02c (?)
1919 5.57c 2.08c 1.36c (?) (?) (?) (?) (?)


1914
1919


NOTE-Double line indicates pre-war prices
Heavy post-war prices
38











Sources of the Sugar Consumed in the United States

YEARS 1914 TO 1919, INCLUSIVE.

Estimated
1914 1915 1916 1917 1918 1919
Tons Tons Tons Tons Tons Tons
Louisiana and Texas (Cane) 143,996 224,768 224,978 258,443 226,275 250,000
Hawaii.-------.-- 510,385 509,263 533,969 592,088 429,771 500,000
St. Croix --------- --- --.-- 5,084 3,693 7,000
Porto Rico _-------- 274,149 300,310 392,733 431,202 331,524 300,000
Philippines------ 120,887 120,202 111,182 72,839 46,587 90,000
Various (Maple Etc.) 20,200 15,400 14,000 26,513 29,505 25,000

1,069,617 1,169,943 1,276,862 1,386,169 1,067,355 1,172,000 ^
U. S. Beet -------- 624,298 769,257 700,256 785,079 527,704 650,000 .

Total Domestic ----------- 1,693,915 1,939,200 1,977,118 2,171,248 1,595,059 1,822,000
Cuba. ------.- (Cane) 2,018,854 1,841,602 1,666,548 1,506,876 1,881,244 2,500,000
Foreign...-- .-- 46,038 14,505 11,160 2,951 19,303 25,000

Total Raws (Cane & Beet) 3,758,807 3,795,307 3,654,826 3,681,075 3,495,606 4,347,000
Foreign Refined---------------- 2,020 6,224 3,781 2,524 ......

Total Consumption-------- 3,760,827 3,801,531 3,658,607 3,683,599 3,495,606 4,347,000

Per Capita (lbs.) 84.29 83.88 79.84 78.58 78.36 92.00














Exhibit 8

Cuban Centrales of More than 280,000 Bags Output, in their
Order of Production.
(As REPORTED BY MESSRS. GUMA-MEJER FOR 1918-19.)
ORDER 1 1Ii I


TOTAL

1

2

3

4

5

8

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21


START
Nov IDec, Jan.IFeb. Mar.


CUBA
CANE


CENTRAL Production
IN BAGS

Delicias, 701,768

Chaparra, 551,000

Moron, 524,940

Espafla, 522,900

Manati, 507,800

Stewart, 506,494

Boston, 468,290

Cunagua, 450,000

Francisco, 449,590

Mercedes, 376,246

Gomez-Mena, 370,000

Socorro, 357,361

Jagueyal, 353,168

S. Lucia (Est) 350,000

Baragua, 332,300

Jobabo, 327,000

Toledo, 319,601

Alava, 319,400

Preston, 307,755

Conchita, 290,405

Lugarefio, 280,967


20



7

13

2

19



13

6

11



23



9



27

27

21



23

21


FINISH
May Jun. Jul. Aug Sept

... .. 15
S-- -- -- 4 -- 1
4

9
-- -- 9 -

S 13 -- ..

S23 .. ..



-- -- .. -- 12

20 ..

16 ....

9 ..

30



- 27 - - --
27 ....


Still grin ding Sept 30

25





47 .. ..



25 .

-- 16 ..


-NUMBER OF CENTRALES IN EACH MONTH-
21 Centrales, Total, 8,666,485 .- 15 5 1 -. 2 12 2 2 2
174 Other Centrales, 19,081,219 2 74 84 10 4 47 93 29 4 1

195 GRAND TOTAL, 27,747,704 2 89 89 11 4 49 105 31 6 3
40


17










27







3



1



31


1





2







3



4

5










6



7

8


3


'"




















__

--

--



,,










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