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Title: Sixth Annual Report
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Permanent Link: http://ufdc.ufl.edu/UF00003612/00001
 Material Information
Title: Sixth Annual Report
Series Title: Braga Brothers Collection
Physical Description: Book
Creator: Cuba Cane Sugar Corporation
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Bibliographic ID: UF00003612
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Table of Contents
    Front Cover
        Front cover 1
        Front cover 2
    Title Page
        Page 1
        Page 2
    Front Matter
        Page 3
        Page 4
    Main
        Page 5
        Page 6
        Page 7
        Page 8
        Page 9
        Page 10
        Page 11
        Page 12
        Page 13
        Page 14
        Page 15
        Page 16
        Page 17
        Page 18
        Page 19
        Page 20
        Page 21
        Page 22
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        Page 24
        Page 25
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        Page 28
        Page 29
        Page 30
        Page 31
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        Page 35
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    Back Cover
        Back cover 1
        Back cover 2
Full Text






















CUBA CANE SUGAR CORPORATION






SIXTH ANNUAL REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1921




















CUBA CANE SUGAR CORPORATION



EXECUTIVE OFFICERS:


PRESIDENT:
W. E. OGILVIE.

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

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

ASSISTANT SECRETARIES AND ASSISTANT TREASURES :
MANUEL E. RIONDA, NEW YORK; VICTOR ZEVALLOS, HAVANA;
EDWARD H. GREEN, NEW YORK; HIGINIO FANJUL, HAVANA.
G. A. KNAPP, NEW YORK, ASST. TREAS. E. D. STAPLES, HAVANA.

GENERAL MANAGER:
MIGUEL ARANGO.

GENERAL COUNSEL:
SULLIVAN & CROMWELL, NEW YORK.

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

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














CUBA CANE SUGAR CORPORATION


DIRECTORS:


MIGUEL ARANGO
ROBERT I. BARR
A. S. DE BUSTA.MANTE
W. E. COREY
G. M. DAHL
S. B. FLEMING
HORACE HAVEMEYER
CHARLES HAYDEN
ALFRED JARETZKI
JAMES N. JARVIE
W. J. MATHESON
G. M-P. MURPHY
W. E. OGILVIE
W. P. PHILIPS
B. BRAGA RIONDA
MANUEL RIONDA
MANUEL E. RIOND.\
CHARLES H. SABIN
EUGENE W. STETSON
ALBERT STRAUSS, Chairman
FREDERICK STRAUSS .
REGINO TRUFFIN


Havana
New York
SHavana
.. New York
New York
New York
.. New York
New York
New York
New York
New York
.New York
New York
New York
New York
... New York
New York
.. New York
. .. New York
New York
New York
Havana


COMMITTEE ON ADMINISTRATION:


CHARLES HAYDEN, Chairman
G. M. DAHL
JAMES N. JARVIE


W. E. OGILVIE
EUGENE W. STETSON
ALBERT STRAUSS


EXECUTIVE COMMITTEE:


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


W. E. OGILVIE
MANUEL RIONDA, Chairman
B. BRAGA RIONDA
CHARLES H. SABIN
EUGENE W. STETSON
ALBERT STRAUSS













CUBA CANE SUGAR CORPORATION
123 FRONT STREET
NEW YORK

JANUARY 9, 1922.
TO THE STOCKHOLDERS:
Your Board of Directors submits herewith the Annual Report of the Cuba
Cane Sugar Corporation for the fiscal year ended September 30, 1921.
A general survey of the sugar market events of 1921 is given below, similar
to that given in the report for the preceding year.
The last year was as abnormal and disastrous a year to the sugar industry
as it was to the producers of many other commodities, the year having started
with high prices and high costs of production. During the year an almost per-
pendicular drop took place in the price of the product with very restricted sales,
and prices at the end of the year were the lowest of those at any time during the
period covered by the report.
The corporation produced 3,978,102 bags of sugar at a cost of $56,261,638.17,
showing an operating loss of $5,998,603.15; unsold sugars being valued below the
market price at September 30, 1921, viz., 2/2 c. & f.
Proceeds of sale per pound were 3.8910 f. o. b.; costs 4.3550 f. o. b.; loss
per pound .4640.
A reserve has been established to cover further declines down to 13/4 c. & f.
per pound.
The Profit and Loss and Surplus Accounts will be found on page 20.
The aftermath of inflated prices and the Cuban financial crisis referred to in
the review contained in our last Annual Report resulted in the creation, under
Cuban Presidential Decree, of the Sugar Finance Committee, for the purpose of
controlling both the selling and shipping of sugar that had not been sold prior to
February 22, 1921.
As was shown in last year's Report, your Corporation followed a most con-
servative policy in marketing its 1919-1920 crop. During the summer of
1920 your Corporation sold ahead 400,000 bags and in January, 1921, 500,000
bags, or a total of some 900,000 bags of the 1920-1921 crop at an average
of 7.66250 f.o.b. per lb. These sales having been made prior to the Decree were
not affected by the creation of the Sugar Finance Committee, but after February
22, 1921, all unsold sugar came under the control of that Committee.
Innumerable difficulties attended the disposal of the crop by the Sugar
Finance Committee, which is fully explained under the Review of the Sugar
Situation further on in this Report. As a result your Corporation found itself
at one period of the season with about 2,400,000 bags of sugar unsold. Because
of these large holdings of sugar and of the low prices received for such sugar as
5













was sold, your Corporation was compelled to become a large borrower. At one
time your Corporation was borrowing as much as $18,000,000 by means of ac-
ceptances against sugar. That amount has now been reduced to $13,500,000, due
January 30, 1922, against which there is now held by the Trustee for the lenders
approximately $3,600,000 in cash and U. S. certificates of indebtedness, repre-
senting the proceeds collected on pledged sugars sold and shipped. The proceeds
of additional sales already made and awaiting shipment, as well as cash still to
be received from the Sugar Finance Committee on account of sales will permit
a further substantial liquidation of the sugar acceptance outstanding. Your Cor-
poration now has unsold approximately 1,100,000 bags.
During June your corporation was also compelled to increase its other bor-
rowings to $10,000,000, due October 1, 1922, against various Treasury assets.
The officers of the Corporation have bent their efforts to meet the changed
conditions and have instituted economies in every direction both in Cuba and
elsewhere, economies which under the conditions of war and post-war produc-
tion had not been possible. All construction and betterment work was suspended
and cash was conserved in every possible way, but in September it became
necessary to provide means to prepare for the 1921-1922 crop and to complete
the "Violeta" mill extension, which mill had been dismantled in pursuance of
the program to double its capacity. By reason of the large amounts of money
the Corporation was borrowing it became exceedingly difficult to raise $10,000,000
required in addition to the above loans. The amount was finally procured from
a group of banks by an arrangement under which, in order to make the transac-
tion possible, directors of your Corporation participated to the extent of $2,000,000.
This was done by a plan under which holders of Cuba Cane Sugar Corporation
7% 10-Year Convertible Debentures were invited to subordinate their claims
for the benefit of the new $10,000,000 loan. In consideration therefore the rate
of interest on such subordinated bonds was raised to 8% from July 1, 1921, to
their maturity. Under this arrangement $17,541,600 Debentures, an amount
satisfactory to the bankers, have been deposited and duly stamped as assenting
to the plan. The status of 7% non-assenting Debentures is left unchanged, the
subordination of the assenting Debentures being exclusively for the benefit of
the new loan. Of this new $10,000,000, but $5,000,000 had been availed of up
to January 5, 1922.
The Company has passed through what is probably the most trying period
to which the sugar business has ever been subjected, and it has required the
unremitting attention and watchfulness of the officers and directors to meet, so
far as possible, the changing conditions. The situation has been one involving
great care and anxiety to them. On the other hand the same conditions have
made possible the institution of economies and a closer control of operations than
was possible during the unsettlement incident to high prices and boom times.
Owing to the prevailing conditions above outlined it became necessary to
suspend payment of the Preferred dividend,-the quarterly payment due on













July 1 not having been paid, and no dividends have been paid on the Preferred
stock since.
The unprecedented and calamitous decline in the price of sugar and the
demoralized banking and commercial conditions in the Island were seriously
aggravated and were rendered all but ruinous by the increase in the duty on Cuban
sugar entering the United States, imposed by the U. S. Emergency Tariff Act,
which raised that duty from $1 per 100 lbs. to $1.60. Under the conditions of over-
abundant supply that existed, this increase was necessarily absorbed by the Cuban
producer, to whom it was a severe blow at a moment of the greatest adversity.
The total number of bags of sugar made by your Corporation amounted to
3,978,102, thus again showing a production of about one bag of sugar made by this
Corporation to each ton made by the whole Island, our production being thus
maintained at about one-seventh of the total Cuban crop.
The Cuban laborer has accepted the necessary re-adjustment of wages more
readily than might have been anticipated. There is no labor unrest in the Island
either on the plantations or the railoads. The wages of the Cuban laborer,
although lower than in 1920, are still above pre-war rates.
Most of the plantations of your Corporation finished grinding during May
and June; "MORON", having started on January 3rd, completed the crop on June
18th with 580,979 bags, the largest production made in Cuba within that length
of time-there was another Cuban plantation that made a larger crop, but it started
to grind on January 16th and ended on September 9th.
There was no improvement in the sucrose content of the cane throughout
the Island as compared with the last five years.

CANE GROUND
The following table gives comparison of cane ground at your mills during
the last crop:
Western estates ........ 282,402,153 arrobas 3,151,810 tons
Eastern estates ......... 186,983,157 arrobas 2,086,866 tons

Total ............ 469,385,310 arrobas 5,238,676 tons
The above figures show an increase of about 6% over those of last year.

RATES PAID TO COLONOS FOR THEIR CANE
The following table shows the average percentage of sugar per 100 of cane
paid to the colonos during the past six years:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
Western ............ 6.713% 6.849% 6.891% 6.901% 6.902% 6.921%
Eastern ............. 5.079 5.029 5.115 5.130 5.153 5.172

Average ........ 6.383% 6.337% 6.254% 6.168% 6.124% 6.211%












SUCROSE IN THE CANE
The following table shows the average percentage of sucrose at the planta-
tions of your Corporation during the six crops:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
13.87% 13.00% 13.31% 13.02% 12.95% 12.80%
As already stated the sucrose in the cane showed no improvement this year over
last year.

LOSSES IN MANUFACTURE
The losses in manufacturing at your plantations during the last six years have
been as follows:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
3.07% 2.67% 2.36% 2.32% 2.37% 2.23%
While it is gratifying to see a decrease of .14, it is hoped that still greater
improvements will be achieved in the future.

YIELD OF CENTRIFUGALS
The yield of the six crops in 96 centrifugals has been as follows:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
11.25% 10.76% 11.41% 11.15% 11.02% 11.01%

COMPARATIVE RECEIPTS PER POUND OF SUGAR
For the purpose of comparing the f. o. b. price per pound of sugar manufac-
tured, obtained during the last six crops (estimated for the crop 1920/1921
because of the large amount of unsold sugars), the proceeds from "Molasses", and
"Other Earnings" are included in the following:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
4.1122 4.4790 4.6300 5.3980 10.3450 3.8910
Unsold sugars have been valued at 22 c. & f., less provision for shipping,
selling and landing expenses.
In order to afford a comparison with previous years, it has been necessary to
include the Colono sugars in the above figures.

COST OF PRODUCTION
The cost of production, on an f. o. b. basis, per pound of sugar manufactured
at your factories, including the cost of colonos' cane, was, for the past six years,
as follows:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
2.748 3 3.4314 3.998# 4.6066 8.5236 4.355
8













The cost of production depending upon the price at which sugars are liquidated
with the colonos, it is preferable to follow the same method as in the previous
Annual Report, showing the cost of production, excluding cane, thus giving a com-
prehensive idea of the increases in other items, cane excluded. The sugars pur-
chased from the colonos were necessarily acquired at the prices ruling during
the crop months, but as the Company was unable, owing to the Governmental
control, to make corresponding sales of those sugars, the cost thereof is higher
than the average price the Company is obtaining for its sugar, notwithstanding
the already mentioned sales of 900,000 bags that your Company had anticipated
at an average price of 7.66250 f. o. b. per lb.
The cost of manufacturing and delivering the sugars on board steamers,
excluding the cost of cane compared with previous years, is as follows:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
0.7150 1.0720 1.4560 1.5550 1.9400 1.9430
The increases were, consequently,
0.3570 per pound increase 1916-1917 over 1915-16
0.384 i "t 1917-1918 1916-17
0.0990 1918-1919 1917-18
0.3850 1919-1920 1918-19
0.003 "c 1920-1921 1919-20

OPERATING PROFITS PER POUND OF SUGAR
Following the same basis as in our previous report and deducting from the
preceding f. o. b. prices at which the crop was sold, unsold sugars being valued at
2Y20 c. & f., less provision for shipping, selling and landing expenses, the cost
of production, including cane, Operating Profits, made per pound, are as follows:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
Receipts ............ 4.1120 4.4790 4.6300 5.3980 10.3450 3.8910
Production cost ..... 2.748 3.431 3.998 4.606 8.523 4.355

Operating profit... 1.3640 1.0480 0.6320 0.7920 1.8220 Loss .4640
For the reasons already explained the colonos did not share the burden of
the low prices ruling during the last half of the year.

COMPARISON OF CROPS MADE BY YOUR COMPANY
The production has been divided between the Western and Eastern Estates
as follows:
WESTERN EASTERN TOTAL
Bags Tons Bags Tons Bags Tons
1915-16...... 2,616,301 or 372,589 557,867 or 79,446 3,174,168 or 452,035
1916-17...... 2,383,866 345,373 877,755 127,169 3,261,621 472,542
1917-18...... 2,437,926 351,742 1,175,399 169,586 3,613,325 521,328
1918-19...... 2,653,620 382,783 1,665,569 241,318 4,319,189 624,101
1919-20...... 2,130,519 308,570 1,633,396 236,584 3,763,915 545,154
1920-21...... 2,367,614 343,546 1,610,488 233,220 3,978,102 576,766
9











PRODUCTION OF THE EASTERN MILLS IN DETAIL
The following table shows the production of each of the Eastern mills during
the last five crops:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
Moron ..... 170,263 181,045 315,439 524,940 611,031 580,979
Stewart .......... 378,097 416.560 506494 445,784 290,763
Jagueyal.... 233,545 251,013 326,200 353,168 371,609 349,087
Lugarefio... 154,059 67,600 117,200 280,967 204,972 234,014
V ioleta...... ... ... ..... ...... ...... ...... 155,645

557,867 877,755 1,175,399 1,665,569 1,633,396 1,610,488

Stewart, unfortunately, started grinding very late, owing to delays in the
installation of machinery, hence the poor showing. All the installations have
since been completed.
The production in the Eastern plantations will be larger during 1921-22
crop by reason of a larger output from "Stewart", "Lugareflo", and "Violeta".


PROPERTIES ACQUIRED

During the year the properties referred to in the last Annual Report as having
been purchased and known as Redencion and Rio Maximo, were taken over,
consisting of 47,867 Acres, together with a lease of the lands of the Alegrias
Land Company, comprising 28,800 Acres, and a long time lease of 54,467 Acres,
comprising the property called Velasco. The program for increasing the capacity
of Central Violeta to 500,000 bags will be completed for operation in the coming
crop.

LANDS

Your Corporation owns in fee 13,133 caballerias (437,767 acres) of land
and holds under lease 9,763 caballerias (325,433 acres) of land, many of these
leases being for long periods. The total lands owned and leased therefore are
22.896 caballerias (763,200 acres).


RAILROADS

Your Corporation now owns and operates for the transportation of its
products and supplies 1,352 kilometers (845 miles) of railroad, of which 984
kilometers (615 miles) are standard gauge and 368 kilometers (230 miles) are
narrow gauge, together with equipment consisting of 150 Locomotives, of which
112 are standard gauge and 38 narrow gauge, and 4,004 cane and other cars,
of which 2,726 are standard gauge and 1,278 narrow gauge.
10













PROPERTY ACCOUNT
Original Cost of the 17 Plantations, Including Taxes, Notary
Fees, Etc. ............................................
Additional Purchases:
Central Stewart ........................... $ 8,400,000.00
W arehouses .............................. 159,600.00
Lands ........................ ........... 4,594,305.09
Taxes, Notary Fees, Etc., thereon............. 150,003.70

$13,303,908.79
Less Sale of Centrals, Lands, IMachinery, Etc.... 3,173,904.07

$10,130,004.72
Additions, Improvements, Etc.:


Fiscal Year
1915-1916.......
1916-1917. ......
1917-1918.......
1918-1919.......
1919-1920.......
1920-1921. ......


Western
Plantations
$ 264,603.13
2,376,123.95
1,835,050.42
730,004.32
1,278,965.52
1,936,300.72

$8,421,048.06


Eastern
Plantations
$ 155,131.08
2,657,229.86
8,246,313.70
3,309,334.68
2,177,979.08
5,931,458.62

$22,477,447.02


$48,983,296.68


Total
$ 419,734.21
5,033,353.81
10,081,364.12
4,039,339.00
3,456,944.60
7,867,759.34

$30,898,495.08

$41,028,499.80


Less amount written off to cover dismantling and
relocation of machinery .................. 1,200,000.00


Central Violeta:
Previously carried in Investments, plus additions during year..


Machinery and Construction Material on Hand for extension
of Violeta and other Capital purposes....................

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


39,828,499.80

$88,811,796.48

3,568,819.81

$92,380,616.29

788,497.31

$93,169,113.60


RENEWALS, REPAIRS AND DEPRECIATION
Following the customary practice, your Corporation has made adequate
expenditures for renewals, extraordinary and ordinary repairs, and changes in
the location of machinery, all of which have been charged to Operating Expenses.
These charges for the six years ending with the fiscal year just closed are
$28,539,700.23; those for the last fiscal year amounting to $7,633,482.77.
Your Board of Directors has made a charge of $1,750,000 for depreciation,
making the total reserve for that account to date $11,750,000.
11













Certificates have been filed by the engineering staff as to the condition of
the plants and properties of your Corporation, which are now in better operating
condition than ever before.

VALUATION OF UNSOLD SUGARS

The attached balance sheet shows that your Directors have valued unsold
sugars at 2Y0S c. & f., less provision for shipping, selling and landing expenses,
this being below the market at September 30, and in addition have provided out
of surplus a reserve of $3,848,723.52 against further possible losses resulting from
declining raw sugar prices to 13/4 c. & f. per pound.

MATERIALS AND SUPPLIES

Physical inventories of materials and supplies have been taken, and there
are practically no obsolete items included therein. Your Board of Directors
has created a reserve of $3,059,338.78, to adjust the value of materials and
supplies to the market as at September 30, 1921.

COLONOS ACCOUNTS

A careful review has been made of the value of "Advances to Colonos",
with the result that your Board has increased the reserve for doubtful accounts
by $602,225.79, making the present reserve $1,780,531.54 as a provision for
possible losses in these accounts.


12












CHANGES IN ASSETS AND LIABILITIES
INCREASE OF ASSETS:


Properties and Plants ..................
Investments (at cost)....................
Advances to Stores and Sundry Advances...
Sugars on Hand.........................
Sugar Finance Committee...... ..........
Molasses on Hand .............. ........
Accounts and Bills Receivable.............
U. S. Certificates of Indebtedness.........
Insurance, Rents, etc., paid in advance......
Interest paid in advance..................


$10,843,207.02
569,000.00
173,719.50
15,297,755.17
1,801,785.92
140,712.13
745,056.72
3,007,187.50
85,493.60
223,635.12


Total.................... .......... ........... $32,887,552.68
DEClREASE OF LIABILITIES:
Short Term Drafts Outstanding ........... $2,457,482.89
Preferred Dividend (# 19, Oct. 1, 1920)... 875,000.00
Liens and Censos on Properties (per contra). 28,330.00
Reserve for Taxes .................... 2,016,444.74
Surplus ................................ 20,722,622.40

Total ...................................... $26,099,880.03

Grand Total ................................. $58,987,432.71

INCREASE OF LIABILITIES:


Loans Against Sugars ..................
Bank Loans, etc .. ... ... ............
Sundry Bills Payable......... ...........
Accounts Payable and Accrued Charges....
Balances in Respect of Purchases of Prop-
erties ..............................
Reserve to Adjust Value of Unsold Sugars.
Reserve for Depreciation................


$18,000,000.00
10,400,000.00
547,473.78
1,990,663.40

1,175,410.21
3,848,723.52
1,750,000.00


Total ........................................ $37,712,270.91
DECREASE OF ASSETS:
Cultivations-Company Cane ............. $172,802.58
Materials and Supplies. .................. 3,002,715.28
Advances to Colonos..................... 79,882.74
Cash ................................... 17,867,195.34
Cash for Liens and Censos (per contra)..... 28,330.00
Discount and Expenses on Debenture Bonds. 124,235.86

Total ....................... ... .......... $21,275,161.80

Grand Total ........................ ......... $58,987,432.71

13
















RECEIPTS-
Productio:
Sugar Sales (
2Y2 &
Molasses Sales
Other Earning


RECEIPTS AND EXPENSES
FISCAL YEAR ENDED SEPTEMBER 30TH, 1921


n, 3,978,102 Bags
unsold sugars have been valued at Per Bag
f.).............................. $49,116,579.24 $12.347
................................ 429,738.67 .108
s ............................... 716,717.11 .180

$50,263,035.02 $12.635


EXPENSES-
Cost of Cane (per 100 arrobas $6.639).......... $31,164,214.93 $ 7.834

Dead Season Expenses (Salaries and Wages, Mate-
rials and Supplies, Repairs and Renewals).... $ 6,500,398.41 $ 1.634

Crop Expenses (Salaries and Wages, Materials and
Supplies, Fuel, Maintenance, Administration-
Cuba and United States).................. $10,302,346.32 $ 2.590


Fiscal Year Charges:
General Insurance ........... .......... $ 318,988.53 $ .080
SCuban Taxes on Sugar ..................... 361,624.18 .092
Cuban Taxes on Real Estate ................ 296,017.75 .074
Legal Expenses ........................... 95,296.73 .023

Total Fiscal Year C1 arges.............. $ 1,071,927.19 $ .269


Sugar Expenses:
Sugar Bags and Packing................... $ 2,353,010.96 $ .592
Sugar Inland Railroad Freights .............. 2,193,820.15 .551
Sugar Shipping Expenses ................... 1,429,452.21 .359
Sugar Insurance .................. ........ 106,132.96 .027
Selling and Landing Expenses................ 1,140,335.04 .287

Total Sugar Expenses.................. $ 7,222,751.32 $ 1.816

Total Expenses F. O. B................. $56,261.638.17 $14.143

OPERATING LOSS FOR THE FISCAL YEAR. $ 5,998,603.15 $ 1.508

14












STOCKHOLDERS
To show the distribution of the stock of your Corporation, the number of
stockholders at the end of the last five fiscal years is given in the table below:
1917 1918 1919 1920 1921
Holders of Preferred Stock.... 3,840 4,494 4,880 5,755 6,246
Holders of Common Stock..... 1,843 1,860 2,584 2,204 4,164

5,683 6,354 7,464 7,959 10,410

GENERAL REMARKS

As already stated on page 12, and as shown in the Profit and Loss and Surplus
Accounts, substantial reserves have been provided for the revaluation of inven-
tories of unsold sugars and materials and supplies, as also for doubtful accounts.
For convenience of operation the following four Eastern mills of the Cor-
poration, viz., Moron, Stewart, Jagueyal, and Lugarefio were leased to the Eastern
Cuba Sugar Corporation, whose entire capital stock is owned by the Cuba Cane
Sugar Corporation. The Eastern Cuba Sugar Corporation thus owns the central
Violeta and through the lease of the other four plantations operates the entire five
Eastern mills.
REVIEW OF THE SUGAR SITUATION
In last year's report we dwelt very extensively upon the uncertainties facing
the sugar industry when it became known that the United States Government would
not accept the Cuban offer, through the Cuban Commission, to sell the 1920-1921
crop to the U. S. Sugar Equalization Board, in order that the process of de-control
of sugar might be done in an orderly manner. In this connection we think it
fitting to pay tribute to the farsightedness of the late Mr. Robert B. Hawley, and
therefore copy the following extract from the letter of the Cuban Commission
to the U. S. Sugar Equalization Board, of July 29, 1919.
"If, on the contrary, the opportunity to serve-not the American
people alone, but the universal welfare-is for any reason, technical or
otherwise, not availed of through one medium or another, there is not
a community anywhere in America, in Europe, or Asia that will not feel
the consequences of our failure to provide a stable price for this most
necessary article of human consumption."

The consequences have indeed been felt in all parts of America, Europe, and Asia,
and many decades will pass before the events of 1920-1921 will have been for-
gotten.
When a commodity of such vast magnitude as sugar is released from Gov-
ernment control, some supervising program of de-control is required to lessen,
if not eliminate, any possibility of economic or financial disturbance. The
de-control of sugar in Great Britain was accomplished without causing a ripple.
15











In last year's report we outlined the circumstances that caused the decline
of sugar from 22/2& to 70 c. & f., which was the figure the market reached in Sep-
tember-October, 1920. Contrary to general expectations, the decline continued
without any favourable reaction, and when the 1920-1921 crop started in January,
prices had gone as low as 320. This rapid decline, combined with the financial
crisis in Cuba, brought about a general paralysis of the Cuban crop, many planta-
tions being deterred from starting operations.
It was during those days of national depression that, at the request of many
Cuban and American planters and of colonos, President Menocal created the
Sugar Finance Committee, under which all Cuban sugars that had not prior to
February 22nd, 1921, been contracted for sale, were to be disposed of, shipped and
delivered by the Committee whose function it was to sell the sugars produced
"in an orderly manner in conformity with the natural laws of supply and demand
so as to prevent hoarding or the creation of artificial prices."
Once it was generally known that the formation of such a Committee was
-imminent, confidence was to a great extent restored, planters started to grind and
prices advanced rapidly from 3Y20 to 43/4. Under these circumstances bankers
were more favorably disposed to make the necessary advances and Cuba made
the usual crop, a crop perhaps too large for her own interest.
It was the stimulus of satisfactory prices that enabled Cuba to make a crop
close to 4,000,000 tons. That there was a large invisible supply in the United
States in December, 1920, is now fully confirmed by the fact that the total arrivals
at the U. S. ports during January and February, 1921, show a decrease of 281,311
tons as compared with those two months of the previous year.
Prices fell because of the enormous invisible stocks in the United States in
December, 1920, arising out of the importations made during the last half of that
year from Java and other Far Eastern countries because of the high prices ruling,
also by reason of the increase of nearly 50% in the domestic beet crop, as com-
pared with the previous crop, and a further slight increase from Porto Rico. These
conditions made it impossible for the Sugar Finance Committee to dispose of the
new crop, within the year 1921, especially as the market in European countries
proved limited in view of the low rate of exchange and the unsatisfactory Euro-
pean financial situation.
By keeping prices always low enough, the Sugar Finance Committee pre-
vented a repetition of the large receipts from Far Eastern countries, and succeeded
in confining the total receipts at the American ports to the natural sources of
supply for that territory, viz.: Porto Rico, Hawaii, the Philippines and Santo
Domingo, as well as the British West Indies. The greatest portion of the sugars
from Santo Domingo and British West Indies was exported in the raw state to
Canada or in the shape of refined to Europe.
The European demand was very limited during the first six months of the
year, due to the Royal Commission on the Sugar Supply not having yet dis-
16












tribute the balance of its sugars, as well as to the unfortunate exchange and
the economic situation generally. During the last six months of the year the
demand from that quarter improved.
The statistical situation of sugar is unfavourable if the Western hemisphere
alone is taken into account, but not unfavourable if the world at large is con-
sidered. If the surplus of over 1,000,000 tons of sugar now held in Cuba were
spread as it normally would have been over the United States, Great Britain,
France and Germany, it would not have attracted attention, being but a normal
supply, and hence would not have had the same depressing effect on prices.
As prices have gone below what, under present conditions, is practically the
cost of production in even the cheapest sugar producing country in the world,
viz., Cuba, the probabilities are that the fluctuations during the coming season will
be within a smaller range, and once the old crop sugars are placed, where they
normally should be, on the depleted shelves of the dealers, jobbers and grocers, thus
correcting the displacement of stocks, the sugar situation will improve.
The Consolidated Balance Sheet as at September 30, 1921, together with
Profit and Loss and Surplus Accounts for the year ended that date, certified by
the Corporation's Auditors, Messrs. Deloitte, Plender, Griffiths & Company, 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,
W. E. OGILVIE,
President.


17










CUBA CANE SUGAR

AND EASTERN CUBA

COMPARATIVE CONSOLIDATED


ASSETS Sept. 30, 1921
PROPERTIES AND PLANTS........................... $92,380,616.29


MACHINERY AND CONSTRUCTION MATERIAL ON
HAND FOR EXTENSION OF VIOLETA AND
OTHER CAPITAL PURPOSES..................... 788,497.31

INVESTMENT IN SHARES OF SUBSIDIARY COM-
PANY ...............................................
*INVESTMENTS (at Cost) .......................................
*CURRENT ASSETS, ADVANCES TO COLONOS AND
GROWING CANE:
Cultivations-Company Cane.......................... $ 1,943,224.15
Materials and Supplies after deducting Reserve for
adjustment to market value...................... 3,858,437.86
Advances to Colonos less Reserve for Doubtful Accounts. 7,318,064.37
Advances to Stores and Sundry Advances.............. 295,591.86
Sugars on hand: sold and undelivered sugars at sales
prices less amount retainable by Sugar Finance Com-
mittee, (see next item) and unsold sugars at 2V20
C. & F. per pound-less provision for shipping, selling
and landing expenses (See additional Reserve,
per contra) ......... ....................... 15,297,755.17
Sugar Finance Committee-Amount retainable from
value of Sugar sold to date ......................... 1,801,785.92
Molasses on hand at market value.................... 246,361.59
Accounts and Bills Receivable less Reserve for Doubt-
ful Accounts ............ ............. ......... 3,432,645.80
Cash in Banks and on Hand:
Collateral Account, New York........ $2,043,514.12
In New York ...................... 102,351.76
In Cuba .................. ........... 315,688.15
2,461,554.03
U. S. Certificates of Indebtedness due March 1922, plus
Interest to date.................................. 3,007,187.50

CASH AND BONDS DEPOSITED FOR REDEMPTION OF LIENS
AND CENSOS ON PROPERTIES, per contra....................
DEFERRED CHARGES:
Insurance, Rents, Taxes, Etc., paid in advance.......... $ 506,719.05
Interest paid in advance................ ............. 223,635.12
Discount and Expenses in connection with Issue of Ten
Year 7% Convertible Debenture Bonds due 1930 less
proportion written off........................... 1,024,672.14

NoTE: *A part of these Assets, together with the outstanding Capital
Stock of the Eastern Cuba Sugar Corporation and its indebtedness to the
Cuba Cane Sugar Corporation, are pledged as collateral for unmatured
Bank Loans.


$ 93,169,113.60


569,000.00


Sept. 30, 1920
$78,892,258.47


695,417.46
79,587,675.93
2,738,230.65


$2,116,026.73
6,861,153.14
7,397,947.11
121,872.36






105,649.46
2,687,589.08

20,078,579.31
250,170.06



39,662,608.25 39,618,987.25


538,313.05


566,643.05


421,225.45


1,148,908.00
1,755,026.31 1,570,133.45


$135,694,061.21


$124,081,670.33


We have verified the above Consolidated Balance Sheet of the Cuba Cane Sugar Cor-
accompanying Consolidated Profit & Loss and Surplus Accounts for the year ended that
Balance Sheet and accompanying Profit & Loss and Surplus Accounts, in our opinion,
1921, and the result of the operations for the year ended that date, subject to the amount
tion made during the year, and the fact that the matter of the Company's Federal Taxes
49 Wall Street, New York City.
January 6, 1922.
18









CORPORATION

SUGAR CORPORATION

BALANCE SHEET-SEPTEMBER 30th, 1921


LIABILITIES


DECLARED CAPITAL OF THE CUBA CANE SUGAR
CORPORATION ................................... $52,500,000.00
Represented by 500,000 Shares of 7% Cumulative Con-
vertible Preferred Stock, par value $100. each, and
500,000 Shares Common Stock without nominal or
par value.
Add: Amount heretofore transferred from Surplus in
connection with the authorization of 416,667 addi-
tional Common Shares without nominal or par value,
such shares being reserved for the conversion of
$25,000,000.00 of the Corporation's Convertible
Debenture Bonds ................................ 2,083,335.00

The entire issue of the Stock of the Eastern Cuba Sugar Corporation,
$1,000,000, is owned by the Cuba Cane Sugar Corporation.
TEN YEAR CONVERTIBLE DEBENTURE BONDS OF THE CUBA
CANE SUGAR CORPORATION DUE 1930.......................
BALANCES IN RESPECT OF PURCHASES OF PROP-
ERTIES:
Violet Sugar Company First Mortgage Bonds, Second
Mortgages, and deferred instalments, payable in vary-
ing annual amounts up to 1936 ........................
BILLS AND NOTES PAYABLE:
Loans against Sugars................... $18,000,000.00
Loans against Other Collateral........... 10,400,000.00
Trade bills and notes ................... 547,473.78 $28,947,473.78
SHORT TERM DRAFTS OUTSTANDING.
ACCOUNTS PAYABLE & ACCRUED CHARGES........ 5,880,992.40
ACCRUED INTEREST CONVERTIBLE DEBENTURE
BONDS ........... ................ ....... .. .. 437,500.00
PREFERRED DIVIDEND NO. 19 (Payable Oct. 1, 1920)..


LIENS ON PROPERTIES-Cash deposited, per contra.... $ 165,486.19
CENSOS ON PROPERTIES-Cash and Bonds deposited,
per contra ..... ..................................... 372,826.86

RESERVES:
To provide for adjustment in value of unsold sugar to
1 Y4 C. & F. per lb................................ $3,848,723.52
Depreciation ...................................... 11,750,000.00
Taxes .......................................... 5,750.00
SURPLUS ACCOUNT:
Balance ....................... .... ...... ...... .............
NOTE: Dividends on the Cumulative Convertible Preferred Stock have
been declared and paid to April 1st, 1921.


Sept. 30, 1921


$54,583,335.00


Sept. 30, 1920

$52,500,000.00


2,083,335.00
$54,583,335.00


25,000,000.00 25,000,000.00


1,951,493.82


776,083.61


2,457,482.89
3,890,329.00
437,500.00
875,000.00
35,265,966.18 7,660,311.89
172,736.19
393,906.86
538,313.05 566,643.05


10,000,000.00
2,022,194.74
15,604,473.52 12,022,194.74
2,750,479.64 23,473,102.04


$135,694,061.21


$124,081,670.33


portion and the Eastern Cuba Sugar Corporation as at September 30th, 1921, and the
date, with the books of the Companies in New York and Havana. The above Consolidated
correctly set forth the combined financial position of the Companies as at September 30th,
recoverable from the Sugar Finance Committee, the sufficiency of the provision for Deprecia-
up to the end of the fiscal year has not been definitely passed upon by the Government.
DELOITTE, PIENDER, GRIFFITHS & Co.,
Auditors.
19

















CUBA CANE SUGAR CORPORATION



CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED SEPTEMBER 30th, 1921


OPERATING LOSS FOR YEAR.....................................
Add:
Interest on 10 year Convertible Debenture Bonds ...............
Interest on bank loans and miscellaneous interest, Discount and
Exchange ............................................ ....
Taxes paid (net) during year, including Cuban Income Tax 1920...
Reserves:
Depreciation ................................ $1,750,000.00
Doubtful Accounts........................... 602,225.79



BALANCE, NET LOSS FOR YEAR, CARRIED TO CONSOLI-
DATED SURPLUS ACCOUNT..................................


$ 5,998,603.15

1,750,000.00

1,167,555.11
796,176.05





2,352,225.79


$12,064,560.10


CONSOLIDATED SURPLUS ACCOUNT
AS AT SEPTEMBER 30th, 1921

BALANCE AT OCTOBER 1st, 1920 .................................. $23,473,102.04


Deduct:
Net Loss for year, as per Profit and Loss Account .............


Deduct:
Provision for adjustment of value of Unsold Raw
Sugar on hand to 13/4 per lb. C. & F............ $3,848,723.52
Adjustment of Cost Value of Materials & Supplies to
Market Value .............................. 3,059,338.78
Dividends on Preferred Stock:
No. 20, January 1st, 1921..................... 875,000.00
No. 21, April 1st, 1921......................... 875,000.00



BALANCE, SEPTEMBER 30th, 1921..................... ............


12,064,560.10

$11,408,541.94










8,658,062.30

$ 2,750,479.64


20














CUBA CANE SUGAR CORPORATION

Comparative Financial Statement, Years 1916, 1917, 1918, 1919, 1920, 1921


PROFIT AND LOSS ACCOUNT: FISCAL YEAR, 1915-16
Production (Bags) ................................ 3,174,168
CREDITS:
Gross Operating Profit ............... ......... $13,899,672.24*
DEBITS :
Interest ........................................ $ 91,385.85
SReal Estate. ................... $ 89,273.82
Taxes-Cuba Sugar ........................ .........
M olasses ........................ .. ..
Total ..................... $ 89,273.82
Taxes
(Reserve) Capital Stock U. S............... $ 10,000.00
Income U. S. and Cuba........... 280,000.00
Total ...................... $ 290,000.00
Reserve for Bad Debts.......................... .......
Amount written off Property Account to cover dis-
mantling and relocation of machinery......... .....
Sundry Adjustments and Charges.................. .......
Additional Shares of Common Capital Stock......
Depreciation ...................... ............. $ 1,250,000.00
Dividends on Preferred Stock. .......... ........ 2,327,505.25
Net change in surplus.................. ......... 9,851,507.32
Grand Total............................. .$13,899,672.24

BALANCE SHEET:
ASSETS:
Properties and Plants ............................. $57,636,115.65
Machinery and Construction Material on hand.... 140,156.37
Investments (at cost)......................... .........
Investment in Shares of Subsidiary Company at cost. ......
Cultivations-Company Cane............. ....... . 1,122,568.90
Materials and Supplies........................ 1,703,706.14


1916-17
3,261,621


1917-18
3,613,325


$11,246,172.88* $ 8,016,855.97*

$ 244,042.97 $ 679,654.56
$ 150,641.53 $ 136,899.34
...... 421,386.50
...... 67,966.15
$ 150,641.53 $ 626,251.99


$ 36,471.00
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


$62,898,964.66
1,540,866.76


1,845,732.11
3,077,125.60


$ 34,525.00
800,000.00
$ 834,525.00
oooo .. ,,.


$ 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


1918-19
4,319,189

$ 11,741,618.77*

$ 555,810.06
$ 260,349.84
335,391.07
75,997.10
$ 671,738.01

$ 54,490.11
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


1919-20
3,763,915

$ 23,237,452.42*

$ 2,156,584.29
$ 271,761.77
649,882.07
66,788.28
$ 988,432.12

$ 56,018.52
4,192,282.96
$ 4,248,301.48





$ 2,083,335.00
3,500,000.00
3,500,000.00
6,760,799.53
$ 23,237,452.42


$ 78,892,258.47
695,417.46

2,738,230.65
2,116,026.73
6,861,153.14


1920-21
3,978,102

-$5,340,961.22*

$ 2,917,555.11
$ 296,017.75
361,624.18

$ 657,641.93

$ 63,376.50
732,799.55
$ 796,176.05
$ 602,225.79


6,908,062.30

1,750,000.00
1,750,000.00
-20,722,622.40
-$5,340,961.22


$ 92,380,616.29
788,497.31
569,000.00

1,943,224.15
3,858,437.86






Advances to Colonos (less Reserve) ...............
Advances to Stores and Sundry Advances..........
Sugar on hand..................... ...............
Sugar Finance Committee......... ...............
Molasses on hand .................. ..........
Accounts and Bills Receivable......... ...........
Cash ........................... ............
U. S. Certificates of Indebtedness..................
SECURITY FOR REDEMPTION OI LIENS AND CENSOS:
Cash deposited with Trust Co......................
Bonds of Cia Central Mercedes....................
DEFERRED CHARGES:
Insurance, Rents and Taxes paid in advance........
Interest paid in advance.................. ......
Items in Suspense ................................
Discount and expenses on Debenture Bonds........


3,659,019.49
26,208.98
3,421,414.71


760,793.36
2,402,723.42


1,669,482.13
60,000.00

267,624.60

7,500.00


Total. ............................... $72,877,313.75


LIABILITIES:
Declared Capital ................ .... ............
Ten Year 7% Conv. Debenture Bonds..............
t Bills Payable........... ............... ....
Acceptances-Loans Against Sugar ..............
Drafts Outstanding...............................
Accounts Payable and Accrued Charges...........
Accrued Interest on Debenture Bonds..............
Preferred Dividend due..........................
Liens on Properties-Cash deposited, per contra....
Censos on Properties-Cash deposited, per contra....
Bonds of Cia Central Mercedes, per contra........
RESERVES:
Taxes, Etc...... .... .. ................... .....
Depreciation ... ................. .............
Against decline in sugar values to 13/4 c. & f. per lb....
DEFERRED LIABILITIES:
Balances for Purchases of Additional Lands........
Items in Suspense ...............................
Surplus Account. .................. ............
Notes Guaranteed (not included in total).........


$52,500,000.00
...*......
3,836,229.57
0.. 0....
405,000.00
2,140,094.73
.. ..*. ..
875,000.00
937,688.82
731,793.31
60,000.00

290,000.00
1,250,000.00





9,851,507.32
*. *.. ..


Total ...... ........... ........ ..... $72,877,313.75

*Cuban Taxes on Real Estate, S-ugar and Molasses not Deducted.


5,502,720.02
151,244.30
3,427,624.37

155,562.35
1,330,131.76
1,614,348.72
., .....


9,052,710.18
214,092.58


261,112.95
1,026,885.76
1,575,712.06
....00...0


1,303,698.77 1,203,205.07
60,000.00 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
S....*....
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

...$83,342,4.86
$83,342,421.86


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


6,850,872.94
263,145.83
11,692,000.36

420,029.46
1,245,107.59
5,241,188.17


954,541.42


299,913.43
305,688.49
30,626.53


$109,981,944.93


$ 52,500,000.00
15,000,000.00....
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
6,500,00.00


947,490.73

16,712,302.51


$109,981,944.93


7,397,947.11
121,872.36
.......,

105,649.46
2,687,589.08
20,328,749.37


566,643.05


421,225.45


1,148,908.00

$124,081,670.33


$ 54,583,335.00
25,000,000.00


2,457,482.89
3,890,329.00
437,500.00
875,000.00
172,736.19
393,906.86


2,022,194.74
10,000,000.00


776,083.61

23,473,102.04


$124,081,670.33


7,318,064.37
295,591.86
15,297,755.17
1,801,785.92
246,361.59
3,432,645.80
2,461,554.03
3,007,187.50

538,313.05


506,719.05
223,635.12

1,024,672.14

$135,694,061.21


$ 54,583,335.00
25,000,000.00
10,400,000.00
18,000,000.00
547,473.78
5,880,992.40
437,500.00

165,486.19
372,826.86


5,750.00
11,750,000.00
3,848,723.52

1,951,493.82

2,750,479.64


$135,694,061.21
















GENERAL INFORMATION REGARDING SUGAR AND SUGAR
STATISTICS

The various charts and statements submitted with the last Annual Report
having been found interesting to our Stockholders, have been brought up to
date and are again submitted herewith. (All general statistics given herein are
compiled from figures published by Willett & Gray unless otherwise credited.)

Exhibit 1.-Statement and chart of the sugar crops of Cuba from 1894 to
1921 showing the portions of each crop produced in the Western and
Eastern sections of the Island respectively.

Exhibit 2.-Statement and chart of the portion of Cuban sugar production
controlled by American companies, including Cuba Cane Sugar Corpora-
tion, during crop 1920/21.
The ownership of American Corporations is greater than appears
in the above tables because some of them are operating under Cuban
charter, although owned by American interests.

Exhibit 3.-Statement and chart showing a comparison by countries of the
world's cane and beet sugar production for the crop of 1913/14 imme-
diately prior to the World War, and the last one 1920/21.

Exhibit 4.-Sugar production of the World (Cane and Beet) by countries
for the eight crops 1913/14 to 1920/21 inclusive with chart showing
distribution for the last crop.

Exhibit 5.-Statement of sources of sugar consumed in the United States
during the years 1914 to 1920 inclusive.
Exhibit 6.-Chart of per Capita Consumption of Sugar in the United States,
England and France-Years 1890 to 1920.
Exhibit 7.-Chart showing a comparison of the wholesale prices of Refined
Sugar in various countries before and after the world war, years 1914,
1919, 1920 and 1921.
Exhibit 8.-List of Cuban Centrals producing over 280,000 bags of sugar
during the crop 1920/21.


24





e













Exhibit 1


Sugar Crops of Cuba for the Years 1894 to 1921

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

(Willett & Gray)


Western
Portion %
974,377 = 90
916,178=-89
174,663 = 76
218,664 = 100
310,892 = 99
305,919 = 89
255,617 -=83
546,603 = 86
699,917 = 82
835,841=84
866,648 = 83
954,312 --82
969,688 82
1,120,408 78
687,798 = 71
1,082,796 72
1,278,024 71
1,020,438 69
1,330,645 70
1,685,296 69
1,606,401 62
1,711,785 -=66
1,939,158 64
2,006,249 = 66
1,993,590 =58
2,148,316 = 54
2,056,879 = 55
2,220,687= 56


Eastern
Portion %
113,119 = 10
114,919 =11
56,517 24
29= 0
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
1,823,460 -=46
1,673,198 = 45
1,715,353= 44


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
3,971,776
3,730,077
3,936,040


This shows the tremendous drop in production in 1895 by reason of the Cuban war of independence
and shows 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. It is interesting to note the continuous growth from the time peace was restored in
1899 until last year, with the three exceptions of 1907--OS, 1910-11 and 1919-20, when production was
curtailed by drought.
26


1893-94
1894-95
1895-96
1896-97
1897-98
1898-99
1899-1900
1900-01
1901-02
1902-03
1903-04
1904-05
1905-06
1906-07
1907-08
1908-09
1909-10
1910-11
1911-12
1912-13
1913-14
1914-15
1915-16
1916-17
1917-18
1918-19
1919-20
1920-21












4.000.000

3.800.000

3.600,000

3.400,000

3.200.000

13, 000,000

Z 2.800,000
O
2 ,600.000

2.400.000
Z
2,200,000
S2.zoooooo

Z 2.000.000
e 0 1.800.000
I-
1,600.000

o ,400.000

o g.oo.o00oo

0. 1.00,000

800.000

600.000

400.000

200,000

0


SUGAR CROPS OF CUBA

FROM 1894 TO 1921

CHART SHOWING THE PORTION OF EACH CROP PRODUCED IN THE

WESTERN AND EASTERN SECTIONS OF THE ISLAND

'illet, & .ray/


-Lle&----------------------/-------


Io
'*o




.....- ..... - -- --.. .j. ..... -
..-..--- -- -- -.. .... .. ......... ..--- -- -- ---- -- ---- --
I a



II' j I I . .
. I/
---I------ O.-.-- I- ---
__. --- Li ".--"
.. ,.O .

S .. .- -
- . . . .. -. ... .o
40
A \
c,'0.0 400
5~C'~mop


S 0 a 0 N m 1 4 N r 0 o
0 0o) 0 0 0 0 0 0 0 0 0 0 0 0
in t a O r 0 0 0 N 0Na
SM ) ) 0 o 0 0 o 0 0 0

CROP YEARS


0
In,


CJ


S0 Sc S
'It at)I
0)0 ~ S


T T T c
ND C0 O 00
- a N


I
















Exhibit 2

Comparison of the Portion of the Cuban Sugar Production

Controlled by American Companies for the Crop of 1920-21

(Guma-Mejer)

Mills. Bags. Bags. %
CUBA CANE SUGAR CORPORATION.................... (16) .................. 3,978,102 14.46
RIONDA MANAGEMENT............................. (6).................. 1,367,309 4.97
Rionda Estates (4) ...................... 842,132
Tacajo ........................................... 124,777
Manati. ... 400,400
CUBAN-AMERICAN SUGAR CO .................. . .(6) .... . .......... 1,799,913 6.54
Delicias ..................................... 768,378
Chaparra ....................................... 420,127
Tinguaro ....................................... 250,408
Constancia ..................................... 157,000
Mercedita ...................................... 118,000
Unidad .......................................... 86,000
ROYAL SECURITIES CORP................ (3) ............... 426,527 1.55
Palm a ......................................... 261.500
Hatillo ..... .................................... 105,500
Sta. Ana........................................ 59,527
WEST INDIA SUGAR FINANCE CORP .................. .(2)...................310,000 1.12
Alto Cedro .................... .............. 164,000
Cupey .......... .......................... 146,000
GUANTANAMO SUGAR COMPANY ............ ....... ..(3). ............... 253,800 .92
Soledad .................... ......... ........... 98,800
Los Caiios....................................... 91,400
Isabel ........ ................................... 63,600
UNITED FRUIT COMPANY ...... ..... . (2) .................. 1,071,000 3.89
Boston ................... ...................... 527,500
Preston ......................................... 543,500
PUNTA ALEGRE SUGAR COMPANY .................... (3) .......... .. 665,354 2.42
Punta Alegre. ................................. 320,000
Florida ...................................... . 260,400
Trinidad .............. ........................ 84,954
E. ATKINS & Co......................... .....(3) ...... ............ 448,900 1.63
Caracas .. ............. .. ....................... 179,000
San Agustin................................... 155,000
Soledad .......................................... . 114,900
AMERICAN SUGAR REFINING COMPANY...................................
Cunagua .................. ............ (1).................. 460,000 1.67
BARAGUA SUGAR COMPANY...... ......................................
Baragua ................................(1) .................. 431,007 1.57
WARNER SUGAR REFINING COMPANY................... (4) .............. 736,410 2.68
Gomez Mena..... ............................ 363,500
Am istad ........................................ 228,900
Miranda ........................................ 131,500
Palmarito ............................. ......... 12,510
CUBA COMPANY............ ........................ (2) ..... ........ ... 489,800 1.78
Jobabo .......................................... 258,000
Jatibonico ................ ...................... 231,800
J. G. WHITE MANAGEMENT. ........................(3) .................. 305,037 1.11
Central Sugar Corp............................. 132,000
Matanzas-American S. C.......................... 114,037
Cardenas-American S. C........................... 59,000
HERSHEY CORPORATION.............................(2) .................. 352,000 1.28
Rosario .......................................... 220,000
Hershey ........................................ 132,000
OTHERS (Below 1%)..............................(18) .. ............... 1,652,060 6.00
Central Hormiguero................................ 247,300
Rio Cauto Sugar Co. (2) ......................... 203,800
Cia. Central Araujo............................... 151,000
North American S. C............................. 144,000
La Paz Sugar Co................................ 142,062
Ermita Sugar Co................................ 121,000
F. J. Peterson (2)... .... ....................... 119,185
Cape Cruz Co.................................... 106,750
Havana Sugar Co................................ 95.500
G. W Loft...................................... 62,127
Central Teresa S. C.............................. 61.200
Sta. Cecilia S. C.. ............................... 59,960
Cuba Sugar Mills................................. 47,748
Sta. M aria S. C.................................. 43,900
Central Natividad ................................ 27,165
Mapos Sugar Co........ .......................... 19,363
TOTAL AMERICAN .............................( 75) ......... ......... 14,747,219 53.59
NON-AMERICAN INTERESTS. ................... (123) .................. 12,769,986 46.41
TOTAL............. .................. (198) .................. 27,517,205 100%


28











Exhibit 2

Comparison of the Portion of the Cuban Sugar Production Con-
trolled by American Companies for the Crop of 1920-21

(Guma-Mejer)


4.05% Atkins
Management (6)


Production American Interests........
Production Other Interests..........

Total Production of Cuba........
Total Number of Centrals.......


14,747,219 Bags-53.59%
12,769,986 Bags-46.41%

27,517,205 Bags
198


The number of mills controlled in each case is indicated by the figure
in parentheses.


29















Exhibit 3

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

Production 1913-14 and 1920-21


(Willett & Gray)


1913-14 1920-21 Increase Decrease
Tons % Tons % Tons


CANE
U.
C
Hav
Cub
Oth
Cen
Sou


Brit


S., Porto Rico & St.


roix ................. 599,137
vaii ................. 550,925
a ................... 2,597,732
er West Indies ...... 304,649
tr. America & Mexico 152,000
th America .......... 781,158

AMERICA ......... 4,985,601

ish India ............ 2,291,500


Java .....................
Formosa ................
Philippines ..............

ASIA ..............

AUSTRALIA ...........
AFRICA ................
EUROPE-Spain .......


1,272,417
204,000
225,000

3,992,917

355,000
474,664
13,231


TOTAL CANE ...... 9,821,413


3.20
2.95
13.89
1.63
.81
4.18

26.66

12.26
6.81
1.09
1.20


599,070
508,392
3,930,000
395,424
152,500
985,996

6,571,382

2,349,000
1,508,755
342,176
289,000


21.36 4,488,931

1.90 235,000
2.54 559,516
.07 6,886

52.53 11,861,715


3.61
3.07
23.70
2.38
.92
5.95

39.63

14.16
9.10
2.06
1.74


........ 67
........ 42,533
1,332,268 ........
90,775 ....
500 ....
204,838 ....

1,585,781 Net

57,500 ....
236,338 .....
138,176 ........
64,000 ....


27.06 496,014 Net

1.42 ........ 120,000
3.37 84,852 ........
04 ........ 6,345

71.52 2,040,302 Net


BEET


Germany ................
Czecho-Slovakia & Austria
H olland .................
Russia ..................
Other European Countries

EUROPE ...........

United States .........
Canada .................
AMERICA .........

TOTAL BEET ......


TOTAL CANE & BEET..


2,717,940 14.54 1,152,960 6.95 ........ 1,564,980
1,685,443 9.01 795,919 4.80 ........ 880,524
229,257 1.22 316,402 1.91 87,145 ........
1,740,000 9.31 255,354 1.54 ........ 1,484,646
1,836,305 9.82 1,198,690 7.23 ........ 637,615

8,208,945 43.90 3,719,325 22.43 Net 4,489,620

655,298 3.50 969,419 5.85 314,121 ........
11,675 .07 34,600 .20 22,925 ........

666,973 3.57 1,004,019 6.05 337,046 Net

8,875,918 47.47 4,723,344 28.48 Net 4,152,574

18,697,331 100% 16,585,059 100% Net 2,112,272









Comparison, by Countries, of the World's Cane and Beet Sugar Production, 1913-14 and 1920-21


Crop 1913-1914
Cane- 9,821,413 tons-52.53%
Beet 8,875,918 -47.47%
18,697,331 tons


(Willett & Gray)


Crop 1920-21
Cane-11,861,715 tons-71.52%
Beet 4,723,344 -28.48%
16,585,059 tons


NOTE.-The areas of the circles are in proportion to the respective total productions. The diagonal hatching represents CANE, no hatching BEET.



















Exhibit 4


Sugar Production of the World

for the Eight Crops

(WILLETT

COUNTRIES 1913-14 1914-15 1915-16 1916-17
Tons Tons Tons Tons
Cuba ............... ......................... .. 2,597,732 2,592,667 3,007,915 3,023,720
Hawaii ......................................... 550,925 577,186 529,895 575,510
Porto Rico ...................................... 325,000 308,178 431,335 448,567
Louisiana ....................................... 261,337 216,696 122,768 271,339
Texas ..................................... .... 7,000 3,500 1,000 6,250
St. Croix ....................................... 5,800 4,500 14,750 7,787
Philippines-AsIA ................................ 225,000 243,000 332,158 202,655
U. S. Cane-Total. ........................... 1,375,062 1,353,060 1,431,906 1,512,108
U. S. Beet ................................... 655,298 646,257 779,756 734,577
2,030,360 1,999,317 2,211,662 2,246,685
British West Indies........................ ....... 120,221 120,748 179,745 194,678
French West Indies ............................... 78,650 80,000 74,036 70,603
S. Domingo & Hayti. ............................ 105,778 108,267 126,058 130,171
Mexico & C. America .......................... .. 152,000 132,000 100,000 75,000
South America..................................... 781,158 879,465 749,930 652,828
AMERICA-Cane (less Philippines) ............ 2,387,869 2,430,540 2,329,517 2,432,733
Canada- Beet .................................. 11,675 13,979 17,641 12,500
AMERICA-Beet ........................... 666,973 660,236 797,397 747,077
Java ......................................... 1,272,417 1,303,045 1,198,567 1,596,174
Formosa & Japan ................................. .204,000 262,000 405,227 436,026
Philippines ..................................... 225,000 243,000 332,158 202,655
British India (consumed locally) ................... 2,291,500 2,460,573 2,634,000 2,728,000
ASIA ...................................... .3,992,917 4,268,618 4,569,952 4,962,855
Australia ....................................... 255,000 246,408 159,681 188,731
Fiji ............................................. 100,000 102,000 90,000 100,000
AUSTRALIA ................................ 355,000 348,408 249,681 288,731
Mauritius ....................................... 249,800 277,164 215,528 209,035
Natal .......................................... 85,714 91,619 112,081 114,494
Other African Countries......................... .. .139,150 155,005 193,964 198,984
AFRICA .................................... 474,664 523,788 521,573 522,513
EUROPE-Spain (Cane) ...................... 13,231 7,376 6,359 4,584
Total Cane .............................. 9,821,413 10,171,397 10,684,997 11,235,136
Germany-Beet ................................... 2,717,940 2,500,000 1,400,000 1,603,920
Czecho-Slovakia I
Austria-Hungary ........ .... .. 1,685,443 1,602,315 1,011,400 944,500
Russia and Ukraine 1,740,000 1,967,336 1,467,096 1,321,600
Poland .......... .............................
Holland ........................................ 229,257 302,458 242,753 269,180
France ......................................... 781,020 302,961 135,899 184,191
Belgium ........................................ 226,200 203,608 113,097 135,031
Other European Countries ......................... 829,085 704,537 707,515 547,340
EUROPE-Beet .............................. 8,208,945 7,583,215 5,077,760 5,005,762
Total Beet .............................. 8,875,918 8,243,451 5,875,157 5,752,839
WORLD-Cane .............................. 9,821,413 10,171,397 10,684,997 11,235,136
Beet .............................. 8,875,918 8,243,451 5,875,157 5,752,839
Total .................................. 18,697,331 18,414,848 16,560,154 16,987,975
Increase ................... ............... ........ ....... ........ 427,821
Decrease .................................. ........ 282,483 1,854,694

32


















Exhibit 4


(Cane and Beet) by Countries

of 1913-14 to 1920-21

& GRAY)


1917/18
Tons
3,446,083

515,035
413,958
217,499

5,400
216,260

1,368,152
682,867

2,051,019

179,786
51,263
127,322
72,809
626,504
5,655,659

11,250

694,117

1,778,345
397,618
216,260
3,311,000

5,703,223
324,260
70,800
395,060

226,000
106,250
172,966
505,216

7,039

12,266,197

1,541,061
668,250
1,028,580
199,295
200,265
130,978
527,505

4,295,934

4,990,051
12,266,197
4,990,051
17,256,248

268,283


1918/19
Tons
3,971,776
538,913
362,618
250,802
4,134
9,000
195,289

1,360,756
674,892

2,035,648

197,443
36,631
161,609
97,681
747,270

6,377,877

22,300
697,192

1,749,408
415,678
195,289
2,370,000
4,730,375

209,853
80,000
289,853

252,770
185,000
129,787

567,557
6,618

11,972,280

1,350,665
606,793
336,616
173,436
110,096
74,183
531,399
3,183,188

3,880,380

11,972,280
3,880,380
15,852,660


1,403,598 702,208


1919/20
Tons
3,730,077

496,183
433,825
108,035
12,400
209,336

1,259,779
652,957

1,912,736

190,797
44,597
180,736
127,000
938,864

6,262,514

16,500

669,457

1,335,763
283,482
209,336
3,049,157
4,877,738

162,298
60,000
222,298

235,490
142,851
157,794
536,135

6,048

11,904,733

739,548
J 475,877
1 12,151
J 86,691
l 140,000
238,692
154,444
146,918
581,941

2,576,262

3,245,719

11,904,733
3,245,719
15,150,452


COUNTRIES

Cuba .........................

H aw aii ........................
Porto Rico ....................
Louisiana .....................
Texas .........................
St. Croix .......................
Philippines- AsIA ..............

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


British West Indies .............
French West Indies..............
Sto. Domingo & Hayti...........
Mexico & Central America........
South America... ..
AMERICA-Cane (less Philip-
pines) ................

Canada Beet....................

AMERICA-Beet ...........
Java ..........................
Formosa & Japan...............
Philippines ....................
British India (consumed locally)..
ASIA .....................

Australia ......................
F iji ............................
AUSTRALIA ...............

M auritius .....................
Natal ..........................
Other African Countries...........
AFRICA ..................

EUROPE-Spain (Cane).....
Total Cane .............


1920/21 % 1920-21
Tons Cane Beet
3,930,000 33.13

508,392 4.29
437,336 3.69
150,996
6,238 > 1.36
4,500
289,000

1,396,462
969,419 20.52

2,365,881
154,253 11.72
50,000 J
191,171 1.61
152,500 1.29
985,996 8.31

6,571,382

34,600 .73

1,004,019

1,508,755 12.72
342,176 2.88
289,000 2.44
2,349,000 19.80

4,488,931

175,0001 1.98
60,000 J

235,000

254,810 2.15
140,000 1.18
164,706 1.45
559,516

6,886

11,861,715 100%

1,152,960 24.41
705,919 14.95
90,000 1.91
65,520 1.39
189,834 4.02
316,402 6.70
305,041 6.46
242,589 5.14
651,060 13.77

3,719,325

4,723,344 100%

11,861,715 71.52
4,723,344 28.48
16,585,059 100%

1,434,607


The corresponding chart for the foregoing exhibit will be found on the following page.

33


Germany-Beet......... ..
Czecho-Slovakia
Austria-Hungary J ............
Russia and Ukraine
Poland .......... I. .........
Holland ........................
France ........................
Belgium .......................
Other European Countries........

EUROPE-Beet .............
Total Beet.............

WORLD-Cane............
Beet .............

Total ............

Increase .................
Decrease ................










Comparison of the Portion of the World's Sugar Production Contributed by Different Countries


For the Crop of 1920-21

(Willett & Gray)


BEET


trrr

cr
posei


World's Production of:
Cane Sugar 11,861,715 Tons 71.52%
Beet Sugar 4,723,344 Tons 28.48%

16,585,059 Tons


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


CANE













Sources of the Sugar Consumed in the United States

Years 1914 to 1920 Inclusive

(Willett & Gray)


Louisiana and Texas....... (Cane)
H awaii ................. "
St. Croix ................
Porto Rico ................ "
Philippines .............. . "
VI Various (Maple, Etc.)............



U. S. Beet. ..... ..................

Total Domestic ...............
Cuba ................... . (Cane)
Foreign ......... ....... "

Total Raws..... (Cane & Beet)
Foreign Refined..................

Total Consumption ............

Per Capita (lbs.)........


1914
Tons
143,996
510,385


274,149
120.887
20,200

1,069,617
624,298

1,693,915
2,018,854
46,038

3,758,807
2,020

3,760,827

84.29


1915
Tons
224,768
509,263


300,310
120,202
15,400

1,169,943
769,257

1,939,200
1,841,602
14.505

3,795,307
6,224

3,801,531

83.83


1916
Tons
224,978
533,969


392,733
111,182
14,000

1,276,862
700,256

1,977,118
1,666,548
11,160

3,654,826
3,781

3,658,607

79.34


1917
Tons
258,443
592,088
5,084
431,202
72,839
26,513

1,386,169
785,079

2,171,248
1,506,876
2,951

3,681,075
2,524

3,683,599

78.58


1918
Tons
226,275
429,771
3,693
331,524
46,587
29,505

1,067,355
527,704

1,595,059
1,881,244
19,303

3,495,606



3,495,606

73.36


0'
tf.


1919
Tons
154,034
514,824
8,286
286,880
72,511
34,094

1,070,629
872,253

1,942,882
2,067,051
33,919

4,043,852
23,819

4,067,671

85.43


1920
Tons
75,387
390,552
10,490
334,936
114,048
17,095

942,508
454,446

1,396,954
2,133,699
510,980

4,041,633
43,039

4,084,672

86.56















PER CAPITAL CONSUMPTION OF SUGAR FROM 1890 TO 1920


YEARS


CLC
)Im
0,



0w

L)
0,
zch
0~V
a-


-IW

a


C3
I

0
0o





fo




0







or
?S


o t t--. C6 @ o o C\ (V) m 0 ( .)
00 mo 00 00 0 ) 0 ) 0 0 0000000 C
cO M0 0O 0o 00 0- 00 0O 00 cO Q0 o) 0 @ 0)' C@ O 0 -0 0 0) 0 0 ) 00 h 0) 0)







Exhibit 7


Relative Wholesale Prices of Granulated Sugar
In Various Countries

During July of the Years 1914,1919,1920 and 1921

Cents United Japan England France Italy Czecho Cents
per 1b. States Canada p I Japtan Engla France ermany Italy Slovakia per Ib.


75

70
65

60
55

50
45

40
35

30
25

20
15

10
5


I
I
I
____ _lI l

__. l B I I-
I I I


till


1 11 Ii
ii Ii


il


ii


Iii


75
70

65

60

55

50

45
40

35
30

25

20

15

10

5


United Canada Japan England France Germany Itely 51ov
Julyi114 4.210 4.30' 795'" 3.44' 5.82' 4.18 -12.43 0 /.88 Julyl914
1919 9.000 9.50' 10.83' 12.551 16.634 11.73' 19.700 12.28 1919
1920 22.00 22.801 19.251 2477' 27.58' 49.98' 74.41. 29.32" 1920
1921 5.75' 8.00.- 11.50' 12.49 '18.38' 4754' 52.62' 66.91" 1921
NOTE. -.- 1914 .- 1919 1920 --1921
All prices based on normal rate of exchange.
In 1921, at actual rate of exchange England would be 9.60c
France 6.80c
Germany 1.85c
Italy 11.33c
Czecho-Slovakia 3.79c
Germany at the present time may not export nor import sugar.
37












Exhibit 8

Cuban Centrals of More than 280,000 Bags Output, in their

Order of Production

(As REPORTED BY MESSRS. GUMA-MEJER FOR 1920-21)


TOTAL START FINISH
SCUBAProduction ---
Total CANE CENTRAL IN BAGS Nov Dec Jan Feb IMar Apr Mar Apr May Jun Jul Aug Sep Oct Nov

1 Delicias, 768,378 16 .. .. .. .. .. .. ..

2 1 Moron, 580,979 .. .. 3 .. .. .. .. .. .. 18
3 Preston, 543,500 .. ..15 .. .. .. .. .. .... .. .. .. 7
4 Boston, 527,500 10 .. .. .. .. .. .. .. .. .. 15

5 Espana, 492,028 26 ... .. .. .. .. .. .. 6 .
6 Cunagua, 460,000 .. 31 .. .. .. .. .. .. 18 ..
7 Baragua, 431,007 .. 15 .. . .. .. . ... 25 .. .
8 Toledo, 427,700 20 .. .. .. .. .. .. .. 5
9 Chaparra, 420,127 .. 3 .. .. .. . .. . 8 .
10 Manati, 400,400 16 .. .. .. o. . . . 24 .. .
11 Gomez Mena, 363,500 .10 .. .. .. .. .. .. 7
12 2 Mercedes, 360,694 .. 5 .. .. .. .. .. .. .. 2
13 Sta. Lucia,* 355,000 3 ..
14 3 Jagueyal, 349,087 .. 3 .. .. .. .. .. 31
15 Francisco, 340,948 .. 6 .. .. .. .. .. . 30 .
16 4 Alava, 334,913 .. 5 .. .. .. .. .. 31
17 PuntaAlegre, 320,000 3 .. o.. .. ..31
18 5 Socorro, 304,197 4 .. .. .. .. .. 27 .
19 Agramonte, 295,725 15 .. .. .. .. .. 24 .
20 6 Stewart, 290,763 .. .. .. 14 .. .. .. .. 4 ..

-NUMBER OP CENTRALS IN EACH MONTH-

20 Centrals, Total, 8,366,446 .. 8 11 1 .. .. .. .. 7 8 1 2 1 1
178 Other Centrals, 19,150,759 1 22 119 27 7 2 1 4 104 63 5 1 ..

198 GRAND TOTAIL, 27,517,205 1 30 130 28 7 2 1 4 111 71 6 1 2 1 1

"Santa ILucia production estimated.

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