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 Cuba Cane Sugar Corporation
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CUBA CANE SUGAR CORPORATION






FIFTH ANNUAL REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1920




























































































































































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CUBA CANE SUGAR CORPORATION




OFFICES:

No. 123 FRONT STREET, NEW YORK, N. Y.
EDIFICIO DE BARRAQUE, 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.




TRUSTEE
10 YEAR 7% CONVERTIBLE DEBENTURE BONDS:

GUARANTY TRUST COMPANY
No. 140 BROADWAY, NEW YORK, N. Y.














CUBA CANE SUGAR CORPORATION



EXECUTIVE OFFICERS:
September 30, 1920.

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 AN]
MANUEL E. RIONDA, NEW YORK;
EDWARD H. GREEN, NEW YORK;
G. A. KNAPP, NEW


D ASSISTANT TREASURERS :
VICTOR ZEVALLOS, HAVANA;
HIGINIO FANJUL, HAVANA.
YORK, Ass't. Treas.


RESIDENT AUDITOR:
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:


MIGUEL ARANGO .
A. S. DE BUSTAMANTE
W. H. CHIU)S
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
B. BRAGA RIONDA
LEANDRO J. RIONDA
MANUEL RIONDA
MANUEL E. RIONDA
CHARLES H. SABIN
EUGENE W. STETSON
FREDERICK STRAUSS, Chairman
REGINO TRUFFIN


Havana
Havana
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
New York
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
EUGENE W. STETSON
FREDERICK STRAUSS








































































































































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CUBA CANE SUGAR CORPORATION

123 FRONT STREET

NEW YORK




NOVEMBER 5, 1920.

To THE STOCKHOLDERS:
Your Board of Directors is gratified to be able to submit its Fifth Annual
Report within six weeks following the termination of the fiscal year ending
September 30, 1920, which is a testimonial to the efficiency of the Accounting
Department.
Owing to the general drought throughout the Island of Cuba, the early cane
estimates of the 1919-1920 crop were not realized and, consequently, the total
Cuban sugar crop aggregated only 26,237,242 bags (3,748,177 tons) against
31,050,000 bags (4,435,714 tons) as estimated on December 24, 1919, by Messrs.
Guma-Mejer, and against 27,802,435 bags (3,971,776 tons) made the year before.
As is well known, labour unrest has been universal. Cuban plantations and
railroads have not been free from labour troubles and attendant strikes, although
perhaps affected in a lesser degree than industries in other countries.
In view of the general labour situation it is a great achievement on the part
of Cuba to have harvested her crop, transported it over her railroads to the ship-
ping ports and placed it at the disposal of consumers, within a shorter period than
in previous years, even making allowance for the smaller crop.
All your Corporation's plantations finished grinding before May 30-
with the exception of MORON which completed its crop of 611,031 bags (88,654
tons) on June 8. The output at MORON is the largest production of any single
estate made in Cuba this crop. The increase in production at this estate
from the 170,263 bags (24,323 tons) made during the first crop after its purchase
by your Corporation to the 611,031 bags (88,654 tons) produced this year, is very
gratifying and justifies the action of your management in increasing that planta-
tion's machinery and cane fields.
The sucrose content of the cane throughout the Island was again unsatis-
factory probably due to the irregularity and scarcity of the rain precipitations,
for, as stated in the previous report, the sucrose content in the cane is dependent
upon weather conditions.
As was anticipated, sugar prices once "de-controlled" after two years of
Governmental regulation, began to show wide variations; in fact the range
7












increased far more than could have been foreseen, running from 6IJ/2-at which
some new crop sugars were sold in the fall of 1919, when it was realized
that the United States Government would no longer control sugar,-to 23i2 in
May, the highest price reached, soon to be followed by a precipitous decline
to 6~4l, the price ruling at present.
The proportion of the Cuban crop sold at the highest prices was relatively
small. The peak having been reached during the months of May and June when
there was very little cane being ground, neither the colonos nor the plantation
owners participated to any great extent in the high prices.
There still remains in the Island, unsold, about one-tenth of the crop. The
probabilities are that the average price obtained for the entire crop, when the
remnant is finally sold, will be between 10 and 11 per pound.
The great variation in prices experienced during this first year of "de-con-
trolled" sugar proves the wise policy of having had sugar under Governmental
regulation and control during the last two years of the World War. The chief
cause for the variation in prices was the uncertainty resulting from the "de-con-
trol" of sugar by the United States Government last fall. Under such extreme
variations it is readily seen what difficulties have attended the selling of sugars.
Your Corporation followed a conservative policy in the selling of its own
sugars. That portion of the crop belonging to the colonos (tenant farmers)
was treated as entirely apart, your Corporation selling it as fast as acquired under
its colono contracts, seeking to avoid either loss or gain therefrom.
The Corporation's own sugars, as well as those acquired from the colonos,
were sold prior to the recent rapid market decline and have been delivered and
paid for. It follows, therefore, that this Corporation was not adversely affected
by the decline nor is it adversely affected by the generally unsatisfactory financial
situation arising therefrom which prevails at present in the Island of Cuba.

CANE GROUND
As already stated above, cane estimates for the 1919-1920 crop were not
realized, because of the drought.
The following table gives comparison of cane ground at your mills during
the last crop:
Western estates ...........256,341,250 arrobas (2,860,951 tons)
Eastern ...........186,678,568 (2,083,466 )

Total ............ .443,019,818 arrobas (4,944,417 tons)
The above figures are about 20% under the early estimate.

The cane sold to .outsiders this year was 2,590,357 arrobas (28,910 tons) in
the Western Estates and 8,818,853 arrobas (98,425 tons) in the Eastern Estates,
both much smaller quantities than during the 1918-1919 crop.











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 five years:
1915-16 1916-17 1917-18 1918-19 1919-20
Western Estates.. 6.713% 6.849%' 6.891% 6.901% 6.902%
Eastern 5.079 5.029 5.115 5.130 5.153

Average .. .. 6.383% 6.337% 6.2547% 6.168% 6.124%

The average percentage paid to the colonos will diminish still more from now
on as your Corporation has acquired one additional plantation in the East and has
increased the capacity of its other Eastern mills.


SUCROSE IN THE CANE

The following table shows the average percentage of sucrose at the plantations
of your Corporation during the five crops:
1915-16 1916-17 1917-18 1918-19 1919-20
13.87% 13.00% 13.31% 13.02% 12.95%
By the above table it is seen that the sucrose content has not been high for the
last four years; such a continuously low percentage of sucrose in the cane is most
unusual.

LOSSES IN MANUFACTURING
The losses in manufacturing at your plantations during the last five years
have been as follows:
1915-16 1916-17 1917-18 1918-19 1919-20
3.07% 2.67% 2.36%o 2.32% 2.37%

Under present labour conditions it is difficult to maintain the highest efficiency
methods at sugar plantations, where such efficiency depends greatly upon the
regularity with which the cane is delivered to the mill, for such regularity requires
uniformity of railroad operations, and this, of course, has not been possible under
present labour conditions.


YIELD OF 96 CENTRIFUGALS
The yield of the five crops in 96 centrifugals has been as follows:
1915-16 1916-17 1917-18 1918-19 1919-20
11.25% 10.76% 11.41% 11.15% 11.02
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COMPARATIVE RECEIPTS PER POUND OF SUGAR

For the purpose of comparing the f. o. b. price, per pound of sugar manu-
factured, obtained during the last five crops, the proceeds from "Molasses" and
"Other Earnings" are included in the following:
1915-16 1916-17 1917-18 1918-19 1919-20
4.1120 4.4790 4.6300 5.398# 10.345

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

In order to show the cost of production on an f. o. b. basis, per pound of
sugar manufactured at your factories, including the cost of colonos' cane, as we
have done in the past five years, we give the following figures:
1915-16 1916-17 1917-18 1918-19 1919-20
2.7483 3.431 3.9980 4.6060 8.5230

From the above it is seen that there has been an increase of 3.9170 over last year,
but this increase is mainly due to the higher price paid for the colonos' sugars.
The cost of production depending so much upon the price at which we liquidate the
colonos' sugars, it is preferable to follow the same method indicated in the previous
Annual Report, showing the cost of production, excluding cane, thus giving a
comprehensive idea of the increases in other items, cane excluded. On this basis,
the cost of manufacturing and delivering the sugars on board steamers, compared
with previous years, is as follows:
1915-16 1916-17 1917-18 1918-19 1919-20
0.7150 1.0720 1.4560 1.5550 1.9400

The increases were, consequently,
0.357# per pound increase 1916-17 over 1915-16
0.3840 1917-18 1916-17
0.0990 1918-19 1917-18
0.3850 1919-20 1918-19

The above increase of 0.3850 per pound in 1919-20 over the previous year is chiefly
due to a shorter crop being made and to the fact that there was a decrease in sugar
content of the cane. These figures are of great value when we come to consider
the cost of production for the future, when prices are likely to be lower. It must
be borne in mind that the cheaper the labour, the lower the cost, and labour will
certainly not be higher next year.
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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, the cost of production, includ-
ing cane, Operating Profits made per pound, are as follows:
1915-16 1916-17 1917-18 1918-19 1919-20
Receipts .......... 4.1120 4.4790 4.6300 5.3980 10.3450
*Production cost .... 2.748 3.431 3.998 4.606 8.523

Operating Profit ...... 1.3640 1.0480 0.6320 0.7920 1.8220
As explained in the previous Annual Report, the colono while sharing in the
benefit of high prices, which was the case this year, will also share the burden
of low prices, when they come.
*The increase in cost of producing sugar this year, was divided as follows:
3.5320 per lb. Cane (This higher cost in cane, however, is re-
covered by the higher price obtained for the
colonos' sugars, as already explained).
0.3850 per lb. Wages and other Expenses.

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

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
Moron ..... 170,263 181,045 315,439 524,940 611,031
Stewart .. ......... 378,097 416,560 506,494 445,784
Jagueyal ... 233,545 251,013 326,200 353,168 371,609
Lugareio .. 154,059 67,600 117,200 280,967 204,972

557,867 877,755 1,175,399 1,665,569 1,633,396
LUGARENO suffered greatly from the effects of the severe drought, which
caused a decrease in production of nearly 76,000 bags of sugar under last year.
Its plantings have been increased so that, with propitious weather, it should be
able to work to its full capacity in 1922-23.
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PROPERTIES ACQUIRED
During this year your Corporation purchased, at the price of $3,500,000, the
entire stock, free of all encumbrances, of the Violet Sugar Company, a Cuban
Corporation owning the sugar estate VIOLETA of 494 caballerias (16,467 acres)
in the Eastern section of the Island adjacent to MORON, located on the line of
the Cuban Northern Railroad, with a capacity of 200,000 bags (last year's produc-
tion being 180,000 bags). Your management has made plans to increase the
capacity of VIOLETA to 500,000 bags for the crop of 1921-22. When this has
been done, the mill capacity of the Eastern plantations will have reached about
2,500,000 bags.
In addition to VIOLETA, your Corporation has exercised, in the interest of the
Eastern Cuba Sugar Corporation-a Cuban corporation, all the stock of which is
owned by your Corporation-options to acquire the properties known as REDEN-
CION and RIo MAXIMO, consisting of 1,436 caballerias (47,867 acres), and also a
lease of the lands of the Alegrias Land Company, comprising 864 caballerias
(28,800 acres), with option to purchase, and further, a long-time lease on 1,634
caballerias (54,467 acres), comprising the property called VELASCO. The average
prices paid for the above lands, including the option price on the LAS ALEGRIAS
property, are very reasonable, not exceeding $1,200 per cab ($37 per acre).
The above purchases and leases comprise 4,428 caballerias (147,600 acres),
situated on the Cuban Northern Railroad east of MORON, between that estate
and LUGARENO, a very strategic position for their future development. With the
acquisition of these lands the production in the Eastern mills can be increased to
3,000,000 bags, which would be a great achievement as against the 557,867 bags
made in that district during the first year of your Corporation.
The small estate SAN IGNACIO in the West, making only 79,000 bags and
with a high cost of cane, has been sold.

LANDS
Your Corporation now owns in fee 11,110 caballerias (370,333 acres) of
land and holds under lease, many of these leases being for long periods, 6,896
caballerias (229,867 acres) of land. The total lands owned and leased therefore
are 18,006 caballerias (600,200 acres).
In addition to the above, the Violet Sugar Company owns 494 caballerias
(16,467 acres) and the Eastern Cuba Sugar Corporation will own, after the above
transactions are consumated, 1,436 caballerias (47,867 acres) and hold under long
term leases 2,498 caballerias (83,267 acres). The grand total of the lands directly
controlled by your Corporation will therefore be 22,434 caballerias (747,800 acres).

RAILROADS
Your Corporation now owns and operates for the transportation of its products
and supplies 1,168 kilometers (726 miles) of railroad, of which 820 kilometers
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(510 miles) are standard gauge and 348 kilometers (216 miles) are narrow gauge;
together with equipment consisting of 132 locomotives, of which 97 are standard
gauge and 35 narrow gauge, and 3,668 cane and other cars, of which 2,296 are
standard gauge and 1,372 are narrow gauge.
In addition to the above the Violet Sugar Company owns and operates 25
kilometers (16 miles) of standard gauge railroads; together with equipment
consisting of 4 locomotives and 132 cane and other cars.


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 ................................... 2,577,395.64
Taxes, Notary Fees, etc., thereon........... 125,981.08


Less Sale of Mills, Lands, Machinery, etc......


Additions, Improvements, Etc.:


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


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

$6,484,747.34


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

$16,545,988.40


Less amount written off to cover dismantling and
relocation of machinery .................


$48,983,296.68


$11,262,976.72
3,184,750.67

$ 8,078,226.05


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

$23,030,735.74

$31,108,961.79


1,200,000.00


Machinery and Construction Material on Hand...............

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


29,908,961.79

$78,892,258.47
695,417.46

$79,587,675.93


RENEWALS, BETTERMENTS AND DEPRECIATION
Following the customary practice, your Corporation has made adequate
expenditures for renewals, repairs and changes in the location of machinery, all
13












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
has made a charge of $3,500,000 for Depreciation.


RECEIPTS AND EXPENSES
FISCAL YEAR ENDED SEPTEMBER 30, 1920


RECEIPTS-
Production, 3,763,915 Bags
Sugar Sales .............................. $124,938,995.64
Molasses Sales ............................. 435,327.46
Other Earnings ............................. 948,834.00
$126,323,157.10
EXPENSES-
Cost of Cane per 100 arrobas $18.15.......... $ 80,387,237.71
Dead Season Expenses (Salaries and Wages,
Materials and Supplies, Repairs and Re-
newals) ............................... $ 5,820,314.15


Per Bag
$33.193
.116
.252
$33.561


$21.357


$ 1.546


Crop Expenses (Salaries and Wages, Materials
and Supplies, Fuel, Maintenance, Adminis-
tration-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. .............


$ 9,382,749.29 $ 2.493


$ 294,864.14
649,882.07
66,788.28
271,761.77
78,979.78
$ 1,362,276.04

$ 2,347,893.74
1,637,366.54
1,689,219.07
251,698.95
1,195,381.31
$ 7,121,559.61
$104,074,136.80


OPERATING PROFIT FOR THE FISCAL YEAR $ 22,249,020.30 $ 5.911


This compares with an Operating Profit last
year of ............................ $ 11,069,880.76
and a Profit per bag of ... ........
14


$ .078
.173
.018
.072
.021
$ .362

$ .624
.435
.449
.067
.317
$ 1.892
$27.650


$ 2.563













STOCKHOLDERS
To show the distribution of the stock of your Corporation, the number of
Stockholders at the end of the last four fiscal years is given in the table below:-
1917 1918 1919 1920
Holders of Preferred stock.... 3,840 4,494 4,880 5,755
S Common .... 1,843 1,860 2,584 2,204

Total .................. 5,683 6,354 7,464 7,959
The continuous increase in the number of stockholders is gratifying.

GENERAL REMARKS


The OPERATING PROFITS this year are...........
Deducting disbursements for:
Interest, Discount and Exchange. $2,156,584.29
Taxes (Reserve) ............. 4,248,301.48
Dividend on Preferred shares.*.. 3,500,000.00

leaves a BALANCE of................ ........
This is equal to about $24.70 per share on the
500,000 shares of Common Stock of the Cor-
poration, before making allowance for De-
preciation.
After deducting:
Reserve for Depreciation..................
there remains a BALANCE of..................
equal to about $17.70 per share on the Common
Stock.
SURPLUS account on September 30, 1920, amounted
to ..................................... .
In addition to this there has been set aside out of
earnings for depreciation since the organization
of the Corporation the sum of................


$22,249,020.30



9,904,885.77

$12,344,134.53





3,500,000.00
$8,844,134.53




$23,473,102.04


10,000,000.00


making a total of ............................ $33,473,102.04
equal to about $67 per share on the Common Stock that has accumu-
lated out of the earnings of the Corporation since its organization.
In order to avoid any stoppages for lack of coal or oil resulting from strikes
on the railroads, your management has accumulated a large stock of both fuels
at your factories, as well as an adequate quantity of empty bags and other supplies
for the coming crop. This accounts in part for the large amount appearing
against Materials and Supplies in the Balance Sheet.
Your Corporation has sold about 20% of its own portion of the coming crop,
not including Colono sugars, at much higher prices than those ruling at present.
15











It has also sold half of the molasses for the coming crop at double the prices
obtained for last crop.

REVIEW OF THE SUGAR SITUATION
In the uncertainty existing during the fall of 1919 as to what action would
be taken by the United States Government regarding the renewal of the contracts
to procure an adequate supply of sugar for the country, American buyers
refrained at that time from providing for their needs during the approaching
campaign. In September, 1919, when it became increasingly apparent that no
legislation would be promptly forthcoming for the purchase of the new Cuban crop
and the effective continuance of the U. S. Sugar Equalization Board, European
buyers, especially France which had become "de-controlled," demonstrated great
interest in Cuban sugar for future delivery. Large transactions were made at
the relatively low basis of 6Y2 f. o. b., gradually increasing to about 7%h f. o. b.,
and it is probable that fully 20% of the estimated crop had already been sold to
European, Canadian and Australian buyers before the Cuban estates began
grinding, in the latter part of December, 1919.
Not having previously provided for their requirements, pending legislation
by Congress, American refiners later in the fall of 1919 found it necessary to meet
the demands of the Cuban sellers in order to obtain prompt deliveries for the
month of December. Upon the subsequent announcement that no direct control
would be exercised by the Government upon the sugar market of this country,
prices advanced still further during January. Stimulated by foreign demand and
by the lack of shipments caused by strikes in Cuba, quotations quickly reached
120 c. & f. for sugars afloat in January.
Upon the settlement of the Cuban strikes and under pressure by the sellers,
prices steadily declined during February to the low level of 90 c. & f., but American
refiners were not able to buy much on the decline due to the large quantities
previously purchased by other countries. During March it was gradually realized
that the Cuban production would be greatly curtailed by the excessive drought and
consequently the market, aided by foreign competition with American refiners,
quickly recovered to its former level of about 120 c. & f.
At this juncture, Messrs. Guma-Mejer, the official Cuban statisticians,
reduced their estimate of the Cuban crop from 4,400,000 tons, their December
forecast, to 3,900,000 tons. This enormous decrease in the expected supply of
sugar, enhanced by an acute scarcity of refined sugar in certain localities of the
United States caused by railroad congestion, developed a "runaway" market
during April, with prices soaring rapidly to over 180 c. & f.
During all this period the principal American refiners had been unable to
accumulate any large quantities of raws, as holders of Cuban sugars offered only
limited quantities. Therefore, upon the announcement of a further reduction to
3,650,000 tons in the estimate of the Cuban Crop, prices steadily advanced during
the latter part of May to 23f o ; c. & f.
16











Encouraged by the expected shortage in the Cuban crop and by the apparent
scarcity of sugar in the United States during May, Cuban and Porto Rican planters
retired from the marketwith the conviction that priceswould go much higher. Being
unable to induce the Cubans and Porto Ricans to tender a sufficient quantity of
sugar for this country at the prevailing prices, the principal American refiners
turned to the Far Eastern markets for sugar with which to avert a serious scarcity
of the article in the United States. Though no sugar had been imported from Java
or any other Far Eastern market for a number of years, large quantities of Java
centrifugals and Java White sugars were then obtainable from those quarters
where consumption had been greatly reduced due to the high prices existing there
in sympathy with those in the United States. Under these circumstances it did
not take long for American Refiners and other interests to secure 350,000 to
400,000 tons from these Far Eastern countries for arrival here during the late
summer and early autumn at prices below those prevailing for Cuban and Porto
Rican sugars.
Simultaneously with the above purchases made by American refiners from
the Far East, they sold American granulated to the trade for delivery to suit the
arrival of those raws, at correspondingly high prices.
With sugar pouring into the United States from other countries, under the
effect of high prices here, the future needs of the country were more than provided
for. The Cuban and Porto Rican planters, disappointed in their expectations of
higher prices, in June and July tried to force their holdings upon a market already
satisfied by the purchase of Java sugars. Each successive offering during those
months marked a violent and rapid decline.
The situation became more complicated in August due to the difficulties
encountered by the American refiners in having the buyers of their refined live up
to the contracts made at higher levels, when refiners were buying the Far Eastern
sugars as stated above. These complications necessitated the granting by the
refiners to the buyers of more time in which to receive and pay for the sugars
purchased. The developments regarding deliveries in the refined trade could not
but be reflected in the raw sugar market as they caused the absence of the prin-
cipal refiners from the market. This resulted in the small offerings from Cuba
and Porto Rico not finding ready buyers during September and October and the
decline continued until Cubas sold as low as 70 c. & f. only /,2 higher than the
lowest price at which sugars started selling last fall.
These rapid declines and the inability of Cuban holders to find an outlet for
their sugars created great uneasiness in financial circles of the Island. Although
the total stock left in the Island was merely 10% of the production and very few
planters and farmers were affected thereby, a run by depositors on a local Cuban
'bank early in October caused a general panic amongst the depositors of other
banks. In the absence of any adequate Cuban law to meet the emergency, there
was no alternative, to check the run on the banks, but to establish a moratorium
which President Menocal imposed to be effective up to December 1st.
17











The greater portion of the remnant of the Cuban crop being held as
collateral against advances made by Cuban banks, the moratorium decree stopped
large offerings from the Island.
After the rapid decline in prices this market has become the lowest in the
world whereas last May, when American refiners made the large purchases in
the Far East, it was the highest in the world. It is therefore not unreasonable
to expect a European demand sufficiently large to absorb between now and next
January in the form of Cuban Raws and American Refined a good portion of the
350,000 to 400,000 tons that were unnecessarily imported from the Far East.
The following table shows the world's CANE AND BEET PRODUCTION two years
previous to the World War and the estimate for the present crop:
Estimated
1912-1913 1913-1914 1919-1920
Cane........... 9,232,543 tons 9,821,413 tons 11,808,673 tons
Beet............ 8,976,271 8,875,918 3,345,506 "

18,208,814 tons 18,697,331 tons 15,154,179 tons

The European beet crop in 1920-21 is likely to be about 1,000,000 tons more
than the present one.
During Pre-War times, the world's consumption of sugar was between
18,000,000 and 19,000,000 tons a year. It was undoubtedly diminished this year
by the high prices prevailing at intervals, but sugar is an article of universal need
and its consumption will greatly increase at the present prices.
Cuba may be obliged to spread the distribution of the remainder of her
present crop through December, January and February, particularly the first
two months during which very few sugars of the new crop are available. As in
the past, Cuba will continue to be the cheapest sugar producing country in the
world, and, as wages seem to be readjusting themselves to meet changing condi-
tions in Cuba and as we are so near the new crop, the probabilities are that the
Island will be able to extricate itself from the present financial situation within the
next few months.


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, they 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
1920 showing the portions of each crop produced in the Western and
Eastern sections of the Island respectively.
18












Exhibit 2.-Statement and chart of the portion of Cuban sugar produc-
tion controlled by American companies, including Cuba Cane Sugar
Corporation, during crop 1919-1920, together with changes effective for
next crop. This shows an increase for next year due to the purchase of
some other plantations by American companies.
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.-Sugar production of the world (cane and beet) by countries,
for the seven crops, 1913-1914 to 1919-1920 inclusive. This Statement
again shows that Cuba is the only country that has materially increased
its production since 1913.
Exhibit 4.-Statemeht and Chart showing a comparison by countries of the
world's Cane and Beet sugar production for the crop of 1913-1914,
immediately prior to the world war, and the last one, 1919-1920.
Exhibit 5.-Statement and Chart showing a comparison of the portion of
the world's cane and beet sugar production contributed by different
countries for the crop of 1919-1920.
Exhibit 6.-Statement of sources of sugar consumed in the United States
during the years 1914 to 1919 inclusive.
Exhibit 7.-Chart of Per Capita Consumption of Sugar in the United States-
Years 1890 to 1919.
Exhibit 8.-Chart showing a comparison of the wholesale prices of refined
sugar in various countries before and after the world war, years 1914,
1919 and 1920.
Exhibit 9.-List of Cuban Centrales Producing over 280,000 bags of Sugar
during the crop of 1919-1920.

The Balance Sheet as at September 30, 1920, together with the Profit and
Loss and Surplus Accounts for the year ended that date, certified by the Corpo-
ration's Auditors, Messrs. Deloitte, Plender, Griffiths & Company, and the
Comparative Financial Statement, will be found appended hereto. Included in
Accounts and Bills Receivable, is $1,000,000 secured by mortgage on the sale of
SAN IGNACIO and $400,000 advanced to the Northern Railways of Cuba against
collateral for the purpose of increasing terminal facilities at the port of Nuevitas.
Acknowledgment is made of the loyal co-operation of all officers and em-
ployees during the year.
Respectfully submitted,
By order of the Board of Directors,
MANUEI RIONDA,
President.


19








CUBA CANE SUGAR

BALANCE SHEET-


ASSETS


PROPERTIES AND PLANTS............. $78,892,258.47
MACHINERY AND CONSTRUCTION
MATERIAL ON HAND............... 695,417.46

INVESTMENT IN SHARES OF SUBSIDIARY COMPANY
AT COST ........................ ............ .


$79,587,675.93


2,738,230.65


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..
Molasses on Hand at Net Contract Prices..
Accounts and Bills Receivable ...........
Cash in Banks and on Hand:
In New York........ $20,078,579.31
In Cuba ............ 250,170.06


$ 2,116,026.73
6,861,153.14

7,397,947.11
121,872.36
105,649.46
2,687,589.08


20,328,749.37


39,618,987.25


CASH AND BONDS DEPOSITED FOR REDEMPTION OF
LIENS AND CENSOS ON PROPERTIES-per Contra..

DEFERRED CHARGES:


Insurance, Rents, Taxes, etc., Paid in ad-
vance .............................
Discount and Expenses in connection with
Issue of Ten Year 7% Convertible
Debenture Bonds Due 1930, less Pro-
portion written off..............


$ 421,225.45


1,148,908.00


$124,081,670.33


We have verified the above Balance Sheet as at September 30th, 1920, and
that date, with the books in New York and Havana and certify that, in our opinion,
September 30th, 1920, and the results of the operations for the year ended that date.
49 Wall Street, New York City,
November 5th, 1920.
20


566,643.05


1,570,133.45








CORPORATION

SEPTEMBER 30th, 1920


LIABILITIES


DECLARED CAPITAL:
As per last Balance Sheet...............
Represented by 500,000 Shares of 7%
Cumulative Convertible Preferred
Stock, par value $100.00 each, and
500,000 Shares Common Stock without
nominal or par value.
Add:
Amount transferred from Surplus in con-
nection with the authorization of
416,667 additional common shares with-
out nominal or par value, such shares
being reserved for the conversion of
$25,000,000.00 of the Corporation's Con-
vertible Debenture Bonds ...........


$52,500,000.00


2,083,335.00


TEN YEAR 7% CONVERTIBLE DEBENTURE BONDS,
DUE 1930:
Convertible into Common Stock at a price not exceeding
$60.00 per share, in accordance with the terms of an in-
denture dated January 1st, 1920....................
SHORT TERM DRAFTS OUTSTANDING. $ 2,457,482.89
ACCOUNTS PAYABLE AND ACCRUED
CHARGES ............................ 3,890,329.00
ACCRUED INTEREST 7% CONVERTIBLE
DEBENTURE BONDS ................ 437,500.00
PREFERRED DIVIDEND NO. 19 (Payable
October 1, 1920)....................... 875,000.00


LIENS ON PROPERTIES-Cash Deposited
per Contra ............................
CENSOS ON PROPERTIES-Cash and
Bonds Deposited per Contra.............

RESERVES:
Taxes and Contingencies................
Depreciation ...........................


$54,583,335.00




25,000,000.00





7,660,311.89


$ 172,736.19

393,906.86 566,643.05


$ 2,022,194.74
10,000000.00


DEFERRED LIABILITIES:
Balances in Respect of Purchases of Lands.............
SURPLUS ACCOUNT:
Balance ............................. ..............


12,022,194.74

776,083.61

23,473,102.04


$124,081,670.33


the accompanying Profit and Loss and Surplus Accounts for the year ended
they correctly set forth respectively, the financial position of the Company as at

DELOITTE, LENDER, GRIFFITHS & COMPANY,
Auditors.


21












CUBA CANE SUGAR CORPORATION




PROFIT AND LOSS ACCOUNT AS OF SEPTEMBER 30TH, 1920.
Operating Profit for Year Ended September 30th, 1920......... $22,249,020.30
Less:


Interest, Discount and Exchange............ $2,156,584.29
Reserve for Taxes, etc., Including Income Tax,
United States and Cuba................. 4,248,301.48
Reserve for Depreciation.................. 3,500,000.00


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


9,904,885.77


$12,344,134.53


SURPLUS ACCOUNT AS OF SEPTEMBER 30TH, 1920.
Balance at October 1st, 1919............................... $16,712,302.51
Deduct:


Amount transferred from Surplus to Declared Capital in
connection with the Authorization of 416,667 additional Com-
mon Shares without nominal or par value, such shares being
reserved for the conversion of $25,000,000.00 of the Corpora-
tion's Convertible Debenture Bonds.....................


Add:


2,083,335.00

$14,628,967.51


Net Profit for year as per Profit and Loss Account....... 12,344,134.53

$26,973,102.04
Deduct:


Dividends on Preferred Stock:
No. 16, January 1, 1920...........
No. 17, April 1, 1920 .............
No. 18, July 1, 1920. ...............
No. 19, October 1, 1920...........


$875,000.00
875,000.00
875,000.00
875,000.00


3,500.000.00


Balance, September 30, 1920 .............................. $23,473,102.04


22












CUBA CANEiSUGAR CORPORATION
Comparative Financial Statement, Years 1916, 1917, 1918, 1919, 1920


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 ......... .............. ........
SMolasses .... ........... .... .........

Total............ $ 89,273.82
Taxes Capital Stock U. S........... $ 10,000.00
(Reserve) Income U. S. and Cuba.......... 280,000.00

Total.............. $ 290,000.00
Reserve for Bad Debts ....................... ........
Amount written off Property Account to cover
dismantling 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
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
Investment in Shares of Subsidiary Company at
cost ................ .. .. ............. .. .. ......
Cultivations-Company Cane................. 1,122,568.90
Materials and Supplies....................... 1,703,706.14


1916-17 1917-18 1918-19 1919-20
3,261,621 3,613,325 4,319,189 3,763,915


$11,246,172.88* $ 8,016,855.97* $ 11,741,618.77* $ 23,237,452.42*


$ 244,042.97

$ 150,641.53


$ 150,641.53

$ 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


$ 679,654.56 $ 555,810.06

$ 136,899.34 $ 260,349.84
421,386.50 335,391.07
67,966.15 75,997.10

$ 626,251.99 $ 671,738.01

$ 34,525.00 $ 54,490.11
800,000.00 925,000.00
$ 834,525.00 $ 979,490.11

......... $ 400,000.00


$ 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


1,200,000.00
265,227.20

1,750,000.00
3,500,000.00
2,419,353.39

$ 11,741,618.77


$ 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


$ 76,756,810.66 $ 78,892,258.47
631,396.21 695,417.46


2,656,023.61
2,634,600.23


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




Advances to Colonos (less Reserve) ...........
Advances to Stores and Sundry Advances......
Sugar on hand.. ...........................
Molasses on hand. ........................
Accounts and Bills Receivable .................
Cash ........... ............................
SECURITY FOR REDEMPTION OF 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
. .. .. . 0


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


LIABILITIES:
Declared Capital ............................
Ten Year 7% Cony. Debenture Bonds..........
W 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................................
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

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, Sugar 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

1,303,698.77
60,000.00

389,326.49

45,075.95


$83,342,421.86


$52,500,000.00
# . o o 0 .0


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


9,052,710.18
214,092.58

261,112.95
1,026,885.76
1,575,712.06

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
a0.......*0. o
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

15000,000 .00
11,000,000.00
1,541,081.86
2,512,438.98

875,000.00
567,911.44
386,629.98
. *. o. .

1,439,089.43
6,500,000.00

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













Exhibit 1


Sugar Crops of Cuba for the Years 1894 to 1920

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

(Willett & Gray)


Western
Portion %o
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
2,040,633 = 54


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
*1,707,544 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
3,971,776
*3,748,177


*"Santa Lucia" production estimated.
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 1907-08, 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











4.000.000
3.800.000

3.600.000

3.400.000

3.200,000

3.000.000

Z 2,800,000
O
S2,600.000

2,400.000
Z
- 2,200.000

Z .oo0000ooo

0 1.800,000
SI8oo.ooo
U 1,600.000

S 1,400.000

0 1,200,000

0. 1.000.000

800,000

600,000

400,000

200,000


Cj


SUGAR CROPS OF CUBA

FROM 1894 TO 1920

CHART SHOWING THE PORTION OF EACH CROP PRODUCED IN THE

WESTERN AND EASTERN SECTIONS OF THE ISLAND

-(V illet &Gray/










/
--..................
,,,, ....



.44 t ,







_ -'ll,

-_~~ I, "" ,, lll .llllllli lllr . . ..


N o o co 0) o o o o o In o0 N Oo (3
S 0) 0 ) 0 0 0 0 0 0 0 0 0 0 0
to t o 00 (7) 0
.. so a a a a a am a oa

CROP YEARS


0 Cj (0

g 0 = CV
2


1
CO
0
o3
L


i)

a;


tO r' 0a 0,

U) (O t o 0 0
a; 0









Exhibit 2

Comparison of the Portion of the Cuban Sugar Production Con-
trolled by American Companies for the Crop of 1919-20
(Guma-Mejer)
Mills Bags Bags %
CUBA CANE SUGAR CORPORATION............ (16).................. 3,763,915 14.35
RIONDA MANAGEMENT ......... ..........(7) .................. 1,498,940 5.71
Rionda Estates (5) ........................ 980,269
Tacajo .... .......... !............ 143,971
Manati ............. .......... .. 374,700
CUBAN-AMERICAN SUGAR CO.................(6) .................. 1,574,009 6.00
Delicias ....................... ...... 578,738
Chaparra .............. ................. 420,400
Tinguaro ................................ 250,000
Constancia ..................... .. ..... 126,171
Mercedita ............................... 115,000
Unidad .................. ............. 83,700
WEST INDIES SUGAR FINANCE CORP............(3) ................. 575,875 2.19
Palma Sugar Co......................... 248,500
Alto Cedro S. C............................ 214,767
Cupey Sugar Co ..... ................. 112,608
GUANTANAMO SUGAR COMPANY.............. ( 3) ................. 241,066 .92
Soledad ................................. 111,645
Los Cafios .............. .......... ....... 69,513
Isabel ...... ............................. 59,908
UNITED FRUIT COMPANY.................... (2) .................. 833,654 3.18
Boston .................................. 479,671
Preston ... ............... ............. 353,983
PUNTA ALEGRE SUGAR COMPANY. .............( 3) .................. 631,000 2.40
Punta Alegre................................ 285,000
Florida ............................... . 265,000
Trinidad ................................. 81,000
E. ATKINS & Co. (Soledad)................(1).................. 106,693 .41
AMERICAN SUGAR REFINING Co. (Cunagua)...(1).................. 553,121 2.11
CUBA COMPANY ............................. (2) .......... ....... 460,178 1.75
Jobabo ..................................... 323,947
Jatibonico .................................. 136,231
BARAGUA SUGAR COMPANY .................(1).................. 412,063 1.57
J. G. WHITE MANAGEMENT. ................(3) ................ 343,005 1.31
Central S. Corp............................ .. .190,000
Matanzas-Amer. S. C........................ 100,005
Cardenas-Amer. S. C....................... 53,000
OTHERS (Below 1%) .......................(18).................. 1,696,297 6.47
North Amer. S. C........................... 242,000
Central Hormiguero......................... 216,500
Miranda Sugar Co. (2) ..................... 163,041
Rio Cauto S. C .................... ..... 141,536
F. J. Peterson (2) ........................ 134,325
Ermita Sugar Co..................... ...... 122,997
Hershey Corp.............................104,355
Cape Cruz Co.............................. 101,748
Havana S. Co............................... 90,000
Cuba S. Mills.............................. 75,000
La Paz S. Co................................ 71,000
Cent. Teresa S. C.......................... 70,000
Sta. Cecilia, S. C......... .............. 56,905
Sta. Maria S. C....... .............................. 44,048
Sta. Clara S. C............................. 36,542
Centr. Natividad........................... 26,300
TOTAL AMERICAN .................. (66 ).................. 12,689,816 48.37
NON-AMERICAN INTERESTS..........(126).................. 13,547,426 51.63
TOTAL .........................(.(192).................. 26,237,242 100.00
28









Exhibit 2

Comparison of the Portion of the Cuban Sugar Production Con-
trolled by American Companies for the Crop of 1919-20

(Guma-Mejer)


2.81% Atkin's
Management (4)


Total production
Cuba-26,237,242 bags a
Total number of
Centrales-192
The number of mills con-
trolled in each case is
indicated by the figure
in parenthesis.

CHANGES IN OWNERSHIP EFFECTIVE CROP 1920-21
(SHOWN BY CROSSHATCHED AREAS IN CHART)
Bags
No. Mills 1919-20
Total American 1919-20.............. (66)..................... 12,689,816
Changed from American Ownership... (4).............. ........ 356,282
S Cuba Cane Sugar Corporation............... 79,278 0.30%
San Ignacio................... 79.278
Rionda Estates ............................ 240,462 0.91
Washington .................. 160,691
San Vicente.................... 79,771
Sta. Clara Sugar Co......................... 36,542 0.14
Juragua ...................... 36,542
(62) 12,333,534


% of Total
1919-20
Production
48.37%o
1.35


47.02


_ Changed to American ownership..... (10)........................ 1,639,043 6.25
Cuba Cane Sugar Corporation............... 184,280 0.70%
Violet Sugar Co................ 184,280
Warner Sugar Refining Co................... 551,000 2.10
Gomez Mena .................. 331,000
Amistad ..................... 220,000
E. Atkins & Co............................ 333,574 1.28
Caracas ...................... 179,500
San Agustin .................. 154,074
Royal Securities Corp....................... 307,889 1.17
Palma ....................... 248,500
Santa Ana .................... 59,389
H atillo ....................... ..... .
Hershey Sugar Corp........................ 213,000 0.81
Rosario ...................... 213,000
G. W Loftt................................ 49,300 0.19
Dulce Nombra ................. 49,300
Total American 1920-21..............(72)..................... -13,972,577 53.27%
29










Exhibit 3


Sugar Production of the World
for the Seven Crops
(WILLETT


COUNTRIES
Cuba .................................

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

U. S. Cane, Total.................. . ..
U. S. Beet .......................... ..

U. S. Cane and Beet, Total..........

Canada- Beet .....................
British W est Indies .................. . .
French W est Indies.....................
San Domingo and Hayti.................
Mexico and Central America.............
South America ........ .................
Java ................................
Formosa and Japan....................
Australia and Fiji ........ ........ . . . .
Africa (Mauritius, Egypt, etc.) ...........
Europe (Spain).......................

Various- Total .......... ...........

European Beet:
Germany ...... . . . .. . ...... . .
Czecho-Slovakia ...}
Austria ......... .
France ..........................
Belgium .. . . . . . . . . . . .
H olland ...........................
Russia . . . . . . . . . . . . . .
Other European Countries............

Europe, Total ..................

Total Cuba, U. S., Various, Europe........
British India (All consumed locally) .......

Grand Total....................

Decrease from preceding crop............
Increase over ............


1913-14
Tons
2,597,732

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

1,375,062
655,298


1914-15
Tons
2,592,667

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

1,353,060
646,257


1915-16
Tons
3,007,915

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

1,431,906
779,756


1916-17
Tons
3,023,720

575,510
448,567
271,339
6,250
7,787
202,655

1,512,108
734,577


2,030,360 1,999,317 2,211,662 2,246,685


11,675
120,221
78,650
105,778
152,000
781,158
1,272,417
204,000
355,000
474,664
13,231


13,979
120,748
80,000
108,267
132,000
879,465
1,303,045
262,000
348,408
523,788
7,376


17,641
179,745
74,036
126,058
100,000
749,930
1,198,567
405,227
249,681
521,573
6,359'


12,500
194,678
70,603
130,171
75,000
652,828
1,596.174
436,026
288,731
522,513
4,584


3,568,794 3,779,076 3,628,817 3,983,808


2,717,940
1,685,443
781,020
226,200
229,257
1,740,000
829,085

8,208,945

16,405,831
2,291,500

18,697,331
eo. ... ,
.. ..


2,500,000
1,602,315
302,961
203,608
302,458
1,967,336
704,537

7,583,215

15,954,275
2,460,573

18,414,848

282,483
a .... o0*


1,400,000
1,011,400
135,899
113,097
242,753
1,467,096
707,515

5,077,760

13,926,154
2,634,000

16,560,154

1,854,694
a 0 0o


1,603,920
944,500
184,191
135,031
269,180
1,321,600
547,340

5,005,762

14,259,975
2,728,000

16,987,975


427,821


30










Exhibit 3


Changes between
1913-14 and 1919-20
Increase Decrease
Tons Tons
1,152,268 ......

..0.... 45,425
108,825 ....
...... 153,302
..... 7,000
6,200 . .
.....a 22,000

...... Net 112,702
.....e 2,341

...... Net 115,043

4,825 ......
68,357 ......
.."... 25,650
49,222 ..
.0..... 32,000
88,842 ......
63,346 ..... .
79,482 ......
...... 120,000
76,826 ......
... ... 10,231

243,019 Net ......


1917-18
Tons
3,446,083

515,035
413,958
217,499

5',400
216,260

1,368,152
682,867

2,051,019

11,250
179,786
51,263
127,322
72,809
626,504
1,778,345
397,618
395,060
505,216
7,039

4,152,212


1,541,061
668,250
200,265
129,000
199,295
1,028,580
527,505

4,293,956

13,943,270
3,311,000

17,254,270


266,295


1918-19
Tons
3,971,776

538,913
362,618
250,802

9,000
195,289

1,356,622
674,892

2,031,514

22,300
204,592
36,631
161,609
88,441
750,905
1,749,408
415,678
289,853
584,289
6,618

4,310,324


1,411,900
700,000
110,096
72,000
173,436
700,000
538,276

3,705,708

14,019,322
2,370,000

16,389,322

864,948
. . .


1919-20
Tons
3,750,000

505,500
433,825
108,035

12,000
203,000

1,262,360
652,957

1,915,317

16,500
188,578
53,000
155,000
120,000
870,000
1,335,763
283,482
235,000
551,490
3,000

3,811,813


750,000
535,000o
50,000
154,444
144,662
236,277
225,000
580,666

2,676,049

12,153,179
3,001,000

15,154,179

1,235,143
a . .


Cuba


COUNTRIES


Hawaii
Porto Rico
Louisiana
Texas
St. C'roix
Philippines

U. S. Cane, Total
U. S. Beet

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.)
Europe (Spain)

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 consumed locally)

Grand Total

Decrease from preceding crop
Increase over "


31


(Cane and Beet) by Countries
-1913-14 to 1919-20
& GRAY)


..... 1,967,940
..... 1,100,443
. ..... 626,576
. .... 81,538
7,020 .. .
..... 1,515,000
..... 248,419

...... Net 5,532,896

...... Net 4,252,652


709,500

. . *..0*


Net 3,543,152












Exhibit 4

Comparison, by Countries, of the World's Cane and Beet Sugar
Production, the Year before the War and at the Present Time.


(Willett & Gray)
1913-14
Tons. %


CANE-U. S., Porto Rico and St. Croix
Hawaii... . . . . . . .
Cuba .................. . .
Other West Indies..........
Central America and Mexico.
South America.............

AMERICA ............

British India. .. .........
Java .................... .
Formosa ... . . ........
Philippines ................

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

Australia and Fiji..........
A frica ...................
Spain .....................

TOTAL CANE,


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

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

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

AMERICA ..........

TOTAL BEET,

GRAND TOTAL,


599,137
550,925
2,597,732
304,649
152,000
781,158

4,985.601

2,291,500
1,272,417
204,000
225,000

3,992,917

355,000
474,664
13,231
9,821.413

2,717,940
1,685,443
229,257
1,740,000
1,836,305

8,208,945

655,298
11,675

666,973

8,875,918


3.20
2.95
13.89
1.63
.81
4.18

26.66

12.26
6.81
1.09
1.20

21.36

1.90
2.54
.07

52.53

14.54
9.01
1.22
9.31
9.82

43.90

3.50
.07

3.57

47.47


18,697,331 100.00


1919-20
Tons.
553,860
505,500
3,750,000 2,
396,578 l
120,000
870,000

6,195,938 4(

3,001,000 1.
1,335,763
283,482
203,000

4,823,245 3

235,000
551,490
3,000

11,808,673 7

750,000
585,000
236,277
225,000
879,772

2,676,049 1

652,957
16,500

669,457

3,345,506 2


%
3.65
3.33
4.75
2.62
.79
5.74

0.88

9.80
8.82
1.87
1.34

1.83

1.55
3.64
.02

7.92

4.95
3.86
1.56
1.48
5.81

7.66

4.31
.11

4.42

2.08


32


15,154,179 100.00


___~


I-








Comparison, by Countries, of the World's Cane and Beet Sugar Production, the Year Before the War and
at the Present Time


Crop 19138-1914
Cane- 9,821,413 tons-52.53%
Beet 8,875,918 -47.47%
18,697,331 tons


(Willett & Gray)


Crop 1919-1920
Cane-11,808,673 tons-77.92%
Beet 3,345,506 -22.08%
15,154,179 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.
Diagonal AFRICA and FAR EAST.










Comparison of the Portion of the World's Sugar Production Contributed by Different Countries
for the Crop of 1919-20
(Willett & Gray)


CANE
U. S. & St. Croix.................
Porto Rico......................
Hawaii ........................
Cuba ......................
South America....................
Central America & Mexico.........
French 53,000
West Indies British 188,578
San Domingo & Hayti............
AMERICA ..................
SAustralia .................... .
F iji .............
AUSTRALIA & FIJI.........
Mauritius ....................
N atal .................. .........
Other African Countries............
AFRICA .................. .
British India................... ..
Java ......................... .
Formosa ........... ..............
Philippines .............. .... ...
A SIA ......................
EUROPE (Spain)............


Tons
120,035
433,825
505,500
3,750,000
870,000
120,000
241,578
155,000
6,195,938
175,000
60,000
235,000


1.02
3.67
4.28
31.76
7.37
1.01
2.05
1.31
52.47
1.48
.51
1.99


235,490 1.99
150,000 1.27
166,000 1.41
551,490 4.67
3,001,000 25.41
1,335,763 11.31
283,482 2.40
203,000 1.72
4,823,245 40.84
3,000 .03


GRAND TOTAL CANE.. 11,808,673 100.00


BEET
Germ any ...................... ..
Czecho-Slovakia ..............
Austria-Hungary .................
H olland .........................
Russia ..........................
Italy ..........................
Denmark .....................
France ......................
Sweden .........................
Belgium .........................
Spain ......................
Other European Countries..........
EUROPE ...................
United States............ ........
Canada ....................... ..
AMERICA .................


GRAND TOTAL BEET..


Tons
750,000
535,000
50,000
236,277
225,000
170,466
160,000
154,444
145,000
144,662
81,650
23,550
2,676,049
.- 652,957
16,500
669,457


%
22.42
15.99
1.49
7.06
6.73
5.10
4.78
4.62
4.33
4.32
2.44
.71
79.99
19.52
.49
20.01


3,345,506 100.00


SUMMARY
Total Cane....... 11,808,673 Tons (77.92%)
Beet....... 3,345,506 (22.08%)
15,154,179 "


i










Comparison of the Portion of. the World's Sugar Production Contributed
for the Crop of 1919-20
C A N E (Willett & Gray)


by Different Countries


BEET


m



CA


World's Production of-
Cane Sugar 11,808,673 Tons 77.92%
Beet 3,345,506 22.08
15,154,179 Tons


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











Sources of the Sugar Consumed in the United States


YEARS 1914 TO 1919 INCLUSIVE

(Willett & Gray)


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


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

Total Domestic.............
Cuba .... .... ......... (Cane)


Foreign ................


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

Total Consumption.........


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


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


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


Per Capita (lbs.)...... 84.29


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


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


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


c(


83.8379.34


78.5873.3685.43









PER CAPITAL CONSUMPTION_
s85 .....OF SUGAR___
IN THE UNITED STATES__
FROM 1890 TO 19 19--\
8 0 -- -- --N...oe-i...i-...........--.- -..- - -
....... ( Willetft Gray) ...... = "" 1 __^ 0


70
oo / --. ....... .... ....-.





55 t



YEA RS


0.










Exhibit 8

WHOLESALE PRICES OF GRANULATED SUGAR

In Various Countries
Before and After the World War
During July of the Years 1914, 1919 and 1920

C EnglandCanada UnitedFrance ItalyGerazec Japan
per fb. -States.|-- .Sl.vaho aper'b,1


75


70

65

60

55

50

45

40

35

30

25

20

15



5


.
I














-L +: 53 ...3_ .. ......... -


I;I
i.


I


iI
ii.


ii


H I


iI


75

70



60

55

50*

45

40

35

30

25

20

15

10

5


England Canada United France Italy Germany Ceh Japan

Julyl914 3.444 4.304 4.214 5.824 12.434 4.184 6.884 7.954 Ju l914
1919 12.554 9.50o 9.004 16.634 19.704 11.734 12. 84 10. 834 1919
1920 24.774 22.804 22.00 4 27.58.4 74.414 49.984 29.32.4 19.25$ 1920


NOTE. -...- Pre-war prices.
Post-war prices.
-- Prices this year.
All prices figured at normal exchange.
Austria not shown, but quotation in July, 1920,
normal exchange.
38


was the equivalent of $3.22 per lb. at











Exhibit 9

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

Order of Production

(As REPORTED BY MESSRS. GUMA-MEJER FOR 1919-20)


TOTAL START FINISH
CUBA CENTRAL Production ..... .
Total CANE IN BAOS Nov Dec Jan Feb Mar Apr Feb Mar "Apr May Jun Jul Aug Sep Oct


1 1 Moron, 611,031 .. 14 .. .. .. .. .. .. .. .. 8 .
2 Delicias, 578,738 .. .. 9 .. .. .. .. .. 27

3 Cunagua, 553,121 26 .. . .. .. .. 11
4 Boston, 479,671 .. .. 9 .. .. .. .. .. .. .. 15
5 Espana, 463,569 .. 12 .. .. .. .. .. .. .. 18
6 2 Stewart, 445,784 .. 7 .. .. .. .. .. .. 15
7 Chaparra, 420,400 .. 23 .. .. .. . . .. .. 18
8 Baragua, 412,063 12 .. .. .. .. .. .. .. 25
9 Manati, 374,700 .. 15 .. .. .. .. .. .. 9 .. .. .. ..
10 3 Jagueyal, 371,609 30 .. .. .. .. .. .. .. 6
11 Preston, 353,983 .. 13 5.. .. .. .. .. .. .. .. .. .. .. 5
12 Toledo, 353,600 .. 12 .. ... .2. .. 2
13 Francisco, 345,667 20 .. .. .. .. .. .. 19
14 4 Mercedes, 336,581 .. 7 .. .. 17
15 Gomez-Mena, 331,000 .. 19 .. .. .. ... 18
16 Jobabo, 323,947 .. 5 .. .. .. ... 23
17 Agramonte, 320,000 .. 5 .. .. .. . .. .. . 18
18 Adelaida, 295,000 .. 12 .. .. .. .. .. .. 8 .. ..
19 5 Alava, 289,654 ..11 .. .. .. .. .. .. 10
20 PuntaAlegre, 285,000 29 .. .. .. .. .. .. . .. 25

-NUMBER OF CENTRALES IN EACH MONTH-

20 Centrales, Total, 7,945,118 4 13 3 .. .. 1 11 4 1 1 1 1
172 Other Centrales, 18,292,124t 3 90 67 7 4 1 1* 2 24 82 49 12 .. 1 1

192 GRAND TOTAL, 26,237,242t 7 103 70 7 4 1 1* 2 25 93 53 13 1 2 2

Central "Elena" burned down February 10th.
+ "Santa LIucia production estimated.
39



















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~1~ 1_1_1


__


Exhibit 1


Sugar Crops of Cuba for the Years 18941 to 1920
SHOWING THE PonTroN oF EACH CRor PRODUCED BY THE 1VESTERN AND EASTERN
SECTIONS OF THE ISLAND.

(Willett & Gray)


Western
Portion S
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
2,040,633 = 54


Eastern
Portion $ '
113,119 = 10
I 14,919 = 11
56,517 = 24
29 = 0
3, l17 = 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
307,26,5 = 22
274,160 = 29
430,786 = 28
526,325 = 29
463,013 = 31
565,339 = 30
743,241= 31
991,331t = 38
880,882 = 34
1,068,757 = 36
1,017,471 = 34
1,452,493 = 42
1,823,460 = 46
*1,707,544 1= 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
1,04F0,228
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
31007,915
3,023,720
3,446,083
3,971,776
*3,748,177


1893-94
1894-95
1895-96
1896-97
1897-98
1898-99
1899-1900
1900-01
1901-02
1902--03
1903-04
1901)5
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


*"Santa Lucia" production estimated.
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 intere~sting to nore the continuous
growrbh from the time peace was restored mn 1899 until last year, with the three exceptions
of 1907-08, 1910-11 and 1919-20, when production was curtailed by drought.





__ ___ C


Exhibit 3

Sugar Production of the World
for the Seven Crops
(WILLETT


1913-14 1914-15 1915-16 1916-17
CouNrRIES Tons TOns Tons Tons
Cuba ................... ............... 2,597,732 2,592,667 3,007,915 3,023,720

Hawlaii................ 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 .. ... .... .. ... .. .. . ... .. 225,000 243,000 332,158 202,655

Ur. S. Cane, Total. .. ... .. .. ... .. .. . 1,375,0627 1,353,060 1,431,906 1,512.108
U. S. Beet ................... .......... 655,298 6416,257 779,7.56 734,577

U. S. Cane and Beet, Total. .. .. .. .. 2,030,360 1,999,317 2,211,662 2,246,685

Canada--Beet ................... ....... 11,675 13,97'9 17,641 12,500
British WVest Indies..................... 120,221 120,7418 179,745 1941,678
Frenc~h Wiest Ind ies. .. .. .. .. .. .. ... . 78,650 80,000 74,036 70.603
San Domingo and Hayti................. 105,778 108,267 126,058 10171
Mlexico and Central America...........,.. 152,000 132,000 100,000 75000
South A4merica ................... ...... 781,158 879,465 749,930 652,828
Java .................. 1,272,417 1,303,045 1,198.567 1,596.1741
Formosa and Japan .. .. .. .. .. .. .. .. .. . 204,000 262.000 40O5.227 436,026
Australia and Fiji... .. .. ... .. .. .. . ... 355,000 348,408 2419,681 288,731
Aifrica (lklauritius, Egypt, etc.) ... .. .. .. 474,664 523,788 521,57"3 522,513
Europe (Spain). .. ... .. .. ..... .. .. .. 13,231 7,376 6,359 4,584

Various--Total .. .. .. ...... .. .. 3,568,794 3,779,076 3,628,817 3,983,808

European Beet:
Cermany .. .. .... .. .. .... .. . .. 2,717,940 2,500,000 1,400,000 1,603,920
Czecho-Slovakia ...) ....... 1,685,443 1,602,315 1,011,400) 9443,500
AJustria ...........j "" "
France .......... .................. 781,020 302,961 135,899 184,191
Belgium ........................... 226,200 203,608 113,097 135,031
Holland ........................... 229,257 302,458 242.753 269,180
Russia ............................ 1,740,000 1,967,336 1,467,006 1,321,600
Other European Countries ........... 829,085 704,537 707,515 547,340

Europe, Total. .. .. .. .... .. .. 8 ,208,945 7,583,215 5,077,760 5,005,762

Total Cuba, U. S., Y'arious, Europe........ 16,405 ,831 15,954.275 13,926,1541 14,259,975
British India ( All consumed locally) .. .. .. 2 ,291,500 2,460,573 2,634,000 2,728,000

Grand Total ................... 18,697,331 18,4114,848 16,560, 154 16,987,975

Decrease from preceding crop. .. .. . . .. .... 282,483 1,8541,694
Increase over .. .. .. .. .. .. .. 27, 21





_ _r __ __




Fifth Annual Report
ALL VOLUMES CITATION SEARCH THUMBNAILS PAGE IMAGE ZOOMABLE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00091489/00003
 Material Information
Title: Fifth Annual Report
Series Title: Fifth Annual Report
Physical Description: Book
Creator: Cuba Cane Sugar Corporation
Creation Date: 1920
 Subjects
Subjects / Keywords: Braga Brothers
 Record Information
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: ltqf - AAA4990
System ID: UF00091489:00003

Table of Contents
    Front Cover
        Front Cover 1
        Front Cover 2
    Title Page
        Page 1
        Page 2
    Cuba Cane Sugar Corporation
        Page 3
        Page 4
        Page 5
        Page 6
    Annual Report for the Fiscal Year Ended September 30, 1920
        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 20-21
        Page 22
        Page 23
        Page 24-25
        Page 26
        Page 27
        Page 28
        Page 29
        Page 30
        Page 31
        Page 32
        Page 33
        Page 34
        Page 35
        Page 36
        Page 37
        Page 38
        Page 39
        Page 40
    Back Cover
        Back Cover 1
        Back Cover 2
Full Text



















CUBA CANE SUGAR CORPORATION


FIFTH ANNUAL REPORT


FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1920





CUBA CANE SUGAR CORPORATION~




OFFICES :

No. 123 ERNou STREET, NEW. YORK, N. Y.
EDIFIcIO DE BARRAQUB, AMARGURA 32, HAVANA, CUTBA,




TRANSFER. AGENTS:

GUARANTY TRUST COMPANY OF NEW~ YORK,
No. 140 BROA\DWAY, NEW YORK, N. Y.
THIE TRUST COMPANY OF CUBA, I-AVAiNA, CUBA.



REGISTRARIS OF TRANSFERS:

COLUMBIA TRUST COMPANY,
No. 60 BROADWAY, NEW YORKC, N. U.
BANco NATIONAL DE CUBA, HAVANA, CUBA.




TRUSTEE
10 YEAR 5o/o CONVERTIBLE DEBENTURE BONDS:
GUARANTY TRUST COMPANY
No. 140 BRCoADWYAY. NEW \IORK. N. Y.















CUBA CANE~ SUGAR CORPORATION



EXECUTIVE OFFICERS:

September 30, 1920.

PRESIDENT:
MANUEL RIONDA.

VICE-PR(ESIDENTS:
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 TREASURER:
MANUEL E. RIONDA, NEW YORK; VICTOR ZEVALLOS, HAVANA;
EDWARD H. GREEN, NEW YORK; HIGINIO FANJUL, HAVANA.
G. A. KNAPP, NEW YORK, ASS't. TreaS.

RESIDENT AUDITOR:
G. P. BLYTHE, C. A., HAVANA.

GENERAL 'MANAGERS:
MIGUE~L ARANGO. LEANDRO J. RIONDA.

AssIsTANT GENERAL MANAGER:
JOSB B. RIONDA.

GENERAL COUNSEL:
SULLIVAN & CROMWELL, NEW YORK.

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

AUDITORS :
DELOITTE, PLENDER, GRIFFITHS & CO., NEW YORK AND HAVA\NA

























DIRECTORS :


MIGUEL ARANGO .
A. S. DE BUSTAMANTE .
W. H. Cazz~os .
W1 E: COREY *
S. B. FLEMrING -.
HORACE HAVEMLEYER .
CHARLES HAYDEN .
ALFRED JARETZKI .
JAMdES N. JAaRVE **
HENRY F. KROYER .

W. J. MATHESON .
G. M-P. MUnRav .
W. E. OGILVIE .
W. P. Pazzar .
B. BRAGA RIONDA .
LEANDRO J. RIONDA -
*MANUEL RIONDA .
MANUEL E. RIONDA .
CRARLES H. SABIN -
EUIGENE W. STETSON .
FREDERICK STRAUSs, Chairman
REGING TRUFFIN .


. Havana -
. Hayana
. . . New York
* .NeW YOrk
. New York
. New York
. .New York
. .NeW York
. * New York
. .New York
. .New York
. .New York
. . New York
. .New York
. .NCW York
- .New York
. . New YOrk
. .NOW York
* .NeW YOrk
. . New York
. .New York
. . . HRallan


EXECUTIVE COMMITTEE:


W. E. COREY
HORACE HAVEMEYER

4lrFRED JARETZKI -
JAMES N. JARVIE
G. IM-P. MURPHY


MANUEL RIONDA
B. BR1AGA RIONDA
C~HARLES H. SABIN
EUGENE W. STETSON
FR~EDErcx STRAUSS


CUBA CANE SUGAR CORPORATION





: ___ __





CUBA CANE SUGAR CORPORATIONN

123 FRONT STREET
NEW YORK:




NOVEMBER 5, 1920.

TO THE STOCKHOLDERS:
Your Board of D~irectors is gratified to be able to submit its Fifth Annual
Report within six weeks following the: termination of the fiscal year ending
September 30, 1920, which is a testimonial to. the efficiency of the Accounting
Department.-
Owing to the general drought throughout the Island of Cuba, the early cane
estimates of the 1919-1920 crop were not realized and, consequently, the total
Cuban sugar crop aggregated only 26,237,242 bags (3,748,177 tons) against
31,050,000 bags (4,435,714 tons) as estimated on December 24, 1919, by M~essrs.
Guma-Mejer, and against 27,802,435 bags (3,971,776 tons) made the year before.
As is well known, labour unrest has been universal. Cuban plantations and
railroads have not been free from labour troubles and attendant strikes, although
perhaps affected in a lesser degree than industries in other countries.
In view of the general labour situation it is a great achievemnent on the part
of Cuba to have harvested her crop, transported it over her railroads to the ship-
ping ports and placed it at the disposal of consumers, within a shorter period than
in previous years, even making allowance for the smaller crop.
All your Corporation's plantations finished grinding be fore M~ay 30--
with the exception of MOono which completed its crop of 611,031 bags (88,654
tons) on June 8. The output at MonowN is the largest production of any single
estate made in Cuba this crop. The increase in production, at this estate
from the 170,263 bags (24,323 tons) made during the first crop after its purchse
by your Corporation to the 611,031 bags (88,654 tons) produced this year, is very
gratifying and justifies the! action of your maagment in incresing tha planta-
tion's machinery and cane fields.
The sucrose content of the cane throughout the Island wa again unsatis-
factory probably due to the irregularity and scarcity of the rain, precipitations,
for, as stated in the previous report, the sucrose content in the cane is dependent
upon weather conditions.
As was anticipated, sugar prices once "de-controlled" after two years of
Governmental regulation, began to show wide variations; in fact th~e range





increased far more than could have been foreseen, running from 6y4-st which
some new crop sugars were sold in the fall of 1919, when it was realized
that the United States Government would no longer control sugar,-to 23yd in
May, the highest price reached, soon to be followed by a precipitous decline
to 6p'4t, the price ruling at present.
The proportion of the Cuban crop sold at the highest prices was relatively
small. The peak having been reached during the months of May and June when
there was very little cane being ground, neither the colons nor the plantation
owners participated to any great extent in the high prices.
There still remains in the Island, unsold, about one-tenth of the crop. The
probabilities are that the average price obtained for the entire crop, when the
remnant is finally sold, will be between 10 and 11# per pound.
The great variation in prices experienced during this first year of "de-con-
trolled" sugar proves the wisd policy of having had sugar under Governmental
regulation and control during the last two years of the World War. The chief
cause for the variation in prices was the uncertainty resulting from the "de-con-
trol" of sugar by the United States Government last fall. Under such extreme
variations it is readily seen what difficulties have attended the selling of sugars.
Your Corporation followed a conservative policy in the selling of its own
sugars. That portion of the crop belonging to the colonos (tenant farmers)
was treated as entirely apart, your Corporation selling it as fast as acquired under
its colono contracts, seeking to avoid either loss or gain therefrom.
The Corporation's own sugars, as well as those acquired from the colons,
were sold prior to the recent rapid market decline and have been delivered and
paid for. It follows, therefore, that this Corporation was not adversely affected
by the decline nor is it adversely affected by the generally unsatisfactory financial
situation arising therefrom which prevails at present in the Island of Cuba.

CANE GROUND

As already stated above, cane estimates for the 1919-1920 crop were not
realized, because of the drought.
The following table gives comparison of cane ground at your mills during
the last crop:
Western estates ........... 256,341,250 arrobas (2,860,951 tons)
Eastern ........... 186,678,568 (2,083,466 ")
Total ............... .443,019,818 arrobas (4,944,417 tons)
The above figures are about 2070 under the early estimate.

The cane sold to outsiders this year was 2,590,357 arrobas (28,910 tons) in
the Western Estates and 8,818,853 arrobas (98,425 tons) in the Eastern Estates,
both much smaller quantities than during the 1918-1919 crop.








RATES PAID TO COLONOS FOR THEIR CANE
The following table shows the average percentage of sugar per 100 of cane
paid to the colons during the past five years:
1915-16 1916-17 1917-18 1918-19 1919-20
Western Estates. 6.713fo 6.849470 6.89170 6.9010/0 6.902qr0
Eastern 5.079 5.029 5.115 5.130 5.153

Average .. .. 6.3830/0 6.33770 6.254qlo 6.16870 6.124fo

The average percentage paid to the colons will diminish still more from now
on as your Corporation has acquired one additional plantation in the East and has
increased the capacity of its other Eastern mills.


SUCROSE IN THE CANE

The following table shows the average percentage of sucrose at the plantations
of your Corporation during the five crops:
1915-16 1916-17 1917-18 1918-19 1919-20
13.8770 13.00~70 13.3170 13.020Jo 12.957.

By the above table it is seen that the sucrose content has not been high for the
last four years; such a continuously low percentage of sucrose in the cane is most
unusual.

LOSSES IN MANUFACTURING
The losses in manufacturing at your plantations during the last five years
have been as follows:
1915-16 1916-17 1917-18 1918-19 1919-20
3.077'0 2.677o0 2.360jo 2.3247"0 2.3770
Under present labour conditions it is difficult to maintain the highest ef~iciency
methods at sugar plantations, where such efficiency depends greatly upon the
regularity with which the cane is delivered to the mill, for such regularity requires
uniformity of railroad operations, and this, of course, has not been possible under
present labour conditions.


YIELD OF 96* CENTRIFUGALS

The yield of the five crops in 96" centrifugals has been as follows:
1915-16 1916-17 1917-18 1918-19 1919-20
11.257o 10.764o 1.47 11.150 11.02oz




I _


L


COMPARATIVE RECEIPTS PER POUND OF SUGAR


For the purpose of comparing the f. o. b. price, per pound of sugar mann-
factured, obtained during the last five crops, the proceeds from "Molasses" and
"Other Earnings" are included in the following:
1915-16 1916-17 1917-18 1918-19 1919-20
4.1124 41.4794 4.6306 5.3989 10.3459

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

In order to show the cost of production on an f. o. b. basis, per pound of
sugar manufactured at your factories, including the cost of colons' can~e, as we
have done in the past five years, we give the following figures:
1915-16 1916-17 19)17-18 1918-19 1919-20
2.7484 3.431d 3.9984 4.606$ 8.523e

From the above it is seen that there has been an increase of 3.917# over last ygear,
but this increase is mainly due to the higher price paid for the colons' sugars.
The cost of production depending so much upon the price at which we liquidate the
colonos' sugars, it is preferable to follow the same method indicated in the previous
Annual Report, showing the cost of production, excluding cane, this giving a
comprehensive idea of the increases in other items, cane excluded. On this basis,
the cost of manufacturing and delivering the sugars on board steamers, compared
with previous years, is as follows:
1915-16 1916-17 1917-18 1918-19 1919-20
0.7154 1.072C 1.456# 1.5554 1.9400

The increases were, consequently,
0.3574 per pound increase 1916-17 over 1915-16
0.3844 "' " 1917-18 "' 1916-17
0.0994 " 1918-19 1917-18
0.385t 1919-20 1918-19

The above increase of 0.3856 per pound in 1919-20 over the previous year is chiefly
due to a shorter crop being made and to the fact that there was a decrease in sugar
content of the cane. These figures are of great value when we come to consider
the cost of production for the future, when prices are likely to be lower. It must
be borne in mind that the cheaper the labour, the lower the cost, and labour will
certainly not be higher next year.























Operating Profit . ... 1.3644 1.048C 0.6324 0.792) 1.822C
As explained in the previous Annual Report, the colono while sharing in the
benefit of high prices, which was the case this year, will also share the burden
of low prices, when they come.
*Tfhe increase in cost of producing sugar this year, was divided as follows:
3.532# per lb. Cane (This higher cost in cane, however, is re-
.covered by the higher price obtained for the
colons' sugars, as already explained).
0.385/ per lb. Wages and other Expenses.

COMPARISON OF CROPS MADE BY YOUR COMPANY
The production has been divided between the Western and Eastern Estates
as follows: WesTaNx EASTErN~ TOTAL
Bags Tons Bags Tons Bags Tons
1915-16 . .. .. 2,616,301or 372,589 557,867.or 79,446 3,174,168or 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

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 191819 1919-20
Moron .. .. 170,263 181,045 315,439 524,940 611,031
Stewart ... ...... 378,097 416,560 506,494 445,784
agueyal...:233,545 251,013 326,200 353,168 371,609
re o..154,059 67,600 117,200 280,967 204,972

557,867 877,755 1,175,399 1,665,569 1,633,396
LUCARENO suffered greatly from the effects of the severe drought, which
caused a decrease in production of nearly 76,000 bags of sugar under last year.
Its plantings have been increased so that, with propitious weather, it should be
able to work to its full capacity in 1922-23.












PROPERTIES ACQUIRED
During this year your Corporition purchased, at the price of $3,500,000, the
entire stock, free of all encumbrances, of the Violet Sugar Company, a Cuban
Corporation owning the sugar estate VIozarA of 494 caballerias (46,467 acres)
in the Eastern section of the Island adjacent to Monow, located on the line of
the Cuban Northern Railroad, with a capacity of 200,000 bags (last year's produc-
tion being 180,000 bags). Your management has made plans to increase the
capacity of VzonarA to 500,000 bags for the crop of 1921-22. When this has
been done, the mill capacity of the Eastern plantations will have reached about
2,500,000 bags.
In addition to VIolarA, your Corporation has exercised, in the interest of the
Eastern Cuba Sugar Corporation--a Cuban corporation, all the stock of which is
owned by your Corporation--options to acquire the properties known as REDEN-
crox and RIo MAxxxo, consisting of 1,436 caballerias (47,867 acres), and also a
lease of the lands of the Alegrias. Land Conipatty, comprising 864 caballerias
(28,800 acres), with option to purchase, and further, a long-time lease on 1,634
caballerias (54,467 acres), comprising the property called VELASCO. The average
prices paid for the above lands, including the option price on the LAs ALEGRIAS
property, are very reasonable, not exceeding $1,200 per cab ($37 per acre).
The above purchases and leases comprise 4,428 .caballerias .(147,600 acres),
situated on the Cuban Northern Railroad east of Monow, between that estate
and LUGARENO, 8 Very strategic position for their future development. With the
acquisition of these lands the production in the Eastern mills can be increased to
3,000,000 bags, which would be a great. achievement as against the 557,867 bags
made in that district during the first year of your Corporation.
The small estate *SAN IGNACIo in the West, making only 79,000 bags and
* with a high cost of cane, has been sold.

LANDS *
Your Corporation now owns in fee 11,110 cabbilerias (370,333 acres) of
land and holds under lease, many of these leases being for long periods, 6,896
caballeries (229,867 acres) of land. The total lands owned and leased therefore
are 18,006 caballerias (600,200 acres).
In addition to the above, the Violet Sugar Company owns 494 caballerias
(16,467 acres) and the Eastern Cuba Sugar Corporation will own, after the above
transactions are consummated, 1,436 caballerias (47,867 aci*es) and hold under long
term leases 2,498 caballerias (83,267 acres). The grand total of the lands directly
controlled by your Corporation will therefore be 22,434 caballerias (747,800 acres).

RAILROADS *
Your Corpciration now owns and operates for the transportation of its products
and supplies 1,168 kilometers (726 miles) of railroad, of which 820 kilometers
12



















In addition to the above the Violet Sugar Company owns and operates 25
kilometers (16 miles) of standard gauge railroads; together with equipment
consisting of 4 locomotives and 132 cane and other cars.

PROPERTY ACCOUNT

Original Cost of the 17 Plantations, Including Taxes, NotaryS~ .Iuef~ rarqtll:IUU~P~n:~~L: 418~66


Additional Purchases:
Central Stewart ................... .......
Warehouses .............................
Lands . . . . . . . . .
Taxes, Notary Fees, etc., thereon...........


Less Sale of Mills, Lands, Machinery, etc......


$ 8,400,000.00
159,600.00
2,577,395.64
125,981,08

$11,262,976.72
3,184,750.67

$ 8,078,226.05

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

$23,030,735.74

$31,108,961.79

1,200,000.00


Additions, Impnroements, Etc.:


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

$16,545,988.40


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


Westem
Plantations
$ 264,603.13
2,376,123.95
1,835,050.42
730,004.32
1,278,965.52

$6,484,747.34


Less amount written off to cover dismantling and
relocation of machinery .. .. ... .. .. .. .


29,908,961.79

$78,892,258.47
695,417.46

$79,587,675.93


Machinery and Construction Material on Hand...............

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


RENEWALS, BETTERMENTS AND DEPRECIATION
Following the customary practice, your Corporartion has mrade adequate
expenditures for renewals, repairs and changes in the location of machinery, all




__


'u


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
has rnade a charge of $3,500,000 for Depreciation.


RECEIPTS AND EXPENSES
FISCAL. YEAR ENDED SEPTEMBER 30, 1920


RECEIPTS--
Production, 3,763,915 Bags
Sugar Sales ................................ $1241,938,995.64
Molasses Sales ............................. 435,327.46
Other Earnings .........,.................... 9418,834.00
$126,323,157.10

EXPENSES--
Cost of Cane per 100 arrobas $18.15.......... $ 80,387,237.71
Dead Season Expenses (Salaries and Wages,
Materials and Supplies, Repairs and Re-
newals) ................................ $ 5,820,314.15


Per Bag
$33.193
.116
.252
$33.561


$21.357


$ 1.546


Crop Expenses (Salaries and Wages, M~aterials
and Supplies, Fuel, Maintenance, Adminis-
tration-Cuba and United States).. .. .. .
Fiscal Year Charges:
General Insurance ............. .........
Cuban Taxes on Sugar ..................
Cuban Taxes on Molasses ................
Cuban Taxes on Real Estate .............
Legal Expenses ................... ......


$ 9,382,7~49.29 $ 2.493


$ 294,864.14
649,882.07
66,788.28
271,761.77
78,979.78


$ .078
.173
.018
.072
.021
$ .362

$ .6241
.435
.449
.067
.317
$ 1.892
$27.650


Total Fiscal Year Charges ........... $ 1,362,276.04
Sugar Expenses
Sugar Bags and Packing ... .. .. .. ... .. $ 2,347,893.74
Sugar Inland Railroad Freights ........... 1,637,366.54
Sugar Shipping Expenses ............... 1,689,219.07
Sugar Insurance ........................ 251,698.95
Selling and 14rnding Expenses ........... 1,195,381.31
Total Sugar Expenses ............... $ 7,121,559.61
Total Expenses F. O. B. .. .. .. .. .. $104,074,136.80


OPERATING PROFIT FOR THE FISCAL YEAR $.22,249,020.30 $ 5.911


This compares with an Operating Profit last
year of ............................ $ 11,069,880.76
and a Profit per bag of .........,....


$ 2.563





The OPERATING PROFITs this year are............
Deducting disbursements for:
Interest, Discount and Exchange. $2,156,584.29
Taxes (Reserve) .......4,248,301.48
Dividend on Preferred shares.*.. 3,500,000.00

leaves a BALANCE Of ........................
This is equal to about $24.70 per share on the
500,000 shares of Common Stock of the Cor-
por~ation, before making allowance for De-
preciation.
After deducting:
Reserve for Depreciation .................
there remains a BALANCE Of .. .. .. . . .....

equal to about $17.70 per share on the Common
Stock.
SURPLUS account on September 30, 1920, amounted

In addition to this there has been set aside out of
earnings for depreciation since the organization


STOCKHOLDERS
To show the distribution of the stock of your Corporation, the number of
Stockholders at the end of the last four fiscal years is given in the table below:--
1917 1918 1919 1920
Holders of Preferred stock.... 3,840 4,494 4,880 5,755
"" Common ".... 1,843 1,860 2,584 2,204

Total ......;............. 5,683 6,354 7,464 7,959
The continuous increase in the number of stockholders is gratifying.

GENERA~LL REMARKS


$22249,020.30



9,904,885.77

$12,344,134.53


3,500,000.00
$8,844,134.53




$23,473,102.04


of the Corporation the sum of ............,, 10,000,000.00

making a total of. ................... ........ $33,473,102.04
equal to about $67 per share on the common Stock that has accumu-
lated out of the earnings of the Corporation since its organization.
In order to avoid any stoppages for lack of coal or oil resulting from strikes
on the railroads, your management has accumulated a large stock of both fuels
at your factories, as well as an adequate quantity of empty bags and other supplies
for the coming crop. This accounts in part for the large amount appearing
against Materials and Supplies in the Balance Sheet.
Your Corporation has sold about 20fo of its own portion of the coming crop,
not including Colono sugars, at much higher prices than those ruling at present.




I I


It has also sold half of the molasses for the coming crop at double the prices
obtained for last crop.

REVIEW OF THE SUGAR SITUATION
In the uncertainty existing during the fall of 1919 as to what action would
be taken by the United States Government regardng the renewal of the contracts
to procure an adequate supply of sugar for the country, American buyers
refrained at that time from providing for their needs during the approaching
campaign. In September, 1919, when it became increasingly apparent that no
legislation would be promptly forthcoming for the purchase of the newv Cuban. crop
and the effective continuance of the U. S. Sugar ~Equalization Board, European
buyers, especially France which had become "de-controlled," demonstrated great
interest in Cuban sugar for future delivery. Large transactions were mae at
the relatively low basis of 6},@ f. 0. b., gradually increasing to about 7/2C f. o. b.,
and it is probable that fully 209' of the estimated crop had already been sold to
European, Canadian and Australian buyers before the Cuban estirtes began
grinding, in the latter part of December, 1919.
Not having previously provided for their requirements, pending legislation
by Congress, American refiners later in the fall of 1919 found it necessary to meet
the demands of the Cuban sellers in order to obtain prompt deliveries for the
month of December. Upon the subsequent announcement that no direct control
would be exercised by the Government upon the sugar market of this country,
prices advanced still further during January. Stimulated by foreign demand and
by the lack of shipments caused by strikes in. Cuba, quotations quickly reached
124 c. &: f. for sugars afloat in January.
Upon the settlement of -the Cuban strikes and under pressure by the sellers,
prices steadily declined during February to the lowd evel of9# c. & f., but American
refiners were not able to buy much on the .decline due to the large quantities
previously purchased by other countries. During M~arch it was gradually realized
that the Cuban production would be greatly curtailed by the exesive drought and
consequently the market, aided by foreign competition with American refiners,
quickly recovered to its former level of about 12#E c. & f.
At this juncture, Mlessrs. Guma-Mejer, the official Cuban statisticians,
reduced their estimate of the Cuban crop from 4,400,000 tons, their D~ecember
forecast, to 3,900,000 tons. This enormous decrease in the expected supply of
sugar, enhanced by an acute scarcity of refined sugar in certain localities of the
United States caused by railroad congestion, developed a runawaya" market
during April, with prices soaring rapidly to over 189 c. & f.
During all this period the principal American refiners had ~been unable to
accumulate any large quantities of raws, as holders of Cuban sugars offered only
limited quantities. Therefore, upon the announcement of a further reduction to
3,650,000 tons in the estimate of the Cuban Crop, prices steadily advanced during
the latter part of M~ay to 23/24 c. & f.




II


Encouraged by the expected shortage in the Cuban crop and by the apparent
scarcity of sugar in the United States during May, Cuban and Pot Rica planters
retired from the market with the conviction that "prices would go much higher. Being
unable to induce the Cubans and Porto Ricans to tender a sufficient: quantity of
sugar for this country at the prevailing prices, the princpa American refiners
turned to the Far Eastern markets for sugar with which to avert a serious scarcity
of the article in the United States. Though no sugar had been imported fromn Java
or any other Far Eastern market for a number of years, large quantities of Java
centrifugals .and Java White sugars -were then, obtainable from those quarters
where consumption had been greatly reduced due to the high prices existing there
in sympathy with those in the United States. Under these circumstances it did
not take long for American Refiners and other interests to secure 350,000 to
400,000 tons from these Far Eastern countries for arrival here during the late
summer and early autumn at prices below those prevailing for Cuban and Porto
Rican sugars.
Simultaneously with the above purchases made by American refiners from
the Far East, they sold American granulated to the trade for delivery to suit the
l arrival of those raws, at correspondingly high prices.
With sugar pouring into the U~nited States from other countries, under the
effect of high prices here, the future needs of the country were more than provided
for. The Cuban and Porto Rican planters, disappointed in their expectations of
higher prices, in June and July tried to force their holdings upon a market already
satisfied by the purchase of Java sugars. Each successive offering during those
months marked a violent and rapid decline.
The situation became more complZm~ZmZm~Zm~m~Zm~Zicae in AQugust due to the difficulties
encountered by the American refiners in having the buyers of their refined live up
to the contracts made at higher levels, when refiners wvere buying the Far Easltern.
sugars as stated above. These complications necessitated the granting by the
refiners to the buyers of more tim~e in which to receive and pay for the sugars
purchased. The developments regarding deliveries in the refined trade could not
but be reflected in the raw sugar market as they caused the absence of the prin-
cipal refiners from the market. This resulted in the small offerings fr~om. Cub
and Porto Rico not finding ready buyers during September and October and the
decline continued until Cubas sold as low as 74 c. & f. only y'aft higher than the
lowest price at which' sugars started selling last fall.
These rapid declines and the inability of Cuban. holders to find an outlet for
their sugars created great uneasiness in financial circles of the Island. Although
the total stock left in the Island was merely 10%J of the production and very few
planters and farmers were affected thereby, a run by depositors on a local Cuban
'bank early in October caused is general panic amongs the depositors of other
banks. In the absence of any adequt Cuban law to meet the emergency, there
was no alternative, to check the run on the banks, but to establish a moratorium
which President Menoecal imposed to be effective up to December 1st.




I I II


__


The greatr portion of the rennt of the Cuba crop being held as
collateral against advaces made by Cuban banks, the moratorium decree stopped
large offerings from ~the Island.
After the raid decline in prices this market has become the lowest in the
world whereas last May, when American refiners made the large purchases in
th Far East, it was the highest in the ~world. It is therefore not unreasonable
to expect a European demand sufficiently large to absorb between now and next
January in the form of Cuban Raws and American Riefined: a good portion of the
350,000 to 4~00,0C tonls that were unnecessarily imported from the Far East.
The following table shows the world's CANE AND BEET PRODUCTION two years
previous to the World War and the estiat for the present crop:
Estimated
1912-1913 ~1913-1914 1919-1920
Canle........... 9,232,543 tons .9,821,413 tons 11,808,673 tons
Beet............ 8,976,271 "' 8,875,918 3,345,506 "

18,208,814 tons 18,697,331 tons 15,154,179 tons

The European beet crop in 1i920-21 is likely to be about 1,000,000 tons more
than the present one.
During Pre-War time, the world's consumption of sugar was between
18,000,000 and 19,000,000 tons a year. It was undoubtedly diminished this year
by the hig prices prevailing at intervals, but sugar is an article of universal need
and its consumption will greatly increase at the present prrices.
Cuba may be obliged to spread the distribution of the remainder of her
present crop through December, January and February, particularly the first
two months during which very fewu sugars of the new crop are available. As in
the p~ast, Cuba will continue to be the cheapest sugar producing country in the
w\orldl. and, as wages seem to be readjusting themselves to meet changing condi-
tions in Cuba and as we are so near the newv crop, the probabilities are that the
Island will be able to extricate itself from the present financial situation within the
next few months.


GENERAL INFORMATION RECA~RDING~ SUGAR AND SUGAR
STATISTICS

The~ various Charts and Statements submitted with the last Annual Report.
having been found interesting to our Stockholders, they have been, brought u~p
to date and are again submitted herewith. (~All general statistics given herein
are compiled from figres published by Willett & Gray unless otherwise credited.)
Exhibit 1.--Statemen1t and Chart of the sugar crops of Curba fro 1894 to
1920 showing the portions of each crop produced in the Western and
Eastern sections of the Island respectively.





Exhibit 2-Sftatement and chart of the portion of Cuban sugar produc-
tion, controlled by American companies, including Cuba Cane Sugar
Corporation, during crop 1919-1920, together witthchanges effective for
next crop. This shows an increase for next year due to the purchase of
some other plantations by American companies.
The owership of American Corporations is greater than appar in
the above tables because some of them are operating under Cuban
charter although owned by American interests.
Exhibit 3.--Sugar production of the world (cane and beet) by countries,
for the seven crops, 1913-1914 to 1919-1920 inclusive. This Statement
again shows that Cuba is the only country that has materially increased
its production since 1913.
Exhibit 4C.--Statemeht and Chart showing a comparison by countries of the
world's Cane and Beet sugar production for the crop of 1913-1914,
immediately prior to the world war, and the last one, 1919-1920.
Exhibit 5i.--Statement and Chart shoing a comparison of the portion of
the world's cane and beet sugar production contributed by different
countries for the crop of 1919-1920.
Exhibit 6.-Statement of sources of sugar consumed in the United States
during the years 1914 to 1919 inclusive.
Exhibit ?.---Chart of Per Capita Consumption of Sugar in the Unted States--
Years 1890 to 1919.
Exhibt 8.-Chart showing a comparison of the wholesale ~prices of refined
sugar in various countries before and after the world war, years 1914,
1919 and 1920.
Exhibit 9.--List of Cuban Centrales Producing over 280,000 bags of Sugar
during the crop of 1919-1920.

The ]Balance Sheet as at September 30, 1920, together with the Profit anid
Loss and Surplus Accounts for the year ended that date, certified by the Corpo-
ration's Auditors, Messrs. Deloitte, Plender, Griffiths & Company, and the!
Comparative Financial Statement, will ibe foud appended hereto.' Included in
Accounts and Bills Receivabile, is $1,000,000 secured by motgg on the sale of
SAN IGNACIO and $400,000 advanced to thei Northern Railways of Cuba against
collateral for the purpose of increasing terminal facilities at the port of 'Nuev~itas.
Acknowrledgment is made of the loyal co-operation of all offcers and em-
ployees during the year.
Respectfully subitted,
By order of the Board of Directors,
MANUEL RIzONDA,
President.




__ ___~~~__~~~~ _~ _~_~_ _~ __


CUBA CANE SUGAR CORPORATION

BALANCE SHEET-- SEPTEMBER 30th, I920


ASSETS


DECLARED CAPITAL*
As per last Balance Sheet ................ $52,500,000].00
Represented by 500,000 Shares of 70%'
Cumulative Convertible Preferred
Stock, par value $100.00 each, and
500,000 Shares Common Stock without
ddnominal or par value.
Amount transferred from Surplus in con-
nection wn~ih the authorization of
4116,667 additional common shares with-
out nominal or par value, such shares
bemng reserved for the conversion of
$25,000,000.00 of the Corporation's Con-
viertible Debenture Bonds .. .... .. .. 2,083,335.00

TEN Y'EAR 7%c CONVERTIBLE DEBENTURE BONDS,
DUE 1930:
Convertible into Common Stock at a price not exceeding
$60.00 per share, in accordance w~ith the terms of an in-
denture dated January Ist, 1920. ...................
SHORT TERMI DRAFTS OUTSTANDING. $ 2,4l57,482.89
ACCOUNTS PAYA~BLE AND ACCRUED
CHA-RGES ................... ......... 3,890,329.00
ACCRUED INTEREST 79o CONVERTIBLE
DEBENTURE BOND;S ................ 4137,500.00
PREOFERRrED D 'IDEND NO. 19 (Paydble 870000


PROPERTIES ASND PLANTS............. $78,892,258.47
MACHINERY AND CONSTRUCTION


MArTERIAL ON HAND...............


695,4117.46 $79,587,675.93


INV'ESTMIENT IN SHARES OF SUBSIDIARY COMPANY '
AT COST ................... ................... .....

CURRENT ASSETS, ADVANCES TO
COLONOS AND CROWING CANE:


2,738,230.65


Cultivat ions--Cornpany Cane ... .. . ..
Materials and Supphies ..................
Advances to Colonos less Reserve for
Doubtful Accounts .................
Advances to Stores and Sundry Advances..
Molasses on Hand at Net Contract Prices..
Accounts and Bills Receivable ............
Cash in Banks and on Hand:


$; 2,l16,026.73
6,861,153.14

7,397,947.11
121,872.36
105,649.46
2,687,589.08


$54,583,335.00




25,000,000.00






7,660,311.89


In New Y'ork........ $20,078,579.31
In Cuba .......,..... 250, 170.06 20,328,7419.37

CA\SH AND BONDS DEPOSITED FOR REDEMPTION OF
LIENS AND CENSOS ON PROPERTIES--per Contra..

DEFERRED CHARGES:
Insurance, Rents, Taxes, etc., Paid in ad-
vance ................... .......... $ 421,225.45
Discount and Expenses in connection with
Issue of Ten YIear 74" Convertible
Debenture Bonds Due 1930, less Pro-


39,618,987.25


566,643.05


LIENS ON PROPERTIES-Cash Deposited
per Contra ............................
CENSOS O~N PROPERTIES--Cash and
Bonds Deposited per Contra.............

RESERVES:
Taxes and Cont ingencies.. .. .. ... .. .. .
Depreciation .. .... .. ... .. .. .. .. .. .


$ 172,736.19

393,906.865 566,643.05


$ 2,022,194.74
10,000,000.00


12,022,194.74


776,083.61

23,4173,102.041

$124,081,670.33


1,148,908.00


1,570,133.45


portion written of. .. ... .. .. .. .


DEFERRED LIABILITIES:
Balances in Respect of Purchases of Lands..............
SURPLUS ACCOUNT:
Balance ................. .............................


$124,081,670.33


We have verified the above Balance Sheet as at September 30th, 1920, and the accompanying Profit and Loss and Surplus Accounts for the year ended
that date, with the books in New York and Havana and certify that, in our opinion, they correctly set forth respectively, the financial position of the Company as at
September 30th, 1920, and the results of the operations for the year ended that date.
49 WCall Street, New York City, D)ELOITTE, PLENDER, GRIFFITHS QL COMlPANY,
November 5th, 1920. Aurditors.


LIABILITIES




I II _


_ _


CUBA CANE SUGAR CORPORATION





PROFIT AND ]LOSS ACCOUNT AS OF SEPTEMBER 30TH, 1920.


Operating Profit for Year Ended September 30th, 1920.........
Less :
Interest, Discount and Exchange. ........... $2,156,584.29
Reserve for Taxes, etc., Including Income Tax,
United States and Cuiba......... 4,248,301.48
Reserve for Depreciation..............., 3,500,000).00


Balance, being Net Profit for the Year Carried to Surplus
Account ................... ...~..... ...........;........


$22,249,020.30





9,904,885.77


$12,344,134.53


SURPLUS ACCOUNT AS OF' SEPTEMBER 30TH-, 1920.

]Balance at Octob~er 1st, 1919.........,............. ........., $16,712,302.51
Deduct :


Amount transferred from Surplus to Declared Capital in
connection with the Authorization of 416,667 additional Com-
mon Shares without nominal or par value, such shares being
reserved for the conversion of $25,000,000.00 of the Corpora-
tion's Convertible Debenture Bonds ................... ...


2,083,335.00

$14,628,967.51


Add:


Net Profit for year as per Profit and Loss Account....... 12,344,134.53

$26,973,102.04
Deduct :


Dividends on
No. ,
No.
No.
No.


Preferred Stock:
16, January 1, 1920. .. .. .. .. $875,000.00
17, April 1, 1920. .. .. ... .. .. 875,000.00
18, July 1, 1920. .. .... .. . 875,000.00
19, Octob~er 1, 1920.. .. .. .. .. 875,000.00


3,500.000.00

$23,473,102.04


Balance, September 30, 1920 ................... .............





I


PROFIT AND LOSS ACCOUNT: FISCAL, YEAR, 19;15--16
Production (Bags)..............,.. ....... 3,1741,168

CREDITS:
Gross Operating Profit. ................... ... $13,899,672.24*
Dsarrs :
Interest ............ .......... ............. $ 91,385.85


Taxs-CbaSugar ........................ .........
Molasses ................ ...... ......---

Total. ... .. .. .. .. $ 89.273.82

Ta xes J Capital Stock U. S.. ... .. .. .. $ 10,000.00
(Reserve) Income U. S. and Cuba.. .. .. .. 280,000.00

Total. .. ... .. . ... $ 290,000.00

Reserve for Bad Debts................... .........
Amount written off Property Account to cover
dismantling and relocation of machinery...... .....
Sundry Adjustments and Charges ............. .....
Additional Shares of Common Capital Stock.... .....
Depreciation ............................... $ 1,250,000.00
Divid en ds on Pr efer red St ock .. .. ... . ..... 2,327,505.25
Surplus .. .. . .. .. ... .. .. .. . .. .. 9,851,507.32

Crand Total.................... $13,899,672.24

BALANCE SHEET:
ASSETS :
Properties and Plants.................... .... $57,636.115.65
Machinery and Construction MIaterial on hand.. 1410,156.37
Investment in Shares of Subsidiary Company at
cost . . . . . . . . . . . .
Cult ivat ions--Compan y Cane. . .... .. .. ... 1,122,568.90
Materials and Supplies................... .... 1,703,706. 14


Advances to Colonos (less Reserve) ... ... .. 3,659,019.49
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 ...................................... 2,402,723.42


1916---17
3,261,621


1917-1r8
3,613,325


1918--19
4,319,189


1919--20
3,763,915


$11,246, 172.88* $ 8,016,855.97* $ 11,7411,618.77* $ 23,237,452.42*


$ 244,042.97

$ 150,641.53


$ 679,6541.56 $ 555,810.06


$ 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


$ 136,899.34
421,386.50
67,966. 15


$ 260,349.84
335,391.07
75,997.10

$ 671,738.01

$ 54,490. 11
925,000.00

$ 979,490.11


$ 150,6411.53 $ 626,251.99


$ 36,471.00
1,250,000.00


$ 34,525.00
800,000.00


$ 1,286.471.00 $ 834,525 00

$ 500,000.00 ......


$ 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
263,145.83
11,692,000.36
420,029.46
1,245,107.59
5,241,188.17


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,l 16,026.73
6,861,153.14


7,397,947.11
121,872.36

105,6419.46
2,687,589.08
20,328,749.37


1,750,000.00
3,500,000.00
3,815,017.38

$11,2416,172.88



$62,898,964.66
1,540,866.76


1,845,732.11
3,077,125.60


$ 1,750,000.00
3,500,000.00
626,424.412

$ 8,016,855.97



$741,522,783.47
767,665.30


2,771.852.99
3,211,158.68


----IIII-~II1 IlY..


9,052,710.18
2141,092.58

261,112.95
1,026,885.76
1,575,712.06


1,203,205.07
60,000.00


5,502,720.02
151,244.30
3,427,624.37
155,562.35
1,330,131.76
1,614,348.72

1,303,698.77
60,000.00

389,326.49

45,07"5.95


SECURITY FOR RUEDEMPTION OF LIENS AND CENSOS:
Cash deposited with Trust Co., ... .. .. ... .. .
Bonds of Cla Central Mlercedes ...............
DEFERRED CHARGES:
Insurance, Rents and Taxes paid in advance....
Interest paid in advance......................
Items in Suspense....t.......................
Discount and Expenses on Debenture Bonds....


1,669,482.13
60,000.00

267,6241.60

7",500.00


954,541.42


299,913.43
305,688.49
30,626.53


566,643.05


421,225.45


190.490.90
125,805.38
290,682.54


$95,274,157.86


$.52.500.000.00


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


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


$83,342,421.86


$52,50000.00 ~o


$109,981,944.93


$ 52,500,000.00
......... .0
15,000,000.00
1,541,081.86
2,512,438.98

875,000.00
567,911.44
386,629.98


LIABILITIES.:
Declared Capital.... . ... .. .. .. .. .. .. .. . ... .
Ten Year 7% Cony. Debenture Bonds..........
De Bills Payable. ................... ............
Acceptances--Loans Against Sugar............
Draf ts Outstanding. .. ... ... .. .. .. .. .. .. .
Accounts Payable and Accrued Charges. .. .. ..
Accrued Interest on Debenture Bonds...... ..
Preferred Divid end d ue.. .. ... . .... .. .. ..
Liens on Properties--Cash deposited, per contra.
Censos on Properties--Cash deposited, per contra.
Bonds of Cia Central M~ercedes, per contra.....
RESERVES:
Taxes, Etc.. .. .. .. .. ... .. .. .. . .. . . . .
Depreciation .... .. ... . ... .. ... .. .. .. .. ..
DEFERRED LIABILITIES:
Balances for purchases of Additional Lands....
Items in Suspense. ................... .......
Surplus Account .. .. ... .. ... .. .. . .. ... .
Notes Cuaranteed (not included in total).......


$52,500,000.00

3,836,229.57

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


.........12,000,000.00


1,059.682.89
9,504,286.76

875.000.00
649,313.36
6.54,385.41
60,000.00

1,286,4171.00
3,000,000.00


1.-409,4197.72
5,861,607.67

875,000.00
601,183.50
602,021.57
60,000.00

800,000.00
4,750,000.00


1,439,089.43
6,500,000.00


1,1941,909.79
323,988.49
14,292,949.12
30,000.00

$95 ,271,1 57.86


9417,490.73

16,712,302.51


$109,981,944.93


86,757.74
13,666,524.70


$83,342,421.86


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

*Cuban Taxes on Real Estate, Sugar and Mlolasses not Deducted.


CUBA CANEISUGAR CORPORATION

Comparative Financial Statement, Yiears 1916, 1917, 1918, 1919, 1920




11-1--'- -~--- -- UI^C1.--~L-~UU~-yUa-y;*-u~aY-Lll--g- -L- --i~i~~~L.. -I---YI .--~-~II V~--~illl- ~-L-


SUGAR CROPS OF CUBA
FRONI 1894 TO 1920
CHART SHOWING THE PORTION OF EACH CROP PRODUCED IN THE
WESERN AND EASTERN SECTIONS OF THE ISLAND
(Wile at-y












.- I---
op-1 oi;.
------


L


-RC 0000

3.600.000
3.400,000
3.200.000



O









Z qosooo

6 ~ ~~~~ 1.0O).0.


E


CROP YEARS




rr


Exhibit 2


Comparison of the Portion of the Cuban Sugar Production Con-

trolled by American Companies for the Crop of 1919-20

(Guma-Mrejer)
Mls Bags Bags %o
Cana(. CANE SwI(An CROuRoA~llow.............(16.............. 3,763,915 14.35
RIONDA hil~N.4GFMENT ................... ....().................. 1,498,940 5.71
Rionda? Estate~s (5) .........,................. 080,269
Tacajo ............... .................... 1413,971
Mlanati ................. ..... ......... .... 374,700)
CUDAN-A M~ERICAN SUGAR CO~.................(6)................. 1,409 6.00
Delicias ................... ................ 578,738
Chaparra .................................. 4210,4100
Tmnguaro .............. ... ................ 2590,00
Constancia ...................... ..........16,1
Mlercedita ..... ............................ 115,000
Unidad ..... ... ....... ............... 83,700
We~s7 I~nlSi SuccAn FINANec CORP...... ....i3).................. 575,875 2.19
Palma Sugar Co.............. .. .......... 248,500
Alto0 Cedlro S C............................ 2141,767
Cupc~y Sugar Co. ................... ......... 112,608
GUnNTANAno Sucan Courl.lNv. .............(3) ................. 24~1,066 .92
Soledad ............... .................. ... IllM15
Los Caflos........................... ....... 69.513
Isabel ........ ................... .. ........ 59.908
UNITE~D FNUIT COMP.~\1NY...................(21)... .............. 833,6541 3.18
Boston ................... ........ ........ 479o,6;1
Preston .................................... 353,983
PowrNA AL.rar. Sucan COMlPANY ..............(3) .................. 631,000 2.40
Punta Alegre.. ............... ........ 285F,000
Florida ................... 265,000
Trinidad .......................... ........ 81,000
El. ATKINS S:CO. ('Soledad) .................(1 )................. 106,69)3 .41
A4MERIcaN SUG.1k REF~INING CO. (CUnagua!...( 1 i.................. 553,121 23.11
Coo.4 CoFr.1NY ... .....................( 2).................. 4-60, 178 1.75
Jobabo .......... . ....................... 323,947
latibonico ................... ........ ...... 136,231
BAusco.1 Susan\ Courlpmy1................... (1).................. 412,0)63 1.57
J. C. \\'nllE MlANArrEMENT..................(3 j.................. 3-13,005 1.371
Central S. Corp.. ... ...................... 190!,000
hintlanzas-Atmer. S. C. ............... ... .... 100,00)5
Cardenas-.4mer. S. C ................... ..... 53,000
OTHERHS (BelOW I19)................ ... ... (13).................. 1,696,297 6.47
North Amer. S. C........... ............... 14,000
Central Hormiguero. .. .... 216,500
M~iranda Sugar Co. (2i.... .... 163,W11
Rio Cauto S. C........ 1411,536
F. J. Peterson (2) .......... . 134.,325
Ermita Sugar Co............ . 122,997
Hershey Corp. ............ ..... IN,355
Cape Cruz Co.......... 101,748
Havana S. Co............. 9. . 0,000
Cuba S. Afills. ................... .......... 75,000
La Paz S. Co. ................... ............ 71,000
Cent. Teresa S. C. ............ ....... ....... 70,000
Sta. Cecilia, S. C. ................... ....... 5~6.905
Sta. Maria S. C................ ....... 44,cr8
Sta. Clara S. C................ .............. 36,5412
Centr. Natividad..................... ....... 276,300

TOTAL AMIERICAN .....................(66).................. 12,689,816 48.37
NON-AMERICAN INTERESTS..... .... (12'6).................. 13,5417,426 51.63

TOTAL ................... .......(192) .................. 26,237,242 100.00





I


2.8170J Atkin's
Management (4)


Total production b70
Cuba---26,237,242 bags Total number of
Centrales--192
The number of mills con
trolled in each case is
indicated by the figure
in parenthesis.

CHANGES IN OWNERSHIP EFFECTIVE' CROP 1920-21
(SHOWN BY CROSISHATCHEBD AREIAS IN CHART)
Bage
No. Mills 21910-20
Total American 1919-20. ............,(66) ..................,,., 12,689,816
~Changed from American Ownership.. (4) ... .. .. .. ... .. .. . ... 856,282
Cuba Cane Sugar Corporation ......... 79,278 0.80%
San Ignacio... ..... 79,278
Rionda Estates. . .. .... .240,462 0.91
Washington ................ 160,691
San Vicente. . .... . .. 79,771
Sta. Clara Sugar Co. . . .. .. .. ... .. 86,542 0.14
Juragua ................... .. 986,42
(62) 12,888,584


% of Total
1910-10
Production
48.379'


MC hanged to Amerlean ownership. .. .(10) . ....... . . 1,680,048 6.25
~a Cuba Cane Sugar Corporation . ...... 184,280 0.70%
Violet Sugar Co... .. ... .. .. .. 184,280
Warner Sugar Refining Co. . .. .. .. .. ... .. 551,000 2.10
Gomes Mfena ... .. . .... . ... .. 381,000
Am~letad ........... 220,000
E. Atkins & Co;............... 888,574 1.28
Caracas ...................... 179,500
San Agustin .................. 154,074
Royal Securities Corp.,. . .. .. ... .. 07,889 1.17
Palma ........... 248,500
Banta Ana ................... 59,889
Hatillo ....................~~
Hershey Sugar Corp.. .. . ... .. ... .. . .. .. 218,000 0.81
Rosario ....... ..218,000
G. W. Loitt................... ............ 49,800 0.19
Dulce Nombra ................ 49,800

Total American 1920-21 ..............(72) ................... .... 13,972,577 53.277oo


47.02


Exhibit 2


Comparison of the Portion of the Cuban Sugar Productiona Con-
trolled by Amlerican Comnpanies for the Crop of 1919-20

(Gumna-Mejer)




__ ~_~~~~~1___1~~~1_~~ ~_~_~_~_ ~ ____1__~____~__~_____~_~_____I__~ _~_


I*i~ __ _ -


(Cane and Beet) b'y Countries
-1913-14 to 1919-~20
& GRAY)


Changes between
1913-14 and 1919-20.
Increase D~ecrease
Tons Tons
1,152,268 ......


1917-18
Tons
3,446,083

515,035
413,958
217,499

5,400
216,260

1,368,152
682,867

2,051,019

11,250
179,786
51,263
127,322
72,809
626,504
1,778,345
397,618
395,060
505,216
7,039

4,152,212

1,541,061
668,250
200,265
129,000
199,295
1,028,580
527,505

4,293,956

13,943,270
3,311,000

17,254,270

266,295


1918-19
Tons
3,971,776

538,913
362,618
250,802

9,000
195,289

1,356,622
674,892

2,031,514 ~

22,300
204,592
36,631
161,609
88,441
750,905
1,749,408
415,678
289,853
584,289
6,618

4,310,324

1,411,900
700,000
110,096
72,000
173,436
700,000
538,276

3,705,708

14,019,322
2,370,000

1~6,389,322

864,948


1919-20
Tons
3,750,000

505,500
433,825
108,035

12,000
203,000

1,262,360
652,957

1,915,317

16,500
188,578
53,000
155,000
120,000
870,000
1,335,763
283,482
235,000
551,490
3,000

3,811,813

750,000

S5 5,000 000
154,444
144,662
236,277
225,000
580,666

2,676,049

12,153,179
3,001,000

15,154,179

1,235,143


COUNTRIES
Cuba

Hawaii
Porto Rico
Louisiana
Texas
St. C~roix
Philippines

U7. S. Cane, Total
U., S. Beet


45,425

153,302
7,000

22,000

Net 112,702
2,341


108,825


6,200


......Net 115,043

4,825 ......
68,357 ......
.. .. .25,650
49,222 ......
.. .. .32,000
88,842.. ..
63,346 ......
79,482 ......
.. .. 120,000
76,826 ......
......10,231

243,019 Net ......


UL. S. Cane and B~eet, Total
Canada--Beet
British W~est Indies
F'rench West Indies
San Domingo and H~ayti
Mexico and Central America
South America
Java
Formosa and Japan
Australia and Fiji
Af rica (Mauritius, Egypt, etc.)
Europe (Spain)
Various-otal


European Beet:
.. .. 1,967,940 Germany
... 1,100,443( ;ecj':Czecho-Slovakia
.. .. 626,576 France
.. .. 81,538 Belgium
7,020 ......Holland
.. .. 1,515,000 Russia
.. .. 248,419 Other European Countries


709,500


Net 5,532,896 Europe, Total

Net 4,252,652 Total Cuba, U. S., Various, Europe
......British Inidia (All consumed locally)


. .. .. Net 3,543,152 Gfrand Total


Decrease from preceding crop
Increase over "


Exhibit 3





AIME]RICA ... .. . . .. 4,985.601 26.66 6,195,938 40.88

British India,. . ..... . ... 2,291,500 12.26 3,001,000 19.80
Java ...,................... 1,272,417 6.81 1,335,763 8.82
Formosa ...,.............. 204,000 1.09 283,482 1.87
Philippines ,. .. .. ... ...... 225,000 1.20 203,000 1.34

ALSIA ......,........... 3,992,917 21.36 4,823,245 31.83

Australia and Fiji. ... .. .. .. 355,000 1.90 235,000 1.55
Africa .........,........... 474,664 2.54 551,490 3.64
Spain ................... .. 13,231 .07 3,000 .02
TOTAL CANE, 9,821.413 52.53 11,808,673 77.92

BEET-Germany .................. 2,717,940 14.54 750,000 4.95
Czecho-Slovakia and Austria. 1,685,443 9.01 585,000 3.86
Holland ................... 229,257 1.22 236,277 1.56
Russia .........,.......... 1,740,000 9.31 225,000) 1.48
Other European Countries. .. 1,836,305 9.82 879,772 5.81

-EUROPE . .... . .. .. 8,208,945 43.90 2,676,049 17.66

United States.......'........ 655,298 3.50 652,957 4.31
Canada ...,..........,....... 11,675 .07 16,500 .11

A~MERICALZ . .. .. . 666,973 3.57 669,457 '4.42

TOTAL EET, 8,875,918 47.47 3,345,506 122.08


_ ~II__ ~


Exhibit 4


Comprison, by Countries, of thle World's Cane and Bieet Sugar
Production, the Year before thie W~ar and at thie Present Tim.

(Willett & Gray)


1913-14 1919-20
Tons. o/ Tons.
599,137 3.20 553,860 3
550,925 2.95 505,500 3
,597,732 13.89 3,750,000 24
304,649 1.63 396,578 2
152,000 .81 120,000
781,158 4.18 870,000 5


1.65
1.33
1.75
!.62
.79
i.74


CANE~-UJ.S., Porto Rico and St. Croix
Hawaii.......... ...,........
Cutba .... .. .. .. .. . .. . .. .
Other West Indies. .... .. .
Central America and Mexico.
South America. . .. .. . .


2,


GRAND TOTAL,


18,697,331 100.00


15,154,179 100.00




_ 1 111 1 II II I II II


L


Comparison, by Countries, of the World's Cane and Beet Sugar Production, the Year Before the War and
at the Present Time

Crop 1918-1914 (Wilett & Gray) Crop 1919-1980
Cane- 9,821,413 tons--52.53%6 Cane--11,808,673 tons-77.92%
Beet 8,875,918 --47.47 Beet 3,345,506 --22(.08%
18,697,331 tons 15,154,179 tons


CENT.AMER






























Nolrs.-The areas of the circles are in proportion to the respective toa productions.
~BZLACK rpresents CAN and RED represents BEET.
Vertical hatching Inlues counie in A~E~RICA.
Horizontal "' "' EROP.
Diagonal ARIC and FREAT




...__. I I II .. _. ,..~.


AMERICA .................. 6, 195,938 52.47
Austrahia ........................ 175,000 1.48
Fiji ........................... 60,000 .51
AUSTRA~LIA & FIJI......... 23,5,000 1.99
Mauritius ................... ..... 235,490 1.99
Natal ........................... 150,000 ~1.27
Other African Countries ........... 166,000 1.41
AFRICAL ................... 551,490 4.67
British India. ................... .. 3,001,000 25.411
Java ................... ......... 1,335,763 11.31
Formosa ......................... 283,4832 2.40
Philippines ................... ... 203,000 1.72
ASIA ................... .... 4,.823,2415 40.84
EUL~ROPE ( Spain)j............ 3.000 .03
CRAND TOTA-L CANE.. 11,808,673 100.00


EUROPE ................... 2,676,049 79.99
United States............,...... .. 652,957 19.52
Canada ................... ....... 16,500 .419
AMlERICA- ................ 669,457 20.01
GIL4ND TOTAL BEET.. 3,345,506 100.00


_-ILII~YI*5:II


Comparison of the Portion of the World's Sugar Production Contributed by Different Countries
for the Crop of 1919-20

(Willett & Gray)


CANE
U. S. & St. Croix. ................
Porto Rico.......................
Hawaii ................... .......
Cuba ................... .........
South America. .........,..........
Central America & M~exico.........
West ndies French 53,000
British 188,578
San Domingo &r Hayti............


Tons
120,035
433,825
505,500
3,750,000
870,000
120,000
241,578
155,000


1.02
3.67
4.28
31.76
7.37
1.01
2.05
1.31


BEET
Germany ............
Czecho-'Slovakia ..................
A~ustria-Hungary .................
Holland .. . . . . . .
Russia .. .. . . .. . ..
Italy .. .. .. .. . .. ..
Denmark ... . . . . ..
France .. . .. . .. ..
Sweden . . . . . . .
Belgi um . . . . . . .
Spain . . . . . . .
Other European Countries..........


Tons
750,000
535,000
50,000
236,277
225,000
170,466
160,000
154,444
145,000
1414,662
81,650
23,550


9%'
22.42
15.99
1.49
7.06
6.73
5.10
4.78
4.62
4.33
4.32
2.44
.71


SUMMI IAR Y
Total Cane....... 11,808,673 Tons (77.92%0)
"Beet....... 3,345,506 (22.08"/)

15,1541,179




_ 1___~_ II~-11I ~-~illP~l~- -.II.1I. .


Comparison of the Portion of. the World's Sugar Production Contributed
for the Crop of 1919-20
CANE (Willett & Gray)


by Different Countries


BEET


World's Production of--
Cane Sugfar I1,808,673 Tons 77.927.~
Beet 3,345,506 22.08
15,154,179 Tons


NoQ .Th areas of the alot~es are in prooton to the repcie productions of cene and of beet sugars in the wro~ld.




II I I I


*r-i.... -r~-i;-------- .


Sources of the Sugar Consumed in the United States

YEARS 1914 -ro 1919 INCtLusn'E

(Willett & Cray)


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


1915
Tons
224,768
509,263

300,310
120,202
15,400

1,169,9413
769,257

1,939,200
1,841,602
141,505

3,795,307
6,224

3,801,531


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


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


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


1919
Tons
154,034
514,824
8,286
286,880
72,511
34,0941

1,070,629
872,253

1,9412,882
2,067,051
33,919

4,0413,852
23.819

4,067,671


Louisiana and Texas.....(Cane)
Hawaii ... .. .... "
St. Croix. ............... "
Porto Rico. .. .. .. .. .. .
Philippines . .. .. .. . .. .
Vf variouss ( Maple, Etc.) .. .. .. .. .


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

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

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

Total Consumption .. .. .. .


79.34 78.58


73.36 85.43


Per Capita (lbs.) .. .. .


84.29


83.83




II I I I ~_ I __ ._


PER CAPITAL CONSY.MPTION
OF SUGAR
IN THE UNITED STATES
~ i IFROM 1890 TO r19(

7. Witlett SE a~
U r ---


L


YEARS





Exhibit 8

WHOLESALE PRICES OF GRANULATED SUGAR~

In Various Countries
Before and After the World War
During July of the Years 1914, 1919 and 1920


Cents Elnd nada Fred ance Italy Grn S 'P Japan rent

75 715

70 70

65 6

60 60

55 55

50 50

45 4

40 4

35 35

30 30

25 25

20 20

I
II

10 ..- - 10

5 .5



EngandCanda Francel Ita y Glermany S~1; Japan

Uly191 3.44 Q 4.30s 4214 5.824 12.43 Q 4.184 6.880 7.9s* Juyl14
19191 12.554 9.50( 9.001 16.63 4 19. 70* II.73* IR.28 e 10. 834 c1
19024.774 22.80( 22.00* 27.58C 74.41( 49.98( 29.32* 19.25* 92


_ __


No~ra. -.-.- Pre-war prices.
....Post-war prices.
SPriesa this year.
All prices fIgured at normal exchange.
Austria not shown, but quotation in July, 1920,
normal exchange,


was the eqlulvalent of $3.22 per lb. at




II --


Exhiibit 9

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

Order of ]Production

(As ]REPORTED BY MEtSSRS. GUMaA-MEJER FOR 1919-20)


TO AL START FINISH
CENTRAL Prodinethon
Totaljiil IN BAOfS INov Dec Jan IPeb MBar/ Apr lFeb Mar kpr dayl Jun Jul 1Aug Sep IOct


1 1 Moron, -611,0311 .. 14 .. .. .. .. II.. .. I,.. I 8 .

2( Delicias, 578,738 11.. .. 9 .. .. .. It.. .. .. .. .. .. 27 .

31 C~unagua, 553,121 26 .. .. .. .. .. II.. .. I 11 .

41 B~oston, 479,6711 .. .. 91 .. .. .. I .. .. .. .. .. .. 15 .

51 E~fspana, 463,569 11.. 1 2 .. .. .. .. II.. .. .., 18 .
6 2 IStewart, 445,784 1 .. 71 .. I .. .. .. .. II .. . 15 .

7 JChaparra, 420,400 1).. 23 .. .. .. .. II.. ) .. 18 .

81 Baragua, 412,063 1 .. 12 .. .. .. .. .. .I ..2 .. .. .. .. ..

91 Manati, 374,700 11.. 1 5 .. .. .. .. I .. .. .. .. 9 .. .

10 3 IJa'gueyal, 371,609 30 .. .. .. .. ..1 .. .. .. 6 .

11 1Preston, 353,983 1 .. .. 13 .. .. .. I .. .. .. .. . .. .. 5

12 I Toledo, 353,600 1 .. 12 .. .. .. .. I .. .. .. .. .. 2 .. .. .

13 P Iranciso, 345,667 20 .. I.. .. .. .. II.. .. 1 9 .

14 4 IMercedes, 336,5811 .. 71 ... .. .. .. .. .. .. 17 .. .. .. .. ..

15( Gomez-Metas, 331,000 11.. 19 .. .. .. .. (I.. .. .. 1 8 .

16 Jobabo, 323,947 11.. 51 .. .. .. .. I ..I .. .. 23 .

17 1 Agramonte, 320,000 1 .. ] 51 .. .. .. .. .. .. .. 18 .. .. .. .. ..
18 A tdelaida, 295,000 .. 12 .. I .. . .. .. . .. 8 .. .. ..

191 5 Alava, 289,654 11.. 11II .. .. .. .. )I.. .. .. 1 0 .

20 Punta Ale-gre, 285,000 29 .. .. .. .. .. II.. ..i, .. .. 25 .


-NUMBER OF CENTRALES IN BACH MONTH--

20 Centrales, Total, 7,945,118 4 13 3 .. .. .. 1.. ..1 1 11 41 1 r 1 1 1
1720Othei-Centrales,18,292,124fl 3 90 67 7 4 1 1* 2 24 82 49 12 1 1

192 GRAND TOTAL 26,237,242tl 7 103 .70 7 4 1 1* 2 25 93 53 13 1 2 2


Central Elena bured down Febuay 1th
S" Santa Lucia" production estiae.


C---- ~.~..._ -------~--