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 Cuba Cane Sugar Corporation
 Annual Report for the Fiscal Year...
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Annual report
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Permanent Link: http://ufdc.ufl.edu/UF00091489/00004
 Material Information
Title: Annual report
Physical Description: v. : ; 28 cm.
Language: English
Creator: Cuba Cane Sugar Corporation
Publisher: s.n.
Place of Publication: New York
Publication Date: 1921
Frequency: annual
regular
 Subjects
Subjects / Keywords: Braga Brothers
Genre: serial   ( sobekcm )
Spatial Coverage: Cuba
 Notes
Dates or Sequential Designation: 1st- ; 1916-
Numbering Peculiarities: Report year ends Sept. 30.
Numbering Peculiarities: 1st report covers the period Jan.-Sept. 1916.
 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: oclc - 41410593
System ID: UF00091489:00004

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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
    Annual Report for the Fiscal Year Ended September 30, 1921
        Page 5
        Page 6
        Page 7
        Page 8
        Page 9
        Page 10
        Page 11
        Page 12
        Page 13
        Page 14
        Page 15
        Page 16
        Page 17
        Page 18-19
        Page 20
        Page 21
        Page 22-23
        Page 24
        Page 25
        Page 26
        Page 27
        Page 28
        Page 29
        Page 30
        Page 31
        Page 32-33
        Page 34
        Page 35
        Page 36
        Page 37
        Page 38
    Back Cover
        Back Cover 1
        Back Cover 2
Full Text















CHANGES IN ASSETS AND LIABILITIES
INCREASE OF ASSETS:


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


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


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

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

Crand Total ............. ........... ....... $58,987,432.71

INCREASE OF LIABILITIES:


Loans Agains t Suga rs ................... .
Bank Loans, etc. ................... .....
Sundry Bills Payable ................ ...
Accounts Payable and Accrued Charges. .. .
Balances in Respect of Purchases of Prop-
erties . .. .. .. . .
Reserve to Adjust V~alue of Unsold Sugars.
Reserve for Depreciation .................


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

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


Total ........................................ $37,712,270.91
DECREASE OF ASSETS:
Cultivations-1Company Cane ............. $172,802.58
Materials and Supplies. .................. 3,002.715.28
Advances to Colonos ................... .. 79,882.74
Cash ... .. ... .. ... ... 17,867,195.34
Cash for Liens and Censos.(per contra)..... 28,330.00
Discount and Expenses on Debenture Bonds. 124,235.86

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

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
















RECEIPTS AND EXPENSES

FISCAL YL4RB ENDED SEPTEMIBER 30I'B, 1921
RECEI PTS-

Production, 3,978,102 Bags
Sugar Sales (unsold sugars have been valued at Per Bag
2}6f c. & f.). .................. ........... $49,116,579.24 $12.347
Molasses Sales ............,...... .............. 429,738.67 .108
Other Earnings ................... ............ 716,717.11 .180

$50,263,035.02 $12.635


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

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

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


Fiscal Year Charges:
General Insurance ............:........... $ 318,988.53 $ .080
*Cuban Taxes on Sugar ................... .. 361,624. 18 .092
Cuban Taxes on Real Estate ................ 296,017.75 .074
Legal Expenses ................... ........ 95,296.73 .023

Total Fiscal Year Charges. ............. $ 1,071,927.19 $ .269


Sugar Expenses:
Sugar Bags and Packing.................... $ 2,353,010.96 $ .592
Sugar Inland Railroad Freights .............. 2,193,820.15 .551
Sagar Shipping Expenses ................... 1,429,452.21 .359
Sugar Insurance ................... ........ 106,132.96 .027
Selling and Landing Expenses. .............. 1,1410,335.041 .287

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

Total Expenses F. O. B... .. . .... .. .. $56361.638.17 $14.143

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












CUBA CANE SUGAR

AND EASTERN CUBA

CO M PA RA TIV EC ON S OLI DAT ED


ASSETS


Sept. 30, 1921


Sept. 30, 1920

$52,500,000.00


sept. so, 1921


sept. 3o, 192o
78,892,258.47


695,417.46
79,587,675.93
2,738230.65




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


DECLARED CAPITAL OF THE CUBA CANE SUGAR
CORPORATION .................................... $52,500,000.00
Represented by 500,000 Shares of 7ro Cumulative Con-
5 rtbe SPhreferredo Stock, par valu $00.o ah,aland
par value.
Add: Amount heretofore transferred from Surplus in
connection with the authorization of 416,667 addi-
tional Common Shares without nominal or par value,
such shares being reserved for the conversion of
$25,000,000.00 of the Corporation's Convertible
Debenture Bonds.............,..... ............... 2,083,335.00

The entire issue of the Stock of the Eastern Cuba Sugar Corporation,
$1,000,000, is owned by the Cuba Cane Sugar Corporation.
TEN YEAR CONVERTIBLE DEBENTURE BONDS OF THE CUBA
CANE SUGAR CORPORATION DUE 1930........................
BALANCES IN RESPECT OF PURCHASES OF PROP-
ERTIES:
Violet Sugar Company First Mortgage Bonds, Second
Mortgages, and deferred instalments, payable' in vary-
ing annual amounts up to 1936. .................. ......
BILLS AND NOTES PAYABLE:
Loans against Sugars.................... $18,000,000.00
Loans against Other Collateral ........... 10,400,000.00
Trade bills and nores ................... 547,473.78 $28,947,473.78
SHORT TERM DIL4FTS OUTSTAN DING. -----
ACCOUNTS PAYABLE & ACCRUED CHARGES........ 5,880,992.40
ACCRUED INTEREST CONVERTIBLE DEBENTURE
BONDS ........................................... 437,500.00
PREFERRED DIVIDEND NO. 19 (Payable Oct. 1, 1920)..


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

RESERVES :
To provide for adjustment in value of unsold sugar to
1%# C. & F. per lb. ................... ............. $3,848,723.52
Depreciation ......................11,750,000.00
Taxes .. .. . . . . .. . . .. . 5,750.00

SURPLUS ACCOUNT:
B balance ............... ............................................
Nors: Dividends on the Cumulative Convertible Preferred Stock have
been declared and paid to April Ist, 19271.


PROPERTIES AND PLANTS........................... $92,380,616.29

MACH NDERORANED C S ORNUC OFONV AETRIAANODN
OTHER CAPITAL PURPOSES..................... 788,497.3]

INVESTMENT IN SHARES OF SUBSIDIARY COM-
PANY . . . . . . . . . . . .

*INVESTIMENTS (at Cost) ................... .........................
*CURRENT ASSETS, ADVANCES TO COLONOS AND
GROWING CANE:


$ 93,169,113.60


569,000.00


2,083,335.00
$54,583,335.00



25,000,000.00




177,083.61


Cultivations--Company Cane. ................... .......
Materials and Supplies after deducting Reserve for
adjustment to market value. ................... ....
Advances to Colonos less Reserve for Doubtful Accounts.
Advances to Stores and Sundry Advances ..............
Sugars on hand: sold and unjdelivered sustars at sales
prices less amount retainable by Sugar F'inance Com-
mittee (see next item) and unsold sugars at 27,@
C. & I. per pound---less provision for shipping, selling
and landing expenses (See additional Reserve,
per contra)......................................
Sugar Finance Committee--Amount retainable from
value of Sugar sold to date. ........................
Molasses on hand at market value. ................ ....
Accounts and Bills Receivable less Reserve for Doubt-
ful Accounts....................................
Cash mn Banks and on Hand:
Collateral Acount, New York........ $2, 3, 1.1
I ew Yok ......... .. 12, 5.7
In Cuba ......... ....... 315,688.15

U. S. Certificates of Indebtedness due March 1922, plus
Interest to date ................... ................


$ 1,9433241.15
3,858,437.86
7,318,064.37
295,591.86


$54,583,335.00



25,000,000.00




1,951,493.82


15,297,755.17
1,801,785.92
246,361.59
3,432,645.80


105,649.46
2,687,5 89.08

20,07 ,79.31
250,170.06


2,457,482.89
3,890,329.00
437,500.00
875,000.00

35,265,966.18 7,660,311.89
172,736.19
39 ,0.86

538,313.05 566,643.05


10,000,000.00
2,022,194,74
15,604,473.52 12,022,194.74
2,750,479.64 23,473,102.04


2,461,554.03
3,007,187.50


39,662,608.25 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 advance.......... $ 506,719.05
interestt paid in advance ................... ............. 223,635.12
Discount and Expenses in connection with Issue of Ten
Year 740 Convertible Debenture Bonds due 1930 less
proportion ivrritten off............................. 1,0241,672.14

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


538,313.05


566,643.05


421,225.45


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


$135,694,061.21


$124,081,670.33


$135,694,061.21


$124,081,6?0.33


paration and the Eastern Cuba Sugar Corporation as at September 30th, 1921, and the
date, with the books of the Coplpanies in New York and Havana. The above Consolidated
correctly set forth the combined financial position of the Companies as at September 30th,
recoverable from the Sugar Finance Committee, the sufficiency of the provision for Deprecia-
up to the end of the fiscal year has not been definitely passed upon by the Government.
~Decontra, PIENDeR, GRIFTES 8r CO.,
Auditors.


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


( S


CORPORATION

SUGAR CORPORATION

BALANCE SHEET--SEPTEMBER 30th, I 921


LIABILITIES



































































...~-~. 11~~...-;1- ---1 -. --- ------------------ __ --e --_I


PROFIT AND LOBS ACCOUNT: FISCAL YEAR, 1915--16

Production (Bags)................................ 3,174,168
CREDFFS :
Gross Operating Profit............................ $13,899,672.24*
DorTs :
Interest ......................................... $ 91,385.85
Taxe--Cua 1Real Estate...................... $ 89,273.82
Taxes-Cuba Sugar ................... ........ .....
Molasses ........................ .........

Total...................... $ 89,273.82


1915-17

3,261 ,621


1918-19

4,319,189


$ II,741,61&TI*


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

$ 671,738.01

$ 54,490.11
925,000.00

$ 979,490.11

$ 400,000.00

1,290,000.00
265,227.20
.... ....
1,750,000.00
3,500,000.00
2,419,353.39

$ 11,741,61&77


1919-20

3,763,915


$ 23,237,452.42*


$ 2,156,584.29
$ 271,761.71
649,882.07
66,8282B

$ 988432.12

$ 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


3,613,325


3,978,102


--$5,340,961.22*


$ 2,917,555.11

$ 296017.75
361,624.18


$ 657,641.93

$63,376.50
732,799.55

$ 796,176.05

$ 602,225.79


6,908,062.30

1,750,000.00
--20,722,622.40

--5J40,961.2


$I11246,172.8* $ 8,016,85.97*


$ 244,042.97

$ 150,641.53



$ 150,641.53

$ 36,471.00
1ps,25000.00

$ 1,286,471.00

$ 500,000.00




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

$11,246, 172.88


$ 679,654.56

$ 136,899.34
421,386.50
67,966.15

$ 626,251.99

$ 34,525.00
S800,000.00

$ 834,525.00






$ 1,750,000.00
3,500,000.00
626,424.42

$ 8,016,855.97


Taxes
(Reserve)


Capital Stock U. S............... $ 10,000.00
Income U. S. and Cuba........... 280,000.00

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


Reserve for Bad Debts.................,,......... ....
Amount written off Property Account to cover dis-
mantling and relocation of machinery.......... .....
Sundry Adjustments and Charges. ................. .....
Additional Shares of Common Capital Stock....... .....
Depreciation .. .. .. .. ... .. .. ... .. .. ... ... .... $ 1,250,000.00
Dividends on Preferred Stock............,...... .. 2,327,505.25
Net change in surplus .................. ....... 9,851,507.32

Grand Total.............................. $13,899,672.24


BALANCE SHEET:
AssetS :
Properties and Plamts................,,..........
Machinery and Construction Material on hand....
Investments (at cost).............................
Investment in Shares of Subsidiary Company at cost.
Cultivations-Company Cane. .. .. .. . ... ... ...
Materials and Supplies. ................... ........


$57,636, 115.65
140, 156.37


1,122,568.90
1,703,706.14


562,898,964.66
1,540,866.76


1,845,7r32.11
3,077,125.60


$74,522,783.47
767,665.30


2,771,852.99
3,211,158.68


$ 76,756,810.66
631,396.21


2,656,023.61
2,634,600.23


$ 78,892,258.47
695,417.46

2,738,230.65
2,l l602d73
6,861,153.14


$ 92,380,616.29
f88,497.31
569,000.00

1,943,224.15
3,858,47.86


Advances to Colonos (less Reserve)............. ,
Advances to Stores and Sundry Advances..........
Sugar on hand. ........., ................ ....
Sugar Finance Committee ................... ......
Molasses on hand.................................
Accounts and Bills Receivable ................... ..
Cash . . . . . . . . . . . .
U. S. Certificates of Indebtedness. .................
SECURITY FOR REDEMPTION OF LTrNs Ann 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


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

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


9,052,710.18
2141,092.58


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


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

875,000.00
567,911.344
386,629.98


1,439,089.43
6,500,000.00


947,490.73

16,712302.51


$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


1,148,90R00

$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



7/6,083.61

23,473,102.04


$124,081,670.33


7,318,064.37
295,591.86
15,29,755.17
1,801,785.92
246,361.59
3,432,645.80
2,461,554.03
3,007,187.50

538,313.05


506,719.05
223,635.12

1,024,672.14

$135,694,061.21


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

165,486.19
372,826.86


5,750.00
11,750,000.00
3,1848723.52

1,951,493.82

2,750,479.64


$135,694,06121


1,303,698.7 1,203,205.07
60,000.00 60,000.00


389,326.49

45,075.95


$83,342,421.86


$52,500,000.00



1,059,682.89
9,5(M,286.76

875,000.00
649,31136
654,385.41
60,000.00

1,286,471 .00
3,000,000.00




86,757.74
13,666,524.70


$83,342,4 .86


190,490.90
125,805.38
290,682.54


$95,274,157.86


$52,500,000.00

12,000,000.00

1,409,497.72
5,864,607.67

875,6000.00
601,183.50
602,021 .57
60,000.00

800,000.00
4,750,000.00


1,194,909.79
323,98R49
14,292,949.12
30,000.00

695,24,157.86


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


LU\IABHTfES :
Declared Capital. .. .. ... . .... .. . .. . . ....
Ten Year 7%b Cony. Debenture Bonds..............
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, pei* contra.........
RESERVES :
Taxes, Etc ................... .......... ...........
Depreciation ...................
Against decline in sugar values to 155C c.& f. per lb....
DEFEiRRED LIABHnrtlS:
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

*Cata~n Tazes on Real Bestate Buga~r and Holmeee not Deducted.


CUBA CANE SUGAR CORPORATION


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




_ __ __ ~ =


SUGAR CROPS OF CUBA
FROM 1894TO 1921

CHART SHIOWING THE PORmON OF EACH CROP PRODUCED INTH
WESTERN AND EASTERN SECTIONS OF THE ISLAND

-G












... .e



f6S 0 ",'" - - F~$




a, ~-- ---* o nd t u ~ a



CROP YE ARS


_I~L__ -- -i~Ea~i~ii~~i~iiii~~liiiiii-i~i**i~ii;~ Ili~-~--~; I-.~ Ill*l*IICll- ~... -r.--.-LCILWVI-CV*iiYLCICIC..- I*-- --~ll~il~i~ ~II*-~C~-IILI~r~ ~_I_


3.600 000
4oo0ooo
3.200.000

2.604000

a zeoaocoo

2.4oo.coo




1,404000

O 2noacoo
~ I.onoooo





S1204 0





























1913-14 192 21 Increase Decrease
Tons 96 Tons %o Tons


CANE
U. S., Porto Rico & St.
Croix .................
Hawaii .........
Cuba . . . .. .
Other West Indies ......
Centr. America & Mexico
South America ..........

AMlERICA .....


599,137
550,925
2,597,732
304,6419
152,000
781,158

4,985,601


3.20
2.95
13.89
1.63
.81
4.18

26.66

12.26
6.81
1.09
1.20


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

6,571,382

2,349,000
1,508,755
3412,1 76
289,000


3.61 ....,... 67
3.07 ........ 42.533
23.70 1,332,268 ...
2.38 90,775
.927 500 ....
5.95 204,838 ....

39.63 1,585,781 Net

14.16 57,500 ....
9.10 236,338 ....
2.06 138,176 ....
1.74 64,000 ........

27.06 496,014 Net

1.42 ....,.... 120,000
3.37 84852 ....


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

ASIA .............. 3,992,917

AUSTRALIA ........... 355,000
AFRICA ................ 474,664
EUROPE--Spain ....... 13,231

TOTAL CANE ...... 9821,413


21.36 4,488,931

1.90 235,000
2.541 559,516
.07 6,886

52.53 11,861,715



14.54 1,152,960
9.01 795,919
1.22 316,402
9.31 255,354
9.82 1,198,690

43.90 3,719,325

3.50 969,419
.07 341,600

3.57 1,004,019

47.47 4,723,344

100%0 16,585,059


71.52 2,040,302


6,345
Net


BEET
Germany ................
Czecho-Slovakia & Austria
Holland .................
Russia .. .. .. .. .
Other European Countries

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

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

AM ERICA .....

TOTAL BEET ......

TOTAL CANE &t BEET. .


6.95 ........ 1,561,980
4.80 ........ 889,524
1.91 87,145 ....
1.54 ........ 1,484,646
7.23 ........ 637,615

22.43 Net 4,489,620

5.85 314,,712
.20 22,925 ....

605 337,0416 Net

28.48 Net 4,152,5714

1001P Net 2,112,272


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

8,208,945

655298
11,675

666,973

8,875,918

18,697,331


Exhibit 3


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


(Willett & Gray)




I I I I II I I II III II I


Lii. :


Years 1914 to 1920 Inclusive

(Willett & Gray)


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

7&858


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

7335


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

1,070,629
872253

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

4,043,852
23,819

4,067,671

85.43


1920
Tons
75,387
390,552
10,490
334936
114,048
17,095

942,508
454,446

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

4,041,633
43,039

4,084,67

86.55


1914
Tons
143,996
510,385


274,149
120.887
20,200

1,069,617
624,298

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

3,758,807
2,020

3,760,827

84.29


1915
Tons
224,768
509,263


300,310
120,202
15,400

1,169,943
769,257

1,939,200
1,B41,002
14.505

3,795,307
6,224

3,801,531

83.83


1916
Tons
224,978
533,969


392,733
111,182
14,000

1,276,862
700,256

1,977,118
1,66,548
11,160

3,654,826
3,781

3,658,607

79.34


Louisiana and Texas.......(Cane)
Hawaii .......... "
St. Croix .................. "
Porto Rico ................ "
Philippines ................. "
U1Various (Maple, Etc.)............


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

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


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

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

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


Sources of the Sugar Consumed in the United States





































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



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


$ 5,998,603.15


1,750,000.00

1,167,555.11
796,176.05





2,352,225.79


$12,064,560.10


CONSOLIDATED SURPLUS ACCOUNT
AS AT SEPTEMBER 80th, 1921


BALANCE AT OCTOBER 1st, 1920....................... ............ ,
Deduct:
Net Loss for yea r, as per Profit and Loss Account........


Deduct:
Provision for adjustment of value of Unsold Raw
Sugar on hand to ly'44 per lb. C. & F.........., $3,848,723.52
Adjustment of Cost Value of M~aterials & Supplies to
Market Value ................................. 3,059,338.78
Dividends on Preferred Stock:
No. 20, January Ist, 1921 ................... .... 875,000.00
No. 21, April I st, 1921 ............,..,........ 875,000).00



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


$23,473,102.04


12,0641,560.10

$11,408,541.94











8,658,0627.30

$ 2,750,479.641


CUBA CANE SUGAR CORPORATION




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







~


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

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

As already stated on page 12, and as shown in the,Profit and Loss and Surplus
Accounts, substantial reserves have been provided for the revaluation of inven-
tories of unsold sugars and materials and supplies, as also for doubtful accounts.
For convenience of operation the following four Eastern mills of the Cor-
poration, viz., Moron, Stewart, Jagueyal, and Lugaretio were leased to the Eastern
Cuba Sugar Corporation, whose entire capital stock is owned by the Cuba Cane
Sugar Corporation. The Eastern Cuba Sugar Corporation thus owns the central
V'iolita and through the lease of the other four plantations operates the entire five
Eastern mills.
REVIEW OF THE SUGAR SITUATION
In last year's report we dwelt very extensively upon the uncertainties facing
the sugar industry when it became known that the United States Government would
not accept the Cuban offer, through the Cuban Commission, to sell the 1920-1921
crop to the U. S. Sugar Equalization Board, in order that the process of de-control
of sugar might be done in an orderly manner. In this connection we think it
fitting to pay tribute to the farsightedness of the late Mr. Robert B. Hawley, and
therefore copy the following extract from the letter of the Cuban Commission
to the U. S. Sugar Equalization Board, of July 29, 1919.
"If. on the contrary, the opportunity to serve-not the American
people alone, but the universal welfare--is for any reason, technical or
otherwise, not availed of through one medium or another, there is not
a commmunty anywhere in America, in Europe, or Asia that will not feel
the consequences of our failure to provide a stable price for this most
necessary article of human consumption."
The consequences have indeed been felt in all parts of America, Europe, and Asia,
and many decades will pass before the events of 1920-1921 will have been for-
got ten.
When a commodity of such vast magnitude as sugar is released from Gov-
ernment control, some supervising program of de-control is required to lessen,
if not eliminate, any possibility of economic or financial disturbance. The
de-control of sugar in Great Britain was accomplished without causing a ripple.


















GENERAL INFORMATION REGARDING SUGAR AND SUGAR
STATISTICS

The various charts and statements submitted with the last Annual Report
having been found interesting to our Stockholders, have been brought up to
date and are again submitted herewith. (All general statistics given herein are
compiled from figures published by Willett &: Gray unless otherwise credited.)
Exhibit 1.--Statement and chart of the sugar crops of Cuba from 1894 to
1921 showing the portions of each crop produced in the W2estern and
Eastern sections of the Island respectively.

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

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

Exhibit 4.--Sugar production of the World (Cane and Beet) by countries
for the eight crops 1913/141 to 1920/'21 inclusive with chart showing
distribution for the last crop.

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
























Exhibit 2


Comparison of the Portion of the Cuban Sugar Production

Controlled by American Companies for the Crop of 1920-21

(Guma-Mlejer)

Mille. Bags. Bags. 'I
CnnA CANs Scana CORPORATION. . ..... .. (6) .. .. . ......... 3,978.102 14.46
RIoNDA MANnoaaaNT .................. ...(6).... ........ .... 1,367,300 4.97
Riooda Estates (4)... 842,132
Tacajo ................ ........ 124,777
Alanarl .....400,400
CoaAN-AMERIlCAN BUoAR CO. . ..(6 ... ... ... 1,799,913 6.54
Dllicias . . . . 768,378
Chaparral 420,127
Tinguaro 50,408
Constanela .. 157,000
Merreodita ..118,000
Unidad .... .... .. .. 86,000
RorAL Brecvarre CoaP.. .. ..(3 ... ... .... 4266,57 1.55
Palma 261.5001
Hatillo .................... ............... .. .... 105,5010
8ta. Ana....... 59,527
WEST INIIlA BUGAR FINANCE CORP. . (2) .. ............. 310,000 1.12
A~lto Cedro. ................. ......... 164.000
Cupey .146,000
OUANTnNlua Scana COMPANY. . ...().. ........ 253,8010 .92
Soldad 88.8(00
Los Canoe. .. 91.400
Isabel ..63,600
UNITED FRUIT COMPANTu ...... . .(2) ........... 1,071,000 3.80
Boaton ........527,500
Preston .543,400
PUNTAALEGH SUGR COPANY ..... .(3). ..... .. 665,354 .4
Punta Alegre........ 320,000
Florida .260.400
Trinidad .84,954
E ATRINa &CO Co......... ..(). ... ...... 4418,900 1.63
Carneass 179,000
San Aguerin. .....__ 155.000
Boledad ..114,9(00
AnanslcAN Buana REFI~NING COMPANY..
Cunagun 1 460,000 1.67
B*nnooA BGArn COMrPANY... .
Baragun .......... 1.............i) 421,007 1 57
WARNER Bonan REFINING COMPANV.... ....(4)1............... 7364100 2.68
Gomes Mena....... 363.500)
Amistad .. ..................................... 228.900
Milranda ................... ............ ....... 131.5001
Palmarlto ... ................... ... ......... 12,510
CUBA CourPANT..... 2............. 489,8010 1 78
Jobabo 58,000
Jaribonico 31,800
J. G). WmrmT MA\N~arnwNr.............() 305,0371 1.11
Central Bugar Corp,... .. . . .. . . 3 .
Mlatanzae-Amerlean 8 C..................... .. 114,037
Cardenas-American S. C ................... ........ 59,000)
Hunss8r Conronarzor N .. ..(2 ... ... .... 352,000 1.28
Rosarlo .....220,000
Hershey .132,000
OTHpER (Below 100).. .. (18) .. ... .. .. .. 1,652,060 6.00
Central Hormiguera.. ......... 2.... 47.300
Rlo Cauto Bugar Co. (2) .. ... .. .. .. .. .. .. 20?3.,800
Cla. Central Araujo ........... ... 151,000
North Amerlean 6. C......... ..... 144,.000
La Paz Sugar Co....... ... ..... .............. 142.062
Ermtnit Bugar Co.... ... ..................... 121.1000
F. J. Peterson (2)............. ..... ......., 119.185
Cape Cruz Co........ ... .................. .... 106,750
Haanoa Bugar Co........ ....................... 95,500
O W Loft ... ...... ...._.. 62,127
Central Teresa B. C ........ ..... 61,200
tal. Cocilla B. C. ... ...... ..... 59.960
Cuba Bugar Mills.. ................... .. ... ..... 4;7,74
Sta. Maria S C....... ................ .... .. 43,9000
Central Nativildad........ .. ..... .... ...... .. 27,165
Mlapos Sugar Co.. .. .. .. .. .. .. . .. .. .. . .. 19,363

TOTAL AMIERICAN. .. ................ .......( 75).. ..... 14,747,219 53 59
NON-AMIERICAN INTERESTB. .......... ........ (123).. ........ 12,769,986 46.41

TOTAL .... ........ .... .......... ..(198)............... .. 27.517,2015 10~oo


28





Exhibit 2

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

(Guma-Mejer)


4.05"c Atkine
M Lanagement. (6)


Production American Interests........ 14,747,219 Bags--53.59?o
Production Other Interests.......... 12,769,986 Bags--46.417o

Total Production of Cuba.. .. .. 27,517,205 Bag~s
Total Number of Centrals....... 198

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




... ~ ,,, I I II


I I I I


Crop 1918-1914
Cane-- 9,821,413 tons--52.53%
Beet 8,875,918 -47.47%
18,697,331 tons


(Willett & Gray)


CroC 1920-21
Cane-ll1,861,715 'tons--71.52%~'
Beet 4,723,344 --28.48%'
16,585,059 tons


Nom.--The areas of the circles are In proportion to the respective total productions. The diagonal hatching represents CALNE, no hatchinrg BIEET.


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





























& GRAY J

1917/18
Tons
3,446.083
515,035
413,958
217,499
5,400
216,260

1,368,152
682.867

2,0)51,019
179,786
51,263
312,322
72.809
626.504

5,655,659

11,250
694.117

1,1778345
397,618
216,260
3,311,000

5,703,223
824.260
70,800
395,060

226,000
106.250
172,966
505,216
7.039

12,266,197

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

4,295,934
4,990,051

12,266,197
4,990.05I

17,256,248

268,283


1918/19
Tans
3,971,776
538.913
362,618
250,802
4,134
9,0100
195,289

1,360,756
674,892
2.035,648

197,448
36,631
161,600
07,681
747,270
6,377.877
22.300

697,192

1,749,408
415,678
195,289
2.370,000

4,730,375

209,853
80,000
,289,853

252,770
185,000
129,787
567,557
6,618

11,972,280

1,350,665
606.793

336,616
173,436
110,096
74,183
Fi31,399

3,183,188

3,880,380
11,972,280
3,880,380

15,852,660


1910/20
Tons
3,730,077
496,188
433,825
108,035
12,400
20)9,336

1,259,779
652,957

1,912,736
190,7197
44,597
180,786
127,000
938,864

.6,262514

16,500

669,457

1,335,763
283,482
209,836
3,049,157
4,877,738
162.298
60,.000
222,298

235,490
142,851
157,794
536.135

6,048

11,904,733
730.548
S475,877
12,151
86,691
S140,0100
2388,62
154.444
146,918
581,941

2,576.262
3,245,719

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


1920/21 %6 1920-21 Coou'raza
Tone Cane Beer
8,930,000 83.13 Cuba.............

508,392 4.29 Hawait ................... .....
437,336 3.69 Porto Rico .....
150,996 ~ Loulelana ...................
6,2382 1.36 Texas .
4.5001 St. Crolz. ... .. ... .. .. .. .. .
289,000 Philippine cAst ......
1,396,462 U. B. Cane--Total.. ......
969,419 20.52 U. S. Beer.. . .......

2,365,881
154.253) 1.72 Brileha West Indies. .............
50,000 J rench West Indice. .. .....
191,171 1.61 800. Domingo C Harl. .. .. .. .. .
152.500 1.29 Meziao & Gentral America. .. .. .
9985,96 8.81 Bouth Amerloa................
AMERICA--Cane (less Philip
6,571,382 pines) ................
84,600 .78 Canada Beet.. . .. .. .. ....

1,004,019 A~MERICA--Beet.....
1,508,755 12.72 Java ..................
342,176 2.88 Formoea & Japan... . . . . .
289,000 2.44 Philippines .......... .........
2.349,000 19.80 Br~igih 1ndla (consumed locally) .

4,488,931 ASIA .............
175,0001 l .98 Australia .
60,000 ) Fji ... ... ... ... .. ... . .. ...
235,000 AUSTRALIA.

254,810 2.15 Mlauritius .
140,000 1.18 Natal .........................
164,706 1.45 Other Atrican Count ries.. .....
559,516 APRICA ..................

6.886 UROPE--Spain (Cane) .. .. .
I I,86t,715 100%b Total Cane. . .. .. . ..

1,152,960 24.41 Germany--Beet
705,919 14 951 Czecho-Blovakla~~~~~~~~
90,000 1.91 Austria-Hungary
65,520 1.89 Rusela and Ukraine~
189,834 4.02 Polad . . .. . .l .
316,402 6.70 Holland . ... ...... .
305.041 0.46 Prance.......
242,580 5.14 Belgium............
651,060 13.77 Other European Countries ...
3,719,325 EUROPE-Beet ...

4,723,344 100% ~ Totall Beet .. .. .. .. .. .. .
I I,861,718 71.52 W'ORLD--Cane ............
4,723.344 28.48 Beet . .. . .....
16,585,059 100%~ Total......... ..

1,434,607 Increase .................
. . . Decrease ................


1914--15
Tone
2,592,667

577,186
808,178
216,696
3.500
4.500
243,000

1,353,060
646,257

1,999,317

120,748
108,267
182,000
879,465

2,430.540
13,8979
660,236

1,803,045
262,000
243,000
2,460,573
411268,618
246,408
102,000
348.408

277,164
91,619
155,005
523,788

7,376
10,171,397
2,500,000
1,602,315
1,967,336


203,608
704,537
7,883,215
8.243,451

10,171,397
8,243,45I

18,414.848


1915-16
Tone
8,007,915

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

1,431,006
779,756

2,211,662

179,745
74,086
12r6,058
100.000
749,980

2,329,517
17,641
797.397

1,198,567
405,227
332,158
2.634,000

4,569,952
159,681
90,000
249,681

215,528
112,081
193,964
521,573

6,359
10,684,997
1,400,000
1,011,400
1,467,096


113,097
707,515
5,077,760
5,875,157

10,684,997
5,875,157

16,560,154


1916-17
Tous
8,023,720

575,510
448.567
271.339
6,250
7,787
202,655

1,512,10B
734,577

2,246,685

194,68 8
70,608
180,171
75,000
652,828

2.432,7133
12,500
747,077

1,568,174
436,026
202,655
2,7218,000
4,962,815
188,731
100,000
288,731

209,035
114,494
198,984
522,513

4,584

I1,235,136

1,603,920
944.500
1,821,600


135,031
547,340
5,005,762
5,752,839

11,235,136
5,752,839

16,987,975

427' 2


COUNTnRIM 1913-14
Tons
Cuba .......... ......-------------***--******** 2,597.732
Hawarll... - - *-********** 5 0,925
Porto Rico -....... * * * * 25,000
Louisirana. .. . - --- --- *** *** ... 261,837
Ter r.. . . . .. . . ..... 7000
St. C orai5 ... - * * * * . 5,800
Phtilppine Asla .. -- -. ... ..,.. .. 225,000
U. S. Csano-Total. . . . . . . . 5. 187,62
U. B. Beet. .... . . . .. 655.298
2,030,360

British West Indies.. ... .. . .... .... 120,221
French West Indies.. .. . ... . . .. . ... .. 78.650
8. Domingo &t Harti........ -- -- -*,. .. .. ... 105,778
&eic C. A eries... . .. . . 152,000
Bouth Am erfea.. .. . . . . ---- ---- **** **
AMlERICA--Cane (less Philippine) .. .. . .. 2,387,869

Canade--Beet .. . . . .. - - - -- - 11,675
AMERICA--Beet . .. . . . . , . 666,973
Java ....... . . .. 1,272,417
Formcea & Impan . . 204,000
Philippines .... . .......................... 225,000
British Indle (consumed locally) .. .. .. .. . . 2,201,500
ASIA .... ..... . 3,992,917

Australia ...... . 2655000
Fiji -....- - ****...10,000
AUSTRALIA .. .. . .. . .. .. .. .. ,, . . 355,000

Mauritius ............... 249,800
Natal . ... .. .. . 85,714
Other African Countries.... ... 1389150
APRICA . .. .. .. . . . . . . 474,664
EUROPE-5Spain (Cane) . . .. . . .. .. 13,231
Total Cane. . . ............... . . . 9,82981.413

Germany-Beel .. ..... ... . . . .. .... 17,940
Czaeho-Blovakla [~~ 1,8,4 ~
Aust~ria-Hungary )""
Russiad and Uk~raine ~~~~~~.~....... 1.740,000
Holland .....229,257
France ..... 6 ;10
Belgium . .... ..... ... -- ----- 29 085
Other lluropean Countries. ...... ...--- --- -
EUROPE--Beet .......... ........-------- 8,208,945
Total Beet .. . .. .. . . .. -. - - 8.875,918
WORLDCane9,821,413

Total .......... . . . . 8.697.331

Dere. ..................


1,408,598 702,208


.282,483 1.854,691


The corresponding chart for the foregoing exhibit will be found on the following page.
33


R


Exhibit 4


(Cane and Beet) by Countries

of 1913-14 to 1920 -21


Exhibit 4


Sugar Production of the World

for the Eight Crops
(WILLE'Il,












Comparison of the Portion of the World's Sugar Production Contributed by Dit~erent Countries
For the Crop of 1920-21


(Willett & Gray)


CANE


BEET


World's Production of :
Cane Sugar 11,861,715 Tons 71.52%P
Beet Sugar 4,723,344 Tons 28.48%
16,585,059 Tons


Nazz.--The areas of the Ciroles are in proportion to the respective productions or cane and of beet sugars in the world.














PER CAPITAL CONSUMPTION OF SUGAR FROM 1890 TO 1920


La


2


O


~lnc~rc
O-~~oooo~~O N~taoc~oo
O1 01 000 hi
CO CO CD CO Q) (0 CO Ca 0 0 0 ~ 01' 0) 0 0 0 0 a, 0 0 a, 0 0 o, Or Or 0 01


YEAR S














In last year's report we outlined the circumstances that caused the decline
of sugar from 220# to 71 c. & f., which was the figure the market reached in Sep-
tember-October, 1920. Contrary =to general expectations, the decline continued
without any favourable reaction, and when the 1920-1921 crop started in January,
prices had gone as low as 30#. This rapid decline, combined with the financial
crisis in Cuba, brought about a general paralysis of the Cuban crop, many planta-
tions being deterred from starting operations.
It was during those days of national depression that, at the request of many
Cuban and American planters and of colons, President Menocal created the
Sugar Finance Committee, under which all Cuban sugars that had not prior to
February 22nd, 1921, been contracted for sale, were to be disposed of, shipped and
delivered by the Committee whose function it was to sell the sugars produced
"in an orderly manner in conformity with the natural laws of supply and demand
so as to prevent hoarding or the creation of artificial prices."
Once it was generally known that the formation of such a Committee was
imminent, confidence was to a great extent restored, planters started to grind and
prices advanced rapidly from 3Yz# to 43%#. Under these circumstances bankers
were more favorably disposed to make the necessary advances and Cuba made
the usual crop, a crop perhaps too large for her own interest.
It was the stimulus of satisfactory prices that enabled Cuba to make a crop
close to 4,000,000 tons. That there was a large invisible supply in the United
States in December, 1920, is now fully confirmed by the fact that the total arrivals
at the U. S. ports during January and February, 1921, show a decrease of 281,311
tons as compared with those two months of the previous year.
Prices fell because of the enormous invisible stocks in the United States in
December, 1920, arising out of the importations made during the last half of that
year from Java and other Far Eastern countries because of the high prices ruling,
also by reason of the increase of nearly 50%0 in the domestic beet crop, as com-
pared with the previous crop, and a further slight increase from Porto Rico. These
conditions made it impossible for the Sugar Finance Committee to dispose of the
new crop, within the year 1921, especially as the market in European countries
proved limited in view of the low rate of exchange and the unsatisfactory Euro-
pean finaricial situation.
By keeping prices always low enough, the Sugar Finance Committee pre-
vented a repetition of the large receipts from Far Eastern countries, and succeeded
in confining the total receipts at the American ports to the natural sources of
supply for that territory, viz.: Porto Rico, Hawaii, the Philippines and Santo
Domingo, as well as the British West Indies. Tegets oto ftesgr
S' from Santo Domingo and British West Indies was exported in the raw state to
Canada or in the shape of refined to Europe.
The European demand was very limited during the first six months of the
year, due to the Royal Commission on the Sugar Supply not having yet dis-




~I I


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








Exhibit 7

Relative Wholesale Prices of Granulated Sugar
In Various Countries

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


nI CaS~~nada Japan ElndFrance erayItaly Slvkegeh pe bCnt

75 75

70 70

65 65

60 60

55 55

50 50

45 45

40 4

35 35

30 30

25 25

20 - - ,20

15 --- 15

10 10

5 5


CadI nadal Japan England France emn ite y5
Juy01 .214 4.30e 795< 3.44" 5.82l 4.18" 12.43el 6.88eJuyl1
1999.00 9.50sI 10.83" 125 16.63"1 II.73"1 1970s1 12.28e 91
19C22.00e 2.0 19.2 5e 2477d 27.8 49.98e 744I*C 2932 g
19211 5.75e~ 8.0 11.50' 1249 18.38e 1475 5262 66.91 1921


NOTw. --- 1914


. .. 190 1920 1021


All prices based on normal rare of exebange.
In 1921, at actual rate of exchange England would be g.000
France 6 800
Germany 1.85e
Italy 11.a33
Czecho-Slowakia 3.790
Cermany at the present time may not export nor Import sugar.















Exhibit 8


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

Order of Production

(As REPORTED BT MeSSRS. OUMA-YRJER BOa 1920-21)


'TOTAL START FINIS I


Tera $@CENRAL IN AOSNovDecJan IFeb M~ar Apr ~arl Apr MayJ Jun Jul IAug Sep IOctNo


I IDelicias, 768,378 1 .. .. 16 .. .. .. I .. .. .. .. .. .. 9 .. ..9

2 1 Mlloron, 580,979 11.. .. 3 J .. .. .. )I.. .. .. 18 ... ..

3( Preston, 543,500 I) .. .. 1 5 .. .. .. (I.. .. .. .. .. .. .. 7 .

41 Boston, 527,500 1 .. .. 10 .. .. .. I .. .. .. .. .. .. 15 ..

51 Eepana, 492,028 ( .. 26 .. .. .. .. .. .. .. 6 .. .. .. .. .

61 IOnaga, 460,000 1 ..) 311 .. .. .. .. I).. .. .. 18 ,. .. ..

71 Baragua, 431,007 11.. 1 5 .. .. .. .. II.. .. 25 .. .. ....

81 Toledo, 427,700 1).. 20 .. .. .. .. .. .. .. 5 .. .. .. .. .

91 Chaparra, 420,127 1 .. .. 31 .. .. .. I .. . .. .. .. .. .. .

10 M Ianati, 400,400 11.. 1 6 .. .. . .. II.. . .. 24 ..

11 I Gomes Mena, 363,500 1).. .. 10 .. . .. It.. . .. 7 .. .. ....

12 2 M~ercedes, 360,694 ((.. 51 .. .. .. .. ().. .. .. 2 ... ..

13 1 Sta. Lrucia,* 355,000 (.. .. 3 ... ... .. .. ....

S 14 3 IJagueyal, 34 08 I.. 3 .. 1 .. .. .

15 1 Francisco, 3494 .. 6 ... ...3 .. ., ... .

16 4 IAlava, 334,913 1(.. .. 51 . .. .. It.. . 31 ... .. .

17 1 PuntaAlegre, 320,000 11.. .. 3) .. .. .. It..~ .. 31 ... .. ... .

18 5 ISocorro, 304,197 )1.. .. 41 .. .. .. (I.. . 27 ... ... .

19 1 Agramonte, 295,725 11.. 15 .. .. .. .. II.. I .. 24 .. .... .

20 6 IStewart, 290,763 11.. .. .. 14q .. .. II.. I..I .. 4 .. ..


-NNUMBERI OF CENTRALS IN EACH MONTH--


20 Central, Total, 8,366,446 .. 11 1 ... 7 8 1 .. 2 1 1
178 Other Centrals, 19,150,759 1 22 1119 27 7 2 1 4 1104 63 5 1 .. ..

198 GRnwn Tornz, 27,517,205 1 30 1028 7 2 1 4 1171 6 1 2 1 1


anta Lcia production estimated.




111 1 II I II


__


CUBA CANE SUGAR CORPORATION






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




1 111 11 111 11 ~ ~ I I


I _


ASSISTANT TREASURERS:
VICTOR ZEVALLOS, HAVANA;
HIGINIO FANJUL, HAVANA.
E. D. STAPLES, HAVANA.


AssisTANT SECRETARIES AND
MANUEL E. RIONDA, NEW YORx:
EDWARD H. GREEN, NEW YORK;
C. A. KNAPP, NEW YORK<, ASST, TREAS.


GENERAL MANAGER :
MIGUEL ARANGO.

GENERAL COUNSEL "
SULLIVAN & CROMWELL, NEW YORK.

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

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


CUBA CANE SUGAR CORPORATION



EXECUTIVE OFFICERS:

PRESIDENT :
W. E. OGILVIE.

VICE-PR(ESIDENTS:
FREDERICK STRAUSS, NEW YORK; REGINO TRUFFIN, HAVANa;
ALLFRED JARETZKI, NEW YORK; B. BRACA RIONDA, NEW YORK;

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























DIRECTORS :


hilGUEL AnANCO .
ROBERT 1. BARn .
A4. S, DE BUSTAMANTE .
W. E. COREY .
G. M. DAnt .
S. B. FLEMING .
HOA~CE HAVEMrEYER .
CHARIEs HAYDEN .
ALFRED JARETZKI .
JAMES N, JARVIE .
W. J. MATHESON .
G. M-P. MaRPHY .
W. E. OGILVIE .
W. P. PunLIPs .
B. BRnoA Rro~nna. .
nfANUEI,. RIONDA ..
MANUEL E. RIoNDA .
CHARLES H. SAsm .
EUGENE W. STETSON .
ALBERT STRAUSS, Ch~ajrman ~
FREDERICK STR.4uss .
REGTNO TRUFFIN .


.Havana
.New York
.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
. Havana


COMMITTEE ON ADMINISTRATION:


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


W. E. OGILVIE
EUGENE W. STETSON
ALBERT STRAuss


EXECUTIVE COMMIYITTEE:


W. E. COREY
HOR1ACE HAVEMEYER
CHARLEs HAYDEN
ALFRED JARETZKI
JAMES N. JARVIE
G. M-P. MIneR H


W. E. OGILVIE
MANUEI, RIONDA, C/SGITHIGN
B. BRAGA RIONDA
CHARLES H. SABIN
EUGENE W. STETSON
ALBERT STRAUSS


CUBA CANE SUGAR CORPORATION





























Western
Portion fo
974,377 = 90
916,178 = 89
1741,663 = 76
218,661 = 100
310,892 = 99
305,919= 89
255,617 = 83
5416,603 = 86
699,917= 82
835,841 = 84
866,648 = 83
954,312= 82
969,68 = 82
1,120,408 = 78
687,:98 = 71
1,082, 796 = 72
1,278,024= 71
1,020,438 = 69
1,330,615 = 70
1,685,296 = 69
1,606,4101 = 62
1,711,785 = 66
1,939,158= 64
2,006,219 = 66
1,993,590= 58
2,1486,316= 54
2,056,8:9 = 55
2,220,687 = 56


Eastern
Portion <"0
113,119= 10
1141,919= 11
56,517= 24
29= 0
3,117= 1
39,312 = 11
52,926 = 17
89,253 = 14
150,264 = 18
163,03: = 16
1;3,580 = 17
208~,946C~= 18
209,061= 18
30"',265 = 22
2:-4,160 = 29
4130,;86 = 28
526,325 = 29
463,01 3= 31
565,339 = 30
:43,241= 31
991,3731 = 38
880,882 = 34
1,068,:57 = 36
1,017,471l= 34
1,4527,493 = 42
1,823,4160 = 16
1,673,198= 45
1,715,353 = 44


Total Island
Tons of 224-0 lbs.
1,087,496
1,031,097
231,180
218,693
314,009
3415,261
308,5413
635,856
850,181
.993,878
1,0410,228
1,163,258
1,178,7419
1,4127,6;3
961,9.58
1,513,582



1,895,99

2,597,:32
2,592,667
3,007,915
3,0-,3,720
3,44-6,0r33
3,971,776
3,730,077
3,936,0410


1893-94
1894-95
1895-96
1896-97
1897-98
1898--99
1899-1900
190(M)1
1901-02
1902-03
1903-04
1904-05
1905-06
1906--07
1907-08
1908-09
1909-10
1910-]l
1911-12
191213
1913-14
1914l-15
1915-16
19)16-17
1917-18
1918-19
1919-20
192 -21


Thla shows the tremendous drop in production In 1805 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 augar produalog country. This recuperation by Cuba occurred, moreover, during years of very
low ougar prices. It In interesting to note the continuous growth from the time peace was restored in
1899 until last year, with the three exceptions of 190748, 1910-11 and 1919-20, when production was
ourtalled by drought.


Exhibit 1


Sugar Crops of Cubia for the Years 1894 to 1921

SHOWING THE PORTION OF EACH CROP PRODUCED BY THE E'ESTERN AND EASTERN
SECTIONS OF THE ISLAND.


(Willett & Gray)




III Ist I II~ I I ~ 111 1 I I


CUBA CANE SUGAR CORPORATION
123 FRONT STREET
NEW YORK


JANUARY 9, 1922.
TO THE STOCKHOLDERS:
Your Board of Directors submits herewith the Annual Report of the Cuba
Cane Sugar Corporation for the fiscal year ended Sep~tember 30, 1921.
A general survey of the sugar market events of 1921 is given below, similar
to that given in the report for the preceding year.
The last year was as abnormal and disastrous a year to the sugar industry
as it was to the producers of many other commodities, the year having started
with high prices and high costs of production. During the year an almost per-
pendicular drop took place in the price of the product with very restricted sales,
and prices at the end of the year were the lowest of those at any time during the
period covered by the report.
The corporation produced 3,978,102 bags of sugar at a cost of $56,261,638.17,
showing an operating loss of $5,998,603.15; unsold sugars being valued below the
market price at September 30, 1921, vliz., 2J/24 c. & f.
Proceeds of sale per pound were 3.891d f. 0. b.; costs 4.3554 f. o. b.; loss
per pound .464#.
A reserve has been established to cover further declines down to lIM# c. & f.
per pound.
The Profit and Loss and Surplus Accounts will be found on page 20.
The aftermath of inflated prices and the Cuban financial crisis referred to in
the review contained in our last Annual Report resulted in the creation, under
Cuban Presidential Decree, of the Sugar Finance Committee, for the purpose of
controlling both the selling and shipping of sugar that had not been sold prior to
February 22, 1921.
As was shown in last year's Report, your Corporation followed a most con-
servative policy in marketing its 1919-1920 crop. During the summer of
1920 your Corporation sold ahead 4100,000 bags and in January, 1921, 500,000
bags, or a total of some 900,000 bags of the 1920-1921 crop at an average
of 7.66254 f.o.b. per lb. These sales having been made prior to the Decree were
not affected by the creation of the Sugar Finance Committee, but after February
22, 1921, all unsold sugar came under the control of that Committee.
Innumerable difficulties attended the disposal of the crop by the Sugar
Finance Committee, which is fully explained under the Review of the Sugar
Situation further on in this Report. As a result your Corporation found itself
at one period of the season with about 2,400,000 bags of sugar unsold. Because
of these large holdings of sugar and of the low prices received for such sugar as















was sold, your Corporation was compelled to become a large borrower. At one
time your Corporation was borrowing as much as $18,000,000 by means of ac-
ceptances against sugar. That amount has now been reduced to $13,500,000, due
January 30, 1922, against which there is now held by the Trustee for the lenders
approximately $3,600,000 in cash and U. S. certificates of indebtedness, repre-
senting the proceeds collected on pledged sugars sold and shipped. The proceeds
of additional sales already made and awaiting shipment, as well as cash still to
be received from the Sugar Finance Committee on account of sales will permit
a further substantial liquidation of the sugar acceptance outstanding. Your Cor-
poration nowl has unsold approximately 1,100,000 bags.
During June your corporation was also compelled to increase its other bor-
rowings to $10,000,000, due October 1, 1922, against various Treasury assets.
The officers of the Corporation have bent their efforts to meet the changed
conditions and have instituted economies in every direction both in Cuba and
elsewhere, economies which under the conditions of war and post-war produc-
tion had not been possible. All construction and betterment work was suspended
and cash was conserved in every possible way, but in September it became
necessary to provide means to prepare for the 1921-1922 crop and to complete
the "Violeta" mill extension, which mill had been dismantled in pursuance of
the program to double its capacity. By reason of the large amounts of money
the Corporation was borrowing it became exceedingly difficult to raise $10,000,000
required in addition to the above loans. The amount was finally procured from
a group of banks by an arrangement under which, in order to make the transac-
tion possible, directors of your Corporation participated to the extent of $2,000,000.
This was done by a plan under which holders of Cuba Cane Sugar Corporation
,7% 10-Year Convertible Debentures were invited to subordinate their claims
for the benefit of the new $10,000,000 loan. In consideration therefore the rate
of interest on such subordinated bonds was raised to 8q% from July 1, 1921, to
- their maturity. Under this arrangement $17,541,600 Debentures, an amount
satisfactory to the bankers, have been deposited and duly stamped as assenting
to the plan. The status of 7%0 non-assenting Debentures is left unchanged, the
subordination of the assenting Debentures being exclusively for the benefit of
the new loan. Of this new $10,000,000, but $5,000,000 had been availed of up
to January 5, 1922.
The Company has passed through what is probably the most trying period
to which the sugar business has ever been subjected, and it has required the
unremitting attention and watchfulness of the officers and directors to meet, so
far as possible, the changing conditions. The situation has been one involving
great care and anxiety to them. On the other hand the same conditions have
made possible the institution of economies and a closer control of operations than
was possible during the unsettlement incident to high prices and boom times.
Owing to the prevailing conditions above outlined if~ became necessary to
suspend payment of the Preferred dividend,--the quarterly payment due on




111 1 I I I I


_


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

CANE GROUND

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

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

RATES PAID TO COLONOS FOR THEIR CANE
The following table shows the average percentage of sugar per 100 of cane
paid to the colons during the past six years:
1915-16 191 6-17 1917-18 1918-19 1919-20 1920-21
Western .. .. . .. ... 6.713ro 6.849ro 6.891%' 6.90170 6.9020/ 6.921%'
Eastern .. .... .. .. 5.079 5.029 5.115 5.130 5.153 5.172

Average .. .. .. 6.3830/ 6.337%' 6.254fo 6.168%/ 6.1240/o 6.211%/















SUCROSE IN THE CANE
The following table shows the average percentage of sucrose at the planta-
tions of your Corporation during the six crops:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
13.87%0 13.000% 13.31%0 13.020/ 12.95 O/ 12.80%a
As already stated the sucrose in the cane showed no improvement this year over
last year.

LOSSES IN MANUFACTURE
The losses in manufacturing at your plantations during the last six years have
been as follows:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
3.07% 2.67%' 2.36%1 2.32~' 2.379' 2.239b
While it is gratifying to see a decrease of .14, it is hoped that still greater
improvements will be achieved in the future.

YIELD OF CENTRIFUGALS

The yield of the six crops in 96" centrifugals has been as follows:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
11.25%b 10.76% 1.1 1.5 11.02 1101

COMPARATIVE RECEIPTS PER POUND OF SUGAR
For the purpose of comparing the f. o. b. price per pound of sugar manufac-
tured, obtained during the last six crops (estimated for the crop 1920/1921
because of the large amount of unsold sugars), the proceeds from "Mbolasses", and
"Other Earnings" are included in the following:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
4.1124 4.479C 4.6304 5.3984 10.3454 3.8916
Unsold sugars have been valued at 2yd4 c. & f., less provision for shipping,
selling and landing expenses.
In order to afford a comparison with previous years, it has been necessary to
include the Colono sugars in the above figures.

COST OF PRODUCTION
The cost of production, on an f. 0. b. basis, per pound of sugar manufactured
at your factories, including the cost of colons' cane, was, for the past six years,
as follows:
1915-16 1916-17 1917-18 1918-19 1919-20 1920)-21
2.7486 3.4314 3.9984 4.6064 8.5236 4.3556




c


The cost of production depending upon the price at which sugars are liquidated
with the colons, it is preferable to follow the same method as in the previous
Annual Report, showing the cost of production, excluding cane, thus giving a com-
prehensive idea of the increases in other items, cane excluded. The sugars pur-
chased from the colons were necessarily acquired at the prices ruling during
the crop months, but as the Company was unable, owing to the Governmental
control, to make corresponding sales of those sugars, the cost thereof is higher
than the average price the Company is obtaining for its sugar, notwithstanding
the already mentioned sales of 900,000 bags that your Company had anticipated
at an average price of 7.6625t f. o. b. per lb.
The cost of manufacturing and delivering the sugars on board steamers,
excluding the cost of cane compared with previous years, is as follows:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
0.7154 1.0726 1.4566 1.5556 1.9409 1.9436


The increases were, consequently,
0.3571 per pound increase
0.384 " "
0.099 "( "I "
0.3854 "1 "L "
0.003C "I "L "


1916-1917
1917-1918
1918-1919
1919-1920
1920-1921


1915-16
1916-17
1917-18
1918-19
1919-20


ovler
"
"
"
"


OPERATING PROFITS PER POUND OF SUGAR
Following the same basis as in our previous report and deducting from the
preceding f. o. b. prices at which the crop was sold, unsold sugars being valued at
2J44 c. &: f., less provision for shipping, selling and landing expenses, the cost
of production, including cane, Operating Profits, made per pound, are as follows:


1915-16
Receipts .. .. . . 4.112
Production cost .. .. 2.748


1916-17
4.479
3.431


1917-18 1918-19 1919-20 1920-21
4.6304 5.398# 10.345/ 3.891)
3.998 4.606 8.523 4.355

0.6324 0.7929 1.8226 Loss.46446


Operating profit... 1.3644 1.048


For the reasons already explained the colons did not share the burden of
the low prices ruling during the last half of the year.

COM~PARISON OF CROPS MADE BY YOUR COMPANY
The production has been divided between the Western and Eastern Estates
as follows:


WEZSTERN
Bags Tons
2,616,301 or 372,589
2,383,866 345,373
2,437,926 351,742
2,653,620 382,783
2,130,519 308,570
2,367,614 343,546


BasTERN
Bage Tone
557,867 or 79,446
877,755 127,169
1,175,399 169,586
1,665,569 241,318
1,633,396 236,584
1,610,488 233,220


TOTAL.
Bage Tons
3,174,168 or 452,035
3,261,621 472,542
3,613,325 521,328
4,319,189 624,101
3,763,915 545,154
3,978,102 576,766


1915-16. .. .
1916-17. . ..
1917-18......
1918-19. .. ..
1919-20.....
1920-21......





PRODUCTION OF THE EASTERN MILLST IN DETAIL
The following table shows the production of each of the Eastern mills during
/ J the last five crops:
1915-16 1916-17 1917-18 1918-19 1919-20 1920-21
M~oron..... 170,263 181,045 315.439 524,940 611,031 580,979
Stewart .. ...... 378,097- 416,560 506,494 445,784 290,763
Jagueyal. .. 233,545 251,013 326,200 353,168 371,609 349,087
Lugarefio. .. 154,059 67,600 117,200 280,967 2041,972 234,014
V'ioleta. ..... ...... ...... ...... ...... ...... 155,645

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

Stewart, unfortunately, started grinding very late, owing to delays in the
installation of machinery, hence the poor showing. All1 the installations have
since been completed.
The production in the Eastern plantations will be larger during 1921-22
crop by reason of a larger output from "Stewart", "Lugareflo", and "V'ioleta".


PROPERTIES ACQUIRED

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

LANDS

Your Corporation owns in fee 13,133 caballerias (437,767 acres) of land
and holds under lease 9,7"63 caballerias (325,433 acres) of land, many of these
leases being for long periods. The total lands owned and leased therefore are
22,896 caballerias (763,200 acres).


RAILROADS
Your Corporation now owns and operates for the transportation of its
products and supplies 1,352 kilometers (845 miles) of railroad, of which 984
kilometers (615 miles) are standard gauge and 368 kilometers (230 miles) are
narrow gauge, together with equipment .consisting of 150 Locomotives, of which
112 are standard gauge and 38 narrow gauge, and 4,0041 cane and other cars,
of which 2,726 are standard gauge and 1,278 narrow gauge.
















PROPERTY ACCOUNT

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


$48,983,296.68


$13,303,908.79
3,173,904.07

$ 10,1 30,004.72


Less Sale of Centrals, Lands, Machinery, Etc....


Additions, Improvements, Etc.:


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

$8,421,048.06


Eastern
Plantations
$ 155,131.08
2,657,229.86
8,246,313.70
3,309,334.68
2,177,979.08
5 ,931,4158.62

$22,477,447.02


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


Totlo
$ 419,734.21
5,033,353.81
10,081,364. 12
4,039,339.00
3,456,944.60
7,867,759.34

$30,898,495.08

$41,028,499.80

1,200,000.00 39,828,499.80

$88,811,796.48


Less amount written off to cover dismantling and
reloca ti on o f mach ine ry. .. .. .. .. .. ... . .


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


Machinery and Construction Miaterial on Hand for extension
of 1'ioleta and other Capital purposes. ...................


3,568,819.81

$92,380,616.29

788,497.31


Total as per Balance Sheet ................... $93,169.113.60


RE~N~EWALS, REPAIRS AND DEPRECIATION

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















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

VALUATION OF UNSOLD SUGARS

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

MATERIALS AND SUPPLIES

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

COLONOS ACCOUNTS

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




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