THECUBAREVIEW 25 



The following comparative percentages of factory cost i;er 100 pouncLs of sugar for fiscal 

 years ended March 31, 1917, and March 31, 1916, will be of interest. 



. 1916-17 ' 1916-15 . 



Kerns. Cost. Per Cent Cost. Per Cent 



Paid to farmers for beets $4,516,899.13 62.56 $3,439,943.92 62.86 



Transporting beets to factory 361,619.25 5 . 01 283,567.49 5 . 18 



Agricultural sxiperintendence 375,035.12 5.20 208,042.61 3.80 



Labor operating factories 598,098.05 8 . 29 401,402.47 7 . 34 



Factory repairs 301,065.15 4 . 17 291,375.54 5.32 



Fuel. . " 298,280.30 4. 13 256,866.05 4.69 



Lime rock 166,027.65 2.30 121,703.42 2.22 



Sugar bags 295,686.28 4.09 175,797.32 3.21 



Miscellaneous operating supplies 239,175.76 3 . 31 152,000.72 2 . 78 



Factory and office supervision 268,402.73 3 . 72 225,951.45 4 . 13 



Stock in process from previous campaign. 128,527.16 1.78 93,322.17 1.71 



Total gross cost $7,548,816.58 104 . 56 $5,649,963.16 103 . 24 



Deduct: 

 Value of stock in process, wet pul]) and 



molasses residue $329,159.17 4 . 56 $177,246.67 3 . 24 



Net factory cost.o| sugar produced .$7,219,657.41 100.00 $5,472,716.49 100.00 



INTERNATIONAL PORTLAND CEMENT CORPORATION 



APRIL 30 BALANCE SHEET 



Assets: Liabiliiies: 



Stock of .\rgentine Co $2,156,500 Preferred stock 2,5C0,00a 



Stock of Cuban Co 17,620 Common stock 1,017,620- 



General expense 7,530 Accounts payable 26,015 



*Accounts receivable 460,164 



Cash in banks 901,820 



Total 3,543,635 Total 3,543,635 



*Represents amoimt due from the Compania Argentina de Cemento Portland for supplies- 

 and machinery purchased in New York. 



The companj^ has acquired the entire capital stock of the Compania Argentina de Cemento- 

 Portland. Substantial progress has been made in the construction work. Contracts have 

 been made for the purchase of machiner>'''and supplies, both in this country and in the Argentine, 

 the contracts respecting shipments from this coimtrj^ bemg verj- favorable. It Is connnon 

 knowledge that many difficulties are developing in the way of procuring construction materials,, 

 transportation, both by land and water, and in obtaining labor, nevertheless it L«5 hoped that 

 the plant will be substantklly completed by the end of the year and possibly in operation by 

 that time. 



In a circular addressed to the stockholders of Cuban Portland Cement Co., Sept. 19, 1916, 

 it was stated that up to July 1, 1917, the company would issue in exchange for each share of 

 Cuban stock then outstanding one share of the conmion capital stock of the International 

 Company. 1762 shares of such capital stock have been received and a like amount of the com- 

 mon capital stock has been issued therefor. 



The Cuban Portland Cement Co. owns a valuable cement deposit in Cuba, of approxunately 

 1144 acres, on which it is erecting, and is nearing completion, a plant having a capacity for 

 manufacturing 600,000 barrels of cement per anniun. 



