22 THECUBAREVIEW 



in Cuba continues difficult and will likely result in further increased cost. Cuban taxes on 

 corporation earnings, like those of this country, have been largely increased by new legislation. 

 As sugar is Cuba's most important commodity, the bulk of which comes to the United 

 States, the matter of price fixing by the United States Food Commission is of great interest 

 to planters. It is believed that the special difficulties surrounding the production of sugar in 

 Cuba during the war period will be given due consideration by the Food Commission, and that 

 a price will be set which will allow sufficient margin of profit to support and stimulate this 

 important industry 



GENERAL BALANCE SHEET— YEAR ENDED JUNE 30, 1917 



Pixed Assets: ASSETS. 



Real Estate and Improvoments: 10,617 acres (at purchase price and attending ex- 

 penses, includina; $1,. 500,000 common stock issued at par as part of purchase 

 price), improved with 4,657 acres of cane and 1,216 acres of made pastures $2, .5.52, 934.9.5 



Deduct: Reserve for replanting cane fields 115,823.51 



$2,437,111.44 



Field improvements: Ditches, fences, fireguards, roads and bridges 59,196.68 



Eield Equipment: Carts, cars, harness and implements 15,887.45 



JManufacturing Plant: Factory buildings, machinery and yards; pumping and 

 electric plant; water tower and dam; machine and shop equipment; laboratory 



and fire apparatus, etc $692,560.63 



Deduct: Reserve for depreciation 242,371.63 450,189.00 



Buildings: Managers' and employees' residences; laborers' quarters, office, stores, 



warehouses, stables, etc 108,486.58 



Railroad and Equipment: 23.207 kilometers narrow-gauge track and sidings 



(mostly 40-lb. rail) with rolling stock 120,350.68 



Live !^tock: Oxen, mules, horses, etc 35,543.22 



Furniture and fixtures: .\dministration offices and residences 13,009.86 



Orchards and lots 1,130.56 $3,240,905.47 



Current Assets: 



Cash in banks and on hand $28,414.67 



U. S. 15-30 year 33^% gold bonds 10,000.00 



Accounts Receivable: 



Cuba current accounts $8,806.37 



New York current accounts 8,167.36 16,973.73 



Custom house deposits 5,106.59 



Accrued interest, U. S. bonds 2.92 



Inventories: 



Sugar on hand: 18,839 bags, at cost, in storage at Boqueron $183,258.53 



Molasses on hand 11,204.04 



Merchandise 16,874.86 



Materials and supplies 64,473.63 275,811.06 336,308.97 



Deferred Charges: 



Cultivation for crop 1917-18 $42,629.44 



Unexpired insurance 5,229.95 



Advances to contractors 1,041.64 



Readjustment expense 2,750.00 



Building plans, advance payment 1,089.48 52,740.51 



$3,629,954.95 



Capita/ Stock: LIABILITIES. 



Common authorized and issued $1,500,000.00 



Common in treasury $191,000, carried at no value. 



Preferred 8% cumulative, authorized $1,000,000.00 



Preferred issued $721,300.00 



Preferred in treasury, carried at par 6,200.00 715,100.00 



Bonds: 



20-yr. first mtge. coupon 6's, interest payable February and August, authorized 1,500,000.00 



In treasury, carried at par 753,000.00 747,000.00 



Current Liabilities: 

 Bills payable: 



New York $147,500.00 



Cuba 80,000.00 $227,500.00 



Accounts Payable: 



New York current accounts $2,908.53 



Cuba current accounts 38,423.94 41.332.47 268.832.47 



Accrued Interest: 



On funded and other debt 20,433.33 



Surplus (subject to provision for income and excess profit taxes for the period ended June 30, 1917) . 378,589.15 



$3,629,954.95 



Notes — The deed of trust governing the issue of first mortgage bonds provides that, beginning July 1, 1906, 

 there shall be paid to the trustee out of the net earnings of the company, after payment of all operating expenses 

 and interest, the sum of $76,875, annually. The company has made no provision for sinking fund up to the date 

 of this balance Sheet. 



Dividends have accrued on the preferred stock from August 1, 1911. There is a contingent liability of $5,000- 

 account of notes receivable discounted (subsequently liquidated). 



