24 THECUBAREVIEW 



CUBA CANE SUGAR CORPORATION 



I'Ol irril ANNUAL UKL'OUT FOR TlllO FISCAL VIOAK ICNDIOD 

 SlOl'TEMliKll 30, 1919 



New York, N. Y., November 14, lltr.t. 

 To TiiK Stockholders: 



Yoiir I'.ojinl (if l>ire<tors siilmiits its Annual lU'port of the luislncss of tin- Cor- 

 |i<>r:itii>M for tlu' fuiirlli liscal year eiidetl September '.>(), 11)19. 



Tlie prei>aratii)n of the Annual Financial Statement and tlie audit of the year's 

 business involved an innnense amount of detail, and this worlv was not made easier 

 by the fact tlial ihe operations of seventeen different factories were involved, all of 

 them located in a rmci^n country. It is a gratifying proof, therefore, of tlie im- 

 proved ediciency nf ihc accouuting department that, despite the hugeness of the task, 

 the Annual Ikep'"f i^ i">\v ready for distribution to the Stockholders. 



Notwithst.;inding the railroad strikes and the generally disturbed c(jndili<>ns of 

 labor, t!ie crojj was gathered within Ihe usual time, that is from I)eceml>er to the 

 end of June^with the exception of "Moron,"' which finished on July 9th — and the 

 early estimates of the crop were fully realized. 



It is to be regretted that the percentage of sucrose in the cane was unsatisfactoi-y, 

 being lower at nearly all your plantations than in any other year since the incor- 

 poration of your company ; the average for this year was more than one-<iuarter of 

 1% lower than in the previous year. 



The variations in the sucrose are due to climatic conditions and beyond human 

 control. This decrease in sucrose was not limited to your plantations but prevailed 

 throughout Cuba with very few excei)tions. 



As there is less demand in the I'liited States for molasses this year, l)y reason 

 of prohibition, and as this by-produtt is no longer needed for numitions, the financial 

 return from this source is not as great as it was in the jtrevious year. 



Owing to the above two causes, the Profits from Operation of your Corporation 

 were over $2,000,000 less than they would have been had the sucrose in the cane 

 been as high as in the previous year and had molasses had the same value. 



Note: All weights in tons given herein consist of 2.240 lbs. 



CANE SUPPLY 



The estimates made l)y the General Managers early last seas^on of the amount 

 of cane available at your Corjioration's plantations in the Western and Eastern sec- 

 ticms of the Island were more than realized, as appear by the following tables: 



^Vestern estates 2!t4,<ifM).0OO arrobas ( :'..2.S1,2.")0 tons) 



Eastern " 1V»s.(K)(»,0(K) " (2,209,821 " ) 



492,000,000 arrobas (5,491,071 tons) 

 The actual quantity of cane ground by your Corporation was as follows: 



\Vestern estates :!<!7.:!2!t.<i91 arrobas (:!,4.30,012 tons) 



Eastern " 194,2(JT,4G4 " ( 2.168,104 " ) 



501,596,555 arrobas (5,598,176 tons) 



In addition to the 307,^29,091 arrobas (3,4.30.012 tons) of cane ground at the Western 

 plantations there were sold to outside plantations 8,557,477 arrobas (95,505 tons). 

 This was made necessary by strikes. Your management, realizing that because of 

 the time lost thereby all the cane could not be ground at your factories, deemed it 

 best to sell this cane to outside plantations rather than have it left In the fields uncut. 

 Mention of this is made merely to show that your Western mills had more than an 

 .•ulequate supply of cane for their capacity. 



In the East your Company, for the same r«>ason, sold 9,554,281 arrobas (106,635 



