26 THECUBAREVIEW 



tl;iil\ mimI i-cuuljirly willi tlio rc<niii-i'd Miiioiiiit of «;mi' ; chiisimiiu'IiI ly L,'riii(liii;,' nmiiot 

 Im> miironii :iii<l I lit' mill work iimst sulTtM'. 



Tiu' iiiiu-hiiu'iv ill your iiliiiiljitioiis \v:is in liir JM-tlfr romlit ion (liaii in siiiy ini-vidus 

 vciir iiiid would Iimvc lu-cii iildf In fiirtlicr diiiiiiiisli tlic losses in iiiiiiuifucHirinj.' Iiiid the 

 «:iiu- ;:oiu' to tin- mills In-slily cut widi tlic iisual «l:iily n';,'iil:irity. Any irrejinliirily 

 ill lot'dinu I In- mills with siillicicnt cjinc nol only ciiiiscs had mill work and iiRTcascd 

 lta;:assf losses. I>iit neeessilales (he (■onsmniil ion of more fuel, therehy fiirther increas- 

 inu' I he eosi of pl-odllrlioll. 



Y 1 1:1.1 » (M" '.m; ("KX'I'KIFrC.ALS 



'I'iie yield ol' I he I'oiir ero|is in '.tC' eeiil riliiLrals was as follows: 



I'.il.Vl'.ild I'.iIC. I'.HT I'.ilT-r.tls 1!)1S-1!)11) 



ll.LT)',, Ki.Tf.', 11.41'/c> 11.15% 



Tliese ligiiivs .show that the yield this \ear is .I'r.'f under that of last yeai', hut only 

 .U*'/( iiiuler that of llMo-l'.MC, notwithstanding,' that tiie sucrose content durin;; that 

 year was .85% hi.u'her than this year. This is due to the higher ellicieiicy attained 

 in till' factories sinci' the first crop. 



co.Mi'AK ATiN 1: i;i:(i:ii"r.'< i'i:i; I'or.xi* of siujak 



For the purpose of compariiiii the f. o. 1). priic, per iMtund, manufactured, ohtained 

 during' the last four crops, the proceeds fiom "•.Molasses" and "Other Karnin^'s" are 

 iiichided in the follow in^ : 



l!iir.-1!nc. I'.ilC.-I'.ilT I'.MT-l'.tls 11)1S-1!)19 



4.n2c 4.471>c 4.(i:!Oe 5.39Sc 



The small inci-ease of .l.'li- per i>ound for r.tlT-l'.ns cioii. the tirst year of Coverii- 

 nieiilal control. o\cr the price oht.-iinetl the jirecediui,' year of l!)l()-1917, was iiof 

 sullicieiit to cover the extra eost of manufacturing: as was shown in last year's 

 .\nnual Kejiort, thus proving conclusively tliat the cro[) of 1917-lOlS, sold to the 

 International Suirar f'omniittee at 4.W(: f. o. h., was disposed of at too low a fij;ure. 

 The prict> ohtained from the F. S. Suyar K(iuali/.ation lioard for the crop just com- 

 jiletiHl, although .'.H)c per pound hifiher, was none loo hiudi. in view of tlu> poor sucrose 

 in the cane, an inipcn-tant factor iu the cost of itroduction. The differenee indicated 

 hetwceii the averajre price of r».:'nSc ohtained for last croii, ami the hasic price of 5.-"i0c 

 f. o. h. Xorthside ])orts ])aid hy the F. S. Suj;ar E(|ualization Board, represents the 

 reduction of .O.lc ]ier pound in the price of ihe 1.8124.041) hajis shipiied from the South- 

 side, as well as losses in wei.irh.t and polarization on the i)ortiou of the (JorporatioiTs 

 production held in Cuha after the crop was finished, in conformity with shipping ]iro- 

 visions of the contract. 



COST OF FKODFCTIO.X 

 The cost jpcr pound of iirotluciiii,' suL'ar, includin.L: cane, on an f. o. Ii. hasis at your 

 factories diiiMii;; the last foni' cro]is was as follows: 



1015-lOir, I'.ilC.-V.IlT ll»17-lt»is 3918-1919 



2.74SC :!.4:51c ;5.998c 4.00fic 



the ahove tigiires show increa.ses in co.st of: 



.ns:;c i»er ponnd in 1'.i1<;-l!n7 over previous vear 

 .r.fi7c " '• " 191 7-1918 " " ■ " 



.(•.08c " " " 1918-1919 " 



The jrreater portion of these increases is due to the higher cost of cane. .\s is known, 

 cane is paid for in sugar which, in tnrn. is usually hought hack hy the Company 

 from the Colonos at the fixed prici' (thta.ined for lln' whole crop sold to the (Jovern- 

 nuMit. or. in the ahsence of (Jovernmental control, at the market pric(>. The <"ompaiiy 

 selling its own sugar and also that purchased from the Colonos, at the ruling i)rice, 

 neither gains nor loses hy the purchase of sugar from the Colonos. The best way, 

 therefore, to state the actual increase in the cost of production wi>nld lie l)y excluding 

 the cost of cane. On this hasis, the cost of transporting the cane to the mills, maim- 



