T H E C U B A R E Y I E W 31 



well located, with an abundant supply of cheap cane and a low rate of railroad freight 

 to the shipping port. 



The program adopted in 1916 by your Board of Directors to increase the capacity 

 of the Eastern plantations is now completed. 



The four Eastern plantations, as \\'ell as the twelve Western, are now all well 

 equipped, but some capital expenditures must necessarily be made each year in order 

 further to develop efficiency in operation. 



EXPERIMENTS 

 Your Company is still carrying on its experiments for the improvement of the 

 cane seed, and mechanical devices for cutting the cane. It cannot be said that much 

 has been accomplished in the improvement of cane seed, as years are required to 

 obtain results. Considerable progress has been made in the development of the cane 

 cutter which, however, is not yet a practical success, and in mechanical means for 

 transporting the cane to the mills. 



CONTRACT FOR COMING CROP 



So far no contract has been entei'ed into with the United States Sugar Equaliza- 

 tion Board, or any other similar corporation, for the whole or any portion of the next 

 Cuban crop. 



The scarcity of sugar and the great European demand, because of which there 

 is a fear that the United States may be left with insufficient sugar, are factors that 

 are attracting the attention of the Administration in Washington. While the whole 

 Cuban crop might have been bought last summer it would now" be difficult to do so, 

 owing to the large sales that have already been made for future deliveries. 



STOCKHOLDERS 



To show the distriljution of the stock of your Company, the number of Stock- 

 holders at the end of the last three fiscal years is given in the table below : 



1917 193 S 1919 



Holders of Preferred stock 3,840 4,494 4,880 



" Common " 1,843 1.860 2,584 



Total 5,683 6,354 7,464 



The continuous increase in the number of Imlders is gratifying. 



BALANCE SHEET. SEI'TEMBER .30, 1919 

 ASSETS 



Peoperties and Plants .$76,7.56,810.66 



Machinery and Construction :>Iaterial on Hand 631,396.21 .$77,-388,206.87 



Current Assets, Advances to Colonos and Growing 



Cane : _ 



Cultivations— Companv Cane .$2,656,023.61 



Materials and Supplies 2,634,600.23 



Advances to Colonos less Reserve for Doubtful Ac- 

 counts 6,850,872.94 



Advances to Stores and Sundry Advances 26.3,145.83 



Sugars on hand at Net Contract Prices (Pledged to 

 Bankers as security for Loans. The major portion 

 of these Sugars has since been shipped and col- 

 lected for, and the Loans paid) : . . . 11,692,000.-36 



Molasses on hand at Net Contract Prices 420,029.46 



Accounts and Bills Receivable less Reserve for Doubt- 

 ful Accounts 1,245,107.59 



Cash 4,.30.3,18S.17 



Cash— Special Deposit— Rental Guarantee 63,000.00 



Cash on deposit to meet Preferred Dividend due 



October 1st, 1919 875,000.00 31,002,968.19 



Cash Deposited for Redemption of Liens and Censos 



ON Properties — per contra • • 9-54,541 .42 



