24 THECUBAREVIBW 



GUANTANAMO SUGAR COMPANY 



FOURTEENTH ANNUAL KEPUliT FOR THE FISCAL YEAR ENDING 

 SEl'TEMHER M, IDIU 



To the tilockholdcrs uj the Now lurk, Decvuil)er li, r.Hl). 



(Jtiuiitunuiiio lSiii/(ir Coini)unij. 



The Directors beg to suhuiit the accounts of jour CouilniUi lor the year eiuliiig 

 September M, IDIU, and a copy of the BaUiiice Slieet, together with tlie reitorL ot 

 tlie (jieiieral Manager on the operations of the Company. The accounl.s have as 

 usual been audited by Messrs. I'rice, Waterhouse «& Co. 



The amount of caue ground was 5-7,(>'.m tons and sugar made GT.oio tons, as 

 compared with 47y,01S tons cane ground and 4'J,IH> tons sugar made in IDIS. This 

 huge crop, larger by 33% tlian tlie average of the preceding live years, was harvest eil 

 in good time, and all the sugars have been shipped. 



Tlie gross income was ^l,7t>U,0(Jl.'JU, from which lias been cliaiged t)ff the sum 

 of Jt'-70,427.S1 for depreciation on buildings, machinery and eyuipment, and for re- 

 phmting caue ; proportion of difference between actual cost and pre-war co.st of 

 capital expenditures made iu lUliS, $:!;},47t).:j'.), and a furilier sum of !^4UU,UUU whicli 

 it is estimated will sutiice to cover taxes and contingencies, leaving a net prolit for 

 tlie year of $1,085,754.70. 



Regular quarterly dividends have been paid at the rate of 10% per annum. 



The capital outlay for the year for necessary additions and improvements to 

 your property amounted to $2(>s,.'jC»4,!KJ, as specified in the General Manager's report. 



Betterineuts include improved living quarters for employes ; twelve crystallizers, 

 f(jur centrifugals and a new boiler at "'ivos Canos," and additional equipment for 

 the Company's standard and narrow gauge railroads. For next crop, a new crusher 

 and engine will be installed at "Soledad," and a new vacuum pan at "•Isaltel." 

 Some 2,L'00 H.P. old boilers are being replaced at "Isabel'' and "Los Canos." 



A contract has been authorized for the installation of oil as fuel at all factories 

 and on all locomotives, in place of coal and wood, assuring a large annual decrease 

 in cost of fuel, besides saving of labor. 



The item "Bills Payable and Sight Drafts, $320,000.00" shown in the accompany- 

 ing P>alance Sheet of 30th September, was paid off soon thereafter. Your Comi)any 

 will enter upon the new crop this month free of debt and with a sulistantial liaiaiice 

 in liauk. 



While producing costs continue to increase, the price of sugar has lisen furl her 

 in response to urgent, world-wide demand ; and tlie sale of a part of the Comiiauy's 

 coming crop has already i>een ccmtracted for at a higher price than that realized 

 for the past crop. 



By order of the Board of Directors. 



Guaiilanamo, October 2.^th, 101!). 



W.M. MoORE CaRSOX, 



To the Board of Directors of the President. 



GtKtntnnamo iSiujar Company, 

 Note York. 

 Gentlemen : 



The growing season for the cane having been favoiable, a fair i'.verage tonnage 

 per acre was ol>tained during the past <-rop. The grinding season was also favorable 

 for harvesting, resulting in the factories l)eing kept steadily supplied with cane. 

 The increased areas of cane also assisted in providing tonnage for the largest crop 

 in the history of the Company. 



Grinding began and ended as follows : 



Soledad began December 2, lOlS, and ended May 11, 101!) 

 Isabel " November .30, 1018, " " .June 12, 1019 



Los Canos " December 4, 1918, " " May 17, 1019 



