THECUBAREVIEW 25 



SANTA CECILIA SUGAR CORPORATION 



ANNUAL REPORT AND GENERAL BALANCE SHEET 

 YEAR ENDED JULY 31, 1919 



44 Whitehall Street, New York, November 20, 1919. 



To the Stockholders : 



The following report of operations of your Corporation during the last fiscal year, 

 with General Balance Sheet annexed, is respectfvilly submitted. 



The season was characterized by favorable weather conditions, resulting in a com- 

 paratively short grinding season free of serious interruptions. The quality of the 

 juice Avas practically the same as that of the previous year, but mechanical improve- 

 ments in the house, together with more efficient control, produced lietter factory results. 

 Costs in every department ruled high, and the extended delay in the removal of sugar 

 under contract with the United States Equalization, Board created heavy charges for 

 storage, insurance and interest. 



Grinding began December 12, 1918, and ended May 31, 1919, during which period 

 the factory ground 100,666 Spanish tons of cane of 2,500 lbs. each, and made 93,340 bag^ 

 of sugar of 325 lbs. each, the yield of sugar being 12.23% and the average polarity 

 95.61°. The molasses output was 647,000 gallons of an average polarity of 26.94°. 



Gross revenue from all sources amounted to .$1,7S6,.303.47. Operating expenses of 

 all kinds, including repairs and replacements, aggregated $1,341,442.44. 



The gross earnings for the year amounted to $444,861.03. The pi'ofit, after deduct- 

 ing $44,656.08 for interest on current c\eU, $40,484.52 for bond interest and $79,677.19 

 for depreciation provisions, amounted to $280,043.24. The amount written off represents 

 5% on manufacturing plant and plantation railroad, 10% on railroad rolling stock and 

 buildings other than factory, and 20% for exhaustion of cane planting, all as recom- 

 mended by the auditors, and considered by the management to be ample. 



The Excess Profit Tax and Income Taxes referred to in Balance Sheet are estimated 

 at $55,000. 



Under sinking fund provision of the mortgage the Corporation was required, out 

 of earnings for the year, to apply appi'oximately $45,000 to the retirement of bonds. 

 Since July 31, 1919, however, $89,122.-50 has been applied to the retirement of $100,000 

 of corporation l)onds. leaving the amount of bonds now outstanding $600,000. 



Capital expenditures for the year amounted to $158,898.08 : the important items 

 being $55,147.21 for extensions and betterments of the railroad and its equipment ; 

 $30,840.97 for additions to the manufacturing i)lant; new Iniildings $25,548.08; new 

 cane planting $34,367.21 ; auto trucks $10,211.68. 



Your property has been well maintained and is in good condition. The rainfall 

 thus far has been considerably below normal and the growth of the cane correspond- 

 ingly backward. It is probable that grinding will begin about January 1. 



All indications point to a higher average selling price for sugar during the current 

 year. 



By authority of the Board of Directors, 



M. H. LEWIS, President. 



ASSETS 

 Property and Plant : 



Plantation 10,617 acres, of which 4,377 acres are in 

 use for cane ; 1,000 for pastures, and 118 for bat- 

 eyes ; with roads, bridges, fences, etc., at Ijook 



cost .$2,396,713.72 



Buildings, Machinery, Railroad, and Equipment 938,559..59 



Work Animals, per inventory July 31, 1919 47,008.16 



Auto trucks, etc. 12,613.40 $3,394,894.87 



