24 THH CUBA RBEVIBW 
COMPARATIVE RECEIPTS PER POUND OF SUGAR 
For the purpose of comparing the f. 0. b. price per pound of sugar manufactured, 
obtained during the last five crops, the proceeds from “Molasses” and “Other Earn- 
ings” are included in the following: 
1915-16 1916-17 1917-18 1918-19 1919-20 
4,112¢ 4479¢ 4.630¢ 5.3898¢e 10.345¢ 
In order to afford a comparison with previous years, it has been necessary to 
include the colono sugars in the above figures. 
COST OF PRODUCTION 
In order to show the cost of production on an f. 0. b. basis per pound of sugar 
manufactured at your factories, including the cost of colonos’ cane, as we have done 
in the past five years, we give the following figures: 
1915-16 1916-17 1917-18 1918-19 1919-20 
2.748¢ 3.481¢ 3.998e 4,606¢ 8.523¢ 
From the above it is seen that there has been an increase of 3.917¢ over last year, 
but this increase is mainly due to the higher price paid for the colonos’ sugars. The 
cost of production depending so much upon the price at which we liquidate the colonos’ 
sugars, it is preferable to follow the same method indicated in the previous Annual 
Report, showing the cost of production, excluding cane, thus giving a comprehensive 
idea of the increases in other items, cane excluded. On this basis, the cost of manu- 
facturing and delivering the sugars on board steamers, compared with previous years, 
is as follows: 
1915-16 1916-17 1917-18 1918-19 1919-20 
0.715¢ 1.072¢e 1.456¢ 1.555¢ 1.940¢ 
The increases were, consequently, 
0.357e per pound increase 1916-17 over 1915-16 
O.384e * i <§ 1917-18 ‘*. 1916-17 
.099¢ -~ ot ps L9IS=195 Sf AOS 
0.3885¢e “ m 2 TOTO-20" ** 1918-19 
The above increase of 0.8385e per pound in 1919-20 over the previous year is chiefly 
due to a shorter crop being made and to the fact that there was a decrease in sugar 
content of the cane. These figures are of great value when we come to consider the 
cost of production for the future, when prices are likely to be lower. It must be borne 
in mind that the cheaper the labor, the lower the cost, and labor will certainly not be 
higher next year. , 
OPERATING PROFITS PER POUND OF SUGAR 
Following the same basis as in our previous report and deducting from the pre- 
ceding f. 0. b. prices at which the crop was sold, the cost of production, including 
cane, Operating Profits made per pound, are as follows: 
1915-16 1916-17 1917-18 1918-19 1919-20 
IRE oo ome ous Doubt aoe eueT 4.112c 4479c 4.630e 5.398¢ 10.345¢ 
AP rOGUCuLONmmasae -icptera ste sielelo)s 2.748 3431 3.998 4.606 8.523 
Operauins PLOUGH veer crim ayate- 1.364¢ 1.048c 0.632c 0.792e 1.822c¢ 
As explained in the previous Annual Report, the colono while sharing in the benefit 
of high prices, which was the case this year, will also share the burden of low prices, 
when they come. 
“The increase in cost of producing sugar this year was divided as follows: 
3.532¢ per lb. Cane (This higher cost in cane, however, is recovered 
by the higher price obtained for the colonos’ 
sugars, as already explained). 
0.385¢c per lb. Wages and other expenses. 
COMPARISON OF CROPS MADE BY YOUR COMPANY 
The production has been divided between the Western and Hastern estates as 
follows: 
