MESES NOW AS re Violen Wi 27 
Just what the total crop will be we believe it impossible to predict. The fine 
growing weather of last spring was followed by a summer somewhat dry, to be 
succeeded by a wet fall with very heavy rains in late November and even through 
December. The result has been a heavy tonnage of cane in the fields, but a retarded 
ripening that is causing the sugar yields in our mills to be considerably below normal. 
Very few of our mills at this writing are getting as high as 11% rendiment, while 
usually at this time of the year a percentage considerably above this is being secured. 
The financial difficulties, the late arrival of machinery and interruptions in its 
installation, with the heayy rains of the fall, brought about a late commencement 
of the harvest which very probably cannot be overcome. ‘There is doubtless cane 
in the fields in Cuba, notwithstanding the abandoning of many thousands of acres 
due to lack of funds with which to care for them, sufficient to make well over 4,000,000 
tons of sugar under normal extraction conditions, but with the late commencement 
of the harvest, the low sugar yields being obtained, and other difficulties, we believe 
that if the total crop reaches 3,500,000 tons it will be all that can be expected. We 
have all the conditions necessary for the making of Cuba’s record crop: mill capacity, 
quantity of cane in the fields, transportation facilities, labor tranquillity, good har- 
vesting weather and a reasonable supply of labor, but against these have been the 
late start of grinding, the unripened condition of the cane, and the consequent low 
sugar yield in our mills. 
With regard to the future of our industry, we cannot but be optimistic. Many 
of those who began cane growing or became identified with sugar production during 
last spring and early summer will have to retire through lack of financial means of 
fulfilling the obligations entered into, but their places will be taken by others coming 
in on lower levels, and who will, therefore, not be required to bring to the business 
such great financial strength. There have during the past few years been opened 
large bodies of virgin soil, especially in the two eastern provinces, and these will 
continue to produce cane at a comparatively cheap price for a long time to come. 
The average cost of production will undoubtedly become less as the cost of living 
and that of articles required in the production of cane and sugar recedes. Doubtless 
as time passes, the price of our product will also lower to become more like that 
prevailing before the war, but we believe that the lowering of costs will compensate 
lowering of selling price, so that we will be in a position to compete quite favorably 
with other cane producing countries and with the best producing countries of Europe, 
which formerly were our strongest competitors. Doubtless also the world’s purchasing 
power will gradually improve as normal conditions become restored, so that the 
quantity of sugar consumed will resume the gradual upward trend so plainly indicated 
before the war. There is, therefore, we believe, no reason for fear with regard to 
the future of this, Cuba’s greatest industry, though a trying period is doubtless before 
many of those who entered it during the period of inflation through which we have 
just come and from which we are just beginning to recover. 
GUANTANAMO SUGAR COMPANY CUBA CANE SUGAR CORPORATION 
The Board of Directors has declared a > 
dividend of fifty cents (50c) per share on Preferred Stock Dividend. 
the no par value stock of the Company 
for the quarter ending March 31, 1921, A quarterly dividend of $1.75 per share 
payable April 1, 1921, to stockholders of has been declared upon the Preferred 
record at the close of business March 25, Stock of this Corporation, payable April 
1921. The transfer books will not be 1st, 1921, to stockholders of record at the 
closed. close of business March 15th, 1921. 
