24 THE CUBA REVI W 
SANTA CECILIA SUGAR CORPORATION 
ANNUAL REPORT AND GENERAL BALANCH SHEET 
YEAR ENpED JuLy 31, 1920 
To the Stockholders : 
The following report of operations of your Corporation during the last  fiseal 
year, with General Balance Sheet annexed, is respectfully submitted : 
Grinding began December 29, 1919, and ended May 6, 1920, during which period 
the factory ground 58,951 Spanish tons of cane of 2,500 Ibs. each, and made 56,750 
bags of sugar of 820 Ibs. each. The yield of sugar was 12.609 per cent. of the weight 
of cane, the average polarity of the sugar being 95.53 degrees. Molasses produced 
was 455.268 gallons of 28.77 degrees polarity. 
Gross income from sugar sales amounted to $1,609,314.45; from molasses sales 
and miscellaneous sources $31,373.98. Cost of production, including repairs and 
replacements, aggregated $1,299,509.96, The gross profits were $341,178.42, After 
deducting $104,480.94 for depreciation at the same rates as heretofore, $63,236.07 for 
interest on current and funded debt, and $9,683.95 reserve for income taxes, the net 
The unprecedented drought experienced over the entire Island of Cuba during the 
normal cane growing period resulted in curtailed production, while costs of labor 
and material were extremely high throughout the year, 
The sum of $96,759.50 was expended for the retirement of $100,000 principal 
amount of First Mortgage Bonds, reducing the amount outstanding to $500,000 as 
shown in Balance Sheet. 
Capital Expenditures for the year were $139,751.64, distributed as follows: Fac- 
tory Improvements completed and in process, $46,100.87; Railroad and Equipment, 
$78,410.20: Field Equipment, ete., $11,188.45; Miscellaneous Improvements, $4,052.02. 
Net expenditures for new cane plantings during the year amounted to $9,910.38. 
Weather conditions throughout the district this season have been favorable, and 
a good crop for the coming year is reasonably assured. Your property has been well 
maintained and all factory and plantation equipment is in excellent condition. 
To the regret of the Board of Directors, Mr. M. H. Lewis, on July 22, 1920, 
resigned as President. Occasion is here taken to express appreciation of devoted 
service rendered your corporation by Mr. Lewis over a long period of years. 
By authority of the Board of Directors. 
C. B. Goopricn, 
President. 
GENERAL BALANCE SHEET 
Juny 31, 1920 
ASSETS 
PROPERTY AND PLANT: 
Piantation 10,617 acres, of which 4,765 acres are in 
use for cane; 1,000 acres for pastures, and 118 
acres for bateyes; with roads, bridges, fences, ete., 
MG DOOK COSt 2... 6. 66 oe wn w wens oon $2,476,808.12 
Buildings, Machinery, Railroad and Equipment..... 978,880.65 
Work Animals, per Inventory, July 31, 1920........ 44,671.08 
muito Trucks, etc. ........ 0.0.5... eee Vays pila: $3,515,691.43 
[INVESTMENTS IN OTHER COMPANIES—AT OOST......:.... 4,250.00 
CURRENT ASSETS AND GROWING CANE: 
Planted and Growing Cane ...27..-. 55 enn eee $212,309.47 
Advances to Colonos and Contractors............... 20,180.59 
Maberigis and Supplies .........0. see 147,429.83 
Sugar on Hand—all contracted for—at estimated net 
(UCU CR SOC rE tae ee 207,931.46 
MECOUUISMIRLCCELVADIE: .......0 2% cde ddan eee 17,808.34 
a. she ‘ais acaiie aie tsi elec eee ene 38,641.80 644,301.49 
