THE CUBA RNREVIBW 
The amount of cane ground was 332,655 tons and sugar made 3S,570 tons, as 
compared with 527,692 tons cane ground and 57,348 tons sugar made in 1919. The 
small crop of this year was due to the extreme drought experienced during the 
growing season, The average rainfall was only 28.02 inches, G9 per cent. of normal, 
In spite of the small output of sugar, the financial results of last year’s operations 
are the best in the Company’s history. The gross Profits were $3,194,1G4.89, from 
which has been charged off $454,016.46 to cover depreciation on buildings, machinery 
and equipment and for replanting cane ; proportion of difference befween actual cost 
and pre-war cost of capital expenditures made in 1918, $33,479.39 and $960,000.C0 
ror taxes, leaving a net profit of $1,806,669.04, 
At a special meeting the stockholders, who were represented by proxy, voted 
unanimously to authorize the issue of five shares of stock of no par value for each 
share of $50.00 par value then outstanding. In accordance with this vote, certificates 
for stock of no par value have been exchanged for certificates of the old stock. Your 
stock has also been listed on the New York Stock Exchange. 
Regular quarterly dividends were paid at the rate of 10 per cent. annually for 
the quarters ending December 31, March 31, and June 80. An extri dividend of 
$5.00 per share was paid on June 30, Since the authorization of the no par value 
stock there has been paid a regular dividend of 50 cents per share and an extra 
dividend of 50 cents for the quarter ending September 30. The capital outlay for 
the year for additions and improvements to your property amounted to $420,301.67, 
as specified in the General Manager’s report. 
Betterments include additional houses for employees and school and welfare 
buildings. In the factories a new crusher and engine have been installed at Soledad, 
an additional evaporator body at Ysabel and the boiler replacements at Ysabel and 
Los Canos have been completed. 
A number of important improvements will be ready for operation at the beginning 
of the coming crop. <All mills will have a crusher and twelve rolls. A mill which 
has been moved from Central Ysabel has been installed as a fourth mill at Soledad. 
At Ysabel an entirely new crusher and twelve-roller mill is now being installed. It 
is anticipated that considerably better results will be obtained at these factories on 
account of these improvements, 
There is anticipated a very considerable saving to the Company in fuel cost, for 
a favorable contract for the purchase of fuel oil to fill our requirements has been 
entered into. The Guantanamo Railroad has formerly burned coal which can be 
brought to Cuba only at very high cost. For the coming season the railway locomo- 
tives have been equipped to burn fuel oil. There has been installed the necessary 
equipment of tanks and burners so that fuel oil may also be used at the factories. 
Taken as a whole the past season has been one of unusual prosperity, your 
factories haye been greatly improved and your Company is in very strong financial 
position. The prospects are that the coming crop will be considerably larger than 
that of the past year. 
By order of the Board of Directors. 
JAMES H. Post, 
Vice-President. 
BALANCE SHEET SEPTEMBER 30, 1920 
ASSETS 
COST OF PROPERTIES: 
Real estate, cane lands, buildings, equipment and other permanent 
MOVESEMCN(S ........00 000 ce ce ee cee .  $5,688,346.89 
Deduct—Betterments charged to surplus, July 1, 1911, to June 30, 
MSPRED ne ee ware ee ee ee mee tp ee + 425,643.07 
$5,262,703.82 
