a 
26 THE COBA REVIEW 
Punta Alegre Sugar Company 
A deficit for the year ending May 31, 
1921, of $4,547,756, as compared with a 
surplus of $5,646,708 in the preceding year, 
and a reduction in the profit and loss sur- 
plus from $9,136,016 to $4,589,260 is 
shown by the report of the Punta Alegre 
Sugar Company for 1920-21. 
The $4,500,000 deficit is after pay- 
ment of dividends and setting aside of 
reserves for loans and shrinkage. The 
deficit. after expenses, depreciation and 
inventory losses, but before dividends 
and reserves, is $2,843,290. The consoli- 
dated balance sheet shows assets of $23,- 
516,417 as compared with $30,345,422 
in 1920. 
The consolidated income account, with 
the comparative figures for last year, 
shows the following: 
1921 1920 
Operating loss........ $1,162;46 1) eee 
Siperating profit:.... 08 = s,s $8,900,657 
Interest, depreciation, 
2] CL eR ee 5 906,406 1,419,172 
Met loss.......... +. «92,008; S0inmeenee 
met profit: =. :......0.. 8 ae eee $7,481,485 
istimated taxes..i.c.00. s-seeere $53,019 
Adjustment for pre- 
vious year: Loss 
on sugar carried over. 774,423 ........ 
BRET. «ate aah, ee 62,186 
Preferred dividends.... ........ 38,611 
Common dividends.... 1,513,449 791,496 
Reserves, etc.......... 191,017 213,837 
Deficit $4,647,756" (6 oats 
EOL Goes ce eck) Sie oe $5,646,708 
Previous surplus....... 9,136,016 2,416,523 
Paid in on stock issued.. 1,000 1,072,785 
Profit and loss surplus .$4,589,260 $9,136,016 
The consolidated balance sheet as of 
May 31st for the two years is as follows: 
ASSETS 
1921 1920 
Real estate, plant, 
equipment, etc... .$14,279,130 $12,109,231 
Organization exp.... 677,203 674,952 
Mortgages receivable 1,000 2,000 
Stock in other cos.... 296,341 $0,000 
ave stock? j.2.%..% 5% 416,577 475,582 
Supplies in ware- 
ROUEES 33. Pies. 1,348,601 841,826 
Sugar in process..... 3,780 780 
Coming crop exp.... 17,426 72,240 
Deferred charges... . 20,241 132,726 
Supplies in stores.... 305,622 278,222 
Sugar and molasses... 3,683,422 13,819,581 
Accounts receivable.. 2,337,836 1,049,793 
Casht aati cet aees 129,238 808, 489 
Total............$23,516,417 $30,345,422 
LIABILITIES 
Common stock..... .$11,641,150 $11,637,150 
Surplus account..... 4,589,260 9,136,016 
Mortgages payable. . 64,751 65,872" 
Notes & acceptances 4,633,082 5,325,000 
Land purchases... . . 308,298 311,528 
Interest and rents ac- 
GTUGGN 5 scree 28,979 22,224 
Provision for taxes. . 578,019 853,019 
Planters’ reserve.... 470,678 459,000 
Unreported credits. . 65,556 230,115 
Accounts payable... 1,136,144 2,305,498 
Total............$23,516,417 $30,345,422 
The company’s unsold balance of sugar 
as of September 1, 1921, was 200,000 bags, 
inventoried at 2.60 cents per pound, f. o. b. 
Cuba. Notes and acceptances outstand- 
ing, secured by sugars, totaled $4,490,915, 
against $5,325,000 the year previous. 
In his report to the stockholders Pres- 
ident Edwin F. Atkins says: 
At the company’s estates expenses have 
been reduced wherever possible, and econ- 
omies now in force will enable the com- 
pany to compete favorably in the produc- 
tion of low price sugars. 
The output of the estates in terms of 
bags of raw sugar compares with that of 
the preceding crop as follows: 
1920-1921 1919-1920 
PuntaSanJuan.... 324,867 284,566 
Horidare. .ss6 5 eee) 20a; O00 258,462 
‘Rrimrclad:2eaysa nee $4,946 80,592 
‘Lo taieees ea 663,709 623,620 
At Punta San Juan grinding started 
January 5 and continued until May 31, 
1921. Had it been deemed advisable the 
output could have been increased, but on 
account of market conditions large areas 
of young cane here and at Florida were 
left until next crop. The sugar content 
