HOE ECO BA She VISE SW, 27 
of the cane was high, a promising indica- 
tion for future crops. The company 
plantations supplied 22 per cent of the 
cane ground. The construction work un- 
dertaken has substantially completed the 
program. The greater part of the ex- 
pense was incurred in connection with the 
railroad, which is now in first-rate condi- 
tion, with suitable wharf and terminal 
facilities. 
At Florida grinding continued from 
December 31st to May 31st. As usual the 
operating efficiency at this property was 
excellent and the operations proceeded 
satisfactorily. Of the cane ground the com- 
pany plantations supplied 20 per cent. 
The unit is now completely equipped; the 
construction work during the year in- 
cluded a new electric plant, boiler, rail- 
road extension, ete. 
The Trinidad mill ground from January 
9th to May 19th. High operating costs re- 
flected the shortage of cane, due to un- 
favorable weather conditions and the high 
cost of cultivating the company planta- 
tions, which supplied 60 per cent of the 
total cane ground. 
Anticipating the difficulty of disposing 
of raw sugars in 1921 the management, 
through E. Atkins & Company, entered 
into an arrangement with the Pennsyl- 
vania Sugar Company whereby the produc- 
tion of the Punta Alegre Sugar Company 
could be disposed of through a refinery 
as refined sugar. This contract has per- 
mitted the regular shipment of sugar from 
Cuba, and constant liquidation, so that 
on September Ist only 200,000 bags of sugar 
remained on hand, which it is expected 
will be disposed of before the end of the 
year. These sugars are included in the 
balance sheet at 2.60 cents per pound. 
Latest advices from the plantations in- 
dicate a good cane supply for the next 
crop and a substantial reduction in oper- 
ating costs. Expenses have been reduced 
as far as possible without affecting eco- 
nomical operation. 
In spite of the losses on last year’s crop 
the company remains in strong financial 
condition, free from bonded indebtedness 
or preferred stock. Financing for the 
present dead season has been arranged 
through the usual bank loans against the 
current crop. 
Cuba Cane Sugar Corporation 
Mr. W. E. Ogilvie, President of the Cuba 
Cane Sugar Corporation, has announced 
that the plan whereby the corporation 
would borrow $10,000,000 from bankers to 
tide it over the present depression in the 
sugar market had been made operative. 
Assent of holders of the 7% debentures 
was required to do the financing, and of 
$25,000,000 outstanding, more than $17,- 
000,000 has been deposited. The de- 
bentures deposited will be stamped and 
hereafter draw 8% instead of 7%. Deben- 
ture holders who have not yet deposited 
may do so up to and including Saturday, 
November 5th. 
No statement has been made by the 
bankers as to the status of the 7% de- 
bentures which are not deposited. It is 
understood, however, that their status 
is not disturbed in the least by the new 
financing. The 8% debentures, according 
to the plan, rank after the $10,000,000 loan. 
Price Readjustments in Cuba 
An outstanding feature of the Cuban 
retail market is the absence of a level of 
retail prices. The readjustment which 
was under way in the United States dur- 
ing the winter and spring of 1921 finds its 
counterpart at present in the Cuban 
market. There is, however, the difference 
that in the United States the price level 
fell fairly evenly among merchants han- 
dling the same lines of goods, while in Cuba 
the individual firms, under pressure of the 
necessity to get cash or believing that still 
lower prices are to come, are offering 
similar or identical goods at very dissimilar 
prices. This liquidation is encouraged 
by the large stocks which in many lines 
still hang over the market, and by the ap- 
parent improbability of an early upward 
tariff revision, which might increase the 
value of stocks held in the country. The 
principal factor which tends to discourage 
the merchants is the general economic 
outlook for the coming year. A small 
class (which made money rapidly during 
the war) has money, but the great ma- 
jority of the people are out of the market 
for all but necessities——Acting Commer- 
cial Attaché Chester Lloyd Jones, Habana. 
