30 THECUBAREVIEW 



THE SUGAR INDUSTRY 



ANNUAL REPORT OF THE AMERICAN SUGAR REFINING COMPANY. 1915 



The business of the Company always more or less dependent for its prosperity upon world 

 sugar conditions becomes increasingly so with the progress of the world war. The devolojv 

 ment of an export demand for refineti sugar, the competition of English refiners for Cuban raw 

 sugar, the uncertainty of shipping tonnage and deliveries an<l the English and French censor- 

 ship control of the facts and statistics relating to the European sugar conditions are among 

 the developments of an eventful year. 



The average price of refined granulated cane sugar for all refiners during 1915 was 5.559 

 cents a pound, and for dutj'' paid raw sugar was 4.642 cents, leaving a refiner's operating dif- 

 ference of 0.917 cents a pound for the cost of refining, shrinkage in weight, packing materials, 

 deliveries, interest, losses, taxes, insurance, depreciation, pen.sions, maintenance of reserve 

 plants to meet fire or other disaster, legal, administrative and general expenses. The amount 

 for profits left from the refining operations of 1915, as shown in the Profit and Loss Account as 

 a contribution toward dividend requirements, amounted to about one-tenth of a cent, or about 

 one mill, on every pound of refined sugar produced. 



The Profit and Lo,ss Account shows a larger return on 'Tncome from Investments" than 

 in 1914. This is owing to larger dividend returns from its holdings of beet sugar stocks, which 

 companies as producers of their o^\ti raw material, have prospered greatly with the higher 

 range of prices. 



During the years 1912, 1913, 1914 and 1915 the sum of $4,112,579 has been spent on addi- 

 tions and improvements to refineries of which §685,471 was expended in 1915 and all of which 

 has been charged off as depreciation, which together with additional special itemS; brings the 

 total direct charge to depreciation in the years named to $4,677,040.30. This is entirely aside 

 from substantial betterments, renewals and replacements charged direct to current expenses. 

 B}' special appropriation the Pension Fund has been increased to $1,000,000. During 

 the year 53 applications for pension have been approved, bringing the number on the list to 

 189, of an average age of 65 years, and with an average service to the company of 33 years 

 recei\*ing in the aggregate $61,936.09 from the fund. 



In addition there has been paid $24,189.24 to emploj'ees temporarily incapacitated 

 through illness or injur}-, making the total expenditures under this item $86,125.33, exclusive 

 of sums paid under Workmen's Compensation Acts, and as first aid and as hospital expenses 

 in accident cases. 



The stockholders of the compam' now number 19,565 with an average holding of about 

 46 shares each. 



Condensed General Balance Sheet, December 31, 1915 

 ASSETS: 

 Real Estate and Plants, including Refineries, Warehouses , Cooperage, 

 Wharves and Stables with their machinery and equipment, timber and 

 other lands owned in fee or through ownership of the entire Capital 



Stock of constituent companies, at cost less depreciation $48,763,560.47 



Investments, General 22,577,772.00 



Investments, Insurance Fund 8,000,000.00 



Investments, Pension Fund 1,000,000.00 



Merchandise and Supplies, including raw and refined sugar, sj-rup, material 

 in process of manufacturing, boneblack, cooperage, horses, wagons, har- 

 ness and other stock and supplies on hand 16,963,384.52 



Prepaid Accounts, Insurance, Taxes, etc 252,834.04 



Loans 3,803,274.90 



Accounts Receivable 4,607,398.09 



Accrued Income, Interest earned and dividends declared but not yet collected 468,844.67 



Cash with Trust Companies, in Banks and on hand 15,624,806.32 



$122,061,875.01 



