THE CUB A RE VIE W 27 



Cuban Financial Matters 



PUNTA ALEGRE SUGAR COMPANY 

 CONSOLIDATED PROFIT AND LOSS STATEMENT 

 Season 1921-1922 

 AxT) Comparison with Corresponding Figures for 1920-1922 Season 



Total Total 



1921-1922 1920-1921 



Estimated net earnings from sugar sales $5,780,497.45 86,817,021.01 



Operating cost 4,512,600.41 8 176,056.14 



Operating revenue or loss $1,267,897.04 $1,359,035.13 



Depreciation on plant 838,058 .99 660,912 .80 



Interest, discounts, etc 285,729.31 75,354.89 



Miscellaneous debits or credits 2,379.92 26,436.03 



$1,126,168.22 $709,831.66 



Income or loss for year $141,728.82 $2,068,866.79 



United States and Cuban income and excess profits taxes esti- 

 mated 6,000.00 



Available profit or loss for year $135,728.82 $2,068,866.79 



Add: 



Loss on sugar carried over and other adjustments on 



previous periods $309,496.86 $774,422.91 



Balance available for common stock $173,768.04 $2,843,289.70 



Other charges against or credits to surplus: 



Reserve for loans on plantings and doubtful accounts 199,899.49 17,000.00 



Reserve for shrinkage in value of materials in warehouse 174,017 .00 



Dividends on common stock 1,513,449 . 50 



$199,899.49 $1,704,466.50 



Net addition to or reduction of surplus $26,131.45 $4,547,756.20 



Surplus per previous report 4,589,260.26 9,136,016.46 



Surplus paid in on stock issued 1,000.00 



Surplus May 31, -as per balance sheet $4,615,391.71 $4,589,260.26 



Draft Extension in Cuba That is to say, where an accepted draft 



TT J ii- r- u 1 J ri. * is not paid at maturity but is reaccepted 



Under the Cuban law a draft may not ^ ^ . . •'^. .l • i i 



, xjj .jci, on an extension of time certain legal 



be extended or reaccepted. Such reaccep- , .,. ,,1.^1^x1. i. -n * 



. . , V- V 4. tvl authorities hold that the courts will not 



tance, m a recent case which came to the . ^. . . ^ r ^ . 



.,'.,,, , , 1 , sustain an action arismg out of protest on 



attention of the consulate general, caused ... . ..1 j ?x ^ ^i. • i.- 



,, i. 4- J- 11 .u ^- u u*. failure to meet the draft at the expiration 



the court to disallow the action brought ^ , . , r ^ ■ 1 -^ •< u 



, ,, ., u 1 r i • 1 of the period for which it has been reac- 



and throw the case back for trial as a . ^ ^ ^ 1 , u 1 



, ,• • 4. iu J ui - A cepted. In any event, local bankers are 



simple action agamst the debtor. A new ^ .. ,,•' ^ ', ^ . ,., 



, r, , ,j , , ^ , . , not disposed to grant such extensions, which 



draft should always be taken in such a case. • w ix • ^.i. 1 u i.u j „f 



. . , •^. , , . might result in the loss by the drawer of 



Where it is desired to extend time to a ^^^ ^^^^^ ^^ ^-^ ^-^^^ ^^ ^^^-^^ (^ point 



customer who can not meet an accepted frequently overlooked by American firms), 



draft at maturity there appears to be a and they strongly advise that a new draft 



difference of opinion in legal circles as to be forwarded for acceptance to replace the 



whether it is possible to extend the draft old one, carrying only the new date of 



without losing the legal rights thereunder. maturity. 



