THE CUBA REVIEW 



Decrease of Assets: 



Investments $271,170.00 



Cultivations — Companv Cane 146,718.21 



Materials and Supplies'. 842,881 . 52 



Advances to Stores and Sundry Advances 148,336. 18 



Sugars on Hand 14,596,663 . 66 



Sugar Finance Committee 1,801,785 .92 



Molasses on Hand 195,113.15 



U. S. Certificates of Indebtedness 3,007,187 . 50 



Security Deposited for Redemption of Liens and Censos (per 



contra) 14,062 .50 



Discount and Expenses on Debenture Bonds 124,202.64 



Total 21,148,121.28 



Grand Total $51,560,211 .33 



Stockholders 



The number of stockholders at the end of the last six fiscal years is given in the 

 following table: 



1917 1918 1919 1920 1921 1922 



Holders of Preferred Stock 3,840 4,494 4,880 5,755 6,246 6,312 



Holders of Common Stock 1,843 1,860 2,584 2,204 4,164 5,565 



5,683 6,354 7,464 7,959 10,410 11,877 



Receipts and Expenses 



FISCAL year ended SEPTEMBER 30tH, 1922 



Receipts : 



Production 3,379,451 Bags Per Bag 



Sugar Sales $24,340,196.61 $7,202 



Molasses Sales 106,914.37 .032 



Other Earnings 280,210.13 .083 



$24,727,321.11 87.317 



Expenses : 



Cost of Cane (per 100 arrobas $2,968) $10,854,642 . 13 $3 .212 



Dead Season (Salaries and Wages, Materials and Supplies, Repairs 



and Renewals) 2,369,454.58 .701 



Crop Expenses (Salaries and Wages, Materials and Supplies, Fuel, 



Maintenance, Administration — Cuba and United States). .. . 3,590,505.57 1.062 



Fiscal Year Charges (General Insurance, Cuban Taxes on Sugar, 



Cuban Taxes on Real Estate, etc.) 623,913.57 . 185 



Sugar Expenses (Sugar Bags and Packing, Sugar Inland Railroad 



Freights, Sugar Shipping Expenses, Sugar Insurance, Selling 



andLanding Expenses) 3,689,414.27 1.092 



Total Expenses F. O. B $21,127,830.12 S6.252 



Operating Psoeit for the Fiscal A'ear $3,599,490.99 $1 .065 



Review of the Sugar Situation 

 Since the publication of the last Annual Report, the Cuban Sugar Finance Com- 

 mittee was dissolved on December 31, 1921, and an absolutely free market in sugar was 

 thus restored. This was the final step in the readjustment of the sugar industry from 

 war time conditions to normal peace conditions, and like every step in every such read- 

 justment, involved contingencies that were difificult to meet. In order to appreciate the 

 wide range of price during this readjustment period, it is well to bear in mind that in 

 1920 prices had at one time gone as high as 23c. per pound. On the dissolution of the 

 Committee they declined to l^c. per pound. This decline was probably inevitable in 

 view of the fact that the amount of sugar then carried by Cuban producers had largely 



