T H E C U B A REVIE W 



Guantanamo Sugar Company 



Seventeenth Annual Report for the Fiscal Year Ending- 

 September 30, 1922 



New York, November 2A, 1922. 



To the Stockholders of the Guantanamo Sugar Company: 



The Directors beg to submit the accounts of your Company for the year ending 

 September 30, 1922, and a copy of the Balance Sheet, together with the report of the 

 General Manager on the operations of the Company. The accounts have been audited 

 by Messrs. Price, Waterhouse & Company. 



The cane ground amounted to 494,895 short tons, and sugar made 56,310 short 

 tons, or 351,936 bags of 320 pounds. 



During the early part of last season, the market price of sugar was extremely low. 

 A gradual improvement occurred as the year progressed, but all things taken into con- 

 sideration, it must be looked upon as fortunate that the Company's operations show a 

 profit, although a moderate one. 



At a Special Meeting of the Stockholders held January 17, 1922, the Certificate 

 of Incorporation was amended to provide for an increase in the Capital Stock of the 

 Company to 390,000 shares, of which 15,000 should be Cumulative Preferred of 100.00 

 par value and 375,000 shares should be Common Stock of no par value. 



The new Preferred Stock, in conjunction with the additional Common Stock offered 

 to the stockholders, was oversubscribed. No commission or discounts entered into 

 the financing, which was accomplished at a minimum of expense. 



The above financing permitted the Company to pay off current indebtedness and 

 made it possible to market the remaining sugar to advantage. 



The capital expenditures for the year for improvement and betterment to your 

 property amounted to' $197,239.70, as shown in the General Manager's report. 



The new fourth mill at Los Canos has resulted in better extraction of sugar. In 

 general, the factories are in excellent condition. 



The dry weather which has been experienced during recent months will result 

 in a smaller cane crop for the coming season. 



By order of the Board of Directors. 



James H. Post, 

 President. 



Guantanamo, November 14. 1922. 



To the Board of Directors of the Guantanamo Sugar Company, 

 New York City: 



Gentlemen — For the crop under review it was estimated there was sufficient cane 

 in sight to make over 385,000 bags of sugar. An abnormal number of cane fires — in 

 which some large areas were burned — probably due principally to the extremely dry 

 weather experienced during the crop period, caused a loss of about 35,000 bags. This 

 drought has affected considerably the growth of the cane for the following crop. 



Grinding began and ended as follows: 



Soledad Began January 4, 1922, and ended IMay 29, 1922 



Isabel Began January 3, 1922, and ended May 13, 1922 



Los Canos Began Januar\^ 5, 1922, and ended June 30, 1922 



