THE CUB A REV lEW 25 



Guantanamo Sugar Company 



Sixteenth Annual Report for the Fiscal Year Ending September 30, 1921 



New York, November 29, 1921. 

 To the Stockholders of the Guantanamo Sugar Company. 



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

 September 30, 1921, and a copj^ of the Balance Sheet, together with the report of the Gen- 

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

 Messrs. Price, Waterhouse & Company, and a copy of their certificate is appended. 



The amount of cane ground was 393,996 short tons, and sugar made 40,627 short 

 tons, or 253,921 bags. 



The last season has been unprofitable, so far as kno^vTi, for all the Cuban sugar 

 companies. The crop was produced under highly inflated costs for labor and supphes, 

 and because of the decline in sugar prices which has occurred, a large part of it has, of 

 necessit}^ been marketed at extremely low figures. Raw sugars in 1920 reached a price 

 of 22c. per pound, against a present quotation of 23^c. 



Dividends out of last season's profits were paid at the rate of 50c. per share for the 

 quarters ending December 31, 1920, and March 31, 1921, and at the rate of 25c. per share 

 for the quarter ending June 30, 1921. 



The capital expenditure for the j^ear for improvements and betterments to your 

 property amounted to $715,169.57, as shown in the General Manager's report. 



Betterments include additional houses for employees. In the factories, the new 

 miU at Estate Ysabel was installed and operated for last crop. The improvement in re- 

 sults was satisfactory, and rather exceeded expectations. The extraction of sugar from 

 the cane ground was over 943/2%> as against 89% with the former mill. A new fourth 

 mill at Estate Los Canos wiU be ready to grind the coming crop, and should bring the 

 extraction of sucrose at that factory to the standard set at Ysabel. 



Equipment to burn fuel oil under the factory boilers was completely installed at 

 Los Canos for the beginning of the last crop, and gave satisfactory results. Similar equip- 

 ment has been installed at Soledad and Ysabel, and is ready for operation. 



The better factory equipment, lower cost of cane and lower wages of labor will tend 

 to considerably lower production costs for the coming season. Indications are that the 

 cane crop wiU be the largest in the Company's history. 



By order of the Board of Directors. 



James H. Post, 



President. 



Guantanamo, October 25, 1921. 

 To the Board of Directors of the Guantanamo Sugar Company, New York. 



Gentlemen: Owing to the very wet weather and the early date on which the 

 spring rains set in, rendering the harvesting of cane almost impossible and causing a 

 considerable decrease in the yield of sugar from the cane, it was found to be unprofitable 

 to continue grinding, and approximately 70,000 tons of cane were left over imcut. The 

 estimated crop of 300,000 bags of sugar was thereby reduced by about 46,000 bags. Also, 

 a late start was made at Ysabel on account of delay in delivery and installation of the 

 new mill. 



Grinding began and ended as follows: 



Soledad Began January 13, 1921, and ended June 1, 1921 



Ysabel Began February 20, 1921, and ended July 13. 1921 



Los Canos. . Began January 3, 1921, and ended Julj' 15, 1921 



