The amount of .sugar made in bags of 320 U. S. lbs. was as follows: 



1921 1920 1919 1918 1917 



Soledad 98,823 111,645 1.52,149 1.37,283 114,881 



Ysabel 63,644 59,908 108,-545 98,285 62,988 



Los Canos 91,454 69,513 97,703 71,406 73,231 



Total 2.53,921 241,066 358,397 306,.974 251,106 



The percentage of total sugar (96° test) obtained on the cane was as follows: 



1921 



Soledad 11.04 



Ysabel 11.07 



Los Canos 9 . 73 



Average 10.-54 11.70 11.01 10.34 9. .57 



The expenditures on Improvements and Bettennents dui'ing the year ha^'e been as 

 follows : 



Land Purcha.se -S14,000.00 



Cane Planted, XeAv Lands 47,109.98 



Building.s and Fences 1.53,236.82 



Agricultural Implements and Machinery 8,898.86 



Narrow Gauge Railwaj^ and Equipment 41,141.44 



Standard Gauge Railroad and Equipment 1 '^9,878.12 



Factories 222.471.04 



Mi.scellaneous 38,4:33.31 



Total S715.169.57 



Other changes in Capital Assets during the year were as follows: 



Derluclions: 



Timber Lands fvStumpage) .S3. 415. 05 



Other Pr.operties (Sales, etc.) 2,043.29 5,4-58.34 



-?709,711.23 



The following is the result from the ojieratioiis of the Cniantanamo Railroad for the 

 years ended June 30: 



1921 1920 1919 1918 



Gross Income .$.567,207.80 S493,702..57 .$446,666.62 $417,1.32.87 



Operating Expenses and Taxes. .. 416,225.71 ;369,797.96 .323,931.73 280,070.10 



.Sl.50,982.19 §123,904.61 .§122,734.89 -S137,062.77 



Depreciation 6.5,671.08 .58,969.-56 .56,003.04 49.899.25 



Net Earnings from Operations.... .S85,.308.01 -564,935.05 -$66,731.85 -$87,163..52 



Interest Charges 84,251.44 64,106.77 64,931.61 63,931.61 



Profit -SI, 0.56. 57 -S828.2S $1,800.24 -S23.231.91 



The properties have been maintained in the usual good condition and all necessary 

 repairs effected. 



O. G. Sage, 

 Vice-Presiclent and General Manager. 



