THE CUBA REVIEW 27 



The cost of manufacturing and delivering the sugars on board steamers, excluding 

 the cost of cane, compared with previous years, is as follows : 



1915-16 1916-17 1917-18 1918-19 1919-20 1920-21 



0.715c. 1.072c. 1.456c. 1.555c. 1.940c. 1.943c. 



The increases were, consequently: 



0.357c. per pound increase 1916-1917 over 1915-16 



0.384c. " " " 1917-1918 " 1916-17 



0.099c. " " " 1918-1919 " 1917-18 



0.38SC. " " " 1919-1920 " 1918-19 



0.003c. " " " 1920-1921 " 1919-20 



Operating Profits Per Pound of Sugar 

 Following the same basis as in our previous report and deducting from the preceding 

 f. 0. b. prices at which the crop was sold, unsold sugars being valued at 2i/<c. c. & f., less 

 provision for shipping, selling and landing expenses, the cost of production, including 

 cane, operating profits made, per pound, are as follows: 



1915-16 1916-17 1917-18 1918-19 1919-20 1920-21 



Receipts 4.112c. 4.479c. 4.630c. 5.398c. 10.345c. 3.891c. 



Production cost 2.748 3.431 3.998 4.606 8.523 4.355 



Operating profit 1.364c. 1.048c. 0.632c. 0.792c. 1.822c. Loss .464c. 



For the reasons already explained the colonos did not share the burden of the low 

 prices ruling during the last half of the year. 



Comparison of Crops Made by Your Company 

 The production has been divided between the Western and Eastern Estates as follows : 

 Western Eastern Total 



Bags Tons Bags Tons Bags Tons 



1915-16 2,616,301 or 372,589 557,867 or 79,446 3,174,168 or 452,035 



1916-17 2,383,866 " 345,373 877,755 " 127,169 3,261,621 " 472,542 



1917-18 2,437,926 " 351,742 1,175,399 " 169,586 3.613,325 " 521,328 



1918-19 2,653,620 " 382,783 1,665,569 " 241,318 4,319,189 " 624,101 



1919-20 2,130,519 " 308,570 1,633,396 " 236,584 3,763,915 " 545,154 



1920-21 2,367,614 " 343,546 1,610,488 " 233,220 3,978,102 " 576,766 



Production of the Eastern Mills in Detail 

 The following table shows the production of each of the Eastern mills during the 



last five crops: 



1915-16 1916-17 1917-18 1918-19 1919-20 1920-21 



Moron 170,263 181,045 315,439 524,940 611,031 580,979 



Stewart 378,097 416,560 506,494 445,784 290,763 



Jagueyal 233,545 251,013 326,200 353,168 371,609 349.087 



Lugareiio 154,059 67,600 117,200 280,967 204,972 234,014 



Violeta 155,645 



557,867 877,755 1,175,399 1,665,569 1,633,396 1,610,488 

 Stewart, unfortunately, started grinding very late, owing to delays in the installation 



of machinery, hence the poor showing. All the installations have since been completed. 

 The production in the Eastern plantations will be larger during 1921-22 crop by 



reason of a larger output from "Stewart," "Lugareho" and "Violeta." 



Properties Acquired 



During the year the properties referred to in the last annual report as having been 



purchased and known as Redencion and Rio Maximo, were taken over, consisting of 



47,867 acres, together with a lease of the lands of the Alegrias Land Company, comprising 



28,800 acres, and a long time lease of 54,467 acres, comprising the property called 



