T II E CUB A RE V IE JV 29 



Your Board of Directors has made a charge of $1,750,000 for depreciation, making 

 the total reserve for that account to date, $11,750,000. 



Certificates have been filed by the engineering staff as to the condition of the plants 

 and properties of your corporation, which are now in better operating condition than ever 

 before. 



Valuation of Unsold Sugars 



The attached balance sheet shows that your directors have valued unsold sugars at 

 lyic. c. & f., less provision for shipping, selling and landing expenses, this being below 

 the market at September 30th, and in addition have provided out of surplus a reserve of 

 $3,848,723.52 against further possible losses resulting from declining raw sugar prices to 

 l^c. c. & f. per pound. 



Matemals and Supplies 



Physical inventories of materials and supplies have been taken, and there are prac- 

 tically no obsolete items included therein. Your Board of Directors has created a reserve 

 of $3,059,338.78, to adjust the value of materials and supplies to the market as at 

 September 30, 1921. 



CoLONOS Accounts 



A careful review has been made of the value of "Advances to Colonos," with the 

 result that your board has increased the reserve for doubtful accounts by $602,225.79, 

 making the present reserve $1,780,531.54 as a provision for possible losses in these 

 accounts. 



CHANGES IN ASSETS AND LIABILITIES 

 Increase of Assets: 



Properties and Plants $10,843,207.02 



Investments (at cost) 569,000.00 



Advances to Stores and Sundry Advances 173,719.50 



Sugars on Hand 15,297,755.17 



Sugar Finance Committee 1,801,785.92 



Molasses on Hand 140,712.13 



Accounts and Bills Receivable 745,056.72 



U. S. Certificates of Indebtedness 3,007,187.50 



Insurance, Rents, etc., paid in advance 85,493.60 



Interest paid in advance 223,635.12 



Total $32,887,552.68 



Increase of Liabilities: 



Short Term Drafts Outstanding $2,457,482.89 



Preferred Dividend (No. 19, Oct. 1, 1920j 875,000.00 



Liens and Censos on Properties (per contraj 28,330.00 



Reserve for Taxes 2,016,444.74 



Surplus 20,722,622.40 



Total $26,099,880.03 



Grand Total $58,987,432.71 



Increase of Liabilities: 



Loans Against Sugars $18,000,000.00 



Bank Loans, etc 10,400,000.00 



Sundry Bills Payable 547,473.78 



Accounts Payable and Accrued Charges 1,990,663.40 



Balances in Respect of Purchases of Properties 1,175,410.21 



Reserve to Adjust Value of Unsold Sugars 3,848,723.52 



Reserve for Depreciation 1,750,000.00 



Total $37,712,270.91 



