THE CUBA REVIEW 



37 



granulado de segunda mano para la exportacion es de 4.60c. a 4.70c., mientras los 

 refinadores se sostienen a 5.00c. 



Nueva York, Septiembre 6, 1922. 



West India Sugar Finance Corporation 



The stockholders of the West India Su- 

 gar Finance Corporation have been called 

 in special meeting, to act upon an increase 

 of $835,000 in the preferred stock. The 

 additional capital is needed to carry out a 

 plan for the refinancing of the corporation 

 and to complete the consolidation of some 

 companies in which the West India concern 

 owns a large stock interest. 



According to the detailed plan, which 

 is being mailed to stockholders, the con- 

 solidation includes Palma Soriano, Cen- 

 tral Alto Cedro and Cupey Sugar Com- 

 pany. The new company probably will 

 be known as the Sugar Estates of Oriente, 

 Inc., it is explained, and will have an au- 

 thorized capitalization of $7,500,000 first 

 mortgage fifteen-year 7^/2 per cent, gold 

 bonds of which there will be presently is- 

 sued $6,000,000. The financial set-up of 

 the new concern also includes $5,000,000 

 of 8 per cent, cumulative preferred stock, 

 of which there are to be issued $2,000,000, 

 and $1,200,000 shares of common without 

 par value, of which 600,000 shares are to 

 be issued to carry out the plan. 



The three companies included in the 

 consolidation owe the West India Sugar 

 Finance Corporation more than $5,650,000. 

 The West India has in turn borrowed this 

 amount from the banks, and proposes to 

 take common stock of the new company 

 for its advances. This arrangement, it was 

 explained, would enable the management 

 to sell the stock eventually and liquidate 

 its loans from the banks, if it chose. 



A group of local bankers will underwrite 

 the $6,000,000 new bonds of the Sugar 

 Estates of Oriente, Inc. Part of the pro- 

 ceeds will be used to pay off at 105 and 

 interest the outstanding $3,431,000 7 per 

 cent, bonds of the West India Sugar Fi- 

 nance Corporation. The new preferred 

 stock of the company will be used to ac- 

 quire cane lands and outstanding securities 

 of the Cupey Sugar Company. 



The new Sugar Estates of Oriente, Inc., 

 will have a production capacity of ap- 

 proximately 750,000 bags annually. It is 



understood that the West India Sugar 

 Finance Corporation will continue to act 

 as fiscal and sales agent of the new com- 

 pany and other producing properties, which 

 will give it a combined capacity of about 

 2,000,000 bags annually. 



Hawaii's Sugar Yield 



Statistics collected by the Hawaiian Su- 

 gar Planters' Association show that Ha- 

 waii's average sugar yield per acre of cane 

 in 1921 was 5.5 tons, the total sugar pro- 

 duction amounting to 564,000 tons. Maui 

 led the islands, with an average yield of 

 6.06 tons per acre, followed by Oahu, 5.65 

 tons; Kauai, 4.67 tons, and Hawaii, 3.83 

 tons. In 1920, Ewa plantation, on Oahu 

 and Hawaiian Commercial, on Maui, had 

 8.72 tons. 



Cuba Cane Sugar Corporation 



Stockholders of the Cuba Cane Sugar 

 Corporation have been asked to attend 

 a special meeting, called to authorize an 

 increase in the common share capital, so 

 that it may offer to all preferred and 

 common stockholders pro rata the right 

 to subscribe to an issue of $10,000,000 

 of Eastern Cuba Corporation fifteen- 

 year 7J^ per cent, mortgage sinking fund 

 gold bonds, guaranteed, principal and 

 interest, by the Cuba Cane Sugar Cor- 

 poration, and convertible, for the life of 

 the bond, into the latter's common stock 

 at $20 a share. The issue has been un- 

 derwritten by J. & W. Seligman & Co., 

 Hayden, Stone & Co., and the Chase Se- 

 curities Corporation. 



According to the bankers, the bond 

 issue will be used to pay off the $10,- 

 000,000 notes which mature Oct. 1, of 

 which the Central Union Trust Com- 

 pany is the Trustee. The Cuba Cane 

 Sugar Corporation will pay $2,500,000 of 

 the other $10,000,000 loan due on Oct. 1, 

 and has renewed for one year at 6 per 

 cent, the $7,500,000 balance. 



