|
These earnings after depreciation are equivalent to $15.92 per share on the
500,000 shares outstanding of preferred stock, or after allowing for $7.00 per
share on the outstanding preferred stock, there would be a balance equal to $8.92
per share on the 500,000 shares of outstanding common stock. This does not take
into account the accumulated dividends on the preferred stock.
The balance sheet which appears on pages 12 and 13 of this report shows
that the net current assets of your company, including advances to colonos, com-
pany's investment in growing cane and prepaid expenses for the future crop, at
September 30, 1924, amounted to $20,543,304.79, as against $16,862,102.34 for
last year.
Your company has no floating debt, and careful estimates indicate that the
company will not become a borrower until the production of sugar for the
1924/1925 crop will have begun.
In addition to the $1,961,662.72 cash in banks, your company held refiners'
acceptance totalling $1,517,560.51, the cash for which was received within ten
days after the closing of the fiscal year.
Because of the stronger financial position, your company was able to effect
a saving in interest charges during the year of $519,387.99.
During the past year your company has made a careful survey of its various
properties, in order to adjust its book values to conservative actual values, and
as a result, the sum of $1,500,000 for dismantling and obsolescence has been
charged to surplus account, and it is believed that the net figure of $80,576,976.96
now appearing in the Balance Sheet represents conservative valuations. Likewise,
your company has carefully analysed all of its current assets, including colono
advances and investment in growing cane, and by charging to surplus reserves
totaling $3,033,100.59, these accounts now represent sound value.
We have now amply provided for all possible losses resulting from conditions
which prevailed in the industry during 1920 and 1921, after which Surplus Account
stands at $13,282,195.12.
As mentioned in our report of 1923, your company has proceeded with the
erection of a sugar factory on the Velasco lands. A large part of the machinery
installed has been obtained by dismantling certain other mills of the Corporation
located in the western part of the Island which had not been operating for the past
few seasons. Velasco mill will commence operations during the 1924/1925 crop,
and will be modern and efficient, with a capacity of 275,000 bags, and should be
capable of producing sugar as economically as any mill in Cuba. With the
completion of this mill, your company will have a grinding capacity in the East of
approximately 3,000,000 bags.
Sources of the Sugar Consumed in the United States
Years 1914 to 1923 Inclusive
(WILLETT & GRAY)
Louisiana and Texas.... (Cane)
Hawaii. .............. "
St. Croix............. "
Porto Rico.............
Philippines ............. "
SVarious (Maple, Etc.).........
U S. Beet....................
Total Domestic............
Cuba..................(Cane)
Foreign ...............
Total Raws. (Cane & Beet)
Foreign Refined ..............
Total Consumption........
Per Capita (lbs.).....
1914
Tons
143,996
510,385
274,149
120,887
20,200
1,069,617
624,298
1,693,915
2,018,854
46,038
3,758,807
2,020
1915 1916 1917 1918 1919
Tons Tons Tons Tons Tons
224,768 224,978 258,443 226,275 154,034
509,263 533,969 592,088 429,771 514,824
........ ........ 5,084 3,693 8,286
300,310 392,733 431,202 331,524 286,880
120,202 111,182 72,839 46,587 72,511
15,400 14,000 26,513 29,505 34,094
1,169,943 1,276,862 1,386,169 1,067,355 1,070,629
769,257 700,256 785,079 527,704 872,253
1,939,200 1,977,118 2,171,248 1,595,059 1,942,882
1,841,602 1,666,548 1,506,876 1,881,244 2,067,051
14,505 11,160 2,951 19,303 33,919
3,795,307 3,654,826 3,681,075 3,495,606 4,043,852
6,224 3,781 2,524 ........ 23,819
1920 1921 1922 1923
Tons Tons Tons Tons
75,387 272,773 272,971 215,603
390,552 482,322 461,490 459,849
10,490 5,170 4,736 1,409
334,936 373,762 311,171 251,217
114,048 131,168 214,449 197,926
17,095 2,274 2,375 2,091
942,508 1,267,469 1,267,192 1,128,095
454,446 946,977 897,629 879,928
1,396,954 2,214,446 2,164,821 2,008,023
2,133,699 1,866,153 2,890,571 2,648,223
510,980 20,311 18,224 99,939
4,041,633 4,100,910 5,073,616 4,756,185
43,039 6,418 19,142 24,499
3,760,827 3,801,531 3,658,607 3,683,599 3,495,606 4,067,671 4,084,672 4,107,328 5,092,758 4,780,684
84.29 83.83 79.34 78.58 73.36 85.43 86.56 84.74 103.18 95.63
Exhibit 3
Comparison by Countries of the World's Cane and& Beet Sugar
Production 1913-14 and 1923-24
(WILLETT & GRAY)
1913-14 19
Tons 9 Tons
CANE
U.S., P. Rico & St. Croix. 599,137
Hawaii ................... 550,925
Cuba ..................... 2,597,732
Other West Indies ........ 304,649
Cent. America & Mexico.. 152,000
South America............ 781,158
AMERICA ........... 4,985,601
British India.............. 2,291,500
Java...................... 1,272,417
Formosa and Japan........ 204,000
Philippines ............... 225,000
ASIA ................ 3,992,917
Australia ................. 355,000
Africa.................... 474,664
Europe-Spain ............ 13,231
TOTAL CANE ....... 9,821,413
BEET
Germany................. 2,717,940
Czechoslovakia & Austria.. 1,685,443
France ................... 717,400
Russia & Poland.......... 1,740,000
Other European Countries. 1,348,162
EUROPE ............ 8,208,945
United States ............. 655,298
Canada ................. 11,675
AMERICA ........... 666,973
TOTAL BEET........ 8,875,918
TOTAL CANE & BEET ...... 18,697,331
3.20 546,904
2.95 571,800
13.89 4,066,642
1.63 440,873
.81 243,000
4.18 1,098,343
26.66 6,967,562
12.26 3,266,000
6.81 1,771,772
1.09 433,559
1.20 335,341
21.36 5,806,672
1.90 339,859
2.54 593,121
.07 12,000
52.53 13,719,214
14.54 1,125,000
9.01 1,203,000
3.83 495,000
9.31 745,342
7.21 1,464,764
43.90 5,033,106
3.50 787,217
.07 16,500
3.57 803,717
47.47 5,836,823
100% 19,556,037
23-24 Increase Lecrease
%o Tons
2.80
2.92
20.80
2.25
1.24
5.62
35.63
16.70
9.06
2.22
1.71
29.69
1.74
3.03
.06
70.15
5.75
6.15
2.53
3.82
7.49
25.74
4.03
.08
4.11
29.85
100 o
........ 52,233
20,875 ...
1,468,910 ...
136,224 ...
91,000 ...
317,185 ...
1,981,961 Net
974,500 ...
499,355 ..
229,559 ...
110,341 ...
1,813,755 Net
. ....... 15,141
118,457 ....
........ 1,231
3,897,801 Ndt
.... ... 1,592,940
....... 482,443
....... 222,400
........ 994,658
116,602 .....
Net 3,175,839
131,919 ...
4,825 ...
136,744 Net
Net 3,039,095
858,706 Net
on the average market price of the season and not restricted to the price during
the actual months of production and such a change would prove of lasting benefit
to producer and Colono alike.
The 1924/25 world crop estimate of cane and beet sugar of Willett & Gray
and other authorities, is now placed at 21,700,000 tons. While this denotes an
increase of 2,000,000 tons over 1923/24, everything indicates that this crop like its
predecessors will be fully absorbed during the calendar year 1925.
The world war greatly curtailed production in Europe and the countries
affected are only now in a position to restore their industries to a pre-war basis.
This is the cause of the Continental increase of production. The counter-balancing
factor, too often lost sight of, is that consumption suffered even to a greater extent
than did production. World consumption in 1904 was 11,500,000 tons which had
increased in 1914 to 18,000,000 tons; on that basis of increase a world consumption
of 25,000,000 tons would now have been reached, but for the economic conditions
prevailing during and after the great war.
Increased production is necessarily slow. Consumption on the other hand is
to a great extent, limited only by supply and by the ability to purchase: with world
conditions rapidly on the mend, consumption in a comparatively short time may
well make up for years of enforced abstinence and world consumption may attain
the figures which natural growth of population and the increasing uses of sugar
would indicate as possible. It may well be that the promise of increase for the
coming year will not prove in excess of world requirements.
The tariff on Cuban sugars remains at 1.760 per pound, and while the report of
the Tariff Commission is before the President for consideration, it is impossible
to predict what action, if any, he will take in exercising the powers vested in him
by the flexible provisions of the Tariff Act.
The consolidated balance sheet as of September 30, 1924, together with the
profit and loss and surplus accounts for the year ended that date, certified by the
corporation's auditors, Messrs. Deloitte, Plender, Griffiths and Company, will be
found on pages 12, 13 and 14.
It is a pleasure to acknowledge the loyal co-operation of all officers and
employees during the year.
Respectfully submitted,
By order of the Board of Directors,
W. E. OGILVIE,
President.
Printed in the United States by The Evening lost Job Printing Office Inc.,
154 Fulton St., New York, N. Y.
0 4143
CORPORATION
SUGAR CORPORATION
BALANCE SHEET-SEPTEMBER 30th, 1924
,--September 30th, 1924--
$35,622,000.00
354,037.35
3,161,145.16
LIABILITIES
FUNDED DEBT:
Ten Year Convertible Debenture Bonds of
the Cuba Cane Sugar Corporation, due
1930:
$ 7,448,900.00 7% Bonds ........................
17,551,100.00 8% Bonds ........................
Fifteen Year 7%2% (Closed) Mortgage Sink-
ing Fund Gold Bonds of the Eastern Cuba
10,000,000.00 Sugar Corporation, due 1937............
First Mortgage Bonds of the Violet Sugar
Company, payable in annual instalments,
622,000.00 to 1935 ..............................
MORTGAGES AND DEFERRED INSTAL-
............ MENTS ON LAND PURCHASES.......
None
None
$ 2,606,382.41
554,762.75
317,457.79 .............
54,583,335.00
$50,000,000.00
4,583,335.00
13,282,195.12 .............
$107,320,170.42
CURRENT LIABILITIES:
Bank Loans ...............................
Trade Bills and Notes Payable ............
Accounts Payable and Accrued Charges....
Accrued Interest on Bonds................
LIENS AND CENSOS ON PROPERTIES:
(See Item of Cash and U. S. Treasury
Notes, per contra)......................
STATED CAPITAL:
Cuba Cane Sugar Corporation:
500,000 Shares 7% Cumulative Preferred
Stock, par value $100.00 each........
500,000 Shares of Common Stock without
Nominal or Par Value..............
(Out of the authorized issue of 1,600,000 Com-
mon Shares, there are reserved unissued
Shares sufficient for the conversion of the
Convertible Debenture Bonds of the Cuba
Cane Sugar Corporation and the ex-
change of the Bonds of the Eastern Cuba
Sugar Corporation.)
SURPLUS ACCOUNT:
Balance ....................... .......
NOTE : Dividends on the Cumulative Convertible Pre-
ferred Stock have been declared and paid to April
1st, 1921.
,--September 30th, 1923----
$ 7,448,900.00
17,551,100.00
10,000,000.00
679,000.00
$35,679,000.00
452,964.11
$ 3,000,000.00
241,844.01
1,569,663.46
555,760.26
5,367,267.73
481,288.00
$50,000,000.00
4,583,335.00
54,583,335.00
10,234,630.75
$106,798,485.59
Corporation as at September 30th, 1924, and the accompanying Consolidated Profit & Loss and Surplus Accounts for
Forth the Consolidated financial position of the Companies as at September 30th, 1924, and the results of their operations
not been passed upon by the United States Government.
DELOITTE, PIENDER, GaIvr rIS & Co.,
Auditors.
j~_ ~
<
COMPARATIVE OPERATING STATEMENT
SEPTEMBER 30, 1924
Per Bag
$15.347
.051
.077
$15.475
Production-Bags
OPERATING INCOME:
Sugar Sales..........................
Molasses Sales.....................
Other Earnings.....................
Total Operating Income..........
OPERATING EXPENSES:
$26,888.109.62 $ 8.186 Cost of Cane........................
Dead Season (Salaries and Wages,
Materials and Supplies, Repairs and
2,447,408.46 .745 Renewals) ........................
Crop Expenses (Salaries and Wages,
Materials and Supplies, Fuel, Main-
tenance, Administration-Cuba and
4,437,471.46 1.351 United States)....................
Fiscal Year Charges (General In-
surance, Cuban Taxes on Sugar,
922,558.63 .281 Cuban Taxes on Real Estate, etc.)..
Sugar Expenses (Sugar Bags and
Packing, Sugar Inland Railroad
Freights, Sugar Shipping Expenses,
Sugar Insurance, Selling and Land-
3,527,730.73 1.074 ing Expenses).....................
$38,223,278.90
$11.637
$12,608,122.74 $ 3.838
Total Operating Expenses F. O. B.
OPERATING PROFIT FOR THE FISCAL
Y EAR ...............................
Fiscal Year Ended
September 30, 1924
3,683,291
$53,424,440.82
1,438,034.06
230,694.35
$55,093,169.23
$29,436,369.81
Per Bag
$14.505
.390
.063
$14.958
$ 7.992
3,804,974.69 1.033
4,526,015.25 1.229
856,289.18 .232
3,957,801.66
$42,581,450.59
$12,511,718.64
1.075
$11.561
$ 3.397
Fiscal Year Ended
September 30, 1923
3,284,731
$50,411,096.32
168,692.80
251,612.52
$50,831,401.64
... ,Q
Exhibit 1
Sugar Crops of Cuba for the Years 1894 to 1924
Showing the Portion of Each Crop Produced by the Western and
Eastern Sections of the Island.
(Guma-Mejer)
Western Eastern Total Island
Portion % Portion %o Tons of 2240 lbs.
1893-94 974,377= 90 113,119= 10 1,087,496
1894-95 916,178= 89 114,919= 11 1,031,097
1895-96 174,663= 76 56,517=24 231,180
1896-97 218,664= 100 29= 0 218,693
1897-98 310,892= 99 3,117= 1 314,009
1898-99 305,919= 89 39,342= 11 345,261
1899-1900 255,617 = 83 52,926 = 17 308,543
1900-01 546,603 = 86 89,253 = 14 635,856
1901-02 699,917=82 150,264= 18 850,181
1902-03 835,841 = 84 163,037 = 16 998,878
1903-04 866,648= 83 173.580= 17 1,040,228
1904-05 954,312 = 82 208,946= 18 1,163,258
1905-06 969,688= 82 209,061= 18 1,178,749
1906-07 1,120,408 = 78 307,265 = 22 1,427,673
1907-08 687,798 = 71 274,160 = 29 961,958
1908-09 1,082,796= 72 430,786= 28 1,513,582
1909-10 1,278,024 = 71 526,325 = 29 1,804,349
1910-11 1,020,438= 69 463,013= 31 1,483,451
1911-12 1,330,645= 70 565,339= 30 1,895,984
1912-13 1,685,296 = 69 743,241 = 31 2,428,537
1913-14 1,606,401 = 62 991,331 = 38 2,597,732
1914-15 1,711,785 = 66 880,882 = 34 2,592,667
1915-16 1,939,158= 64 1,068,757= 36 3,007,915
1916-17 2,006,249 = 66 1,017,471 = 34 3,023,720
1917-18 1,993,590= 58 1,452,493= 42 3,446,083
1918-19 2,148,316 = 54 1,823,460 = 46 3,971,776
1919-20 2,056,879 = 55 1,673,198 = 45 3,730,077
1920-21 2,220,687 = 56 1,715,353 = 44 3,936,040
1921-22 1,800,781 = 45 2,195,606 = 55 3,996,387
1922-23 1,540,862 = 43 2,062,048 = 57 3,602,910
1923-24 1,837,821= 45 2,228,821= 55 4,066,642
This shows the tremendous drop in production in 1895 by reason of the Cuban war of independence
and shows the rapidity with which Cuba recuperated, which is without parallel in the history of any
other sugar producing country. This recuperation by Cuba occurred, moreover, during years of very
low sugar prices. It is interesting to note the continuous growth from the time peace was restored in
1899 until last year, with the four exceptions of 1907-08, 1910-11, 1919-20 and 1922-23, when
production was curtailed by drought.
COMPARATIVE STATISTICAL INFORMATION
FOR CROPS 1918-19 TO 1923-24
CANE GROUND
The following tabulation compares the cane ground at your mills during the
past six years:
1918-19..........
1919-20..........
1920-21. .........
1921-22..........
1922-23 ..........
1923-24..........
WESTERN ESTATES
Arrobas Tons
307,329,091 3,430,012
256,341,250 2,860,951
282,402,153 3,151,810
175,904,543 1,963,220
141,593,087 1,580,280
164,820,772 1,839,518
EASTERN ESTATES
Arrobas Tons
194,267,464 2,168,164
186,678,568 2,083,466
186,983,157 2,086,866
189,773,492 2,118,008
247,584,208 2,763,217
246,063,556 2,746,245
SUCROSE IN CANE
The average percentage of sucrose at the plantations
for the six years, was as follows:
1918-19 1919-20 1920-21 1921-22
13.02% 12.95% 12.80% 13.75%
LOSSES IN MANUFACTURE
TOTAL
Arrobas Tons
501,596,555 5,598,176
443,019,818 4,944,417
469,385,310 5,238,676
365,678,035 4,081,228
389,177,295 4,343,497
410,884,328 4,585,763
of your Corporation
1922-23
12.74 %
1923-24
13.21%
The average factory efficiency is reflected in the following comparison of
losses in manufacturing:
1918-19 1919.20 1920-21 1921-22 1922-23 1923-24
2.32% 2.37% 2.23% 2.34% 2.19% 1.99%
YIELD OF CENTRIFUGALS
The fluctuations in yield of centrifugal sugars, reflects correspondingly the
changes in sucrose content, as indicated in the following comparison:
1918-19 1919-20 1920-21 1921-22 1922-23 1923-24
11.15% 11.02% 11.01% 11.89% 11.00% 11.69%
COMPARATIVE RECEIPTS PER POUND OF SUGAR
Following our previous annual reports, for the purpose of comparing the
F. O. B. price per pound of sugar manufactured, obtained during the last six
crops, the proceeds from "Molasses" and "Other Earnings" are included in the
following:
1918-19
5.3980
1919-20
10.3450
1920-21
3.8910
1921-22
2.2760
1922-23
4.754q
1923-24
4.596#
CUBA CANE SUGAR CORPORATION
AND
EASTERN CUBA SUGAR CORPORATION
COMPARATIVE CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the Year ended September 30th, 1924
,---Sept. 30
$12,608,122.74
--
OPERATING PROFIT FOR YEAR ...........................
Deduct:
$1,925,511.00 Interest on 10 Year Convertible Debenture Bonds............. $1,925,511.00
Interest on 15 Year (Closed) Mortgage Sinking Fund Gold
750,000.00 Bonds ................... ................ 750,000.00
257,779.58 Miscellaneous Interest Paid (net)........................... None
$2,675,511.00
None
61,628.52
26,926.97
250,000.00
3,271,846.07
S $9,336,276.67
Sept. 30, 1924------7
$12,511,718.64
Less:
Miscellaneous Interest and Other Income Received........ 295,931.38 $2,379,579.62
Taxes Paid during Year. ..................................
Miscellaneous Expenses .................................
Reserve for Unadjusted Claims.............................
BALANCE, NET PROFIT FOR YEAR, CARRIED TO SUR-
PLUS ACCOUNT ...........................................
20,712.06
None
400,000.00
2,800,291.68
$ 9,711,426.96
,-Sept. 30, l923-~
,----Sept. 30, 1923----
$3,757,209.14
9,336,276.67
$13,093,485.81
$1,750,000.00
None
358,855.06
None
None
750,000.00
None
2,858,855.06
$10,234,630.75
COMPARATIVE CONSOLIDATED SURPLUS ACCOUNT
September 30th, 1924
BALANCE AT BEGINNING OF YEAR ......................
Add:
Net Profit for Year, as per Profit and Loss Account..........
Deduct:
Reserve for Depreciation ...................................
Additional Taxes and Other Expenses, 1922-1923 ............
Loss on Sale of Property, etc...............................
Other Reserves:
Materials Inventory ..................................... $ 258,100.59
Amortization Growing Cane .............................. 275,000.00
Doubtful Colonos and Other Accounts..................... 2,500,000.00
Reserve for Dismantling and Obsolescence of Plants.........
BALANCE AT CLOSE OF YEAR, AS PER BALANCE SHEET.
r----Sept. 30, 1924----3.7
$10,234,630.75
9,711,426.96
$19,946,057.71
$1,750,000.00
380,762.00
None
3,033,100.59
1,500,000.00
6,663,862.59
$13,282,195.12
, 1923----
CUBA CANE SUGAR CORPORATION
DIRECTORS:
MIGUEL ARANGO
ROBERT I. BARR
A. S. DE BUSTAMANTE
HORACE HAVEMEYER
CHARLES HAYDEN
ALFRED JARETZKI
JAMES N. JARVIE
W. J. MATHESON
W. E. OGILVIE
W. P. PHILIPS
B. BRAGA RIONDA
MANUEL RIONDA
MANUEL E. RIONDA.
CHARLES H. SABIN
CARL J. SCHMIDLAPP
FREDERIC W. SCOTT
EUGENE W. STETSON
ALBERTT STRAUSS, Chairman
FREDERICK STRAUSS .
REGINO TRUFFIN
Havana
New York
Havana
SNew York
New York
SNew York
New York
New York
New York
New York
New York
SNew York
New York
New York
New York
Richmond, Va.
New York
New York
New York
Havana
EXECUTIVE COMMITTEE:
ROBERT I. BARR
CHARLES HAYDEN, Chairman
JAMES N. JARVIE
W. E. OGILVIE
MANUEL E. RIONDA
EUGENE W. STETSON
ALBERT STRAUSS
COST PER POUND OF PRODUCTION
The average cost of production, on an F. O. B. basis, per pound of sugar
manufactured at your factories, including the cost of cane, was as follows:
1918-19
4.606g
1919-20
8.523
1920-21
4.3550
1921-22
1.9450
1922-23
3.5750
1923-24
3.552i
COST PER POUND OF MANUFACTURING AND DELIVERING
The cost per pound of manufacturing and delivering the sugars on board
steamers, including all general expenses in New York and Havana but excluding
the cost of cane, compared with the previous five years, is as below. Cost of cane,
fluctuating as it does, with the price of sugar, and being thus beyond the control
of the management, these figures are the real test of operating efficiency:
1918-19 1919-20 1920-21 1921-22 1922-23 1923-24
1.5550 1.9400 1.9430 0.9460 1.0600 1.0970
OPERATING PROFITS PER POUND OF SUGAR
The Operating Profits per pound for the six years are as follows:
1918-19
Receipts ............. 5.398
Production cost....... 4.606
Operating Profit.. 0.792g
1919-20
10.3450
8.523
1.8220
1920-21
3.8910
4.355
Loss .4640
1921-22
2.2760
1.945
0.3310
1922-23
4.7540
3.575
1.179g
1923-24
4.5960
3.552
1.0440
COMPARISON OF CROPS MADE BY YOUR COMPANY
The production for the past six years has been divided between the Western
and Eastern mills as follows:
1918-19. ...........
1919-20. ...........
1920-21. ...........
1921-22. ...........
1922-23. ...........
1923-24............
WESTERN
Bags Tons
2,653,620 or 382,783
2,130,519 308,570
2,367,614 343,546
1,585,003 227,744
1,245,506 180,961
1,459,721 212,101
EASTERN
Bags Tons
1,665,569 or 241,318
1,633,396 236,584
1,610,488 233,220
1,794,448 257,259
2,039,225 296,416
2,223,570 323,091
TOTAL
Bags Tons
4,319,189 or 624,101
3,763,915 545,154
3,978,102 576,766
3,379,451 485,003
3,284,731 477,377
3,683,291 535,192
4 ,~
It is estimated it will require approximately $1,200,000 to complete the Velasco
mill. There are no plans for any further large developments.
There has been a decided improvement in the manufacturing efficiency of
your mills during the past year, the average losses in manufacturing being 1.99%,
as against 2.19% for the previous year, and 2.34% for the 1921/1922 crop.
REVIEW OF THE SUGAR SITUATION
As indicated in our last annual report, there was no carry-over into 1924 of
1922/23 crop sugars. From present indications all Cuban stocks will again have
moved into consumption before the close of the year, so that there should be no
carry-over of sugars of the past crop into 1925. The 1923/24 world sugar crop
was the greatest ever harvested, but the fact remains that it will be absorbed.
In the marketing of the 1923/24 crop, wide price fluctuations were encoun-
tered. The high price of 55/s c. & f. was reached in February. A declining
market followed, which carried prices down to the low mark of 30 c. & f. in June,
from which the market recovered to 4~4 c. & f. at the close of the fiscal year.
This wide range of price seems unjustified by corresponding changes in conditions
during the period, but was probably caused in part by failure to realize the easy
absorption of world crops during the year.
Sugar is a world commodity, but Cuba is such an important factor in its pro-
duction that prevailing methods of marketing the output of Cuba contribute to no
small extent to these great price variations. Owing in part to the system of paying
for cane purchased from Colonos during every fortnight on the basis of the average
sales prices for sugar during that fortnight, it is imperative that the company should
market more than half of its output during the four or five months of production.
If this is not done, the company is in effect taking the risk as to the market trend
during the closing six months of the calendar year, a course which has no justifica-
tion in legitimate marketing procedure. At present a very large proportion of the
Cuban crop is thus offered for sale during the actual months of production. Before
the war, even more rapid selling was customary, in great part compelled by the
financial inability of planters to withhold their sugars and await more favorable
prices during the months of largest consumption.
While the war was in progress, governmental regulations resulted in a more
even sale of the crop over ten to twelve months of the year. Cuba, despite improved
economic conditions, is now inclined to revert to pre-war methods of merchandis-
ing its sugars.
It would make for more orderly marketing of the crop if methods of settle-
ment could be changed so that the payment to the Cuban Colonos would be based
GENERAL INFORMATION REGARDING SUGAR AND SUGAR
STATISTICS
The various charts and statements submitted with previous Annual Reports
having been found interesting to our Stockholders, have been brought up to date
and are again submitted herewith. (All general statistics given herein are compiled
from figures published by Willett & Gray unless otherwise credited.)
Exhibit 1.-Statement and chart of the sugar crops of Cuba from 1894 to
1924 showing the portions of each crop produced in the Western and
Eastern sections of the Island respectively.
Exhibit 2.-Statement and chart of the portion of Cuban sugar production
owned by American companies, including Cuba Cane Sugar Corporation,
during crop 1923/24.
Exhibit 3.-Statement and chart showing a comparison by countries of the
world's cane and beet sugar production for the crop of 1913/14 imme-
diately prior to the World War, and the last one 1923/24.
Exhibit 4.-Sugar production of the World (Cane and Beet) by countries
for the eleven crops 1913/14 to 1923/24 inclusive with chart showing
distribution for the last crop.
Exhibit 5.-Statement of sources of sugar consumed in the United States
during the years 1914 to 1923 inclusive.
Exhibit 6.-Chart of per Capita Consumption of Sugar in the United States,
England and France-Years 1890 to 1923.
Exhibit 7.-List of Cuban Centrals producing over 280,000 bags of sugar
during the crop 1923/24.
Exhibit 7
Cuban Centrals of More Than 280,000 Bags Output in Their
Order of Production
(As REPORTED BY MESSRS. GUMA-MEJER FOR 1923-24)
NUMBER PRO- START FINISH
-CENTRAL DUCTION
CENTRAL --
IN
Cuba BAGS Dec Jan Feb Mar Feb Mar Apr May Jun Jul Aug
C Cane A
I Delicias ................ 763,851 .. 2 .. ...... 15
2 1 Moron ................. 744,179 16 7
3 Cunagua ............... 555,260 17 .. .. .. 28 ..
4 Manati ................. 540,525 10 ..17
5 2 Violeta................. 508,949 16 .. .. .. .. .. 18
6 Chaparra .............. 500,421 17 ... .. 29 .
7 Baragua ................ 481,327 26 .. .. .. 17
8 Preston ................ 475,782 .. 22 .. .. .. . .. .. .. 3
9 Jaronu ................. 471,072 17 .. .. .. .. .. .. .11
10 Jatibonico .............. 427,015 10 .. .. .. .. .. .. 114
11 Punta Alegre ........... 409,989 20 .. .. ... .... 31 .. ..
12 Espafia........... ..... 402,414 30 .. .. .. 1 ....
13 3 Stewart ................ 387,335 25 .. .. .5. .. 5 ..
14 Jobabo ................. 381,074 9 .. .. .. .. .. .. 10
15 Miranda................ 370,425 14 .. .. .. .. .. 17
16 Elia......... .......... 362,949 10 .. .. .. .. . 7
17 Francisco .............. 340,774 12 .. .. .. .. .. .. 9
18 Toledo................. 330,877 19 .. .. .. .. .. 28
19 Agramonte ............ 320,049 22 .. .. .. .. 24
20 Caracas ................ 313,333 10 .. .. 17 .. ..
21 Palma .................. 304,823 14 .. .. .. .. 16
22 4 Jagueyal ............... 304,697 26 .. .. .. .. .. 26 ..
23 Senado ................. 304,001 15 .. .. .. .. .. .. 5
24 Florida...... .......... 292,232 26 .. .. .. .. 17
25 Gomez Mena............ 286,599 1 .. .. .. .. 4
26 5 Mercedes............... 285,775 2 .. .. .. 9 ..
27 Adelaida. ............ 283,385 31 .. 25
-NUMBER OF CENTRALS IN EACH MONTH-
27 Centrals, Total 11,149,112 23 4 .. .. .. .. 4 20 1 1 1
153 Other Centrals 17,318,791 58 80 13 2 1 3 49 86 12 1 1
180 GRAND TOTAI, 28,467,903 81 84 13 2 1 3 53 106 13 2 2
CUBA CANE SUGAR
AND
EASTERN CUBA
COMPARATIVE CONSOLIDATED
,--September 30th, 1923---
$96,229,030.94
$80,979,030.94
263,700.00
15,250,000.00
.............
$ 1,159,592.03
2,137,154.39
3,977,642.42
282,042.31
1,864,907.29
7,519,487.47
94,603.56
3,305,020.45
974,988.26
913,931.89
22,229,370.07 -
1,099,121.12 .............
481,288.00 .............
$505,819.74
776,266.86
463,888.86
1,745,975.46
$106,798,485.59
ASSETS
,-September 30th, 1924--
PROPERTIES, PLANTS AND EQUIPMENT. $99,076,976.96
Less Reserves for Depreciation and Obso-
lescence .............................. 18,500,000.00
INVESTM ENTS ..............................
CURRENT ASSETS, ADVANCES TO COLO-
NOS, GROWING CANE AND PREPAID
EXPENSES CROP 1924/25:
Cash in Banks and On Hand............... $1,961,662.72
Refiners' Acceptances (since collected) ...... 1,517,560.51
Due for Sugars Sold, at Net Sales Price..... 3,443,939.35
Sugars on Hand, at Net Market Price...... 1,118,910.11
Accounts and Bills Receivable, less Reserve. 1,298,392.65
Advances to Colonos, less Reserve.......... 8,897,179.32
Advances to Stores and Sundry Advances... 111,154.72
Materials and Supplies, less Reserve........ 3,555,624.84
Growing Cane, less Reserve.................. 972,336.39
Prepaid Expenses-Next Crop.............. 827,689.34
MORTGAGES RECEIVABLE AND CASH
PAID ON OPTIONS TO PURCHASE
LANDS, less Reserve....... ......... .................
CASH AND U. S. TREASURY NOTES:
For Redemption of Liens and Censos, per
contra .................. ...................
DEFERRED CHARGES:
Insurance, Rent, Taxes, etc., Paid in Advance.
Discount and Expenses:
In connection with issue of Ten Year
Convertible Debenture Bonds due
1930, less proportion written off....
In connection with issue of Fifteen Year
7y2%0 (Closed) Mortgage Sinking
Fund Gold Bonds of Eastern Cuba
Sugar Corporation, maturing 1937,
less proportion written off..........
$80,576,976.96
69,000.00
23,704,449.95
785,545.47
317,457.79
$784,120.53
652,064.22
430,555.50
1,866,740.25
$107,320,170.42
NOTE-The entire issue of the Capital Stock of the
Eastern Cuba Sugar Corporation, viz., 48,000 Shares of
$100.00 each, par value, is owned by the Cuba Cane Sugar
Corporation.
We have verified the above Consolidated Balance Sheet of the Cuba Cane Sugar Corporation and Eastern Cuba Sugar
the year ended that date, with the books of the Companies in New York and Havana and in our opinion they correctly set
for the year ended that date, subject to the fact that the Federal Taxes paid to date by the Cuba Cane Sugar Corporation have
49 Wall Street, New York City.
November 10th, 1924.
Comparison, by Countries, of the World's Cane and Beet Sugar Production, 1913-14 and 1923-24
(Willett & Gray)
Crop 1918-14
Cdtne................. 9,821,413 tons-52.53%
Beet.................. 8,875,918 -47.47%
18,697,331 tons
Crop 1928-24
Cane................. 13,719,214 tons-70.15%
Beet................... 5,836,823 -29.85%
19,556,037 tons
NOTE.-The areas of the circles are in proportion to the respective total productions. The diagonal hatching represents CANE, no hatching BEET.
PER CAPITAL CONSUMPTION OF SUGAR FROM 1890 TO 1923
100 -
90
so -- ------
.*.
O 0 0
0 t
--,**EN- -_N/D
*i FRANCE
40
" a 9 2 1 s S/ 0 0 a 9 a
YEARS
I-
aa
z
a-
Exhibit 2
Comparison of the Portion of the Cuban Sugar Production
Owned by American Companies for the Crop 1923-24
(Guma Mejer)
Production American Interests .......................... 17,166,127 Bags-60.30%/o
Production Other Interests............................ 11,301,776 -39.70%
Total Production in Cuba................... 28,467,903 Bags
Total Number of Centrals.................... 180
The number of Mills owned in each case is indicated by the figure in parentheses.
S i W /\
Production American Interests .................. ........ 17,166,127 Bags-60.30%
Production Other Interests...................... ........ 11,301,776 -39.70%
Total Production in Cuba ........... ........ 28,467,903 Bags
Total Number of Centrals .................... 180
The number of Mills owned in each case is indicated by the figure in parentheses.
Comparison of the Portion of the
CANE
World's Sugar Production Contributed by Different Countries
For the Crop 1923-24
(Willett & Gray)
BEET
40L^ A10 .28%CANADA
ER EUROPEAN 3.08%
9 9
World's Production of
Cane Sugar........ 13,719,214 tons-70.15%
Beet Sugar........ 5,836,823 -29.85%
19,556,037 tons
NoTE.-The areas of the circles are in proportion to the respective productions of cane and of beet sugars in the world.
CUBA CANE SUGAR CORPORATION
NINTH ANNUAL REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1924
Exhibit 4
Sugar Production of the World
for the Eleven Crops
(WILLETT
COUNTaBI 1913-14 1914-15 1915-16 1916-17 1917/18
Tons Tons Tons Tons Tons
Cuba ......................... 2,597,732 2,592,667 3,007,915 3,023,720 3,446,083
Hawaii ....................... 550,925 577,186 529,895 575,510 515,035
Porto Rico .................... 325,000 308,178 431,335 448,567 413,958
Louisiana ..................... 261,337 216,696 122,768 271,339 217,499
Texas ........................ 7,000 3,500 1,000 6,250
St. Croix ..................... 5,800 4,500 14,750 7,787 5,400
Philippines-AsIA .............. 225,000 243,000 332,158 202,655 216,260
U. S. Cane-Total.......... 1,375,062 1,353,060 1,431,906 1,512,108 1,368,152
U. S. Beet .................. 655,298 646,257 779,756 734,577 682,867
2,030,360 1,999.317 2,211,662 2,246,685 2,051,019
British West Indies ............. 120,221 120.748 179,745 194.678 179,786
French West Indies ...'........... 78,650 80,000 74,036 70,603 51,263
Sto. Domingo & Hayti ........... 105,778 108,267 126,058 130,171 127,322
Mexico & Central America ....... 152,000 132,000 100,000 75,000 72,809
South America ................. 781,158 879,465 749,930 652,828 626,504
AMERICA-Cane (less Philip.
pines) ................ 4,985,601 5,023,207 5,337,432 5,456,453 5,655,659
Canada Beet ................... 11,675 13,979 17,641 12,500 11,250
AMERICA-Beet ........... 666,973 660,236 797,397 747,077 694,117
Java .......................... 1,272,417 1,303,045 1,198,567 1,596,174 1,778,345
Formosa & Japan .............. 204,000 262,000 405,227 436,026 397,618
Philippines .................... 225,000 243,000 332,158 202,655 216,260
British India (consumed locally).. 2,291,500 2,460,573 2,634,000 2,728,000 3,311,000
ASIA ..................... 3,992,917 4,268,618 4,569,952 4,962,855 5,703,223
Australia ......................... 255,000 246 408 159,681 188,731 324,260
Fijl .......................... 100,000 102,000 90,000 100,000 70,800
AUSTRALIA ............... 355,000 348,408 249,681 288,731 395,060
Mauritius ..................... 249,800 277,164 215,528 209,035 226,000
Natal ......................... 85,714 91,619 112,081 114,494 106,250
Other African Countries ......... 139.150 155,005 193,964 198,984 172,966
AFRICA ................... 474,664 523,788 521,573 522,513 505,216
EUROPE-SPAIN (Cane)..... 13,231 7,376 6,359 4,584 7,039
Total Cane ........ 9,821,413 10,171,397 10,684,997 11,235,136 12,266,197
Germany-Beet ................ 2,717,940 2,500,000 1.400,000 1,603,920 1,541,061
Czecho-Slovakia
Austria-Hungary *.......** 1,685,443 1,602,315 1,011,400 944,500 668,250
Russia and Ukrainel
Poland ........... kra ****..... 1,740,000 1,967,336 1,467,096 1,321,600 1,028,580
Holland ....................... 229,257 302,458 242,753 269,180 199,295
France ........................ 781,020 302,961 135,899 184,191 200,265
Belgium .......................... 226,200 203,608 113,097 135,031 130,978
Other European Countries......... 829,085 704,537 707,515 547,340 527,505
EUROPE-Beet ............ 8,208,945 7,583,215 5,077,760 5,005,762 4,295,934
Total Beet ........ 8,875,918 8,243,451 5,875,157 5,752,839 4,990,051
WORLD-Cane ........... 9,821,413 10,171,397 10,684,997 11,235,136 12,266,197
Beet ........... 8,875,918 8,243,451 5,875,157 5,752,839 4,990,051
Total ............. 18,697,331 18,414,848 16,560,154 16,987,975 17,256,248
Increase .............. ........ ........ ........ 427,821 268,283
Decrease .............. ........ 282,483 1,854,694 .......
Exhibit 4
(Cane and Beet) by Countries
of 1913-14 to 1923-24
& GRAY)
1918-19 1919-20 1920-21 1921-22 1922-23 1923-24 % 1923-24
Tons Tons Tons Tons Tons Tons Cane Beet
3,971,776 3,730,077 3,936,040 3,996,387 3,602,910 4,066,642 29.64
538,913 496,183 508,392 502,194 479,463 571,800 4.17
362,618 433,825 438,494 362,442 338,456 397,740 2.90
250,802 108,035 150,996 289,669 263,478 144,6641
4,134 .. 6,238 2,920 2,875 2,500 1.09
9,000 12,400 4,500 5,000 1,739 2,000J
195,289 209,336 255,843 338,160 263,437 335,341
1,360,756 1,259,779 1,364,463 1,500,385 1,349,448 1,454,045
674,892 652,957 969,419 911,190 615,936 1,787,217 13.49
2,035,648 1,912,736 2,333,882 2,411,575 1,965,384 2,241,262
197,443 190,797 142,736 166,371 156,032 159,500)
36,631 44,597 52,426 50,329 44,743 42,000 1.47
161,609 180,736 191,171 237,283 195,138 239,373 1.74
97,681 127,000 152,500 166,862 194,238 243,000 1.77
747,270 938,864 1,013,805 1,124,830 1,262,251 1,098,343 8.01
6,377,877 6,262,514 6,597,298 6,904,287 6,541,323 6,967,562
22,300 16,500 34,600 18,931 12,400 16,500 .28
697,192 669,457 1,004,019 930,121 628,336 803,717
1,749,408 1,335,763 1,508,755 1,649,610 1,746,875 1,771,772 12.91
415,678 283,482 342,176 406,966 405,800 433,559 3.16
195,289 209,336 255,843 338,160 263,437 335,341 2.44
2,370,000 3,049,157 2,448,000 2,532,500 3,044,000 3,266,000 23.81
4,730,375 4,877,738 4,554,774 4,927,236 5,460,112 5,806,672
209,853 162,298 182,401 299,465 306,678 281,859)
80,000 60,000 73,000 65,000 36,350 58,000 2.48
289,853 222,298 253,401 364,465 343,028 339,859
252,770 235,490 259,872 197,420 231,190 201,550 1.47
185,000 142,851 151,500 155,194 142,287 181,571 1.32
129,787 157,794 172,794 190,010 183,376 210,000 1.53
567,557 536,135 584,166 542,624 556,853 593,121
6,618 6,048 6,886 5,000 13,918 12,000 .09
11,972,280 11,904,733 11,998,525 12,743,612 12,915,234 13,719,214 100%
1,350,665 739,548 1,152,960 1,305,810 1,463,000 1,125,000 19.27
606,793 475,877 705,919 659,907 733,825 1,030,000 17.65
12,151 47,977 91,220 105,579 173,000 2.96
336,616 86,691 88,490 49,374 193,400 366,742 6.29
140,000 189,834 179,096 294,269 378,600 6.49
173,436 238,692 317,196 340,990 255,592 232,000 3.97
110,096 154,444 305,041 306,073 490,360 495,000 8.48
74,183 146,918 242,589 289,866 268,928 300,000 5.14
531,399 581,941 621,782 774,371 709,369 932,764 15.98
3,183,188 2,576,262 3,671,788 3,996,707 4,514,322 5,033,106
3,880,380 3,245,719 4,675,807 4,926,828 5,142,658 5,836,823 100%
11,972,280 11,904,733 11,998,525 12,743,612 12,915,234 13,719,214 70.15
3,880,380 3,245,719 4,675,807 4,926,828 5,142,658 5,836,823 29.85
15,852,660 15,150,452 16,674,332 17,670,440 18,057,892 19,556,037 100%
1,403,9 702208 1523,880 996,108 387,452 1,498,145
The corresponding chart for the foregoing exhibit will be found on the following page.
Exhibit 1
I f I I ; 1 86"L691
- ---- ---- - C6
S 8 0* '
--- ----------- --- 96
4 a - - -
SNO-L NI NOI lOnOuId
21
CE-ZZ61
"Z-EZ61
IZ-OZ61
02-6161
61- 161
01-.161
L1-9161
91- 161
CI- ,161
Cl- 1161
11-0161
01-6061
60-9061 )
go-as6 I
90-0061
90-S061 0
a.
so-CoG6 0
to-co., U
CUBA CANE SUGAR CORPORATION
EXECUTIVE OFFICERS:
PRESIDENT:
W. E. OGILVIE.
VICE-PRESIDENTS :
F. GERARD SMITH, EXECUTIVE VICE-PRESIDENT, HAVANA;
MANUEL E. RIONDA, VICE-PRESIDENT, NEW YORK;
MIGUEL ARANGO, CONSULTANT VICE-PRESIDENT, HAVANA.
TREASURER:
B. A. LYMAN.
SECRETARY:
G. A. KNAPP, NEW YORK.
ASSISTANT SECRETARIES AND ASSISTANT TREASURERS:
G. A. KNAPP, ASSISTANT TREASURER, NEW YORK;
L. A. CROSBY, ASSISTANT SECRETARY, HAVANA;
A. G. SANCHEZ, ASSISTANT SECRETARY, HAVANA.
GENERAL COUNSEL:
SULLIVAN & CROMWELL, NEW YORK.
COUNSEL IN CUBA:
A. S. DE BUSTAMANTE, HAVANA.
AUDITORS:
DELOITTE, PLENDER, GRIFFITHS & CO., NEW YORK and HAVANA.
Exhibit 2
Comparison of the Portion of the Cuban Sugar Production
Owned by American Companies for the Crop 1923-24
(Guma-Mejer)
Active
Mills
CUBA CANE SUGAR CORPORATION ................. (11)
CUBAN-AMERICAN SUGAR COMPANY ................. (6)
Delicias.............................................
Chaparra ............................................
Tinguaro ............................................
Constancia.........................................
Mercedita... .............................. ....
Unidad...........................................
PUNTA ALEGRE SUGAR COMPANY .................. (6)
Baragua ............................................
Punta Alegre .......................................
Florida ..............................................
Baguanos.................. ......................
Tacajo.......... ...... .. ...... .. ..............
Trinidad............................................
GENERAL SUGAR COMPANY MANAGEMENT .........(10)
Agramonte .........................................
Vertientes ..........................................
Estrella......... .. ........ ...... .....................
San Isidro........................... ...... ....
Santa Rosa.......................................
Pilar .. ............................................
Camaguey .........................................
San Cristobal .......................................
Santa Rita ...........................................
Progreso.............................................
RIONDA MANAGEMENT............................... (5)
Manati ................................... .. ..
Elia..........................................
Francisco ..........................................
Tuinucu ..........................................
San Vicente .......................................
WEST INDIA SUGAR FINANCE CORPORATION .........(6)
Palma ..........................................
Altro Cedro.............. ......................
Am erica ............................................
Cupey .............................................
Hatillo.. .................................. ......
Santa Ana.......................................
AMERICAN SUGAR REFINING COMPANY .............. (2)
Cunagua................................ ..
Jaronu ............................................
WARNER SUGAR REFINING COMPANY ................ (3)
Miranda................................................
Gomez Mena ......................................
Amistad ........................................
CUBA COMPANY .......................................(2)
Jatibonico................................ .....
Jobabo ................... ...... .. .. ..............
UNITED FRUIT COMPANY ............................(2)
Preston ............................................
Boston .................. ................. ... .
E. ATKINS & COMPANY...............................(3)
Caracas..............................................
San Agustin .................... ...................
Soledad................. ..................
HERSHEY CORPORATION ............................ (2)
Rosario .............................................
Hershey...........................................
OTHERS (Below 1%) .................................(16)
New Niquero Sugar Co .........................
J. G. White Management (2).......................
American Foreign Banking Corp. (2)..............
Atlantic Fruit Company .........................
Guantanamo Sugar Company (2)...................
Ermita Sugar Company............................
Caribbean Sugar Company.........................
Cape Cruz Company..............................
The Hires Sugar Company.......................
Central Teresa Sugar Co ...........................
Sta. Cecelia Sugar Corporation.....................
San Juan Sugar Company..........................
Cia. Azuc. Arroyo Blanco ..........................
TOTAL AMERICAN....................... (74)
TOTAL NON-AMERICAN INTEREST....... (106)
TOTAL..............................180
Bags
Bags
3,683,180
1,825,424
763,851
500,421
224,851
127,197
122,686
86,418
481,327
409,989
292,232
178,019
153,479
84,362
320,049
239,692
238,853
162,432
124,266
114,567
114,220
104,001
93,486
46,171
540,525
362,949
340,774
253,822
54,926
304,823
222,708
191,613
144,434
106,360
91,591
555,260
471.072
370,425
286,599
161,652
427,015
381,074
475,782
276,020
313,333
151,437
114,117
163,194
159,689
208,491
230,737
159,928
171,491
197,693
140,912
130,389
80,452
64,367
57,508
42,526
56,080
38,610
1,599,408 5.62
1,557,737 5.47
1,552,996 5.46
1,061,529 3.73
1,026,332 3.60
818,676 2.88
808,089 2.84
751,802 2.64
578,887 2.03
322,883 1.13
1,579,184 5.55
17,166,127 60.30
11,301,776 39.70
28,467,903 100.00
CUBA CANE SUGAR CORPORATION
123 FRONT STREET
NEW YORK
NOVEMBER 18, 1924.
To THE STOCKHOLDERS:
Your Board of Directors submits herewith the Annual Report of the Cuba
Cane Sugar Corporation for the fiscal year ended September 30, 1924.
The production of raw sugar during the year was 3,683,291 bags (of 325
Ibs.), as compared with 3,284,731 bags of the previous year. This increase in
production of approximately 12% over the last crop, is due to the increase in
the quantity of cane ground, increase in the sucrose content of the cane, and the
company's ability to reduce its manufacturing losses.
Your company has continued its policy of increasing the cane supply to more
closely equal the capacity of your mills. Only a small portion of the new cane had
matured during the period of the last crop. The tonnage of cane ground during
the 1923/1924 crop was approximately 5.6% in excess of the previous crop. The
average percentage of sucrose in the cane for the 1923/1924 crop was 13.21%, as
compared with 12.74% for the previous crop; while the total manufacturing loss
was only 1.99%, the lowest in the history of the Company.
At September 30th, all of the sugars produced by your company had been
sold, with the exception of 104,607 bags; and the average price obtained this year
was 4.4560 F. O. B. per pound. The entire cost of manufacturing and delivering
the sugars, including all expenses in New York and Havana, was 3.5520 per
pound. Of this cost, 2.4550 represented cost of cane, the balance of 1.097
consisting of operating and all other expenses.
The operating profit for the year was $12,511,718.64, and after providing for
net interest charges on bonds and bank loans and taxes paid during the year, and
providing for unadjusted claims the sum of $400,000.00, there remained a net
operating profit for the year of $9,711,426.96, which was carried over to surplus.
From surplus there was set aside the usual reserve for depreciation of
$1,750,000.00.
PRODUCTION OF THE EASTERN MILLS IN DETAIL
The following table shows the production of each of the Eastern mills as
follows during the six years:
1918-19 1919-20 1920-21 1921-22 1922-23 1923-24
Moron ............ 524,940 611,031 580,979 584,104 600,833 744,179
Stewart............ 506,494 445,784 290,763 379,900 439,484 387,335
Jagueyal .......... 353,168 371,609 349,087 303,890 302,342 304,697
Lugareno.......... 280,967 204,972 234,014 256,774 273,050 278,410
Violeta............ ...... ...... 155,645 269,780 423,516 508,949
1,665,569 1,633,396 1,610,488 1,794,448 2,039,225 2,223,570
LANDS
Your Corporation owns in fee 13,163 caballerias (438,762 acres) of land and
holds under lease 9,391 caballerias (313,030 acres) of land, many of these leases
being for long periods. The total lands owned and leased therefore are 22,554
caballerias (751,792 acres).
RAILROADS
Your Corporation now owns and operates for the transportation of its products
and supplies 1,440 kilometers (895 miles) of railroad, of which 1,154 kilometers
(717 miles) are standard gauge and 286 kilometers (178 miles) are narrow
gauge, together with equipment consisting of 151 locomotives, of which 115 are
standard gauge and 36 narrow gauge, and 4,072 cane and other cars, of which
2,983 are standard gauge and 1,089 narrow gauge.
STOCKHOLDERS
The number of stockholders of record of your Company at the close of the
last six fiscal years is as follows:
1919 1920 1921 1922 1923 1924
Holders of Preferred Stock........ 4,880 5,755 6,246 6,312 5,394 4,900
Holders of Common Stock........ 2,584 2,204 4,164 5,565 4,904 4,031
7,464 7,959 10,410 11,877 10,298 8,931
CUBA CANE SUGAR CORPORATION
OFFICES:
No. 123 FRONT STREET, NEW YORK, N. Y.
AMARGURA 32, HAVANA, CUBA.
TRANSFER AGENTS:
GUARANTY TRUST COMPANY OF NEW YORK,
No. 140 BROADWAY, NEW YORK, N. Y.
THE TRUST COMPANY OF CUBA, HAVANA, CUBA.
REGISTRARS OF TRANSFERS:
IRVING BANK-COLUMBIA TRUST COMPANY,
No. 60 BROADWAY, NEW YORK, N. Y.
THE NATIONAL CITY BANK OF NEW YORK, HAVANA, CUBA.
TRUSTEE
10 YEAR 7% AND 8% CONVERTIBLE DEBENTURE BONDS:
GUARANTY TRUST COMPANY OF NEW YORK,
No. 140 BROADWAY, NEW YORK, N. Y.
TRUSTEE
EASTERN CUBA SUGAR CORPORATION
15 YEAR 7%% MORTGAGE SINKING FUND GOLD BONDS:
THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK,
No. 57 BROADWAY, NEW YORK, N. Y.
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