Cost of the sugar imported in 19oo, was $ioo,250,ooo.
 An average of 2 4-Ioc per lb. for raw sugar.

 The wholesale price of refined, or "Standard Granulated-
 Sugar" has averaged above 5c per pound for to years.

 The cost of manufacturing refined sugar direct from the
 cane (as in beet sugar making) is less than the cost of mak-
 ing raw or brown sugar, using modern apparatus with all the
 latest economical devices "Multiple effects," "Bagasse Burn-
 ers," etc., the yield is increased, and the cost lessened.


 DISPOSITION OF STOCK.
 One-half the treasury stock ($2,5oo0ooo.oo) is offered
 for sale, for cash at par, payable 25 per cent. on subscription,
 15 per cent. each 30 days thereafter until fully paid.
 The stock to be sold carries with it, as a bonus, one mil-
 lion dollars ($I,ooo,ooo) of land warrants or debentures;
 these debentures to be received by the company as cash at par
 in the purchase of lands, Ioo,ooo acres of land to be set aside
 to meet these debentures or land warrants; and are to be
 held, and are to be sold only to the holders of said land war-
 rants or debentures, and at an average price of $Io.oo per
 acre. The maximum price of these lands to debenture hold-
 ers, to be paid in debentures, is $20.00 per acre; and the min-
 imum price to debenture holders, to be paid in debentures, is
 $5.oo per acre, to-wit:
 Io,ooo acres @ $20.00................... $200,000 oo
 20,000 acres @ 15.00 ................... 300,000 oo
 30,000 acres @ o.oo .................... 300,000 oo
 40,000 acres @ 5.00 .................. 200,000 00

 Ioo,ooo acres ...................... .$1,ooo,ooo oo
 Fifty (o5) per cent. of all lands-acquired from the State
shall be set aside, as they are earned, until the ioo.ooo acres
required to meet debentures are provided for and set aside.


- 1: