THE CUBA REVIEW 19 



THE PUBLIC DEBT OF CUBA 



No. 1. $35,000,000.00 at 5%— May 11, 1914, has been reduced by amortizations and 



purchases to $26,374,500.00. 

 No. 2. Internal debt at 57c— August 29, 1905, issued for $11,250,000.00 which has 



been reduced by amortization to $10,518,500.00. 

 No. 3. Loan of $16,500,000.00 at 4V 2 7c— August 25, 1909, will not begin to be 



amortized until the year 1920. 

 No. 4. Loan of $10,000,000.00 at 59c— January 31st, 1914, will not begin to be 



amortized until the year 1920. 

 No. 5. Issuance of Treasury Bonds for $30,000,000.00 at 6%— July 31, 1917, of which 



there are in circulation, $8,778,900.00 of Series "B" and $10,000,000.00 of 



Series "A". 

 No. 6. Increasing of the Internal Debt for $7,000,000.00 at 57c, Presidential Decree 



No. 519, under date of April 2, 1918. 



MESSAGE TO CONGRESS— NOVEMBER 4th, 1918 

 FINANCES 



The credit of the Republic has been maintained at the high standard it has 

 attained since its foundation. The bonds known as those of the Revolution, issued 

 in 1896 and 1897, have been paid in full, with exception of $8,015.00, the holders of 

 which have not presented their claims for collection, notwithstanding that the above 

 amount is in the hands of Messrs. Speyer & Co., at the disposal of the holders of the 

 bonds. Since the 25th of May, 1918, Messrs. Speyer & Co. have had in hand $1,336,- 

 964.03 wherewith to cover coupons No. 29 and No. 30 comprising interest up to the 1st 

 of March, next, applying on the Loan of $35,000,000.00. The amortization of this Loan 

 continues rapidly by placing, as per contract, $85,000.00 monthly for the purchase of 

 bonds in the open market or redemption by lots of the corresponding obligations as 

 the bonds are quoted above or below their par value. During the last few years, due 

 to the World War, there has always been a margin in the Treasury wherewith to 

 effect purchases in the open market at a considerable advantage. In the recent pur- 

 chases of bonds, a profit of $29,126.25 was secured owing to the difference between 

 the par value represented by those acquired, totalling $1,167,000.00 which cost $1,137,- 

 873.75. It should be reported that by virture of this amortization, which was effected 

 on the 17th of April and 30th of August last, the debt originating from the loan of 

 $35,000,000.00 was reduced on August 30th last, to $26,374,500.00. 



The other loans which comprise our foreign indebtedness have not entered the 

 period of amortization; their coupons have been promptly paid and they are quoted 

 firm in all markets. Our foreign debt on August 30th last, stood as follows: 



First Loan Speyer, of 1904 $26,374,500.00 



Second" " 4y 2 %1909 16,500,000.00 



Morgan Loan, 57c 10,000,000.00 



Total $52,874,500.00 



The internal loan created to meet balance of the debt to the Army of Liberation, 

 in the terms provided for by law, amounted to 105,685 bonds of $100.00 amortizable 

 for annual sums of $50,000.00 at 5% interest; corresponding coupons having been 

 paid with exception of 74,732, amounting to $186,830.00 which have not been paid, as 

 they have not been presented for collection. Of this debt, 5,895 bonds have been 



