19 Cuban Investvients 



place advantageously on new mortgages, while 

 with every payment made to the Bank the se- 

 curity against its loans increases by double the 

 amount paidy the yearly decreasing unpaid bal- 

 ance remaining secured by the entire original 

 mortage until same is completely paid off. 



At no time can there be outstanding more 

 bonds than mortgages held by the Banco Terri- 

 torial. It must invest its surplus funds in 

 bonds of the Governments of Cuba, United 

 States, France, England or Germany. 



