THE CUBA REVIEW 



23 



FINANCIAL AND COMMERCIAL MATTERS 



NATIONAL BANK OF CUBA REPORT 



The general balance sheet of the National 

 Bank of Cuba dated June 29, 1912, has 

 been published. The values are given in 

 United States currency and attention is 

 called to the fact that deposits have in- 

 creased $1,000,000 during the last six 

 months. 



Total number of individual accounts : 

 33,200, which shows an increase of 5,900 

 accounts, equivalent to 21% per cent, or 

 at the rate of 39 new accounts per working 

 day. 



ASSETS 



Cash in vaults $7,079,308.22 



Due from banks and 



bankers 4,608,549.83 



Remittances in transit 1,883,579.37 $13,571,437.42 



Bonds and Stocks: 



Government bonds..$2,671,019.62 

 City of Havana b'ds. 754,003.99 



Other bonds 613.919.30 



Stocks 148,838.67 4,187,781.58 



Loans, discounts, time bills, etc.. 



Bank buildings and real estate 



Furniture and fixtures 



Sundry accounts 



Securities on deposit 



16,066.640.01 



1,119.394.52 



89,381.15 



22,538.00 



3,070,134.33 



Total $38,127,307.01 



LI.\BILITIES 



Capital $5,000,000.00 



Surplus 1,100,000.00 



•Undivided Profits 380,208.32 



5,480,208.32 



Deposits 27,749,267.44 



Due to banks and bankers 827,696.92 



Deposits (securities) 3,070,134.33 



Total $38,127,307.01 



* Deduct $200,000.00 four per cent semi-annual 

 dividend, payable July 1, 1912. 



WILL BENEFIT BALTIMORE 



The Erie Railroad Company has effected 

 a traffic arrangement with the Baltimore 

 & Ohio, through which it will be able to 

 handle freight between Chicago and Balti- 

 more as well as between Chicago and Xew 

 York. Freight for western points which 

 the Erie routes over the Baltimore & Ohio 

 will be transferred at Youngstown, Ohio, 

 the Erie hauling it the remaining distance 

 of about four hundred miles to Chicago : 

 and similarly the Erie will be able to 

 solicit freight for shipment from Chicago 

 to Baltimore. 



The Erie has for several years had a 

 traffic agreement with the Pittsburgh & 

 Lake Erie. With the linking up of the 

 Western Maryland and the Pittsburgh & 

 Lake Erie, therefore, the Erie will have 

 another route for its freight between 

 Youngstown and Baltimore. 



OPPOSITION TO OIL MONOPOLY 



The Santiago Chamber of Commerce has 

 objected strongly to the bill now before 

 Congress providing for the entry of petro- 

 leum free of duty, in favor of a private 

 company. It is not opposed to the removal 

 of the duty, but fears a monopoly if one 

 company secures control. 



The bill grants to a favored commercial 

 company of Cuba a practical monopoly in 

 the importation of petroleum into Cuba 

 for a period of 39 years. The bill covers 

 crude oil from all countires and its prod- 

 ucts manufactured in the United States 

 and grants the company entry free of all 

 customs duties. 



In return for this concession the com- 

 pany agrees to furnish at cost oil at any 

 place in the republic where it may be re- 

 quired for purposes of irrigation. 



The Havana Post calls the monopoly 

 "chivo (graft) pure and simple and prac- 

 tically indefensible." 



The bill provides that all persons who 

 desire to import oil in less than 30,000 

 barrel lots must pay the present rate of 

 duty, the free entry only operating in favor 

 of the concessionary company or persons 

 who may be named as its representatives. 



On July 27th Speaker Ferrara denounced 

 the bill in the House in unmeasured terms. 



On August 1st the House voted to post- 

 pone until the next legislature further dis- 

 cussion of the bill. 



GALVESTON S TRADE WITH CUBA 



Galveston's exports to Cuba in the fiscal 

 year ended June 30, 1912, consisted largely 

 of live stock, rice, lumber and a number 

 of other commodities, while packing house 

 products and flour moved in lesser quan- 

 t.ties. The total value of exports was 

 $1,782,905, against $2,595,486 the previous 

 year, a decrease of $812,581. 



On the other hand, imports showed a 

 large increase, amounting to $1,286,258, 

 against $177,408, an increase of $1,108,850. 

 The total commerce of Galveston with 

 Cuba reached $3,069,163, against $2,772,894, 

 an increase of $296,269. 



THE SPONGE INDUSTRY 



The value of the sponges sold in Bata- 

 bano market from January 1st to June 30, 

 1912, was $113,330. The industry suffers 

 decadence due to the lessening of those 

 engaged in the precarious work, and the 

 prevalence of cyclones which have several 

 times worked disaster to the fishing fleet. 

 Prices recently have also been lower. 



