THE CUBA REVIEW 



23 



CUBAN FINANCIAL MATTERS 



PAN AMERICAN FINANCIAL CONFER- 

 ENCE 



The Second Pan American Financial 

 Conference opened in Washington, D. C, 

 on January 19th and will continue in ses- 

 sion for one week. Tlie ^linisters of Fi- 

 nance of the several countries began their 

 work by reaffirming the solidarity of the 

 Americas in ideals of peace and justice. 



Co-operation was pledged for the de- 

 velopment of the great natural resources 

 of the two continents, which, it was 

 pointed out, would result to the advantage, 

 not only of the Pan American nations, but 

 of the world. 



Secretary Glass presided at the open- 

 ing session, at which the delegates heard 

 a message from President Wilson, ad- 

 dresses by Secretary Lansing and John 

 Barrett, Director General of the Pan 

 American Union, and responses by a mem- 

 ber of each visiting delegation. Dr. Carlos 

 Manuel de Cespedes, Minister from Cuba, 

 was among those chosen to preside over 

 the general sessions. 



The Cuban delegation reported un- 

 paralleled prosperity within the Island, a 

 favorable trade balance of $200,000,000 

 in 1919, and a national budget of expenses 

 less than the total raised by taxation. The 

 only fear expressed by the Cubans was the 

 possibility of a fall in the present prices 

 of sugar, to avert which the General Con- 

 gress will be asked to oppose special 

 gi'anting of sugar bounties in Pan Ameri- 

 can countries. Removal of restriction on 

 tourist travel also was asked by the 

 Cubans. 



Some of the problems other than inter- 

 national finance and exchange to be dis- 

 cussed at the conference are investment 

 opportunities, better facilities for trans- 

 portation and communication and the re- 

 moval of obstacles in the way of trade. 



composed of Potter Brothers & Co., W. 

 A. Harriman & Co., and White, Weld & 

 Co., $10,000,000 fifteen-year 7 per cent, 

 sinking fimd convertible gold debenture 

 bonds, and a block of common stock. A 

 distributing syndicate, it is understood, 

 is being formed, and both the bonds and 

 the stock probably will be offered on sub- 

 scription in the near future. 



This financing will permit the Atlantic 

 Fruit Company to retire its outstanding 

 mortgage obligations and its 6 per cent, 

 debentures. It also will provide for the 

 erection of a sugar mill with initial 

 capacity of 300,000 bags on the company's 

 property in Cuba ; for additional railroads 

 and equipment ; for the purchase of an 

 additional plantation in Jamaica, and for 

 the payment for additional steamships. 



The company has also arranged to ac- 

 quire from the Cuban-American Sugar 

 Company in exchange for common stock 

 two plantations adjacent to its present 

 pr(jperty on Tanamo Bay. 



AMERICAN CLUB 



A report on the financial status of the 

 American Club, Havana, has been issued 

 for the year ending October 31, 1919. 

 Total profits for the past year amounted 

 to $21,725.09. This is one of the most 

 successful years the club has expei'ienced. 



The balance sheet issued by the club 

 directors shows that assets amounted to 

 $47,360.98, and expenses totaled .$20,.j40.S5 

 which, with deductions made for delin- 

 quents and depreciation, leaves a balance 

 of $21,725.09, representing tlie profits for 

 the year. 



ATLANTIC FRUIT COMPANY 

 The Atlantic Fruit Company has ar- 

 ranged to sell to a banking syndicate. 



NATIONAL BANK OF CUBA 

 At the meeting of the Board of Directors 

 of the National Bank of Cuba held Decem- 

 ber 11th, it was resolved to declare a semi- 

 annual dividend of 4 per cent., plus 1 per 

 cent, additional, total 5 per cent., in favor 

 of shareholders of record December 31, 

 payable January 2, 1920. 



