THE CUBA REVIEW 



17 



Antilla. 



RAPID DEVELOPMENT OF ANTILLA DISTRICT 



Estimated expenditures during the next two years in the Antilla district will 

 approximate $33,800,000. This amount will be disbursed almost entirely by private- 

 enterprises, mainly in the sugar industry, to which the district is largely devoted, and- 

 will be used for renewal of equipment and expansion of resources as well as devel-- 

 opment of new enterprises. 



Much American capital has entered the district and the financing of American' 

 enterprises is arranged in the United States. Financial requirements for local! 

 (Cuban) interests can and are being met by local capital. Where land and funds are 

 available there is, to my knowledge, no right of priority to construct such enter- 

 prises, nor have I learned of any case in which the nationality of a concern acted' 

 as an obstacle to its establishment here. First-mortgage bonds are the type of 

 security generally used in the sugar business. 



LARGE SUMS INVESTED IN THE SUGAR INDUSTRY 



The war stimulus and world sugar shortage have caused an enormous amount 

 of increased activity in the sugar industry, which in great measure is responsible 

 for the present diversion of large sums to the erection of new mills and expansion 

 of properties already established. The high price of raw sugar — double that of a 

 year ago — is a compelling factor. During the past few months there have been a 

 rush and activity in cane-land investment. It is the general opinion among local 

 sugar experts that the present high market will hold for at least three years to 

 come. An unfavorable relaxation may be apparent when European and other sugar 

 producing centers recover from war effects sufficiently to influence the market, but 

 little apprehension seems to be felt on the score at present. 



BANKING FACILITIES— INTEREST ON LOANS 



Banking business in this district is in the hands of the Royal Bank of Canada ; 

 Banco Espanol de la Isla de Cviba ; Banco Nacional de Cuba ; and Banco Interna- 

 cional de Cuba, the first being Canadian and the remainder Cuban institutions. So 

 far as known no American bank is located here. Money is advanced on growing 

 cane at 10 to 12 per cent. On sugar in the warehouse the rate is from 8 to 10 per 

 cent. First mortgages on land bring various and usually high rates of interest, in 

 one case recently brought to the writer's attention the interest amounting to 18 per 

 cent. Rents are very high ; buildings of all kinds are at a premium, and diflicult to 

 procure. Building generally is in a state of great activity. 



