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THE 
CUBA. REVIEW 2" 
NEW 
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PAE ABOU TL CUBA GAR jr 
Copyright, 1922, by the Munson Steamship Line 
VOLUME XIX FEBRUARY, 1921 NUMBER 3 
CUBAN GOVERNMENT MATTERS 
THE FINANCIAL SITUATION 
The moratorium in Cuba which became 
effective last Octuber by Presidential de- 
cree ended on January 31st, and Cuba has 
entered upon the legislative program for 
solving the financial difficulties with a 
sliding scale of payment. 
The new moratorium law, effective 
February ist, provides for gradual pay- 
ments of obligations, starting with 15 per 
cent. Mercantile establishments have 105 
days, if they request it, to liquidate obli- 
gations, and banking institutions 155 
days, if they also ask for it. However, 
any concern availing itself of the privl- 
leges of this law and then failing to meet 
any one of the payments upon the speci- 
fied dates will fall forfeit to the applica- 
tion of the law. 
Another law, which is regarded as of 
great importance, provides the machinery 
for the liquidation of such banks or com- 
mercial houses as may become obliged to 
suspend payment and also for their reor- 
ganization in every way. This law has 
been founded upon the fundamentals of 
the law governing Federal receiverships 
in the United States. 
Bank deposits in Cuban banks which 
have been made since October 10, 1920, 
are generally considered by the public to 
be exempt from the moratorium, and 
prospective depositors have been assured 
of that fact by the banks. However, a 
Presidential decree might be passed to 
subject such deposits to a moratorium or 
bank depositors might pass a resolution 
to hold the deposits. No judicial decision 
has been handed down on this question, 
although bankers feel that the Supreme 
Court would hold that the decree of 
October 10 applied only to obligations al- 
ready existing on that date. 
NEW ELECTIONS 
Partial elections in districts where the 
courts or election boards have nullified 
the results of the Cuban Presidential elec- 
tion last November will be held about 
March 1, according to an announcement 
made by Maj. Gen. Enoch Crowder, These 
elections will be marked by absolute im- 
partiality and will determine the ques- 
tion as to the candidate who will be the 
next President of Cuba. The results in 
enough districts to leave the election in 
doubt have been annulled. 
The rules laid down by the Central 
Electoral Board under the recent legis- 
lation passed by Congress will govern the 
partial elections. 
DIPLOMATIC APPOINTMENTS 
The Ministry of Foreign Relations has 
extended permission to Sefior Jose Buigas 
to exercise the functions of Spanish Con- 
sul in the City of Havana. The Ministry 
has also authorized the transfer of the 
following chancellors: Senior Marino 
Estrada y Velazquez from the consulate 
at Bordeaux to La Havre; Sefior Rogelio 
Tonarely y Chaumont from the consulate 
at Rome to Bordeaux; Sefior Valentin 
Rivay Abreu from the consulate at Mobile 
to Coatzacoalcos; and Senor Jose Barra- 
que y Gonzalez from Coatzacoalcos to 
Mobile. 
