12 THE CUBA REVIEW 
Havana Correspondence 
Havana, September 23, 1921. 
Sugar: During the past month one more Central has been added to the number 
which have ceased grinding for the present season. This mill is ‘ Delicias’”’ of Puerto 
Padre, which experienced a very successful season from the standpoint of production, 
the total number of bags ground being 768,378, some 60,000 bags more than estimated at 
the beginning of the season. This leaves but three mills still in operation, Centrals 
“Boston” and “ Preston”’ of the United Fruit Co., and “Santa Lucia”’ in Oriente Province. 
The two former mills will probably cease grinding w ‘thin the next week or two. 
During the current grinding season the 196 Centrals now closed produced a total of 
26,648,071 bags of sugar, of which it is estimated that approximately one-third is still in 
warehouses here unsold. This is considerably in excess of the amount on hand at this 
time last year. 
While no definite action has been taken by the government which would tend to 
insure more stable conditions next season than those which have prevailed during the 
present one, hope is expressed by the sugar interests that the pending loan with the 
United States will have been finally negotiated by that time and that a large portion of 
the money will be utilized for their benefit. If sugar is to be expected to continue in the 
future, as it has been in the past, the principal crop and revenue producer of the island, 
there is no question but that some aid will have to be extended to the industry in the near 
future. The large losses experienced by practically all of the sugar interests, both large 
and small, during the past season cannot continue indefinitely without utter demorali- 
zation of the industry in Cuba. 
It is not believed that the next crop will be much smaller than that of this season, 
although, of course, owing to lack of funds for development purposes, purchase of machin- 
ery, and labor hire, many hundreds of acres which otherwise would have been cleared and 
planted will be held over until more favorable conditions prevail. At one time the 
restriction of the crop was looked upon as a possible solution of the sugar problem, but 
this view is now considered impracticable as well as injurious to the future of the industry. 
It is argued that should action be taken to restrict production beet sugar interests in the 
United States and sugar growers elsewhere would be encouraged to increase their pro- 
duction and in this way lessen the demand for Cuban sugar. 
Readjustment of wages to be paid the cane cutters and other labor connected with the 
sugar industry is another problem that will also have to be solved before the beginning of 
the next grinding season. If sugar is to continue to sell at the low price it has been sold 
at during the past months, pre-war wages must again prevail, otherwise the crop will 
again be marketed at a loss as it has been during the present season. Considerable 
interest is being evinced as to what disposition will be made of the numerous Centrals 
which have been taken over by the various foreign banking syndicates. It is not known 
whether they will operate these mills themselves or dispose of them to outside parties. 
It has been rumored that one large foreign banking institution here has twenty-five of 
these Centrals on its hands now and that the formation of a subsidiary company to con- 
tinue their operation is being considered. 
FINANCIAL Sirvation: Business stagnation, which began with the declaration of 
the moratorium last October, still continues to prevail without signs of any immediate 
recovery. While there is a considerable amount of liquidation of stocks taking place in 
practically every line of business, little buying is being done, the general feeling being that 
prices have not as yet reached their lowest level. 
The result of the pending negotiations in Washington for a loan is being watched with 
interest and the results of the conference between the Cuban Committee and the repre- 
sentatives of the United States Government are anxiously awaited in financial circles. 
Up to the present w riting, there have been no definite advices received as to the outcome 
of these negotiations, but there is a feeling that before they are terminated some agreement 
