DEE: CWB At ree Vo Bi, We 35 
buys more from the United States than all your insular possessions, Porto Rico, Hawaii, 
and the Philippines. 
“C. The above imports were made from the United States at our old tariff rates, 
without any increase, thus giving your country a commanding advantage in the Cuban 
market, in fact, we may say, an actual control, which excludes the possibility of any 
competition from European countries, such as Germany and other sellers of cheaper 
goods, from which Cuba could buy, and in fact used to buy before the Reciprocity Treaty 
went into effect, all sorts of machinery, shoes, railroad materials, automobiles, and 
many other manufactured articles and commodities. 
“D. The percentage of exports as to imports from the United States to Cuba runs 
between 50-80%, or say an average of about 64% during the last thirteen years, which 
shows an apparent balance of 36% in favor of Cuba. But this is only apparent, as you 
will be able to judge from the following reasons: 
“Ist. Because about 60% of the Cuban sugar plantations belong to American in- 
dividuals or corporations, and naturally their profits come back to this country in the 
way of dividends on stocks and interest on bonds; besides that which is paid for taxes 
on their capital and profits to the United States Treasury. 
“2d. Because the other 40% of the plantations are largely mortgaged or owe big 
sums of money to American banks, export houses and manufacturers, who annually 
collect interest and commissions on these loans. 
“3d. Because, since the collapse of our Cuban banks, practically all the banking 
is done in Cuba by American institutions, or through Canadian ones having financial 
connections and backing in the United States. 
“Ath. Because most of our railroads are either American corporations or English 
ones backed by American capital, and their profits largely come to the United States 
in the way of dividends or interest on bonds. 
“Sth. Because as much as 75% of the tonnage employed in Cuba’s enormous trade 
is American, which means that the large sums of money paid for inward and outward 
freights also come to American companies; and this is an item greatly to be appreciated 
at a time when it is the policy of the United States to develop her merchant marine and 
to compete with the idle and therefore cheaply obtainable vessels lying all around the 
world. 
“6th. Because there are also large American interests in fire and life insurance and 
some in insurance against accidents, which make profits that come to this country through 
the same channel of annual dividends. 
“7th. And, finally, because the Cuban Government’s total foreign debt, amount- 
ing to $58,000,000, is due to American bankers and investors who receive every year 
important sums of money from Cuba in payment of their interest.”’ 
One factory continues to grind in Cuba, namely, the Central Santa Lucia, which 
is expected to produce about 43,000 tons of sugar. With the production of the 197 
centrals which have finished the crop to date of 3,880,745 tons, indications poimt to 
a final outturn in the neighborhood of 3,925,000 tons. Exports of the crop to September 
30th, total only 2,036,417 tons against 3,209,884 tons to the same date last year, with the 
stock in the entire island at that date of 1,187,555 tons against 311,063 tons last year. 
The rainy weather continues, but good rains at this season are of the greatest benefit to 
the growing cane. As regards the old 1919-20 crop, while these sugars have all been 
sold, the shipments have not been entirely completed, and at this date 12,276 tons still 
remain in the island. 
As regards the refined sugar situation in this market, same continued unsettled 
throughout most of the period under review, with various concessions being made fol- 
lowed by open cuts. At this writing, all refineries in the United States quote on the 
basis of 5.30c. f.0.b. with the exception of Federal, who quote 5.20c. However, owing 
to the possibility of a railroad strike, as mentioned above, the situation has improved 
somewhat and at this writing, owing to the brisk demand, all of our refineries are a 
week or more behind in their deliveries. This is, of course, purely attributable to their 
