32 



THE CUBA REVIEW 



AMERICAN INTERESTS AFFECTED BY CUBAN 

 DECREE 



The very coiisiderahle Amoriran interests 

 in the island of Ciil)a, and tlie Isle of Pines, 

 as a part of that KepuMie, are aflfeefed l)y tlic 

 latest Cuban presidential decree on the sul)- 

 ject of the conversion of contracts, which 

 heretofore by their terms were payable in 

 Spanish or French golil. The decree applies 

 to all classes of contracts, whether for land 

 payments, services, or deliveries of merchan- 

 dise. 



This recent and i)r()l)al)ly the final decree 

 lookinf^ to readjustment of the financial sys- 

 tem of Cuba is important in another i)articu- 

 lar, in that it is a virtual recession from the 

 first decree of September 11, modified sup- 

 plementally a few days later, in which the 

 rate at which the Spanish and French sol<l 

 coins of $5.30 value might be converted to 

 the new Cuban money, was given. The first 

 decree of September 11, fixed the conversion 

 rate at $o (Cuban and United States cur- 

 rency, now the only legal tender in the Repub- 

 lic). The modification of a few days later put 

 the conversion rate at $4.82, at which it has 

 stood, and at which the great bulk of foreign 

 gold in commercial circulation has been 

 exchanged. 



This last decree of November 22 on the 

 conversion of contracts verj- jilainly departs 

 from the former pronoimcement and allows 

 the rate to be agreed upon by the parties to 

 the contract, for thci-e are several allusions to 

 the "agreements regarding the conversion 

 of foreign currencj' into legal circulating 

 medium" and "the conversion of money 

 agreed upon" and "the rate of exchange," 

 which leaves the contracting j^arties free, 

 manifestly, to make their own rate of conver- 

 sion and exchange such as may be expedient 

 or mutually agreeable and satisfactory to 

 themselves. The new agreements are re- 

 lieved of registration cost? and tax fees. 



Chief Provisions of the Decree, as Affecting 

 Contracts. 



In all contracts which are legistered as pub- 

 lic documents the agreements regarding the 

 conversion of foreign currencj into legal cir- 

 culating mediiun can tje made by deed before 

 the various authorities. * * * In the 

 document it is necessary to state that both 

 interested parties appeared (giving details of 

 names and character in which they appear, 

 etc.), followed by a clear reference to the 

 original deed or contract, date, official auth- 



orizing the siime; and if made before a public 

 notary, the number of the document; limit- 

 ing themselves in the suV)staiitial part to the 

 amount involved in fcjreign currency and the 

 rate of exchange, and amount to be i)aid in 

 legal circulating medium; referring also to the 

 volume, page and number of the registered 

 jn-operty inscrij)tion or document, as the case 

 may be. 



The conversion of money agreed upon in 

 these documents, when they contain no other 

 stipulati(ms atTecting the original documents, 

 will be exempt from the ])ayment of realty 

 taxes, or taxes on the transfer of pro[)erty, 

 and the document neeti not be presented to 

 the liquidating tax office. 



With the authorized copies of these docu- 

 ments, must be presented, in the property, or 

 mercantile register, the original deed or con- 

 tract, and the contents will be noted by such 

 register in the entry subsequent to the deed 

 affected by the same. The.se agreements go 

 into effect with reference to third parties from 

 and after the date of registration. The decree 

 was eflfective November 22, 1915. — Sperirtl 

 Agent Garrard Harris. 



FRENCH MILITARY CROSS FOR CUBAN 



Roger Babiani, a Cuban who has been 

 serving as driver of an American ambulance, 

 has been decorated with the Military Cross 

 and commended in army orders for "having 

 served with great devotion for several 

 months, particularly distinguishing himself 

 April 22." '^ 



Mr. Raoul E. Desvernine has become 

 associated with the law firm of Alexander & 

 Keenan, 55 William Street, New York Citj'. 

 Mr. Desvernine is a nephew of the Hon. 

 Pablo Desvernine, at present Secretary of 

 State of the Republic of Cuba. The latter 

 was formerly senior member of Desvernine 

 & Lanuza, one of the leading law firms in 

 Havana. Upon the termination of his office 

 as Secretary of State, Dr. Desvernine expects 

 to return to the practice of law. Mr. Raoul 

 E. Desvernine, because of his intimate re- 

 lations and close association with the members 

 of the firm of Lanuza & Iglesia (.successors 

 of Desvernine & Lanuza), is peculiarly in a 

 position to obtain their earnest co-operation 

 in the transaction of all legal matters in 

 Cuba. Mr. Raoul E. Desvernine is admitted 

 to practice in the State of New York, and 

 has just returned from an extended trip to 

 Havana. 



