THE CUBA REVIEW. 



15 



FINANCIAL. 



National Bank of Cuba. 



The seventh annual reoort of this bank 

 under date of December 31, shows an 

 encouraging condition of the bank's busi- 

 ness. 



The deposits have increased from $4,- 

 i79)995-04 on December 31, 1901, to $15,- 

 005,906.45 on December ?i, 1907, and rep- 

 resent 13,980 separate accounts, and in- 

 crease over 1906 of 27%. It is an indi- 

 cation that business conditions in Cuba 

 have very much improved. The activi- 

 ties are best realized by the statement 

 that the December, 1907, daily cash ope- 

 rations w^ere $2,100,0001, and this before 

 the sugar crop had begun to move. The 

 savings bank's department which pays 

 3% per annum now has $1,200,000. The 

 head office and branches in Havana are 

 also open on Saturday evenings, on re- 

 cent orders. The new building on Obis- 

 po and Cuba streets, in which the bank's 

 offices are located, and which occupy the 

 best part of the available office space, is 

 paying 2^/2% on the investment, and 

 when all the offices are rented will reach 

 more than 5%. 



The bank's branches are increasing in 

 number, and these are now, outside of 

 Havana, at Camajuani, Sancti Spiritus, 



Main corridor, office of National Bank of Cuba, 

 Havana. 



C'amaguey, Santa Clara, Guantanamo, 

 Caibarien, Pinar del Rio, Sagua la 

 Grande, Manzanillo, Cardenas, Matanzas, 

 Cienfuegos and Santiago. Suitable bank 

 buildings of classic style patterned after 

 the home office will be erected as soon 

 as possible. The plans for the Santiago 

 and Cienfuegos structures have been ap- 

 proved and work will begin at once. 



Regarding the present business outlook, 

 President Vaughn is optimistic. The short 

 sugar crop will be offset by higher prices 

 for the product. While the prevailing rate 

 of interest is high this is not Cuba's fault. 

 It is due to the fact that railroads and 

 mill owners who were accustomed to bor- 

 row capital in Europe and in the United 

 States were unable to do so this year be- 

 cause of the financial stringency abroad 

 and bad to turn to the local market. As the 

 demand exceeded the supply interest rose 

 to a prohibitive figure. 



While there is no law in Cuba to com- 

 pel examinations of financial institutions, 

 the National Bank of Cuba does this 

 voluntarily in the interests of its share- 

 holders and the public. The accountants 

 called for this purpose are the same em 

 ployed by the United States government 

 to audit the banks of Porto Ric'o. The 

 examination is thorough and without no- 

 tice to the bank's officers. 

 Assets. 



Cash in vaults $4,477,707.21 



Due from banks and bankers 1,018,186.60 

 Bond's and stocks: 



Government bonds 3,758,865.46 



City of Havana bonds.... 1,085,155.24 

 Other bonds and stocks.. 466,603.33 

 Loans, discounts, time bills, 



etc 10,512,727.78 



Furniture and fixtures 84,571.62 



Bank building and real estate 610,443.72 

 Sundry accounts 16,766.86 



Total $22,031,027.82 



Liabilities. 



Capital $5,000,000.00 



Surplus 700,000.00 



*Undivided profits 292,354.87 



Due to banks and bankers.. 1,032,766.50 



Deposits 15,005,906.45 



Total $22,031,027.82 



* Deduct $200,000 4% semi-annual divi- 

 dend, payable January i, igo8. 



The Royal Bank of Canada. 



The statement of the bank's condition 

 as of December 31, 1907, is most en- 

 couraging. The bank now has branches 

 in Cuba in the following cities: Cama- 

 guey, Cardenas, Cienfuegos, Havana, 

 Havana (Galiano St.), Manzanillo, Ma- 

 tanzas, Mayari, Santiago de Cuba. 



