22 



THE CUBA REVIEW 



FINANCIAL AND RAILROAD MATTERS 



with a capital of $20,000,000 with power to 

 issue double the amount of its gold and silver 

 of the same law and weight as that of the 

 United States. Cuban capital to be given 

 preference to subscribe the stock. 



The coinage of fractional currency also 

 was recommended. 



The money now in use officially on the 

 Island is American, although business is 

 transacted also with Spanish and French 

 gold coin and Spanish silver money. 



CUBAN BONDS REDEEMED 



Speyer & Co. announce the drawing for 

 redemption of .$35,000,000 5% gold loan of 

 1904 of the Rep\iblic of Cuba. The bonds 

 are redeemable at par and accrued interest 

 Sept. 1 next, after which tlate interest on 

 the number drawn for redemption will cease. 

 Of the series "A" issue, drawn for redemp- 

 tion, the numbers range from 36 to 32,960, 

 the total number of this series being drawn 

 for redemption being 773, and of the series 

 "B" bonds, which are denominations of 

 .$500 each, the numbers range from 20 to 

 3,969, and the total drawn is 111. The 

 bonds are payable at the office of Speyer & 

 Co. of New York, Speyer Bros., London; 

 Lazar, Speyer-Ellison, Frankfort-on-Main; 

 Deutsche Bank, Berhn; Credit Lyonnaise, 

 Paris, and H. Upman & Co., Havana. At- 

 tention is also called to a number of bonds 

 of tlae two series that have been called for 

 redemption in previous years, but which 

 have not yet been presented for payment. 



SANTIAGO ELECTRIC LIGHT AND TRAC- 

 TION COMPANY'S EARNINGS 



1914 1913 



June gross $39,566 $37,614 



June net 19,429 17,338 



First six months, gross. . . 230,175 224,885 



First six months, net ... . 112,952 100,816 



APPROVING THE BUDGET 



The House of Representatives, on June 

 27th, stopped the discussion of the proposed 

 divorce law long enough to pass on its first 

 reading a budget of $41,000,000. This is 

 the only budget passed by Congress since 

 the first year of the regime of President Jose 

 Miguel Gomez in 1910. 



When Gov. Magoon left here at the end 

 of the American intervention he left a budget 

 which was under $30,000,000. The first 

 Congress of the restored republic raised the 

 budget to $44,000,000. 



The present budget does not include 

 special port taxes. 



The President approved the budget law 

 for the present fiscal year and it went into 

 effect on July 1st. 



The new budget covers all the appropria- 

 tions and offices created by Congress durign 

 the last three years and, by reason of this, 

 there will be no "Temporeros" for the time 

 being, all those holding jobs in the govern- 

 ment to have them under the law. 



The 1914-15 budget requirements amount 

 to .$41,828,580. 



The income is as follows: 



Custom house collections $29,100,000 



Port improvements 1,400,000 



Consular fees 670,000 



Post office and telegraphs 1,000,000 



Interior receipts 1,450,000 



Income from State property. .... 368,580 



Different products 1,040,000 



Loan tax 3,600,000 



National lottery 3,200,000 



Total $41,828,580 



BUDGETS FOR ELEVEN YEARS 



Budgets of previous years of the Cuban 

 Government show constantly increasing re- 

 ceipts and expenditures as the development 

 of the republic progresses. 



Official figures of the annual budgets 

 since the fiscal year of 1904-05 are as follows : 

 Income. Expenses. 



1904-05 $16,069,540 $15,396,991 



190.5-06. . .Previous year's budget in force. 



1906-07 24,003,255 21,728,396 



1907-08 25,466,325 23,309,539 



1908-09 29,415,163 24,285,303 



1909-10 33,825,448 33,418,302 



1910-11 34,779,680 30,996,599 



1911-12. . .Previous year's budget in force. 



1912-13 37,940,200 33,974,147 



191.3-14. . .Previous year's budget in force. 

 1914-15 41,828,500 40,262,905 



WEEK-END EXCURSIONS 



The United Railways of Havana are now 

 issuing week-end round trip tickets first and 

 third class from Havana to all stations except 

 to such as are located less than 20 kilometers 

 from the city at a reduction in rates. The 

 tickets are valid going on Saturdays and re- 

 turning on any ordinary train on Sundays 

 or Mondays. The fare for the round trip is 

 that of one-way plus 25 per cent. 



Similar tickets are on sale from Matanzas 

 and Cardenas to any intermediate station. 



KEY WEST-HAVANA FERRY. 



Florida railroad men were in Havana on 

 August 7th in conference with General 

 Manager Robert M. Orr of the United Rail- 

 ways. The best site has been offered by 

 this company. It is beheved that the service 

 will begin on December 1. 



