THE CUBA REVIEW 



19 



FINANCIAL AND COMMERCIAL 



PROPOSED CUBAN NATIONAL BANK 



A project of law has been presented to the 

 Congress of Cuba for the creation of a national 

 bank for the emission and coinage of Cuban 

 money in gold, silver and copper. This 

 money will have the same value as American 

 money. This project of law establishes 

 guaranties for the emission of bank notes. 

 These measures are caused by the scarcity of 

 money, which is felt in the Cuban market. 



The creation of a currency bank, with the 

 privileges enjoyed by the Spanish Bank of the 

 Island of Cuba up to the close of the colonial 

 regime, was urged by President Menocal in 

 his message. 



The President urged that the liank should 

 enjov an exclusive concession for 50 years, 

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

 issue double the amount of its gold and silver 

 of the same fineness and weight as that of the 

 United States, Cuban capital to be given 

 preference to subscribe the stock. The coin- 

 age of fractional currency was also recom- 

 mended. 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. 



CUSTOMS COLLECTIONS OF PUERTO PADRE 



The customs of Puerto Padre on the north 

 coast of Oriente Province, for the fiscal year, 

 ended Jime 30, compares as follows 



1912-13 .$193,250.20 



1913-14 259,530.70 



Monthly Average. 



1912-13 $16,104.18 



1913-14 21,627.55 



A LICENSE REQUIRED 



All persons engaged in industry on com- 

 merce are requned to take out a hcense in 

 each of the municipal divisions of the Re- 

 }>ublic to carry on then- calling. These 

 licenses are is.sued free of charge. 



It is always advisable that commercial 

 travellers should be provided with documents 

 or powers of attorney in order to accredit 

 their profession if it is necessary to do so. 

 Passports are not necessarj^ in Cuba, but it 

 is advisable that travellers should carry some 

 means of identification. The London Post 

 Office, for a small fee, is.sues an identification 

 card which is useful for this purpose through- 

 out the Republic. 



SPONGE MARKET OF CAIBARIEN 



For the fiscal year of 1913-14 the sale of 

 sponges in this thriving north coast city 

 reached the following total: 



211,580 dozen valued at $59,926.69. 



The market at Batabano in Havana Pro- 

 vince disposed of 173,200 dozen in the same 

 period. The value of the Batabano article 

 was $200,717.56. 



SANTIAGO ELECTRIC LIGHT AND TRACTION 

 COMPANY'S EARNINGS 



The July earnings of this company com- 

 pare as follows: 



1914 1913 



Julv (gross) $41,185 $39,149 



July (net) 20,003 17,735 



PREVAILING PRICES FOR CUBAN SECURITIES 



(Quoted by Lawrence Turnure & Co., New York) 



Bid Asked 



Republic of Cuba Interior Loan 5 per cent Bonds 933^ 94 



Repubhc of Cuba Exterior Loan 5 per cent bonds of 1944 101 .... 



Republic of Cuba Exterior Loan 5 per cent Bonds of 1949 98 9834 



Republic of Cuba Exterior Loan 43-2 per cent Bonds of 1949 93 95 



Havana City First Mortgage 6 per cent Bonds 101 104 



Havana City Second Mortgage 6 per cent Bonds 98 102 



Cuba Railroad First ^Mortgage 5 per cent Bonds 99 102 



Cuba Raih-oad Preferred Stock 97 100 



Cuba Company 6 per cent Debenture Bonds 95 99 



Cuba Company 7 per cent Cumulative Preferred Stock 105 110 



Havana Electric Railway Consolidated Mortgage 5 per cent Bonds. ... 91 93 



Havana Electric Railway Light &: Power Co. Preferred Stock 89 92 



Havana Electric Railway Light & Power Co. Common stock 72 75 



Matanzas Mai'ket Place 8 per cent Participation Certificates 100 103 



Cuban-American Sugar Co. Collateral 6 per cent Bonds 92 94 



Cuban-American Sugar Co. Preferred Stock 81 83 



Cuban-American Sugar Co. Common Stock 23 25 



Santiago Electric Light & Traction Co. First Mortgage 6 per cent Bonds . 9834 983^ 



All prices of bonds quoted on an ''and interest basis," and as of July 30th. 



P. S. — The above are necessarily nominal and um-eliable, as the European situation has dis- 

 organized all markets. 



