14 



THE CUBA REVIEW. 



Cuban Bonds Over-subscribed. 



Spcyor & Co., «>f Xcw York, Dtifcrcd 

 on February 26. fur public suhscriptiuii 

 at 97'.. and accrued interest, $5,500,000 

 Republic of Cuba Ayl per cent, bonds, 

 due 1949 (external loan), witb interest 

 payable semi-annually February 1 and 

 August 1. Subscriptions were opened 

 simultaneously in London, New York 

 and Amsterdam, and closed Marcb 1. 

 The bonds were promptly over-sub- 

 scribed, both in London and in New 

 York, and in the former city on Febru- 

 ary 28. they commanded a premium of 

 1 per cent. The issue in London was 

 so largely over-subscribed that the books 

 were closed half an hour after opening. 

 The Republic of Cuba reserves the 

 right to redeem the entire issue of bonds 

 outstanding on the first day of any 

 month at 105 and accrued interest. On 

 and after August 1, 1919, the bonds will 

 be subject to drawing at par and accrued 

 interest for the sinking fund, unless ob- 

 tainable at or below par and interest in 

 the market. 



These l)onds are part of an issue lim- 

 ited to $16,500,000, authorized by decree 

 of Charles E. Magoon, Provincial Gov- 

 ernor of Cuba, with the approval of the 

 Secretary of War of the United States. 

 Not more than $5,500,000 of these bonds 

 can be issued in any one year, and the 

 bonds now offered constitute the second 

 instalment. By the terms of the agree- 

 ment between the Republic of Cuba and 

 Speyer & Co., the Government pledges 

 its good faith and its credit for the 

 prompt payment of the principal and in- 

 terest of the bonds and of the instal- 

 ments of sinking fund for amortization, 

 and agrees to set aside so much of its 

 customs receipts as shall be necessary 

 for that purpose. The customs receipts 

 of the Republic of Cuba for the last few 

 years have averaged about $23,000,000 

 annually, while the interest on the entire 

 issue of $16,500,000 bonds amounts to 

 only $742,500 a year. The amount re- 

 quired to pay the interest and sinking 

 fund on the $35,000,000 5 per cent, bonds 

 purchased by Speyer & Co. in 1904 is 

 $2,830,000. and the special taxes alone, 

 which are pledged as part security for 

 the $35,000,000 5 per cent, bonds of 1904, 

 have always realized more than the 

 amount required for both the interest 

 and the sinking fund. 



As in the case of the first instalment 

 of bonds, application will be made to list 

 the present $5,500,000 on the New York 

 Stock Exchange, and in Europe. The 

 previous issue of these bonds which was 

 originally offered for subscription at 95 

 and interest has sold this year on the 

 New \'"ork Board as high as '98^4. 



Condition of the Treasury of Cuba, 

 January 31, 1910: 



Revenues for January. 



F.alance from DLCcinbcr $ 939,028.79 



Customs revenue 2,085,685.12 



Consular revenue 38,233.73 



Interior revenu.' 67,792.20 



I'ostal revenue S7,532.97 



Properties and rights 14,410.10 



Sanitation repayments 4.390.00 



Special taxes on the loan. .. . 313,090.98 



National Lottery 125,956.25 



On account of the $16,500,- 



000 loan 5.832.47 



Various accounts 824,911.42 



$4,559,290.03 



Expenses for January. 



Budget 1909- in $2,283,703.11 



Budget 1908-09 40.951.93 



Old budget accounts 2,500.00 



Special laws, 1906 26,945.00 



Decrees of the Provisional 



Government 125,800.99 



Laws, 1909 83,819.95 



Laws, 1910 81.10 



Sewering of Havana and 



Cienfuegos. 113,930.67 



Various accounts 30,834.17 



Balance on hand 1,850,723.11 



$4,559,290.03 

 The money is deposited as follows: 



Treasury $1,605,156.30 



National Bank of Cuba 85.557.81 



Royal Bank of Canada 160,000.00 



$1,850,723.11 

 In the hands of collectors... 142,843.66 



Cuba's Railroad Report. 



The report of the Cuba Railroad Co. 

 for the month of January and seven 

 months ended Jan. 31, compares as fol- 

 lows: 



1910 1909 



Jan. gross .... $256,793 $218,258 



Expenses .... 129,607 114,884 



Jan. net. 

 Charges . 



$127,186 $103,373 



36,667 33,086 



Jan. surplus . . $90,519 $70,287 



7 mos. gross . . 1,276,059 1,065,868 



Expenses .... 801,769 639.861 



7 mos. net . . . $474,290 $426,007 



Charges 251,877 227,359 



7 mos. surplus $222,413 



$198 648 



Havana's Customs Collections. 



1908 1909 1910 



February. $1,272,023 $1,194,606 $1,252,485 



