THE 

 CUBA REVIEW 



'ALL ABOUT CUBA" 



Copyright 1923, hy the Mnnsoyi Steamship Line 



OLUME XXI 



JANUARY, 1923 



Number 2 



Cuban Government Matters 



Bids for $50,000,000 Cuban Loan 



Sealed bids for the new Cuban loan of 

 50,000,000 will be received by the sec- 

 tary of the Cuban Treasury on Jan. 12, 

 )23. The formal call for bids has been 

 5ued. The new bonds will carry a 5^ 

 IT cent interest coupon and will be pro- 

 cted by amortization and guarantee 

 auses. All bids must be accompanied by 

 certified check equal to the principal of 

 le loan. 



An executive order of President Zayas 

 ts forth the details of the issue in part as 

 lUows : 



That the bonds are to be amortized by 

 le following sinking fund provisions: by 

 fixed sinking fund of $500,000 for the 

 "st year, the annual payment increasing by 

 )0,000 for each year thereafter up to and 

 eluding the eleventh year, the annual pay- 

 ent in the eleventh year to amount to 

 [,000,000; thereafter, from the twelfth 

 ;ar to the twenty-first year, inclusive, the 

 mual payments increasing by $100,000 for 

 ,ch year, the annual payment to amount 

 $2,000,000 in the twenty-first year to the 

 /enty-ninth year, inclusive, the annual 

 lyments increasing by $200,000 for each 

 ;ar, the annual payment to amount to 

 ), 600,000 in the twenty-ninth year, and in 

 le thirtieth year the annual payment to 

 nount to $3,050,000; the aggregate of the 

 iregoing payments to be sufficient to re- 

 re the entire issue by maturity. 



It is also provided that 10 per cent of 

 the amount by which gross revenues of the 

 Government in each fiscal year exceed the 

 sum of $50,000,000 shall be used as an 

 additional sinking fund during the life of 

 the bonds. 



Cuban Reforms 



Reports from Havana state that prefer- 

 ential attention will be paid by the Cuban 

 Senate to the following legislation: limita- 

 tion of immigration, especially from China, 

 Jamaica and Haiti; reformation of the sys- 

 tem of Federal accounting; a new banking 

 code, involving creation of a Federal Re- 

 serve system; reformation of the organic 

 law of the judiciary; constitutional reforms 

 which may involve the formation of a Fed- 

 eral district to include Havana, and refor- 

 mation of the electoral code. 



Most of the program has been the sub- 

 ject of recommendations by Gen. E. H. 

 Crowder, special United States emissary in 

 Cuba. 



The 



Public Debt of Cuba 



public debt of Cuba on July 31, 



1922, was $91,542,400, of which $51,703,- 

 500 represented the foreign debt and $39,- 

 838,900 the internal debt. This sum does 

 not include the floating debt, which is 

 about $50,000,000, making the total in- 

 debtedness about $141,500,000. 



