THE CUBA REVIEW 



Havana Correspondence 



Havana, Cuba, December 15th, 1922. 



Sugar: Favorable weather conditions have encouraged a number of mills to start 

 inding earlier than usual. At the present time there are about eighteen mills which 

 ive already started for the season, all of which, with the exception of four, did not 

 •mmence grinding last year until much later. Among the larger mills reported grinding 

 e Alto Cedro and Cupey of Antilla, American and Palma of Santiago, Cespedes of 

 jerto Tarafa, Ermita of Guantanamo, Camaguey of Nuevitas, Francisco of Santa 

 ruz del Sur, Pilar of Nuevitas and Chaparra of Puerto Padre. Of these mills only 

 lur, namely, the Francisco, American, Polar and Ermita, had started grinding at this 

 ,rly date the previous season. 



Market conditions continue to improve and all indications point to a very successful 

 ason both from the standpoint of production and price. A feeling of confidence 

 ir the future is to be noted among the sugar growers and it is felt that this season 

 e industry will be back on its feet. There are a number of purchases of badly needed 

 achinery and equipment being made by the various mills, but there are still a number 

 the smaller mills which find themselves unable to purchase other than the absolute 

 xessities. Probably there will not be any very expensive buying on the part of the 

 ajority of the Centrals for another season at least. 



It is expected that the labor situation will be much improved this year. Wages 

 ill be materially reduced but as living expenses throughout the country are gradually 

 turning to normal, the hardships experienced by labor during the period of readjust- 

 ent last year are hardly expected to recur during the present season. 



One of the most serious accidents of this nature which has ever occurred on the 

 land took place on December 12th, when one of the boilers of Central Estrella, in 

 imaguey Province, exploded, killing and injuring over a hundred persons. This is 

 le of the centrals operated by the Cuba Sugar Plantations, Inc., a subsidiary of the 

 ational City Bank of New York here. 



Financial Situation: While announcement has not as yet been made in the 

 Scial Gazette, it is not expected that there will be much further delay in completing 

 e final negotiations and securing the much-discussed loan. 



Former Governor Harding of the Federal Reserve Board has just completed his 

 rvey of the financial situation and rendered his report to the Cuban Government, 

 is understood that Governor Harding was employed in this work by the Cuban 

 overnment solely in an advisory capacity, with a view to making suggestions and 

 commendations, as the result of his audit and survey, which the Government might 

 e fit to inaugurate. 



The new 1 per cent. Sales Tax Law became effective as of December 1st, and 

 lile, as was to be expected, somp slight confusion has resulted as to its application, 

 ;vertheless it is believed that it is a very good piece of legislation and will prove 

 fective as a revenue raiser, distributing the burden in as equitable a manner as any 

 xation law can be expected to distribute the burden. 



Official report made by the Secretary of the Treasury showing government finances 

 of November 30th, 1922, shows a surplus in the treasury, after all bills have been 

 .id, of $4,203,519.34. This is a very favorable showing in view of the large falling 

 f in various government receipts during the past several months. 



While there has been no final report from the Bank Liquidating Committee, this 

 »dy held several conferences with Governor Harding during his stay in Havana. The 

 immittee has pointed out the fact that they have been greatly handicapped in their 

 3rk by the lack of an adequate banking law and while there is supposed to be a bank 

 spection committee under the jurisdiction of the Treasury Department, this committee 

 LS never really functioned in so far as making reports, etc., is concerned. It is believed 

 at the recommendations made by Governor Harding during his stay here will be 



