THE CUBA REVIEW 



31 



The Sugar Industry 



Favorable Cuban Sugar-Crop Prospects 



[A distinctly optimistic tone has been 

 given to the Cuban economic situation by 

 the favorable prospect of another large 

 sugar crop. Cuban revenues for the first 

 quarter of the new fiscal year have slightly 

 exceeded estimates. The sugar mills are 

 preparing for the new grinding season. 

 Seasonal dullness characterizes business ac- 

 tivity.] 



Loan Expected to Alleviate Financial 

 Situation 



Although the economic situation in Cuba 

 has not changed materially, there is notice- 

 able a distinctly optimistic tone, the key- 

 note of which is undoubtedly the favorable 

 outlook for another large sugar crop. The 

 arrival in Cuba of the proceeds of the $50,- 

 000,000 foreign loan is expected to alleviate 

 the financial situation and to benefit busi- 

 ness by placing in circulation the funds 

 owed by the Government to individuals and 

 firms. An improvement in collections is 

 anticipated and increased purchases of 

 American commodities are looked for. 



Revenues Exceed Budget Estimates 



Government revenues continue to exceed 

 budget estimates and expenditures. The 

 receipts for September amounted to ap- 

 proximately $4,775,000, which makes the 

 total for the first three months of the fiscal 

 year about $13,951,434. At this rate the 

 revenues for the year would amount to 

 about $55,805,736, compared with budget 

 estimates of $55,638,800. It is thought that 

 coming months will show a gradually in- 

 creasing yield. 



Bank clearings for September amounted 

 to $46,918,690— slightly less than for Aug- 

 ust, but more than $10,000,000 in excess of 

 the clearings for September, 1921. 



Seasonal Dullness Characterizes 

 Business Activities 



Building activity continues, and necessary 

 repairs are under way in the sugar mills in 

 preparation for the new crop. In most 

 lines a seasonal dullness is apparent, but 

 merchandise is expected to move when the 



grinding begins and to follow the sugar- 

 sales curve fairly closely. Exports from the 

 United States to Cuba during September 

 were valued at $11,187,317, according to 

 preliminary computations. 



Grinding of Record Sugar Crop Ends 



The last Cuban sugar mill has finished 

 grinding, and the total sugar production for 

 the 1921-22 crop stands at nearly 4,000,- 

 000 tons — an increase of slightly more than 

 60,000 tons over the preceding crop, and a 

 record for the island. According to one 

 authority the 1921-22 crop amounted to 

 3,996,189, as against 3,935,433 tons for 

 1920-21. The persistence of the Cuban 

 planters and mill owners in their efforts 

 to maintain production in spite of the 

 discouraging financial situation and difii- 

 cult economic conditions, and the un- 

 usually high sugar content of the cane were 

 two of the most important factors contri- 

 buting to the highly satisfactory output. 

 As much as 12 per cent, yield of 96° sugar 

 on cane weighed and ground has been re- 

 ported. 



Estimates of the New Crop 



Planters have not profited greatly from 

 the improvement in prices during the sum- 

 mer, having sold their holdings before the 

 advance, but they have been encouraged by 

 the new crop prospects. Estimates for the 

 new crop indicate that it will about equal 

 the recent one. 



Sugar stocks in Cuba on October 21, 

 1922, are reported at 259,627 tons, as com- 

 pared with 1,175,714 tons on the corres- 

 ponding date in 1921. Considerable plant- 

 ings of new cane are reported, and the con- 

 census of opinion seems to anticipate an 

 early commencement of grinding operations 

 in several regions. 



Tobacco Exports Show Decrease 



As in the case of sugar, the greater part 

 of this year's crop of Cuban tobacco has 

 already been sold. The crop has been a 

 short one, and it is expected that before the 

 end of the year all of it will have been dis- 

 posed of. During the first nine months of 



