THE CUB A RE V IE W 17 



connections with Europe, South America, Mexico, Central America, Canada, Porto 

 Rico, Haiti, Santo Domingo, etc. 



Freight on merchandise shipped from the United States to Cuba must be prepaid, 

 and the more important steamship lines collect landing charges in advance. There is 

 a trend toward lower freight rates to meet present conditions and lower prices. All 

 merchandise should be securely packed to withstand handling en route and while 

 being discharged. Special precautions should be taken in packing perishable goods 

 that are subject to deterioration on account of climatic conditions. The use of air- 

 tight containers will be of great advantage in many cases, and will prevent many claims 

 for damages. 



Duties — Terms of Sale 



Consular invoices and bills of lading, legalized by the Cuban consul at point of 

 shipment, are required. Before making a shipment exact information and necessary 

 forms should be secured from such officer. Cuban import duties are both ad valorem 

 and specific, though the majority of the merchandise imported is subject to a specific 

 rate. Under treaty provisions, American goods and products thereof, imported from 

 the United States, are given preferential treatment, the duties being from 20 to 40 

 per cent less than similar merchandise from other countries. Tobacco and manufactures 

 thereof are excepted from such allowance. Cuban goods exported to the United States 

 receive a 20 per cent allowance as compared with other foreign products. 



Under normal conditions merchandise is sold in Cuba on from 30 to 90 days sight, 

 but owing to the financial depression, from which the country is gradually recovering, 

 sales are usually made on confirmed credits or cash against documents at point of 

 shipment. It is recommended that great care be exercised in granting credits until 

 the economic conditions of Cuba become more favorable. Where possible, prices should 

 be quoted c. i. f. port of arrival, so that the Cuban buyer may be able to determine 

 exactly what the goods are going to cost him. It is also advisable to furnish references 

 relative to financial standing and responsibility. In general, it is preferable to have 

 either a branch office in Habana or a resident representative with facilities for making 

 direct sales, because the Cuban merchant is able to purchase almost anything he 

 requires in Habana without the necessity of correspondence. The same plan is recom- 

 mended for concerns interested in the purchase of Cuban products for the American 

 market. 



The principal banks engaging in foreign business are the National City Bank of 

 New York, the American Foreign Banking Corporation, the Royal Bank of Canada, 

 the Bank of Nova Scotia, the Canadian Bank of Commerce, the Banco Commercial 

 de Cuba, the Banco de Gomez Mena, N. Gelats y Cia., and Zaldo y Cia. The two 

 former are American institutions, with ample facilities for transacting all classes of 

 commercial business. 



Government Finance — 1922-23 Budget 



On May 20, 1921, when the present administration of Cuba took over the Govern- 

 ment from the preceding administration, the balance shown by the treasury accounts 

 amounted to $12,629,300, of which all except a fraction was on deposit with the National 

 Bank of Cuba, a private banking corporation which had suspended payment and was 

 in course of liquidation. Revenue from all sources during the period May 21, 1921, to 

 February 28, 1922, amounted to $56,218,375, making the total $68,847,675. Expenditures 

 during the same period amounted to $56,977,603. The balance which the Cuban 

 Government had on hand on February 28, 1922, was therefore $11,870,072, of which 

 $11,230,271 was in the National Bank of Cuba, not available for use pending the 

 settlement of that institution's affairs. These figures are compiled from the message 

 of the President, as published in the Gaceta Oficial of April 5, 1922, and from data 

 obtained from the Treasury Department. 



The budget for the fiscal year 1922-23, as submitted by the President, approved 

 by Congress, and published in a special number of the Gaceta Oficial, June 30, 1922, 



