22 THE CUB A RE V I E W 



the advisability of making a loan to Upmann y Cia. to enable them to tide over their 

 troubles, but 10 days after the bank had actually closed its doors the clearing house 

 decided that it was impossible to do so, and the Bank Liquidation Commission declared 

 the bank in suspension of payments on May 12. The net assets and liabilities of 

 this company are shown in a balance sheet published in the Mercurio of June 25, 1922. 

 They amount to $4,172,910 and $18,891,034, respectively, according to this balance sheet. 



As a result of this failure the Upmann brothers- — Albert and Herman — owners of 

 the bank, were arrested, charged with fraudulent bankruptcy. Later, Albert Upmann, 

 who had been in charge of the tobacco interests of his family, and who had not been 

 active in the banking business, was released, the examining magistrate holding that there 

 was no case against him. Herman Upmann was held for trial, but released on $100,000 

 bail on the criminal charge. 



Four banks which suspended payment in 1921 have been reorganized and are 

 carrying on business within the conditions of their articles of reorganization. These 

 banks are Banco D. Fernandez y Hermanos, of Cardenas; Banco Demetrio Cordova 

 y Cia., of Habana; Banco Digon y Hermanos, of Habana; and Banco Agapito Garcia 

 Llano, of Guira de Melena. The cases of the Banco Hispano-Cubano de 

 Oriente, of Santiago de Cuba; Banco Alonso Exposito y Cia., of Moron; and 

 Banco J. Silverio y Hermanos, of Placetas, are still under consideration. The other 

 10 banks which suspended payment during 1921 are in process of liquidation. It is 

 impossible to state when the affairs of these banks will be finally settled. 



Foreign Trade of CimA 



Cuba imports large quantities of flour, potatoes, condensed milk, cheese, meats, 

 fish, canned fruits and vegetables, machinery, general hardware, dry goods, and textiles, 

 coal, mineral oil, and petroleum products, as well as many other miscellaneous items. 

 More than 75 per cent of the foreign trade of Cuba during 1919, 1920, and 1921 

 was with the United States. 



The value of American merchandise imported into Cuba in 1913 was $75,288,167, 

 and in 1914, $69,304,589. During the war and in post-war years until 1921 the value 

 of imports of American goods increased greatly, but in 1921 the value dropped suddenly. 

 The values of purchases from the United States during these years were as follows: 

 1915, $104,723,108; 1916, $153,020,600; 1917, $189,875,047; 1918, $219,272,156; 

 1919, $271,506,000; 1920, $404,385,767; and 1921, $265,548,658. The trade between 

 the United States and Cuba is remarkably well organized and practically all important 

 American firms interested in Cuban business have either resident representatives or 

 salesmen making regular trips through the island. Ordinarily there is an excellent market 

 for all classes of American products. 



Value of Trade by Countries of Origin and Destination 



The following table showing the value of the foreign trade of Cuba has been prepared 

 from information contained in the annual message of the President of Cuba to the 

 Cuban Congress, April 3, 1922, from official published statistics; and from information 

 furnished by the Cuban Treasury Department. The figures given for 1921 and those 

 for 1920 must be considered approximate and subject to correction when the complete 

 official statistics are finally published. 



Foreign Trade of Cuba, 1913, 1919, 1920, and 1921 



Countries of destination 1913 1919 1920 1921 

 Imports of merchandise: 



United States $75,288,000 $271,506,000 $404,,385,767 $265,548,658 



Spain 10,033,000 15,947,900 27,974,309 13,654,172 



France 7.322,000 9,929,000 16,879,245 9,356,096 



United Kingdom 16,066,000 8,816,000 17,703,999 17,128,166 



Germany 9,674.000 198,000 2,879,504 5,374,980 



Other countries in America 10,529.000 26,731,000 36,435,851 23,391,239 



