T H E C U B A li E V I E W 2 1 



the total purchasing power of the island will be greatly increased as a result of the 

 favorable sugar prices, it must be remembered that the crisis left many cripples in its 

 wake. Bank failures and commercial bankruptcies have resulted in financial injuries 

 from which some houses, although able to continue in business, will not immediately 

 recover with the return of prosperity. Many local houses do not anticipate being 

 able to settle all of their obligations this year. Many firms are still "in suspension of 

 payment" from which they may not emerge for months. 



A good indication of the revival of business activity in Cuba is the monthly state- 

 ment of settlements made through the Habana clearing house. The December, 1922, 

 total was $51,079,333, as compared with $45,192,675 in November, 1922, and %2>2,,- 

 733,691 in December, 1921. 



During the past six weeks interest rates have eased considerably. Some of the 

 banks are now making loans to their best and strongest customers at 8 per cent. In 

 general, the rates on prime commercial paper range from 9 to 10 per cent. It is 

 expected that rates will be still further reduced in the course of the next few weeks. 



Increase in Import Trade 



Receipts from customhouses throughout the island indicate a substantial increase 

 in imports during the past two months. The statistics for imports into Cuba via the 

 Florida East Coast Car Ferry furnish an excellent indication of the trend of imports. 

 These figures include merchandise sent by railway freight cars from points in the 

 United States to Habana and all parts of Cuba by the all-rail route. The gradual 

 increase in these shipments during the past three months will be seen from the fol- 

 lowing figures: 



Short tons 



November, 1921 14,859 



October, 1922 16,213 



November, 1922 17,272 



December, 1922 19,691 



The total arrivals of freight at Habana, via all shipping companies, during 

 December, 1922, were 65,500 metric tons. 



The car-ferry system lends itself especially to the shipment of any heavy articles 

 which have to be handled with exceptional care, and to all other articles which have to 

 be especially packed for ocean shipment. The principal shipments by this route consist 

 of fruits, packing-house products, eggs, foodstuffs in general, automobiles, furniture, 

 glassware (including electric-light bulbs), heavy machinery, and package freight in 

 less than carload lots. Latterly, refrigerator cars with vegetables from the southern 

 States, and fruits (apples, peaches, pears, and a few shipments of oranges) from dis- 

 tricts even as far away as California and Oregon have been arriving by car ferry. It 

 is estimated that between 50 and 100 cars of Florida oranges will be shipped into 

 Cuba in bulk this spring. 



Coal imports at Habana were only 394,510 long tons during 1922, as compared 

 with 447,936 during 1921. Imports were exceptionally small during July, August, 

 and September, owing to restrictions on coal exports from the United States. During 

 that period a few shipments were ordered from the United Kingdom. Since then, 

 stocks have not been replenished to any great extent, and importers are buying only 

 for their immediate requirements. 



The Cuban customhouse reports the tonnage of vessels arriving at Habana as 

 follows : 



Gross Net 



Months tonnage tonnage 



November, 1921 738,538 421,427 



October, 1922 733,157 418.903 



November, 1922 566,587 455,519 



December, 1922 715,995 408,010 



