THE CUBA REVIEW 



Havana Correspondence 



Havana, March 23d, 1923. 



Sugar: Probably the outstanding event in the sugar industry during the past 

 month has been the shortage question. In spite of the agitation on the part of the press 

 and pubhc, combined with spasmodic boycotts in various sections of the United States, 

 raw sugar has gradually advanced in price. 



Total production throughout the Island up to April 30th amounted to 3,410,290 

 tons and as only a small number of the larger mills continued grinding after that date, 

 it is not expected that the final figures for the season's crop will exceed 4,000,000 

 tons, which is the estimate made by the Department of Agriculture and Commerce. 



The sensational advance in sugar prices is beginning to be reflected in the advance 

 in prices of other commodities and general predictions for a boom year in 1924. 

 There is a feeling of confidence returning in all lines of industry, particularly in 

 the building field, and especially in Havana, where hundreds of new buildings are 

 either in the course of construction or will be started within the near future. Another 

 significant feature is the increasing number of inquiries from American concerns 

 formerly interested in the Cuban field but who retired from this trade after the crash 

 came in the Fall of 1920. These, together with many new concerns, are again anxious 

 to establish relations in this market. 



Dr. Joshua Bernhardt, a member of the United States Tariff Commission, accom- 

 panied by a staff of experts, is making a detailed investigation into the subject 

 of the cost of sugar production in Cuba. This report when completed is expected 

 to be used in the formulation of future tariff constructions, in so far as Cuban sugar 

 is concerned. It is understood that this Commission is making a comprehensive 

 study of the entire industry. 



The past season has been very successful from a financial standpoint, some 

 of the larger and better organized sugar companies having for the first time in three 

 seasons shown a margin of profit. Among these companies may be mentioned as an 

 example the Punta Alegre Sugar Company, which, it is reported, will declare a $S.OC 

 per share dividend with strong possibihties of another dividend later in the year. 



Financial Matters : Discussion relative to the establishment of a Federal Reserve 

 Bank Branch in Cuba has aroused a great deal of interest, and it is generally believed 

 that the establishment of such an institution here would be welcomed by merchants 

 and general business interests. 



It is expected that the work of the liquidation committee, which has been working 

 on the liquidation of the Upmann bank, will soon be completed. No report has as 

 yet been rendered by the Committee on the other banks which failed nearly three 

 years ago, and it is not anticipated that such reports will be forthcoming for some time. 



The President has recently sent a message to Congress bearing on the proposed 

 budget for the coming year. While an increase is asked for in nearly every department 

 it is believed that the sum which will be decided upon will be within $64,000,000 

 One of the items which has raised considerable discussion has been the proposed purchase 

 of the old Santa Clara Convent, many of the legislators having expressed the opinior 

 that the price asked for this property is excessive. In spite of the opposition whicl; 

 has developed, it is quite likely that the President's desire that this property be 

 purchased for the government will finally prevail. 



Noted Author and Poet Dies: Dr. Raimundo Cabrera, Cuba's best knowr 

 poet and author, died at his home in Havana on May 19th at the age of 71 years 

 Dr. Cabrera lived an eventful life, having suffered imprisonment upon several occasions 

 for his activities against Spanish rule in the early days before Cuban independence 

 He has been inactive in politics for a number of years, but during his early life h( 

 was one of the leading figures instrumental in gaining liberty for Cuba. 



