THE CUBA REVIEW 



Havana Correspondence 



Havana, June 20, 1923. 



Sugar: At the present writing there are only eight mills still grinding, all of which 

 are located in Oriente Province. At the same time last season, there were still thirty-two 

 mills grinding. It is expected that Centrals Boston and Preston, owned by the United 

 Fruit Co., will be the last two mills to close down. 



Owing to the heavy demand for Cuban sugars during the past several months, 

 steady shipments have been made, resulting in ver\' little of the crop being held back 

 for higher prices, it being estimated that about three-fourths of the present crop has 

 already been shipped. The unexpected and sudden rise in the price of raw sugar 

 has been of untold benefit to the sugar industry in Cuba and many Colonos and 

 operators who a year or so ago were facing bankruptcy are today almost, if not entirely, 

 uut of debt and with excellent prospects for the future. This is true also of the 

 larger operators: probably the two most outstanding concerns that might be mentioned 

 in this connection are the Cuba Cane Sugar Corporation and the Cuban-American Sugar 

 Co., both of these companies having experienced a very successful season. The estimated 

 output of the former concern has been placed at 3,300,000 bags. Another mill which 

 has experienced a very successful season is the Manati sugar mill located in Oriente 

 Province, having ground 22,344,615 bags during the season, far exceeding the estimated 

 output which was placed upon this mill at the beginning of the season. 



The return to normal conditions in the sugar industry is, of course, having a notice- 

 able effect upon the other industries, as the increased earnings of the various sugar mills 

 will naturally result in the purchase of much needed machinery and agricultural imple- 

 ments, which have been deferred for the past three grinding seasons. One of the most 

 notable projects now contemplated is that of Central Senado, where it is planned to 

 make many improvements to the mill as well as to take in a much larger area of cane 

 for the next season. Another improvement which has been under consideration for 

 some time and which at the present writing appears to have been decided upon favorably, 

 is the erection of a model sugar central which will be equipped with the most modem 

 grinding apparatus obtainable and which will be used mainly for experimental purposes. 

 The location of this mill has not as yet been definitely decided upon. 



FiNANCiAi, Matters : While the Government is still heavily indebted to a number 

 of corporations and individuals for work which has been completed for some time, it 

 is nevertheless an encouraging sign to note that plans have been made for the liquidation 

 of these debts and it is announced that they will be liquidated as soon as they have been 

 passed upon by the auditors. Back salaries due various municipal and government 

 employees are being paid and it may be expected that these payments will be brought 

 up-to-date within a reasonably short period of time. 



Reports from the Temporary Bank Liquidation Committee so far rendered seem 

 to indicate that considerable more time will elapse before a complete report of their 

 findings may be expected, especially in the case of the larger Banks such as the Banco 

 Espaiiol and the Banco Nacional de Cuba. The reason for the delay in the work of 

 liquidation it is said is due to the intricate manner in which various securities held by 

 these institutions were left. It is believed that these reports will not be forthcoming 

 until some time next year. Among the institutions upon which Uquidation work will 

 be completed this year are the following: 



Banco Intemacional de Cuba 

 Agapito Garcia Llano 

 Penabad y Hno. 

 Trillo Hermanos 

 Cia. Hispano-Cubana 

 H. Upmann & Co. 



It has been announced that the First National Bank of Boston will open a Branch 

 in Havana early in August m charge of Mr. John G. Carriker. It is believed that the 



