2 i THE CUBA R E V I E W 



declared abandoned and the Cuban authorities have begun to dispose of it. Merchandise 

 declared in bond, most of which was placed in private bonded warehouses, will not be- 

 come technically abandoned until the expiration of three years from the date of arrival 

 at Habana. In the meantime this merchandise is being cleared from the warehouses and 

 sold in Cuba, and a few lots are still trickling back to their original ports of shipment. 



During 1922 rapid strides were made in adjusting old indebtedness and the move- 

 ment in '"frozen"" accounts during the year is an indication of the improved condition in 

 commercial finance. There is still much room for improvement in this respect, however, 

 and a considerable number of firms, although able to continue in business, will not im- 

 mediately recover with the return of prosperity. Many Cuban firms do not anticipate 

 being able to settle all their obligations in the immediate future, and meanwhile are still 

 in "suspension of payment," into which they were forced during 1920 and 1921. A good 

 indication of the revival of business activity in Cuba is the monthly statement of settle- 

 ments made through the Habana clearing house. The December, 1922. total was S51.- 

 079,333, as compared with 845.192,675 in November, 1922, and 833,733,691 in December, 

 1921. Interest rates are lower than during 1921, and a further reduction in rates on com- 

 mercial paper is expected in the near future. Of the 18 banks which came under the 

 jurisdiction of the Provisional Bank Liquidation Commission during 1920, 1921, and 1922, 

 three have now been definitely reopened for business. Several others have been liquidated 

 and the proceeds distributed, and 11 remain to be disposed of by the commission. In 

 addition to the gradual improvement of this situation banking legislation has been pro- 

 posed which is expected to stabilize and render more elastic the Cuban banking system. 

 This project provides for the establishment of a reser\'e bank which would operate on a 

 plan similar to our Federal reserve system. 



Since passing the crisis of 1921, there has been a slow but steady improvement. 

 Among the more encouraging factors are the improved sugar situation; the larger export 

 of tobacco at better prices; the reduction of outstanding private accounts; the liquidation 

 of stocks in bonded warehouses; the negotiation in the United States of a $50,000,000 

 loan, the proceeds of which are to be used to liquidate governmental indebtedness and to 

 finance construction and maintenance of public works; and various political reforms 

 which exert an important influence upon the commercial situation of the Republic. 



Traffic Receipts of Cuban Railroads 



Earnings of the Havana Central Railroad Company 



Weekly Receipts 1923 1922 



Week ending August 4 £1 1,060 £8,335 



Week ending August 11 1 1,271 9,694 



Week ending August 18 11,644 9,784 



Week ending August 25 1 1 .142 9,274 



Earnings of the United Railways of Havana 



Weekly Receipts 1923 1922 



Week ending August 4 £60,275 £47,389 



Week ending August 11 60,589 48,159 



Week ending August 18 59,664 49,568 



Week ending August 25 59,567 46,794 



Tax on Advertisements 



According to a resolution dictated by the council of Habana and approved by the 

 mayor, a tax has been levied on posters, placards, and other similar means of advertise- 

 ment, which have been divided into three classes — daily, temporary, and permanent. 



— Pan Am. Union 



