THE CUBA REVIEW 29 



espectively) has been effected, at an average price of about 3 cents (c. & f. New York), 

 ^•epresenting a total value of $88,000,000 or thereabouts. There are still some 2,800,000 

 lacks of the 1920-21 crop unsold, according to the latest figures available, as against 

 5,500,000 sacks when the Commission was discontinued in December. 



To the lack of a favorable market, aggravated by the duty of 1.60 fixed in the United 

 states by the provisional feature of the Fordney Tariff on sugars imported from Cuba since 

 Vlay 27th last, the local economic disturbances of recent times are unquestionably due. 

 \n adverse Trade Balance of $176,663,000 approximately for the fiscal year ending June 30th 

 ast, as shown by Exports of $395,914,000 and Imports of $572,577,000 was the inevitable 

 ■esult. With an improvement in the tone of the market, which is earnestly awaited, within 

 I reasonable time, and the possible effecting of a loan of $45,000,000 or $50,000,000 to the 

 "uban Government, such as has been under discussion, as a sequel to the $50,000,000 loan 

 obtained last month from New York bankers against the pledge of Cuban securities, it is 

 vident that the situation will at once proceed to improve. 



An interesting feature of the monetary situation has been the disappearance from 

 irculation of a great number of Federal Reserve Notes of large denominations, owing to 

 .n increased demand by the public, which tends to hold them. Of the smaller denomina- 

 ions, however, there are enough bills in proportion to the volume of business, besides a 

 large amount of silver and local minor coins. 



In order to offset the scarcity of bills of $500 and upwards in the daily exchanges of the 

 Clearing House, it has been deemed advisable to establish a gold fund in the Association, 

 vailable by means of checks drawn solely in favor of the Clearing House Banks against it, 

 n a manner somewhat similar to that which was employed by the New York Clearing 

 ilouse in past periods of abnormally large gold supplies, and the form of agreement to be 

 xecuted between the banks for the purpose continues under advisement. It is expected 

 )y this means to remedy the existing inconvenience in the matter. 



The movement of money with reference to foreign transactions in the past year, 

 fficially stated, is shown in the following: 



Statement of Moneys Exported and Imported 

 Money Exparted 



Cash Exported by Banks $90,960,000 



Cash Exported by Travelers to the U. S 3,831,000 



Cash Exported by Travelers to Europe 2,000,000 



Foreign Money exported to the U. S. by Banks 25,000 



Total $96,816,000 



Money Imported 



Cash Imported $18,000,000 



Balance, excess of exports over imports 78,816,000 



Total $96,816,000 



The above figures are official and they offset with a margin the large shipments of 

 loney brought by the banks to Cuba in 1920, amounting to $64,746,945 after the declara- 

 ion of the moratorium. 



The number of banks in the Association became reduced in October from ten. with 

 /hich it was inaugurated last April, to nine, by reason of the voluntary retirement of the 

 >anco Mercantil Americano de Cuba therefrom. The said institution has dul\' fulfilled all 

 ;s obligations due in Cuba, according to report, and its directors are entitled to the highest 

 jecognition on the part of the public and of this Association. 



I In December last an unfortunate event took place by reason of the death of an associate, 

 m. Paul W. Bohn, who had been representing the National City Bank at the meetings, 

 in proof of the profound regret caused by his sad demise, the Clearing House passed appro- 

 priate resolutions and conveyed a message of condolence to the mother of the. deceased 

 hrough the medium of the President. 



Among the number of courtesies extended to the Clearing House has been that of the 

 'rust Company of Cuba in lending the use of its Directors' Room for the meetings of the 



