30 THE CUBA REVIEW 



Association. The President desires to extend the sincere thanks of the Clearing House foi 

 this mark of consideration. 



The expenses incurred during the year have been recorded under the several heading: 

 shown below, and I am pleased to state that there is a balance on hand of ($3,626.31) threi 

 thousand six hundred and twenty-six and 31 . 100 dollars, after meeting all pending obliga 

 tions to February 1st instant. 



Statement of Expenses of the Haban.\ Clearing House During 



THE Fiscal Year Ending February 14, 1922, 



AS Shown by the Books of the 



Association, Balanced to Date 



Dr. 



Organization $3,522.10 



Stationery and Supplies 1,711.75 



Salaries 8,041.66 



Rent 2,300.00 



Telephone 103.50 



Incidentals 539.45 



Cash on Hand 3,626.31 



Total $19,844.77 



Cr. 

 Assessments Collected $19,844.77 



Total $19,844.77 



The expenses having been confined, with a surplus to the budgets approved in advance 

 by the i\ssociation, and an inspection of the books having been made by a Committee 

 recently, which found them in order, it remains only to explain under the head of "Stationery 

 and SuppHes, $1,711.75," that this item includes the cost and cartage of the Clearing House 

 Safe which was purchased in October, under authority, for the deposit of the common gold 

 fund referred to in this report, in due course. 



The amounts of Clearings and Balances by consecutive months from April 25th to 

 date are set forth in the following: 



Statement of Exchanges of the Habana Clearing House 



1921 Amounts Balances 



AprU (6 days) $17,905,868.62 $4,534,171.76 



May 70,511,569.12 19,084,473.80 



June 49,614,873.22 12,156,594.96 



July 37,295,103.15 8,444,901.36 



August 40612,575.32 8,782,74046 



September 36,394,031.05 8,337,321.65 



October 33,048,513.25 ' 6,099,899.75 



November 33,510,344.51 6,765,281.24 



December 35,733,691.45 6,772,848.81 



1922 



Januar\' 46,481,22061 12,164,863.32 



February (12 days) 22,664,531.06 4,922,485.56 



Total $423,772,321.36 $98,065,582.67 



It affords me pleasure to state, in conclusion, that the Habana Clearing House has 

 attained the objects for which it was formed, in a satisfactory manner, having demonstrated 

 to a degree the truth that in union there is strength and that the welfare of each banking 

 institution means the welfare of all. 



The President extends his sincere thanks to the Association, the Clearing House 

 Committee and the Officers for the valuable help which they have at all times afforded him 

 in the discharge of their respective offices. 



N. Gelats, 



President. 



