THE CUBA REVIEW 



by congress within the next few days. The fact that the President is said to be strongly 

 in favor of the loan is taken as an indication that the opposition will gradually be 

 withdrawn. 



There has been practically no change in the situation in so far as the liquidation of 

 the National Bank, the Banco Espaiiol de la Isla de Cuba, and the latest acquisition to 

 the list of defunct banking institutions, the Upmann Bros. Bank. An unofficial statement 

 emanating from the Liquidation Board is to the effect that the bank can be liquidated 

 within a year inasmuch as there are not as many complications to be found as in the 

 case of the other larger banks whose affairs have been in the hands of the Board since 

 November, 1920. 



Another of the smaller private banking concerns, Digon Hermanos, suspended pay- 

 ment a few days ago, for the second time since the moratorium. This bank failed soon 

 after the moratorium was declared and was soon afterwards reorganized. The reason 

 for this second failure has been assigned to the continued business and financial crisis 

 from which the country is slowly recovering. 



The commission appointed by the President some time ago to formulate a new 

 banking law has submitted a draft of the proposed bill to the President for his 

 consideration and it will later be submitted to congress should the President approve 

 of its provision. This is a much needed piece of legislation, and it is to be hoped that 

 the President will recommend some kind of a banking law in the near future. It is 

 understood that the measure now under consideration provides for a national banking 

 commission to be presided over by the Secretary of the Treasury. 



Political Matters: The new cabinet is rapidly gaining the confidence of the 

 people by the energetic manner in which its members are tackling the problems confront- 

 ing them. While they have been in office but a few weeks, thousands of dollars have 

 already been saved to the government by reason of sweeping reforms in the various 

 departments, a large reduction of superfluous employees, the placing of the national 

 lottery directly under the Treasury Department, and the elimination of the "Collecturia" 

 graft, which meant a loss of millions of dollars yearly to the government. 



Business Outlook in General: There have been some very encouraging signs 

 recently in various lines of business throughout the country, especially so as regards 

 building and construction work in general. During the past two months or so there has 

 been a very notable activity in small residential building construction, which has naturally 

 resulted in increased demands for iron and steel, lumber and building materials. 



Everything points to a thorough liquidation in the sugar industry, although, of 

 course, the progress is somewhat slow owing to the condition which the majority of the 

 centrals and colonias were in when the crisis occurred, and the enormous amount of 

 raw sugar which they have had to get off their hands before the new crop could be 

 marketed. 



The tobacco and pineapple industries have been very favorable this season, and it 

 is estimated that the season's production for the latter crop will run close to a million 

 crates. 



The retail stores have as yet experienced little relief, the majority still having large 

 stocks on hand which were purchased at high prices. While most of the owners have 

 realized the necessity for moving their stocks even at a substantial loss, the inability 

 of the public in general to buy other than the necessities of life has caused a serious loss 

 to the merchants, and it is regretted that the immediate future does not hold any fair 

 prospect of recovery. 



Isle of Pines Holds Great Celebration on Fourth of July: A real old-time 

 Fourth of July celebration was held throughout the Isle of Pines, with all the usual 

 features, banners and streamers everywhere, brass band, parades, races, chasing the 

 greased pig and various water sports. The celebration closed with a grand ball at Nueva 

 Gerona, which was largely attended. 



Gibson Now District Director of Southern District: Mr. Ray A. Gibson, 

 formerly District Manager in Havana for the United States Shipping Board, has been 



