30 



THE CUBA REVIE W 



($25,000) is hereby made, which amount shall be taken from any funds existing in 

 the National Treasury not subject to other obligations. 



(Titles IV and V of this report will be published in the October number of this Review.) 



Condition of the Public Debt of Cuba on July 31, 1922^ 



Date of Law. . . 



Amount 



Purchase price. 



Proceeds of the 

 loans 



Interest rate . . . 



Amortization 

 began 



Amount retired 



Price paid for 

 bonds retired. 



Amount out- 

 standing 



Interest paid* 

 (Up to Feb. 

 28. 1922)... 



Date of termi- 

 nation 



Loan of 1904 



(Speyer & 



Co.) 



Feb- 27, '03 

 835,000.000 

 90^ per cent 



$31,675,000 

 5 per cent 



Mar. 1, '10 

 $12,882,500 



12.240,000 



22,117,500 



28,304.625 

 Mar. 1, 1944 



Internal 

 debt, 

 1905 



Aug- 29, '05 

 $11,169,800 



5 per cent 



Oct. 15, '06 

 $798,500 



8,481,998 

 No fixed date 



Loan of 1909 



(Speyer & 



Co.) 



Aug. 25. '09 

 $16,500,000 

 88 1 per cent 



$14,540,625 

 4j per cent 



.Aug. 1, '19 

 812,000 



574,000 



15,688,000 



8,026,262 

 Aug. 1, '49 



Loan of 1914 



(Morgan & 



Co.) 



Dec. 20, '13 

 S 10,000,000 

 94 per cent 



$9,400,000 

 5 per cent 



Nov. 10, '19 

 SI. 145,000 



946,000 



8,898,000 



3,991,250 

 Feb. 1, '49 



Extension of 



internal debt, 



1917 



July 24, '17 

 $7,000,000 



5 per cent 



Nov. 1, '18 

 $2,000,000 



5,000,000 



1,223,375 

 Nov., '31 



Treasury 



bonds, 



1917 



July 31, '17 

 $30,000,000 



6 per cent 



June 30, '20 

 $5,506,700 



24,467,600t 



4,052,020 

 Dec. 31. '29 



Loan of 1922 



(Morgan & 



Co.) 



Oct. 21, '21 

 $5,000,000 

 99j per cent 



$4,975,000 

 6 per cent 



$5,000,000J 



25,000 

 Jan. 22, '23 



Total 



$114,669,800 



60,590,625 



23,144,700 



91,542,400 

 54,104,530 



a According to official figures obtained from the Treasur\- Department. All values are in U. S. currency. 



* Both interest and amortization are fully paid up to date on all the external loans. The total paid up to July 31 on 

 account of interests on the public debt will be given in next month's statement. 



t This figure includes $4,097,400, nominal value, pledged as collateral to J. P. Morgan & Co. in connection with the 

 loan of 1922. Bonds of this issue for S25,700 are in the Treasury and are not, therefore, included in the total outstanding. 



% There are pledged, as security for this loan, bonds of 1904, 1905 and 1917, equal to $6,640,800, nominal value, together 

 with other bonds. 



The Public Debt of Cuba 



The table above shows the condition of 

 the public dept on July 31, the amount 

 now outstanding being $91,542,300,t of 

 which $51,703,500 corresponds to external 

 loans and $39,838,900 to internal or Treas- 

 ury bonds. This does not include the float- 

 ing debt, which is estimated to be about 

 $50,000,000. bringing the total debt to 

 around $141,500,000, or $44.79 per capita. 



The situation of the issue of 6 per cent. 

 Treasury bonds of 1917 is at present as 

 follows : 



Amount retired $5,506,700 



In the Cuban Treasury 25,700 



Held as security by the U. S. 



government on the war loan 



made to Cuba 7,740,500t 



Held as security by J. P. Morgan 



& Co. on loan of $5,000,000 4,097,400 



In circulation 12,629,700 



$30,000,000 



tAgainst this total, $7,000,000, nominal value, 



of bonds held as collateral by J. P. Morgan & 



Co. for the loan of $5,000,000, should be set 



off, reducing the total funded debt to $84,542,400. 



JThis is the amount to which the $10,000,000 



war loan has now been reduced, interest in full 

 having been paid up to date. 



(The above statistics were compiled by The 

 Economic Bulletin of Cuba.) 



Havana Clearing House 



The monthly clearings and balances 

 from April 25, 1921, to July 31, 1922, have 

 been as follows: 



1921 Amounts Balances 



.\pril (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 40,612,575.32 8,782,740.46 



September 36,394,031.05 8,337,321.65 



October 33,048,5 13 . 25 6,099,899 . 75 



November 33,510,344.51 6,765,281.24 



December 35,733,691 . 45 6,772,848 . 81 



1922 



January 46,481,220.61 12,164,863.32 



February 46,300,733.51 8,831,198.42 



March 63,158,421.82 13,475,683.53 



April 57,495,014.23 10,603,986.23 



May 59,429,410.78 12,416,711.11 



June 54,863,036.12 11,458,487.72 



July 51,344,720.98 10,055,279.27 



