The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-04-11
The Spanish Bank of Havana

We have received the statement OF this
Institution for the last month, and IL fully
proves that the concern is rotten. It is now
easy to understand why no one in Cuba viii
accept the notes of this Bank unless absolute
ly forced to do so.
The total obligations of the Bank foot up
come $52,000.000 In this amount arc set
down some SIX millions OF dollars which ap-
pear to be due TO the Government on account
Of collections of taxes The fiscal year of
Cuba commences on the first OF June and of
these SIX millions two appear to the credit of
the Government for the year ending June /,
1869, and four millions for the year ending
June /, 1870. The real truth is that these
respective amounts are the sums for which
orders 10 collect taxes have been handed by
the Government to the Bank. but which
have not hitherto been collected, and In all
probability never will be. This is shown by
the sums which figure on the asset sheet
as collected, and which are respectively
81 1897 900 for 1860, and nearly one million
for the current year. Against this pretended
debt of six millions, which, of course,
exists only on paper, and owes its
Bhadowy existence to q peculiar talent
for making figures prove anything, the
Bank 10 about TO emit new issue OF
notes TO the tune of six millions Of dollars
The capital of the Bank is $1,000, 900, aud
Its present circulation $29,O00,000.
For q concern whose shares Mr.. PUESTE,
the manager says sell at q prem UNI, the
assets OF the Bank are extraordinary. The
cash In hand amounts to four and a half
millions, and tn balance is maintained by a
resolution Of the Directors passed some time
since not to cash the notes Of the Bank 10
any amount over ten dollars TO any one
person. Among other assets, we notice three
millions In bank notes four millions in bills
payable seren millions IN Cuban Treasury
bonds; and a heterogeneous mass of loans on
mortgage, bills collectable for foreign account,
guarantees of the Treasury Department,
bills overdue with two OF moro signatures,
tire same with mortgage. the same with
guarantee of shares amounting 10 some five
millions, The Captain eneral's private nc,
AOuHl llOAtIuto ITO OWcS Tile DAlh
only quarter of million. Tho Collector.
General is in far worse plight; his iadeJt
nlcnt Is nearly milton and hr.f Tn,
branches Of the Bank are set down az debtors
10 the tune Of over three and half mil.
lions. The Bank is also supposed to have in
the shape Of taxes collected, part of which 1t
seems Is stil' in the hands Of collectors, a
trfc over four millions of dollars and then
comes the very respectable sum of eigltlen
Dt7toaS Qf doi,irs due from the Cuban Trca-
spry Departments to which it has been ad.
vanced by the Bank without interest.
In fact with a very careful examination OF
the balance-sheot Of the Bank, we can find,
cash apart, not five millions of dollars in
assets which any impartial expert examining
bankrnpt's books would st down as any
thing bat bad, Almost every dollar except
ihe ca.h Is to be collected from ono branch
or other Of tho Colonial Government, and OF
course II tie revolution succeeds the Bank is
W.Jcd out assets debts. and all. But should