New-York tribune., 1901-06-02
THE COMMERCE OF CUBA.
COMPARATIVE EXHIBITS OF THE ISL
AND'S INTERNATIONAL. TRADE.
VALUE OF THE IMPORTS. AND EXPORTS nv or-.p-
TERIY PERIoDs-AMERIcA's SHARE OF THE
BUSINESS-MONETARY PROBLEMS.
Havana. Nav o6.

Havana, May 26.
So much misunderstanding exists about the
commerce of Cuba that the possibilities of the
future frequently are underrated Extravagant
expectations have been disappointed Artificial
conditions. whish were taken as a permanent
measure Of industrial and commercial develop
ment. no longer hold out the promise which
once was given. All this does not mean that
Cuba is incapable of developing an enormous
commerce. but it serves as caution against
expecting Immediate realization from its un-
developed resources
What is true OF the island is that It has been
living off its capital. Probably no country in
the world in better position TO do this
than Cuba, for there was a great amount of
wealth stored up and business was conducted
largely on a cash instead of q credit basis. Some
idea Of the extent of this reserve capital was
disclosed when the commercial community of
Havana passed through insurrection and war
without the failure OF a single large house.
1t was predicted that when the agony was over
and the period OF reconstruction began the
inevitable readjustment would cause a series of
failures even among houses which had with
stood the war period But this did not happen.
1t is now more than seven years since the in
surrection broke out, and normal business con-
ditions have not been fully restored. Yet IN
all this time no great mercantile or financial
house has gone down few firms have paid
their debts and iiquidated their business. These
were OF the class which had close relations with
the Spanish Government and relied for their
profits on contracting for military supplies and
similar goods. II is a fine tribute to the con-
servatism and the integrity Of the Spanish mer-
chants that they have been able to weather all
sorts OF storms and still remain solid
foundation.
W IT,
But while this conservatism is ingrained and
will continue in the future, the Spanish mer-
chants do not look with equanimity a con-
dition which threatened to up all their re-
served capital and maintain indefinite bal
ance OF trade against the island. They have
watched the fluctuations and studied the situa-
ton very closely, and 1t has not been until re-
Gently that they have been able TO see daylight
ahead When they reflected that in the two
years from January /, 1S99 when the Ameri-
can control began, to January I. 1901, the bal
ance Of trade against them IN round numbers
was S50O00.000, they had cause for disquiet
1t is only IN the first quarter OF the present
year that they have been able to see the signs
OF a change for the better, for this Is the only
quarter in which there has been balance of
expectations importations. 1t amounts to
Sc, ,721, 600 and there is the probability that the
present quarter. which ends on June 80, also
will show a balance in their favor. as the sugar
crop has fetched good price But after July
the natural channels Of commerce Will turn the
tide the other way. and the end OF the present
year undoubtedly Will show a net balance
against Cuba. 1t Will not be so large as during
either Of the last two years, and that is the
basis of Encouragement
A comparative exhibit OF the value OF the i'm
ports and exports by quarterly periods makes
interesting showing. 1t gives a very fair idea
OF the fluctuations which the commerce OF the
island has undergone during the last twenty
seven months. The conclusion may be drawn
that the general trade cannot have increased
heavily since the value Of importatons for the
first quarter Of 1901 exceeded their value during
the first quarter Of 1899 by only SS66OoO. but
an increase in the value OF exports amounting
20 s4.5O00OO tells the story Of profitable sugar
crop.
The full figures herewith given, for the
benefit Of those who may wish 70 study them In
their relation to the different periods Of the year
t,T-BAN IMPORTS AND EXPORTS. WITH BALANCES
by PERIODS OF THREE MONTHS. JANUARY l.
1879 TO MARCH 81. 1901