The Washington times., 1902-09-07
SUGAR CANE PLANTERS
IN CUBA Lose MONEY
Many Compelled to Sell Be
low Cost of Production.
REPORT BY DUN's REVIEW
Failures on Increase and Amounts In
volved Are Growing Greater - Mer-
chants Anxiously Looking Forward to
sss,oco,ooo War Loan.

NEW YORK, Sept. 6.-Duns Revie,
| today contains special report upo
the financial and commercial situatio
in Cuba. prepared by the Havana CORE
spondent of the paper. The report says
More than 90 per cent of the suga
cans planters of Cuba have been com
PEELED to sell their product this year a
a price below the actual cost of produc
tion. and prospects for the coming yea
are very gloomy, unless treaty of reci
procity be authorized at the next session
of the American Congress
Tobacco growers have lost money fol
several years past, and the present sea.
son will not prove an exception, as tn,
crop is of poor quality, due to drought
A large proportion of the heavy ad
yances made to cane and tobacco plant.
ers has not been collected, and the
amount of outstanding debts due mer.
chants is probably larger than ever be.
fore in the history of the island.
"a majority of the merchants of the
island are owing past due debts and
many are insolvent. Notwithstanding
the great leniency being shown by cred.
itors, failures are increasing, the mum.
ber and amounts involved since July
being proporticnately far greater than
during the first six months of the year.
Credit Curtailed.
Credit is being steadily curtailed by
jobbers and retailers, and bankers have
been calling in loans for several months
past and making comparatively few new
ones. although little difficulty is expe-
rienced in lending money on good col
lateral at 10 and II per cent
"A comparatively small quantity of
cane has been planted this year, and.
as the majority of planters have been
unable to obtain funds to work the fields,
the present crop yield will probably be
smaller than last year. the reduction BY
some being estimated at from 20 to %
per cent
The proposed government loan of
S4,0U0,0o0 advocated by the president. a
good portion of which was to be loaned
TO the cane planters to assist them in
working the crop, is still In committee
in the house of representatives. Even
IL II passed 1t would now be too late to
be OF material aid in cultivating the
preselt crop.
Would Improve Conditions.
Merchants are anxiously looking for
ward to the passage OF the proposed
s35. 100000 loan for the payment of the
evolutionary army and other govern
nent obligations. realizing that such
loan would very materially improve
he present deplorable business situa-
ion. The loan bill has already been
icted upon fayorably by the senate, anu
he president says 1t will be passed by
he house and approved by him.
He further states that tariff increas-
ng duties on imports will be adopted.
giving sufficient revenue to meet GOV
expenses, pay interest en- bonds
o be issued, and provide a sinking fund
rom customs receipts 10 pay the prin-
ipal within the prescribed time. in ac-
ordance with the Cuban constitution.
md the Platt amendment Official gov
reports show that receipts ex-
II June and July.
"a tariff bill increasing duties from so
o 100 per cent on food productS and IA
ew other articles passed the senate
bout two weeks ago, but has not vet
een acted upon by the house. The
resident states that this measure is OF
temporary nature; that the admins
ration is studying the question very
arefully, and will propose general
evision of the tariff.
Favor Revenue Tax.
"He estimates the receipts under the
resent tariff at $4,000, 600, and places
he government expenditures at S14.-
10000. A number of prominent men,
ers OF the senate and house are uli-
erstood to favor an internal revenue
TX. which. it is estimated, would pro-
uce 81 600, 900 to $4,000, 900 per annum. |
ut the president thinks that the coun- |
y is not yet ready for such a system |
taxation.
Peace prevails throughout the re-
lblic, and the president says there is
0t the slightest indication hat public
der will be disturbed. The number
unemployed in all parts of the island
very large. but they appear to be ua-
fically disposed. In Havana several
iblic works have been resumed or in
igurated in order to give employment
a portion of the army of idle men
ho have publicly clamored for work. i
he award OF the Havana municipal loan
T the sewering and paving of the city
ems to have been indefinitely post