The Birmingham age-herald., 1921-02-18
WELLS ID JOIN
 COMMISSION ON
 CUBAN FINANCES
Will Be Absent From City But Few Weeks at Most-Will Aid Effort to Lift
 Moratorium

Oscar Wells, president of
 the First National bank, will
 leave his afternoon at 4 o'clock
 over the Seminole Limited on his way to Havana, where he
 goes to accept appointment as
 a member of the superior
 liquidating commission named
 by the Cuban government. l While the exact length of time neces-
 sary to complete the financial read- fjustment and rehabilitation of Cuba is
 not yet known. MT. Wells leaves with
 the expectation of being absent from Birmingham not exceeding 30 days. 1 Under the terms of the act creating | the commission, one of the members was named by the federal reserve board of the United States, and Mir. Wells and members of the federal re-
 serve board understand that the work will not require his presence in Cuba longer than one month.
 The plans provide for the comuis- sion to have the assistance of a liqui- dating board, which operates under control of the commission and it is anticipated that the details of the work will be done by the liquidating board, according to a plan adopted by the commission.
 While it may be possible that MT. Wells will make one or two brief trips to Cuba after the completion of his initial visit, there will be no interfer- ence with his work as president of the f1rst National bank. It was with this understanding that he accepted the ap- pointment, declares MT. Wells. FINANCIAL CONDITION The financial condition of Cuba has been very serious since last October. when moratorium was declared. The commission of which Mir. Wells is member, named by the Cuban govern ment, is expected to work out a plan by which the rehabilitation of finan- cial conditions may be brought about and the moratorium ended.
 MT. Wells made the following state
 ment yesterday afternoon regarding his acceptance of the appointment:
 Since it was announced a few days ago that superior liquidating com mission had been appointed by the Cu- ban government and that I had been selected as member of that commis- sion through a provision of the law creating it that one of the three mem oers should be recommended by the federal reserve board. I have Jeen asked by number of people as to the nature and scope of the work to be undertaken and the probable time thar it will require.
 "Of course, I cannot anticipate the extent of the duties of the commission because there is nothing in the ap- polntment or in the law indicating the numper or size of the banks which may require the services of the liquidating commission, and l only know that the government must anticipate the need of it's services by having created if in connection with the efforts to grad ually and ultimately lift the morato- rum which has existed since last Oc tober.
 SHORT ABSENCE
 when l was offered the appoint ment, l was told that it was not he- heved that the duties of the position would require a very long stay in Cuoa, and it was accepted with the un- oerstandlng that I would not be ex- pected 10 be away from my own desh TOT very long period.
 Each member of the commission ik pioVioeo, under the act, with a subssf- ute who is to serve in his absence and each separate case of liouids+;o IS to be done by liquidating board under the control and supervision o, the commission, so that it may trans pire that the members of the commis- sion may be able to lay out the work m few weeks, even if it may hA necessary for them to come toeethar again at subsequent time or time. ana so after spending about 30 dave am hoping that it can be so arranged mat even 1T can serve in a substan- ..a. way on The commission. that it may pc oone by making another trip VT two oown there later in the year.
 IL would be impossible for me to spend more than limited time in un- oertaKing this work, however impor. tant or interesting it may prove. to be ana hence I am going with the idea of staying not longer than 30 days. There seems to be a prevailing opinion that It might take number of months ] ana that l would be gone for an inc oerinite period and. while the time is | somewhat indefinite, it is not for long, er than few weeks, at most This is | understood by the federal reserve board making the recommen- oation and by the state department. | through which the nomination of the | american member was made.
 greatly appreciate the honor of naving been chosen as the member rom this country. and have accepted | me appointment in the spirit of sery- | Ing II In It's interest in the Cuban re- | puOlic and not for any other purpose. | hence cannot afford to make the sac 1iIice Of being away from my own | business for too long a period"
 i. ------se>----