New-York tribune., 1922-06-17
Cuba Expects to
Float S5O,000,OOO
Loan Hare Soon
New Cabinet and Cut
in Budget Believed TO
Carry Out the Reforms
Stressed at Washington

Cuba confidently expects % hoat in
this market within the next few weeks
with the approval Of the United States
a s5O,OO0.O00 external loan as a result
OF the appointment Of new Cabinet
and Of the adoption yesterday morn.
ing OF q S54.OOO,OOO budget These
steps. completed at session OF tho
Cuban Congress which lasted from
1880 o'clock Wednesday afternoon 70
G:l5 o'clock yesterday morning. arc
believed 10 carry out the reforms Tor
which the Administration at Washing
ton, through General Enoch Crowder
has been pressing. according TO hanni'
bal J de Mesa, Cuban commercial dele
gate 20 Europe.
Mr. de Mesn, who sails for Europe
to-day on the White Star liner Ma
jcstic, said that negotiations for q
loan had been under way with J. !.
Morgan & Co. and Kuhn. Loeb 4 Co.
Tor several months. and that the chiei
obstacle 20 It's consummation had been
the unwillirgness 20 proceed with n
sale o.; bonds Until the wishes Of the
United States as 20 Cuba's finances
had been complied with.
with the Cuban budget at the same
figure that was in force when the price
of sugar was 20 cents pound SAID
Mr. de Mesa, "a loan was out OF the
question. From our standpoint the ac-
t.cn completed to-day is more I'M
portant than your approaching settle
ment with Mexico"
Mr de Mesa explained that the adop-
ton OF The S5t0O0.0O0 budget involved
reduction o. cI3.00O.0OO from last
years Squire. He paid n tribute 10
President Zayas for accomplishing the
reduction, for which he had been striy-
ing since his election a year ago.
The new Cabinet, which has been
nominated end confirmed. was regarded
by Mr. de Mesa as an almost equally
important step toward righting condi-
lions in Cuba. .,
1.-THE principal figure in the change" d"
he said, els Carlos VI. de Cespedes'
actual Minister OF Cuba at Washing
ton. who becomes Secretary OF state.
lie is the oldest and best OF the cuban
Diplomatic corps. AureliO P0rtu0nuo'
the new Secretary Of the treasury
was a member Of the Cuban mission
10 Washington % treat for a loan and
also 20 discuss the commercial recl-
Droci.y treaty. he is a prominent
sugar PLANTER Castillo Duany, Secre-
tary OF Public Works. was graduated
from West Point with highest honoIs
and has served as General Crowder :
attache in Cuba
Other members OF the Cabinet. which
NJ. de Mesa said could not be I'M
proved upon from the impartial non
political standpoint, are Ricardo Laneis'
Secretary Of Government; Brlgadler
General Armando Montes, Secretary OF
War: Francisco Zayas. Secretary OF
Public Instruction, and Dr.. A. Agra
monte. Secretary OF Sanitation.
Mr.. de Mesa, discussing the sugar
situat on, said that the first Of the
wear will find Cuba at least without n
surplus of sugar. At present there Is
unsold on the island 100000 tons Of
sugar. compared with 100000 tons a
year aco. European consumption OF
Cuban sugars. including that rehned
in tho United States, IS estimated AT
100000 tons for this year, the out
look being that the European crop VIII
beno better than a year ago. Europe $
takings 20 date in 1922 we're put by
Mr.. de Mesa at 100000 tons, and II
European countries should take only
100000 tons additional. this would
leave only $4,000 tons for the United
States