New Britain herald., 1923-01-26
MUCH HAPPENED IN CUBA DURING 1922 Budget Reduction Was One of the
 Features Of Year

needed no holiday message ffoi
 President Alfredo zayas to prompt
 to point with pride to the nations as
 eomplishments in 1929. and view wit
 rosey hope its plans for 1928, it is eA
 plained al the presidential palace i
 accounting for the chief executive
 failure 10 issue the customary docu
 ment The facts peak for them
 selves. 1t is declared in official auaT
 ters. and the facts, as set forth unde
 the head of 1929 accomplishment
 follow;
 Budfet reduction in round mum
 hers from tis2.o00 to s5s. 900. .ooo. ar
 companied by administrative reforms
 Orderly partial elections on Nov. 1
 although the official returns have no
 yet been made public.
 Reformation of the national lotter.
 involving the disappearance of slo.
 100000 year in illegal collections
 Progress in the following directions
 Restoration Of normal financial condi
 tons through the authorization of [
 s60.000.o00 foreign loan; classification
 of nearly t7o.000. 1000 in unpaid cur
 rent indebtedness; liquidation of thu
 jS parent and 800 branch bank,
 which closed as a result of the 1920 crack: tariff revision; banking legis. .lation: electoral and judicial code re. forms: revision of the reciprocit, treaty with the United States: taxa. ton reforma
 Hopes for happy new year are based. more or less, on what is ex- ,pected to result from the accomplish ments of 1929 and from the success full consumation of tasks well begun. but still incomplete.
 The economies already implanted, the new taxation as yet unproductive, and the settling of old obligations with the receipt of the proceeds Of the $50,000.0o loan after Jan. 12. are confidently expected to restore pros perity. Prospects for a 4.o0o.0 ton sugar crop at a price not far from 4 cents a pound are not listed as ex- actly "bearish."
 Supplementary to the hoped for re- suits from 1922 accomplishments, 1923 achievements are believed to be potential fruits of a preferential leg islative program unofficially approved recently at meeting of q majority Of the senate. This includes the linn itation of Chinese, Jamaican and Haitian immigration; reform of the federal accounting system; a new banking code, involving the creation of a bank of emission and q federal reserve system; reform of the cleo toral code and the organic judiciary law; constitutional reforms, to make possible the creation of federal dis trict, including Havana and electoral and judicial reforms.
 The need of banking legislation looms largest in official and business circles. The wreckage of the old system is rapidly being salvaged. and when that is accomplished not much delay is anticipated in complying with the presidents requests for central bank of emission to act as the gov ernment's fiscal agent and an ade- quate reserve system.
 The bank that congress is confi- [ dentially expected to create will be a fusion of various Cuban projects. mo- tably the Torriente plan, with sugges- tions made by w. P. G. Harding, for ner governor of the American federal reserve system, after a six-weeks mis- sion to Cuba The defunct Banco Nacional will be revived by the injec- ton of $4,00o,00o in real cash and SIG 100000 in securities which the government took from the institution to secure its deposits. Half of the l4,000,000 will be subscribed in Cuba. half in the United States. The s16,- Il 1o0,oo will have no voting power, put each of the s2,OOO,oO0 will elect directors who, in turn, will choose the governor of the new bank and the re- ,erve system. In case of a deadlock. he American federal reserve will propose two candidates, from whom he Cuban governor must be selected.
 In its review and forecast official lom is discretely, but not intentional y, quiet on the part that Major Gen ral E. H. Crowder, special American to Cuba, has played and will day in the course of events Nor is my emphasis placed on the results, hus far negligible, of the judicial in estigations, indictments and charges made in connection with alleged
  he affairs of the national lottery, and f the internal revenue, public works and treasury depart rents. Politically the burning question is H ,hether or not President Alfredo H ayas and former president General Iario G. Menocal will seek reelection , 1924, and what are the chances of III ther potential candidates such as arlos Manuel de Ctspedes, secretary III f state and former minister to Wash III ,gton, and General Carlos Mendieta nd Gerardo Machado, liberals. III The word "bulldoze" found it's way III ito the dictionary just after the III ayes-Tilden presidential contest, TX hen a negro used it in describing efore an election investigator board DIV he was prevented from voting.