. The Cuba review. 8 THE CUBA REVIEW The commission appointed I'Ulaniicva by President Gomez to de- aud Arsenal cide the relative values of rallies the land and buildings on the Villanueva and Arsenal properties, report as follows: Villanueva lands $2,196, \'illanueva buildings 96, Total $2,292, Arsenal lands $:]7, Arsenal buildings 1,029, Total $3,767, A difference in favor of the Arsenal prop- erty of $1,474, According to the act of Congress which authorized the exchange, the United Rail- ways are required to construct at the Ar- senal front whar
. The Cuba review. 8 THE CUBA REVIEW The commission appointed I'Ulaniicva by President Gomez to de- aud Arsenal cide the relative values of rallies the land and buildings on the Villanueva and Arsenal properties, report as follows: Villanueva lands $2,196, \'illanueva buildings 96, Total $2,292, Arsenal lands $:]7, Arsenal buildings 1,029, Total $3,767, A difference in favor of the Arsenal prop- erty of $1,474, According to the act of Congress which authorized the exchange, the United Rail- ways are required to construct at the Ar- senal front wharves and piers to the value of $1,500,000. The Territorial Bank The commission appointed by President Gomez, consist- ing of Secretary of Agri- culture Ortiz, Mr. J. H. Up- mann of Upmann & Co., and Mr. Edmund G. Vaughn, President of the National Bank of Cuba, to examine the fine bids for the exclusive privilege to establish a mortgage or territorial bank, made a report on September 14th. They favored the proposition of the Banco Espanol de la Havana. The purpose of the establishment of the bank is to assist the planters by a low rate of interest on loans on agricultural property. Senor Marcelino Diez de Villegas, ex- Secretary of the Cuban Treasury, will be the president of the new institution. Pres- ident Gomez signed a decree on Septem- ber 7th, authorizing the concession. The regulations provide among other things that (1) Fifty per cent of the active capital be devoted to loans on real estate, urban and rural. (2) Five per cent of the profits of the bank shall be set aside annually as a reserve fund, until 50 per cent is reached. (3) The bank publish a detailed state- ment of its operations every six months. (4) The bank shall not become consoli- dated with any other institution. (5) In case of serious violations of the law, the government reserves the right to rescind the concession. Concerning the operations of the bank Sr. Diaz de Villegas said recently that it would
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