_Fiscal Year 1916-1917_: United States 317,253.00 Spain 24,332,707.00 Mexico 45,000.00 Canary Islands 13,240.00 24,708,200.00 Total, reduced to U. S. Currency $64,088,958.00 Of the above shipments, those to the United States were principally for recoinage to Cuban gold of the new issue and were brought back later in national coin. They also include $5,934,810.00 Spanish silver (value in U.S. currency) sent to Spain between August, 1915, and June, 1917. This delicate operation was affected gradually and in such a manner as not to disturb the monetary or exchange values of the country. By June 1, 1916, all conversions of accounts had been practically made to the new system. As a result of the new monetary law and its regulations, the entire supply of Cuban money was minted at Philadelphia, through the medium of the National Bank of Cuba, the Government Fiscal Agents, in the following quantities: Gold Coins: $20 pieces $1,135,000 10 pieces 12,635,000 5 pieces 9,140,000 4 pieces 540,000 2 pieces 320,000 1 pieces 17,250 $23,787,250 ---------- Silver Coins: $1 pieces 2,819,000 40¢ pieces 1,128,000 20¢ pieces 2,090,000 10¢ pieces 625,000 6,662,000 --------- Nickel Coins: 5¢ pieces 340,450 2¢ pieces 228,210 1¢ pieces 187,120 755,780 -------- Total Coinage $31,205,030 The above national supply of coin, together with perhaps twice the same amount of U. S. currency in general circulation, has been found sufficient for the country’s normal needs, and Cuba thereby automatically becomes, in law and in fact, a part of the American monetary system of the present day. As the country exports the bulk of its products and imports most articles of consumption and use, including machinery and implements, it follows that Cuba is in normal times one of the highest priced countries of the world, and under conditions due to the European War the cost of living is enormous. To move the country’s resources annually requires the use of millions of dollars from abroad, which the banks obtain and circulate in legal tender (which means United States money and Cuban coin) according to local demands. It follows, therefore, that the chief functions of banking in Cuba are Discount, Deposit, Exchange, Collections, Collateral Loans, Foreign Credits and the distribution of money throughout the country. The principal banks serving the financial needs of Cuba are the following: The National City Bank of New York. Capital, $25,000,000. Banco Español de la Isla de Cuba. Capital, $8,000,000.