Word: cubas
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Dates: during 1930-1939
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...against Cuban cane but, much to the chagrin of the sugar beet people, it also benefited Hawaii and Puerto Rico and, after 1913, the Philippines. After the War more and more of U. S. sugar came from the U. S. and its island possessions, less and less came from Cuba. Cuba, who could not sell her products elsewhere, got into much the same sort of trouble as U. S. wheat and cotton producers who lost their foreign markets. To make matters more comfortable for the beet sugar industry the tariff on Cuban sugar was raised to 1¾?, then...
...ancient tariff device began to work in unfortunate ways for the beet sugar industry. It left Cuba with a huge sugar surplus, brought her producers such hardships that they sold their product as low as ⅝? a Ib. (in 1932). But even with a 2? a lb. duty the costly beet sugar industry could not make a profit out of 3? sugar. Hawaii. Puerto Rico and the Philippines, well inside the tariff, could. They expanded their output immensely, until beet sugar producers realized that sooner or later the islands would take the U. S. market away from them. Thus while...
First, most spectacular move was to declare a moratorium for at least two years on amortization payments on $52,000,000 owed U. S. bondholders. This $4,037,000 annual load had been borne faithfully by Tyrant Machado and his successors. It was naturally the most unpopular thing in Cuba and the moratorium instantly fortified Mendieta's government in the hearts of the people. But Mendieta will continue to pay the interest charges of $2,868,000 a year and he will continue to collect all the taxes ordinarily earmarked for amortization payments. The decree affects two loans floated...
Mendieta softened the blow to U. S. investors by promising to resume all payments just as soon as Cuba's income increases by half to reach $60,000,000 a year...
Third move was to spend some money: 1) by raising the minimum for Government employes' salaries to $30 a week; 2) by appropriating $1,230,000 to repair the Government buildings, roads and bridges of Revolution-torn Cuba...