On August 7, 1950 President Carlos Prío Socarrás honored the International Bank of Reconstruction and Development with a luncheon on the third floor of the Presidential Palace. Gathered for the luncheon with the President were the Prime Minister Dr. Manuel A. de Varona; Minister of Finance, José M. Bosch; Minister of Agriculture, Carlos Hevia; Minister of Public Works, Manuel Febles; President of the National Bank, Dr. Felipe Pazos; President of the National board of Economy (Junta Nacional de Economia), Dr. Gustavo Gutiérrez; José Alvarez Diaz, José Camacho and others. Among the members of the Bank's delegation from Washington, D.C. were Francis A. Truslow, Mr. Russell, Mr. Wood, Mr.Stanley, Mr. Mather and Mr. Lees.
The report from the World Bank stated the following; August 16, 1951 – The Report of the Truslow mission to Cuba is transmitted to the Cuban government. (A preliminary version of this report was issued in January 1951.) The report was based on the Cuban survey mission, and advocated immediate privatization of Cuba’s railways. Francis Truslow Adams, President of the New York Curb Exchange, was the chief of the survey mission, which made a comprehensive survey of the Cuban economy. The privatization issue was given some urgency by the fear that the 1951 and 1952 sugar crops might suffer from inadequate transport. The primary problems with the existing railway systems included high costs, over-age, deferred maintenance, increasing labor costs, competition from highway transportation, obsolete and inefficient equipment and over-capitalization in relation to earnings or real asset value. (Cuba withdrew from IBRD membership on November 14, 1960.)
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