EXHIBIT 10.33

                                         V.I. Cement and Building Products, Inc.
                                                                          Page 1

                                 PROMISSORY NOTE

$1,000,000.00                                               St. Thomas, U.S.V.I.
                                                               November 12, 1996

FOR VALUE RECEIVED, V.I. CEMENT AND BUILDING PRODUCTS, INC., a Delaware
corporation qualified to do business in the U. S. Virgin Islands (the
"undersigned"), promises to pay to BANCO POPULAR DE PUERTO RICO (the "Bank"), or
ORDER, the principal sum of ONE MILLION DOLLARS ($1,000,000.00), lawful money of
the United States of America, or so much thereof as may be advanced or upon
repayment readvanced by the Bank from time to time after the date hereof
pursuant to the terms of the Loan Agreement of even date herewith between the
undersigned and the Bank (the "Loan Agreement"), with interest from the date
drawn at a rate per annum equal to one percent (1%) above the prime rate as it
varies (any change in interest resulting from a change in the prime rate is to
be effective at the beginning of the day on which each such change in the prime
rate is announced, calculated on a three hundred sixty (360) day basis. The term
"prime rate" as used herein means that rate of interest from time to time
announced by The Chase Manhattan Bank, N.A. at its principal offices in New
York, New York as its commercial loan prime rate. Interest accrued on the
principal sum from time to time outstanding at the rate hereinabove set forth
shall be payable monthly commencing on the first day of the month following the
date of the first draw hereunder and continuing on the same day each month until
the entire principal sum and all accrued interest is fully paid.

The said principal sum together with all accrued and unpaid interest shall be
payable in full ON DEMAND twelve (12) months from the date hereof at the office
of the Bank in Charlotte Amalie, St. Thomas, U.S. Virgin Islands, or at such
other place as the holder may, from time to time, designate in writing.

The line of credit evidenced hereby is a revolving credit in the aggregate
maximum principal sum of ONE MILLION DOLLARS ($1,000,000.00), and is subject to
annual review and annual reapproval by the Bank. Accordingly, the undersigned
may, at any time, and periodically from time to time, borrow, repay and reborrow
hereunder, on a revolving basis, in accordance with the terms and provisions of
the Loan Agreement; provided, however, that for a period of thirty (30)
consecutive days during each calendar year hereafter there shall be no revolving
credit outstanding under this Note.

AND IT IS HEREBY EXPRESSLY AGREED that the entire principal sum from time to
time outstanding hereunder and all accrued and unpaid interest thereon shall
become due and payable, at the option of the Bank or the Note holder, in the
event of a default in the payment of any sum for ten (10) days after it is due
hereunder, and any monthly payment not received by the Bank or the Note holder
within ten (10) days after the payment is due shall be assessed a late charge of
five percent (5%) of the payment.

This Note may not be changed orally, but only by an agreement in writing signed
by the party against whom enforcement of any change, waiver, modification or
discharge is sought.

In case recourse to the courts by the holder of this Note becomes necessary in
order to collect the whole or any unpaid part thereof together with all accrued
interest thereon, the undersigned agrees to pay any and all court expenses,
disbursements, and attorneys' fees that may be incurred. The undersigned
expressly authorizes and empowers the Bank, at its option, at any time, to


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appropriate and to apply to the payment of this Note, and any other obligation
or obligations now existing or hereafter arising of the undersigned to the Bank,
any and all monies now or hereafter in the hands of the Bank on deposit or
otherwise to the credit of or belonging to the undersigned.

Presentment for acceptance or payment, notice of dishonor, protest and notice of
protest are hereby waived.

This Note is being issued pursuant to the Loan Agreement and is secured by the
Security Instruments referred to therein, and any default by the undersigned
under the Loan Agreement or any of the Security Instruments shall constitute a
default under this Note.

This Note may be prepaid at any time, and from time to time, in whole or in
part, without any premium or penalty therefore provided, however, that all such
prepayments shall be applied first toward interest accrued on this Note, and
then toward the outstanding principal balance.

Executed as a sealed instrument as of the date set forth above.

                                     V.I. CEMENT AND BUILDING PRODUCTS INC.,
                                                      a Delaware corporation

                                       /S/ WALTER B. BARRETT, VICE PRESIDENT
                                        --------------------------------------
                                                                      (SEAL)

                             ATTEST: /S/ RONALD L. MOOREHEAD, VICE PRESIDENT
                                     -----------------------------------------