, 1874-06-24

"0iO " w 0'ely tulHS III lnelr power I'D
promote the object they desire. He re-
GREETED that he was not at present able to
state accurately what the expenses would
be for establishing Central Factory here,
but a mere rough estimate brings the cost
up to about one and a half million dollars,
perhaps l or 100000 dollars more or less.
The cost will mainly depend on what sys-
tenn is to be chosen /; at all events a com.
munication throughout the Island either
by q raj way for the transport of the canes,
or by a pipe through which the cane Juice
could be sent from several liquor stations
established throughout the country to the
Central Factories located in the towns,
would be requisite. However, the greatest
difficulty will be to raise the necessary
means most desirable it would certain
" be, If the requisite capital could be
subscribed in the island itself; but accord
ing to the calculations he had obtained,
the number OF shares so disposed of would
be about equal to nothing. Yet, at the
same time we must bear in mind, that it
is a necessity, if we wish assistance from
abroad, that we earnestly show that we
have done all in our power in order to
bring IN a part of the capital required.
Therefore he had called attention to the
idea OF a Credit Association for this Island.
The correspondence he had had with the
parties IN Copenhagen on the question
goes to shew that those parties, before
they would be willing to enter upon q
trial OF that undertaking here, would re-
qulre an active participation on the part
OF estate proprietors here, and that they
think it would be of no use, unless the
basis established for similar Associations in
Denmark be altered to suit the circum-
stances here. There the party interested
IN the Association can obtain o loan of 3l5
OF the value OF the respective property;
on that loan interest and instaIments
are to be paid at the rate of S pr. ct. D.. a.
IN which manner the whole capital is paid
up In 10 years. However it will be Of
no use to try that rate here, as people in
Europe, where the market for such bonds
at the commencement must be sought,
would not be willing to give it the neces-
sary support. Therefore, in that respect
the condition must be somewhat different
from those Credit Associations, viz: that
the amount of loan here cannot exceed the
halt OF the value OF the property, while
the loans should pay s % annually,
in two equal semi-annual terms of 4Oo so
that S p. CT. p. a. go to pay interest, and
the rest as instalment, in which way the
capital will be paid up in 20 years. Even
those terms would be considerably easier
thar what is at present the rule here.
He had framed list of the properties,
which could become interested in the
Credit Association by deducting from
the one half of their value the amount
now on mortgage, we arrive at the amount
that can be obtained on loan from the
Credit Association. The properties fall
in 3 classes:
The LIST class, comprising properties with
no mortgage on them, numbers about
81 or % Estates
The End class, properties that have mort
cages in them for less than half the value,
numbering 90 Estates;
The 3rd class, properties that are mortgag-
ed to such an extent that they could not
get loans from the Association before the
mortgages had been brought down.
The amount that could be invested on
the first class of properties is $529,1e6;
In the second class $4,000; leaving
- rs 49, Ar Q II -A ~ -