, 1874-07-08

LIN %AOWCI Cd1 NC d udIL1OulOuS one.
These are some ofthe most salient facts
confirmed by the visit of these gentlemen
to Martinique.
We need not go further into the detail
to-day but await the Report which these
gentlemen will render, and which will, no
doubt, be published as soon as possible.
That Report will give all the details to
prove the above general propositions.
When, now, the Central Factory system
presents itself with all those ADVANTAGES.
1t is but natural that we should strain
every nerve to have them established here.
How that can be done-at least so it is
hOped-has been most ably shown by
Governor Garde, last at the meeting on the
9th ult. at Castle Bourke, as also by a wri-
ter in the last issue of this paper. The
only means Of obtaining the Central Fac
tories here is by establishing the Credit
Association, that being the only resource
open for the participation of the planters
in the great undertaking, which participa-
ton is considered a conditio sine quo NON
IN more than one respect. In the first
place, it is only by our proving in this
paIpable way how great a price we put
upon the change, that we can hope for help
from other quarters, and 10 the second
place, it is also almost exclusively in this
way alone that planters can become in
terested in the Factories as shareholders,
and thus be doubly sure of a benefit from
the Factories, both as growers and share
holders. We do not pretend to know
which Of the principles of payment for
canes in use in Martinique the Commission
sent down to investigate these matters
have resolved to recommend whether S
per Cent, which is the lowest given, or G.,
which is the highest, or even another mode
of payment adopted in som Factories.
We would prefer the cooperative system,
as we have already expressed on another
occasion, because we consider it fair to
all parties, as it admits of participation in
profits, viz. 81 per Cent to the growers,
10 or IL per Cent of the net profits as
dividend, 3 per Cent for a Reserve Fund,
and the balance of profits divided pro rata
among shareholders and growers. This
cooperative element would of course
lessen the chances of excessive dividends,
such as those declared by the Francois
Factory, Martinique but it would render
a dividend of II, 10 or 10 per Cent, or
whatever figure may be agreed upon,
much more secure, and it would remove
the least fear Of jarling between Manufac.
turer and Grower.
With regard to the management Of the
Factories, on which the success Of such
enterprises so much depend, we under
stand that gentlemen who have earned a
high reputation in the management of
Factories in Martinique are by no means
abundant. Many of the Factories have
not paid, on account of. m~ismanagement,
and gradually one half of all Of them has
come into the hands of one man, M.
Bougenot, whose eminent administrative
ability has made those Factories pay that
threatened to break up. Administrative
ability and experience are requisite in the
man who is to erect and manage Central
Factories, if they are to pay, and whether
the man who is to erect ours is to come
from Martinique or elsewhere, he must,
together with ability, which is found
equally elsewhere, have largely profted
by the experience which is to be gained
there, if we mean to introduce their system.
Much time and capital has been expended
there before they arrived at the degree OF