, 1874-06-24

49, |ANI
right to issue bonds the borrowers when
admitted will get the amount in such
bonds, and it will be their business to
dispose OF them at market price, which of
course in the commencement must be
expected to be a rather low one,
say rs p. CT. In that way one fourth
part of the $645 900 would have to be
deducted, and the cash amount at disposal
would be but $480,0O0. However, if
that sum be raised here in this island, we
may hope, that parties abroad will
gain confidence in our cause, as it will
prove that all available means from here
have been invested in favor of it. 1t is his
hope that our friends in Copenhagen will
then manage things in such a manner
that we will be able to carry out the mat
ter. In order to bring this side Of the
question to q conclusion to-day he had
framed a List or Prospectus OF the follow
ing contents:
'In order to promote the establishment
Of one or more Central Sugar Factories in
the Island Of St Croix by the aid OF a
Credit Association. founded on q similar
principle US the corresponding Ass0-
Citations in Denmark, with this modj-
f@cation, however, that the loans cannot
exceed one half Of the valuo Of the respoc-
tive properties, we the Undersigned,
in accordance with the discussions at q
public meeting held at the Estate Castle
Bourke on the 9th of June 1874, desire to
obtain loans, to the extent as affixed by
each Of our signatures, by means of q
Credit Association for this Island, on con-
dition that we shall pay in two semi
annual instalmeuts 4 p. ct. OF the loan,
or in all 8 p. CT. p. a., 5 p. CT. of which
will go to pay the annual interest of the
capital due at any time, and the balance
for paying instalment on the loans and
for the amount raised in that manner, we
will become shareholders in the Central
Factories to be established here, subject
to such conditions and regulations as may
be agreed on between the Committee
appointed for that purpose for this Island
and those parties from whom assistance
will be sought"
This prospectus will be laid open for
subscription to-day, and at the same timo
he would propose that a Committee be
elected for the purpose of collecting sub
scribers and in other respects to give its
support to the whole matter. The parties
signing do not thereby enter into any legal
obligation, and they do not bind them
selves so that if they should afterwards be
unable to carry through what they promis-
ed, they should nevertheless be held to
it as there is no certainty Of the matter
on the one hand, the other party will not
be kept strictly to the fuIGlmont Of those
promises. But he had this conviction
that no man would enter on the under
standing, without having previously con-
sidered the whole matter, and would then
also stick to what he had engaged.
The Committees work would be, to re-
ceive announcements from the different
parties DESTROYS of entering the Associa-
ton on the heads stated in the list, and to
invite such parties who may not be pre-
pared to sign to-day, and to deal with the
whole matter further. 1t is a matter Of
course hat when one or both Institutions
have been established, the shareholders
will themselves select their own Board
of Directors, and the work of this Commit
tee will then cease. There is one point
more of Importance, which he had to
mention. viz, at what time such a Factory