, 1875-12-29


while the remaining 2 p. ct. shall go as in.
stalment on the loan, in that manner securing
the amortization of the capital in an easy way,
while advancing the money on as cheap terms
40 possible, which is Of course advantageous to
the inhabitauts.-In the provisions concerning
the security for the loan, no change is made
in the former Draft but No. 1 provides that
the Colonial Treasury sh vi assume ths
guarantee for the fulflmeut of the obligations in
Cured by the loan, and that the bond shall be
recognized by the local Government to that
effect this implies, that the control with the
whole bG@ness is to be left with the Colonial
Authorities, the money being lent to ls
Company, but in requiring the Colonial Trea-
sury to guarantee it, the exercise of the con-
troll is left to the Colonial Government and
the Colonial Council. The other points of the
present Draft are the same as 10 the former one
in case a Credit Association be established, the
Statetreasury will, according as payments OF
instalments etc. become due on the Statetrea-
sury's mortgages on Estates here, receive the
bonds Of the Association at their full face
value, which is of course very advantageous,
as thereby an easy way is Afforded to pay of
those mortgages.-There Is, now, one point
more to which be would beg to call attention,
1t will be remembered, that the signatures for
Oane-dehvery to the Company did not com
pllSS vi Gtlb plOPllotOtS Ill OuS 4SldIuS 0Sp6CtoA-
ly in q part Of the Island near West End,
where several proptietors have not entered
the obligation to deliver canes this is the case
to such an extent, that it would not pay to
erect q Factory ia the Westend of the Island,
therefore the present plan comprises prelimina-
rily, the erection only Of one Factory here in
the neighbourhood of Christiansted, and sta
tons for the delivery Of canes and extraction
of the juice at different points. As long as it
will ~ hp to erect another Factory
the large capital before calculated
w not be required still the es.
tau S -ment Of aNFactOry in Wes5end will be
kept in mind, am when tho caue delivery
there is secured, it will ao executed the Com
pany may however then be able to erect it
without a speoia, .,au. H. considered it an
Improvement tha9 the Draft now before the
Diet does not M obligatory that ono
fourth of the oapital 9 subscribed here yet
he would sincerely regret /. the Island were
not to participate as shareholder in the un-
dortaking be would regret it from two reasons,
firstly, because the business will be a profta-
bic ono, and because it will be the best way
for the planter to secure th3 greatest returns of
his business but chiefly because he would
consider it most desirable, as fur as th9 future
is concerned, that the Island should secure
itself such q footing in the business, that later
lG might DoCOul0 u lOO4l eHUoTpIlH6' WIN III
administration stationed here and the whole
business conducted here. Therefore the end9a-
YOURS, from the very first moment the idea OF
Central Factories had been taken up, had been
10 carry it out in such a manner that the partl-
"cipatiOn of the Island could be secured. 1t
this proves impossible, it must be .rIbuted
to the fact that the owners Of uneneumbered
properties, fit for raising money on through a
Credit Association, have up to now kept back
He would beg leave to call to mind that ao-
oording to the first appraisement of the proper
ties that might be admitted into a credit Asso-
citation it would be possible to- raise on 81
Estates which are not at all mOrtgaged an
amount Of C. 1898, 900; the second class of pro.
perties or these mortgaged under half thu
appraisement value, would give about SllS,O00
available for Investment in a Credit AssocIa-
ton, making in all about S656,000 as object for
Credit Association loans. It was therefore
proposed that the Association, to obtain p4rmls-
sion to start, should have secured a capital Of
at least $500, 900. Up to the present moment
the offers have not amounted to more than
$330,000 in all. The reason ofthis is, especial
~, that the absentee proprietors are not in
oliued to enter the Association. After this
result be considers the whole plan of a Credit
Association as overthrown. He did not how
ever give up. the idea for the future, only for
the present. The matter would not be difficult
when the absentees join, therefore their repre-
Sentatives here ought to encourage them to do
SO; there is real danger, as he will show later
II we do not arrive at o proper solution IN TINS