, 1875-09-22

WE nave Cdheu up LAls udCtoI 10"
day, although we are not in o position
to answer any of the above questions to
the entire satisfaction, perhaps, of any one.
1t is, in fact, Just possible that most read
ers. after having perused the following
few remarks, will say "It the AOis had
nothing better to give, it might as we'll
not have broken that solemn silence
which it understands SO we'll to maintain
on most other local questions. Why,
don't we know all that, or can there be
anything relating to this question people
here do not know, except, perhaps, the
reason why it is not more actively further
ed 2" Every one knows the fate of the
Draft of Law, before the Diet last session,
concerning a loan from the State Treasury
to an eventual Central Factory Company,
and that this loan was to be as much as
one-haIt Of the whole capital required,
which is estimated at $1,500,000.
Every one knows also that this draft
did not become law, and the opinion is
prevalent that this fact was owing to
certain parliamentary difficulties. Accord
ing to this draft the giant OF the loan
is however subject to certain conditions,
one of which being that St Croix should
contribute the half of the capital to be
raised on shares. Now, while people here
can exercise no direct influence on the
fate Of the draft in the Diet, they may,
if we understand the matter rightly,
exercise a very great indirect influence,
and it is chiefly to this point that we shall
draw the readers attention to-day. If
the only salvation for the island, for all
the Westindies in fact-as we now all
more or less firmly beIieve-is to
be found in the introduction Of this
principle of Central Factories, and if
they can only be had here if we get the
loan and The loan only on condition that
we 6ud the halt of the sum to be raised
on shares, we must raise that amount.
But the question here arises, how that
is to be done. II we are not mistaken,
the Draft says by means of a Credit AS
ISOLATION, but even if it did not ~stipulate
that, we can conceive no other possible
way of raising the amount ($375, OOO).
The resources for raising cash, owing
chiefly, perhaps, to our isolated posi-
ton, are SO limited that money
will not be forthcoming in any other
way, and we ought therefore to be
glad that people can be found to help
us with that, This point is also well un-
derstood, and landed property to an estimat-
ed value of about 1915, 900 is said to be
already promised for the institution.
But according to Ordinance passed here
the registered applications for participa-
ton shall amount to not less than S40O, 600
before the Government can sanction the
statutes of the association. There remains
then an amount of about $125,OO TO be
raised by direct subscription in the island.
Even under present depressed circum-
stances. owing to successive bad crops, it is
believed that this can be done; but
as there can be no Credit Association,
as just mentioned, without the full
amoun of 100000, the question arises if
properties which at present are con-
sidered too heavily mortgaged to
enter the Association-which will not
go beyond one-half of the appraised
value-could not still enter it up to
that amount, by applying the
money raised on the Credit Association
bonds not to the purchase of Factory
shares, as will otherwise be the case,
but to the paying of Of their mort
cages, Such properties will, no doubt,
be found if it can be shown to be