, 1875-10-23

VIII ana must be insisted upon by parties,
who are asked to leLd their money to
people, of whom individually they know
nothing, and of the value of whose proper
ties they have no other knowledge than
from third parties, in whose. information
they place confidence. IF this mark of
confidence were denied, it must of course
De looked upon as proof, that those, imme-
dlately interested consider the security
offered unsound, and then the affair drops.
1t is a sign of one of the many errors,
that have prevailed on the whole sub
{ ject, to hear people express themselves, as
if it were expected, that the independent
proprietor should make himself liable for
others who are involved in debt. All
what be really makes himself responsible
for, is, that the properties Of the cher
members are Of sufficient value, to cover
the amount of the loan granted on it, a
question which is perfectly distinct from
and independent of the individuality of the
owner. The after may be rich or poor,
the Association and the joint responsibility
mas only to do with the property, not the
person.
We have spoken Of persons who
are desirous of borrowing money it must
however be we'll understood, that among
these may be some that are not in any want
ola loan for their W use they may not
even require to borrow money for the pur-
pose Of investing it in Central Factory
shares, because they could do 50 with
other disposable means Of their own.
In this manner they would certainly bene-
fit the common cause to the extent of
adding to the number of shares taken in
the island, but the good they would do
would be Of little consequence compared
with the great Importance or rather nee
cessity of creating an institution which
would ensure the raising of the whole
amount required.
The question always resolves itself,
whether a proprietor does or does not look
upon Central Factories as ~n indispensable
condition Of the continuance Of cane-cul-
~tivation in the island. If after all the ex-.
pericnces and discussions Of The last two
years he still thinks, that things can go
hereafter the same as hitherto, or at all
events he will be able to survive the ruin
of the rest, it 10 Of course Indifferent to
him, whether a Credit Association comes
into existence or not. If however he
takes the opposite view Of the question,
he will do what is in his power to fur.
ther the establishment of the latter, that is,
he will join the Association, provided his
circumstances will allow him to do so. LIT
US however examine somewhat closer what
the practical effect may be OF the respon.
sibility he assumes over and above that
for the money he borrows.
One of two things is sure to occur
after the establishment of the Credit Asso-
citation and the Central Factories The isl
and and with it the value of property will
either increase or at least remain as
at present; or both will sink.
Presuming, as we do, that the
first mentioned case is the one that takes
place, aud bearing IN mind, that not only
the Board of Directors but also every
member of the Association, and even the
Government, will have a right. to: exercise
o control with every associated Estate, it
is difficult to conceive, how any Estate in
a time of general prosperity should retro
grade 80 much, without any measures being
taken in proper time for the security of the
Institution, that it should not be. worth
half of what it was, when it was admitted,
and that in consequence thereof the res
possibility of the other members should
be brought into requisition. With regard
TO the right of control Just mentioned, it