, 1875-12-29

Sc.
The said authorization is conditional on che
following conditions:
/. The loan must within the limit mentioned
in S / not exceed the amount Of the capt.
tai actually paid up by partners or share
holders and invested In the undertaking..
Q. Six pr. Cent of the capital originally lent
shall be paid annually from the time the
loan is paid over, in such a manner that
4 Or. Cent Of the amount owed OF any
time is calculated as interest and the
balance is written off as instalment on
the capital.
8. AS security for the loan, instalments and
interest the state-treasury shall be given
first priority mortgage in all fhe real
property, with plant and inventory
owned in st. Croix by the association
or joint-stock- company.
4. The colonial treasury of st. Croix A'
sumes the guarantee for the fulflment
of ell. 1.-the obligations BY the loan incur.
red by the association or joint-ssock-
company. The bond or (uDder the fur
Their decision of the Ministry of Finances)
bonds that are to be issued in ~recogni-
tioh Of the loan shall be provided with
endorsement from Government regard
ing the said guarantee as assumed by
the colonial Treasury.
The Minister Of Finances il authorised TO
grant an association or joint-st0ck-oompRnY
of the description above set forth, and to q
Credit Association for the Sugar Estates in
st. Croix, sanctioned by the Government Of
the Danish West India Islands, exemption from
the use of stamped paper in concluding con-
tracts regarding the establishment of the Cen
trial Factoriesand in the issue Of shares or bonds
which may be drawn in favour of the holder
or on name, in such q manner that in this
case transfer may be effected by endorsement
without the use Of stampeu F..
4.
The bonds issue by a GeG.e -ucr~1
for the Sugar Est IS ip&St. Croix u@y be
the mortgage. claims held by the said treasury
against estates (Plantaker) in the said Island
say for the nominal value d the bonds, provid-
ed the Credit Association pays 5 pro Oent
interest and 3 pro Ut- y. q amortization on
the bonds thus issued
He would now call attention to those points
in this Draft which differ from the Draft of
last year. In the Draft of last year the Minis
ter was authorized to lend out an amount not
exceeding g Millions Crowns; in the present
Draft this amount is reduced to 100000
Crowns. In both cases the amount is the
half of The total sum supposed to be
engaged in the whole scheme but the
reduction of 5OO,00 Crowns is owing
TO the result Of the Investigations and the
preparatory estimates made by Mr.. Hagemann
since his visit to this Island. apd by which he
came to the result that there would not, as origi-
nally supposed, be required 6 Millions Crowns
for the undertaking, but that it was possible to
4'soarry the whole through for 5 Millions Crowns
or say $l,250,000. The half Of that sum is to
be furnished by the State Treasury as a loan,
say 1925, 900 the other half should be raised
by shares among private parties. In the for
me Draft, the condition was that The fourth
part of the total sum, or at that time 1878 900.
should be subscribed in st. Croix but in this
Draft that condition is not maintained If the
other halfo the required amount, or. 1925 900,
can be obtained outside the Island, it may be
done There is then, and to this he would beg
specially to call attention, no necessity for any.
part of the amount for establishing
Central Factories to be raised here in the
Island, but it will depend upon whether it is
possible, or not, outside Of the Island to raise
the full required amount. Another difference
in the present Draft compared with the former
is, that in this one it is specially mentioned
that the amount Of $625,O0O from the State4
treasury may be employed NOT only for the
erection of Central Factories, but also fQF
promoting other objects connected with
Central Factories and forming necessary con-
ditions for the support and prosperity Of those
Factories ! and in that respect he would here