, 1876-04-22

community 10 SOuCGluGu duQ dS pI6SGIID6Q ny
that Law. By the Ordinance of 2lst February
1874, the Draft of which was a~ssented to by
the Colonial Council, there was to be a guaran.
tee of 6 P. ct. from the Colonial Treasury on
the capital required for the whole undertaking,
viz 4 Millions Crowns or G. | Million Dollars !;
such guarantee would then have been for an,
amount Of 100000. BY the present Draft.
based on the enactments Of the Law Of 25th
February last, there is to be- firstly, a guarantee
hrSt OF 5 p. ct. interest on the loan of $500, 900,
then 5 90 on the amount gained by shares :;
this guarantee would be equal, suppOsing the
amount OF shares to be the same as the l0an,-
but 1t may also be larger, If the undertaking
should require ito an amount 0fo $4,000
besides this, there will be 2 p, ct. lnStaiment
on the loan, cieoa $4,000 making in
al 100000, being the same amount as under
''y Ordinance of 2lst February 1874.
lat the term for which the guarantee Is to last
WlIIInt-is manner be IS years, whereas the origi~
nal guarantee of 6oIo was TO last only 90 years.
ne contents OF the second paragraph speak
iJr themselves, and lie had nothing to add. In
the English translation of this paragraph an
error had occurred, owing to the short time that
had been lett for preparing the matter after re-
celPt OF the papers, but be would cause the neces-
Sary correction to be made at the End discus
SIon.-IIe had a few more observations to add.
IL might appear strange, that there is a whole
paragraph in the law which treats of q Credit
Association, while at present there is no posi-.
bIIlty Of forming such an Association, whatever
might b. possible Ia future but the two
quas ions, Of Credit Association and Central
Factory wore originally closely connected
with each other, aud the present hindraDos
with reglrl to the Credit Association, arises
from the altered circumstances Of the Island
~ coasoq hence Of the unfortunate weather Of
late years. -Anoih3r point to which he would
cal attention is the enactment in 2 No, 2
OF the Law. The object Of this enactment is
to keep the fanls subscribed iog' tho purpose
under the control Of the Government. To
ooyIate confusion and NAL appropriation or
abuse it has been enacted that the Company
cannot get any part Of tho loan paid out, ex-
cept an equal part hl4 been paid in on the
shares. Il this names there is a certainty,
that not a greater amount il loaned out shan.
Is raised By subscription on shares.
Tbs Chairman would baforo making any
proposal as to the treatment Of the matter,
beg to make a few rcma. ks. He had to re-
greet that the law Of g5th Februlry last had not
been pintsd and appended to the motives
he would cause ic to bo d,ue and distributed
to honorable Members TIE question before
the council could ia reality lie reduced to this
whetler We On th3 conditions stipulated should
accept the liberal offer made Iy the Mother
Countly, or refuse it. If we adopted this
ordinance we accept it, il we do not adopt the
ordnance, We refuse it.. Thl Law lis fiasl;
40 change is possible. We are all aware, that
du.in5 the discussions in tue Diet the. Law
submitted by tue Government had been
chaa j to what is now contained in the Law;
and o it las been sanction d by HIS N josty.
II is the last word in this matter from tho
Home Government and tho Dsuft before the
Council contains not one jot more or less than
whas is ~peremsotily prescribed by the Law. Of
the financial question in the Ordinance honora-
BILE Members would from their judgment.
from the motives aud what The Government had
said there was 10 essential change made
from what had twice been adopted by the
Colonial Council. Uader ordinary circum-
stances, the Council could nos we'll
take an Ordinance treating Of such
sums and Of such Importance, under discussion
with The short notice we have had now, but it
must be remembered the Draft is of the same
purpOrt as what we have adopted already In
reference to the guarantee and it is q matter,
in which S days gained is a point of impsr-
lance Governor Garde is now in Copenhagen,
occupied In this matter, and he Is of course
now doing his best to get the remaining capital
raised by shares but until he receives infOr-
nation of the adoption here of the Draft.
nothing can be finally done. As the Govern
ment had 40 objections to the Draft coming on
for first discussion in this meeting, he