, 1876-04-22
P R O e D N G S
Il H ~
%8A0HGAh &8ENGTh
FOR ST. &R6TX.

MONDAY 10th April 1875, 10 O'Clock noon,
the Colonial Council held an Extraordinary
Meeting.
The Members were present with exception
Of LIST &snd Members for FrederiksteQ (Sarauw
and Faber).
The Secretary tTaber) being absent, the
Chairman requested the 3rd Membsr for Chris
tisnsted (Hanson) to act as Secretary.
The Chairman recalled to mind that when
closing the last Meeting he had notified, that
on the Order of Day for the meeting to-day,
there would, besides the Bill for Bureau Adyan-
Ces, eventually also be the Draft of Ordinance
concerning the Central Factory question, but
this Draft came to hand 50 late, that it bad
been impossible to put it on the Order Of Day
copies of 1t had, however. been distributed to-
day to the Members, and the Governor would
later In the meeting introduce it.
The Council proceeded to the Order Of Day,
viz.
end Discussion on Draft of Money Bill to
the Budget for 1876-77 for $4,000 for Bureau
Advances for April etc,
ist Discussion p......
No amendments were proposed.
No one requested the word, and the 2ud dis
cussion was closed.
The Money Bill for $4,000 was adopted
unanimously with Ii votes.
The Chairman remarked that he, after the
Governor had introduced the Draft Of Ordinance
concerning the establishment Of Central Facto-
ries ETC., intended to raise the question, wbe-
ther The ist discussion should come on in this
meeting.
The Pres,dent introduced the Droft. which
reads as follows:
d DRAFT
Of Ordnance concerning Tie establishment Of
Central Factories and alteration of tie rcgu-
lations dsfntng the relations Jetreen hs
opners Of landed proPcytss and the rural
la6ouyc1s IN st. Croln,
l..
In case of the formation Of an Association Of
shareholders or a Joint Stock Company for the
purpose Of promoting the sugar production in
St.'Croix by the establishment and working
Of Central Factories and other undertakings
Herewith coHnected, with q first capital of
which an amount not exceeding 2 Millions
Crowns is furnished by the loan from the
State-treasury granted by law Of 25lh Feb
ruary 1S76,-the Government of the Danish
West India Islands, in behalf Of the munich
paIity Of st. Croix, assumes the obligations
prescribed In the said law, besides which shall
be granted
q, Guarantee of Interest OF five per cent. per
annum from that part of the first capital
which Is not comprised in the loan from
She state-treasury, until the said loan has
been liquidated. The guarantee takes
effect simultaneously with the guarantee
for the said loan, in such a manner that if
the net proceeds of the undertaking calcu-
lated Ia the manner set down in the sta.
tutes,-that is, after deduction of the per-
Oentage which under the statutes shall be
added to the Reserve Fund-should in
any year fall short of the guaran-
teed interest of Z per cent on the
loan and 8 per cent on the remain
der of the capital, the deficiency
thus caused shall be paid out of the
Colonial Treasury of st. Croix. Should
during one year, or several years, the net
proceeds of the undertaking exceed the
. collective amount of the 7 and S per cent.
interest as aforesaid, such surplus shall
in priority be used to refund eventual
previous sabvantions made by the Colo.
NAL Treasury in order to fulfil the guar