, 1876-04-22

be necessary for the future prosperity of the
Island, requires a capital, Of which only q very
small portion can, under the present unfavoura-
bic cIroum,ta cas in this Island, be- raised here
and assistance from other parties, Of whom only
r." may ue supposed to possess personal know
ledge OF West l4d1 aft ms, could not be expect.
al 0ul SIS 'aC enterprise offered re 4sJnable pros.
poets Ok an u|uusutI y advantageous Investment.
ln.sg pagt.es who nave taken The matter in
ta>jr haads nave therefore from the Commence
msut lad their endeay0ul6 directed towards
oDt4.ajng tde half Of the required capital by Il
loan, which il was hoped could be obtained from
tae Satstreagury this loan has now been
granted by the abovenamed Law. 1t has in that
way been secured, partly that tho amount to DO
procured 10y shares in tie enterprise will only
be die half Of what would otherwise have been
necessary, and partly that the profits to the
shareholders VIII be very muoh Increased, as
the returns, instead Of beng distributed on an
am unt cQulI to the fundamental capital, will
alw Gully BE- distributed to the half of that sum,
while on the other half, viz the amount ofthe
loan, there will only be paid interest AZ the rate
Of 3 per ceut.
The object Of the present Draft is to fulfil,
as FAR as the municipality OF st. Croiz Is CON
cerned, the conditions OH which the grant Of the
loan rests according to the above-stated Law.
With reference to The irstnamed condition,
CJuDtlIluS IHd lubCLtSt"ku tIdutC0 IUE Jus WHO'S
amount Of the capital A. the rate Of 5 p. ct.
p. Il, AMI instalmonts Of 2 P, ct. p. a, on the
loan from the Statetro4suiy y, it must be observed,
that By the Ordinance sanctioned by His Ma
jesty the King ou the 2lst Of December 1874
the Island assumed an intorest-guarantes of
6 p. ct. p. a. on the capital required for tbs
Undertaking, which at the time was estimated at
[ Million Dollars, aud thas guarantee was to be
Tor a period Of 20 years. According to this
Daft the guarantee will be for the interest on
tue whole capital at the rate of 5 2. Oto be-
sides p. CT. p a. as iustaiment on the loan
from the State Treasury. Six ,. OF. interest
on oue Million Dollars would be $50, 900, and
wdich would have ceased after the expiration of
20 years Surprising that the amount of capt.
tai procured by shares, aud which according to
the Law Of goth February last should be at
least equal to the amount of the loan from the
Statetreasury, does not exceed this latter-and
it may be supposed that this will be the case,
although there could be nothing in itself against
this latter capital being larger, if the enterprise
should require 1.-THE guarantee would COM
prise a yearly sum equal to 8 p. CT. Of 4 Millions
Crowns or 2 Millions Rigsdollars, besides 9 D..
Ct.o 2 Millions Crowns or Million Rigsd0llars
III ms ailments, and which will be equivalent to d
yearly nt9rost-guacante of p. CT on the whole
capital Of 4 Millions Crowns Instead Of the
obligations OIL the Colonial Treasury terminating
after 90 years, as according to the Ordinance of
2lst December 1874, the said guarantee will
agreeably to this Draft last for a period of %
years. The enactments contained in tho said
Ordinance for the protection of the Colonial
Treasury in consequence Of its guarantee
are also embodied in this Draft,
The clause concerning a change in and even
tually the entire abolition Of the existing Labour-
Regulations implies nothing more than what has
been expected for a long time. The former op,
position against a change of those Regulations,
has bydegrees given way considerably, and there
are now not 50 very few even among estate
proprietors, who entertain strong doubts as to
the benefit of those Regulations, even to the
employers. AS will be seen, the matter has
been made the subject Of legislation in the
Mothercountry, and it will no doubt be admitted
that it has been treated with all the moderation
which the circumstances admit.
The President would, with regard to the
q lestion mentioned by the honorable Chairman
whether the Draft should now come on for 1st
discussion beg to add, without however mean.
ing to lay any pressure on the Council, that it
is in the interest of the measure itself that 1t
should be expedited with all possible speed,
and if the 1st discussion came on to-day so
much time would be saved. If, however,,
honorable members wish not TO hurry With the
matter, but to consider tin all its bearings, it
would depend on the Councils 'decision. He
was quite willing that the matter should come