, 1892-10-08

v GLOAoLLh5Co0 8 OOuuIIJ 0lSiIICl, ne sup
posed that the Council is we'll aware that
if Government has asked additional security
before granting advances, that would be in
accordance with the Ordinances. and he
would readily explain why he had in one
case asked for additional security besides the
crop. There was no personal consideration
in question, but it was done in order to qua
rantee the interests of the Immigr stion fund,
which is Governments first duty in the case.
The canes are security for the loans; as long
as the canes are growing the security 50 far is
safe; and as far aS they are delivered to the
Central Factory they 60 when out into the
hands of the Loangiver; but in those in
stances where the canes are made into Sugar
and Rum on the Estates themselves, the Sc.
curity goes over into the hands Of the Loan
taker. If the crop is then so large that it
must be exported from the Island, the Co
vernment has a guarantee through the re-
strictions against expectation but if the
crop is SO small that it can be sold for home
consumption on the Islaod, there is no Sc
curity here, then, is a hole in the security,
which should be filed. and he could not see
there can be any right to object if in the in
terest Of the Immi5rationtunl Government
asks for a guarantee in such instances. 1t
IS impossible for Government to control the
sale of sugar on the Island. As soon as the
canes go into the Sugar House, there is no Sc
Curity for the loans from the fund, and there
fore the necessity arises to demand additional
ecurity. 1t certainly does seem unnecessary 10
put the amount $4,000; and as far as the ne
cessity this year is concerned, he did not
think that there is such absolute need for
the measure in question. On the other ahand
it seems a pity to have S28, 000 in the Urea
my i1Ia. op5 - WOULD 80 49, - l. 49,.
to take into consideration how 10 invest the
capital 50 that it Dan yield interest and at
the same time be at disposal if required.
This could be achieved by investment for
instance IN Danish State Bonds, which might
be realized at any time, or loans might be
rails ed OH them, the Fund would in that way
gain a c siderable amount of Interest year
ly.
Bird Member for Fraderiksted's Count Dis.
trict Hewitt; AS far as regards Estates not
delivering canes to the Factory, the necess-
airy provisions are contained in s 6 of tho
Rules for the Loans, and that is perfectly
sufficient. to 60 beyond that seems to lack war
rant. If th r. should be al Estate making no
moresSugar than for home consumption, we'll,
it could scarcely he called an Estate, and il
is to be supposed that the Government aud
the Appraisers would bofo reh and have
seen this and would have granted no loan.
Then again tho time for repayment of these
loans make it impossible for illusions to creep
in for the money is to be paid back in April
May, June; now scarcely any Estate com
mences making crop before March, and it
takes some time to get the produce cured, and
there could be no prospect of disposing Of
the suga before it is cured. And we all know
that Rum can not be made before the sugar is
cured and the Molasses neither. But the
exaction Of security from a man that he will
not use his money from the crop to pay any
thing else but the loans, is a fine on his hon
esty; and the more depressed the mans po-
sition is, the more keenly he will feel that
e~xaction, and, surely, it he Can get his friend
to go IN for that security, he might have got
him to be be security for the money else
where, and not seek this loan. The Council
must now agree to that. But on the whole
it is out of time to come for these loans just
now. He for his part was among the first
to protect the Fund, and be did not sec how
it could be considered a right step to go in
for the loans now, when We have no crop to
60 by up to now.
Tn Governor said he had never heard that
when money is lent out, the creditor as a rule
relies on the mans honesty alone, and no de-
mand is made for security in the event of his
failing. If it were 30, why ask any security
at all why not depend entirely on the man
Hhy not take his word as sufficient? His