, 1893-05-03
THE EXHIBITION LOANS.
jamaica Cleaner, 3rd ApyH.)

Inc proposition that the loans eff Messrs.
Ward, Stiebel and Verlsy, in connection with
the Exhibition should be given priority Of
payment over that made by the Treasury
Is, we think, a most reasonable one when the
circumstances under which they were accept
ed are taken into consideration At a ortiz
cal period in the h istory of the undertaking
when there was a possibility of ita> failure
on account OF lack of funds to erect the build.
ing itself, these gentlemen came forward with
osmmendable patriotism and loaned such
sums as enabled the work to go forward to
completion. Their security was tbs exhibise,
ton buildings, the guarantee bonds, and the
proceeds of the exhibition. By the financial
statement which has been published it ap.
pears that The loss on the enterprise amounts
to SO, TIC which, however, may be further re-
duced by the guarantees. which are being paid
in instalments. The Commissioner state that
these amount to G4, 1927 and if say So, 716
will be paid in, which is likely, we have y
deficit of IL, 0O0-the total loss incurred on
the Exhibition. When we consider the unique
character OF the undertaking, the first of its
magnitude and Importance in West Indian
Colonies, and the beneficial effect it has al
ready had on the commercial and industrial
prospects OF the country, we do not think that
this sum IS one to grumble about, or that it
reflects any disoredit on Jamaica. We woulG
rather assert that we have come out rcmarka.
bly, well from the transaction, and have been
more fortunate than many q more advanced
country where every facility existed for car
ryiI & out such a work.
The question now is, are the Government
who also advanoed money on the sR1nexsecuri-
ty and the three gentlemen we have named
to be partners in the loss, and share il be.
tween them, or will the county be generous
enough to recognize their public spirit by re-
llnquishing the lien of the Government and
paying the private loan in full ? Opinion Is
divided on the subject but we concur
strong ely IN the view that the latter course ia
the one which should be adopted. If the &C.
ton of Messrs. Ward, Stiebel and Verley was
not patriotism we do not know what is. and
the active expression of that quality in ell
conscience is rare enough IN these days not to
be warmly commended and recognised by the
country. II must be borne in mind that these
gentlemen guaranteed II l00 each in addition
TO lending the larger amounts and they have
one and all paid down their guarantees-
which Is saying more than we can advance for
many who are o%avilling at the repayment Of
the loan in full An esteemed correspondents
IN to-day's issue suggests that each should
SOGA NOS 700 ~ pAOpOA " WILL bn0 NONS4u-
ment, This would mean something like
&l,25O to each on the assumption that e., TIC
of the guarantees will yet be paid in. Thens
private subscription could be sent round to
recoup Messrs. Ward, Verley and Stiebel.
There are only two objections to this proposi-
ton; the people approached would be those
who have already paid as much as they can
do in the matter, and the certainty that
Messrs. Stisbsl. Ward, and Verley would
throw the money collected in The face
of the man who bore the hat.
To every fair-minded individual who has
a knowledge of the nermous impetus Jamai.
ca has received by the holding OF the Exhibi-
ton the question is one which admits of no
uncertain course. Let the gentlemen who
have Individually contributed 81, QUO be re-
paid their loans the Treasury can very we'll
bear the slight strain Of E7. 1000 sum which
will be q mere drop in the ocean compared
with the inflow of money brought about by
the Exbibition-nct merely a transitory gain
either, but one to which there may be no
limit in the future. We question whether the
Treasury has not already been reoouped for
the loss, and in these circumstances it would
be a most ungraciousf act to make the gentle
men mentioned experience u sting where they
should sIsoslye a fitting acknowledgment of