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& ?w% s ; s ; N . ¢ ] = ey, - A N, wa At 2 A% » ghE -~ v - -'ST;" i\i" = »° v = 2 “ o fovan fi7et I = = , /“m G \ 3\ . : ) ! ; Wikigle:. ey 4 e i L \ L N ~7 LA\ S\ & \ "Ry #7 'P‘;“\‘ 28 ;;‘ ”‘i{ {? LAM"“. ¥ i g /g*';j : ; / \:?%p’@\ ,:‘3@?."'};."\"" 7f \\(/ 4\ \\\/& / \ ::’; / \4.‘?’ /'\ \’)!/ I/ %‘J“/' & fnss e (k! eyt Vit T - \/ e LA R | | L MM iiGaeny & (Fgl N 1E i !{ ; \ ST i ;}l. RO IMUL ¥ Ty 8 (b L {i@ ' 3 \ 13| { U kN g DRI 1B Rl AV ."\ L B | P,_‘__,x”zs.,* 7 E",?' 7 ‘\"’vaz‘;'." N, }\é/] é‘k_;;,,;:\‘..v_,. E% ;- ‘,'*Qw' '%’;A\/\/\f‘&\ t\\’a w . ‘:"-_;‘ /}‘&:’\;h} ‘%‘V <,x T B N & 1 i o AN A 7 s il \ %a, g Wy ) W' 3 x 2 : :Ny 2 N s ::\\\.f:‘:;/ . :'t,,\ 4 . \‘{';t'" NNI Fe Ty > "y Ty e § liTH YHEAR CHRISTIANSIED V. 1 11 5. A, FRIDAY 190 MAY 195 long eredits necessary for the cattle in- dustrv have led to assartions that wht the industry needs is capital and not cre- dit. As a matter of fact, the industry is asking for simple credit, its needs in this respect being identical, except in point of the time of the runnine of the loans, with the needs of other productive industries., The duration of a loan is not tne determining factor as betweeort eredit for productive puilposes and credit for capiial purposes. A loan is credit, in tne sense of commercial and produective credit, when 1t is liguidated out ofthe gross receipts from the sa'e or the product whaen either directly or «ndirectly secures tt. 'The duration of the loan, provided the term is customary and the credit ma- cainery is adjusted to it, has nothing to do with determining the. character eof the loan. Commercial eredits, farm credits, or any productive eredits can be erected on a reserve basis, without producing inflation. Capital eredits cannot be ar- ranged on a reserve basis except at the cost ofinflation. The reason for that is that capital 1s surplus production —sav- ings. lts possoessor have a right to com- maad existing goods, the consumption of which they nave deferred, and when capital eredit is manufactured therve 1s an increase in th- rights to eommand ex- isting goods bur no corresponding iu- crease in the g od: themselves: result: compeition for the goods and deprecia- tion 1 the value of the "‘rights’’~-henca inflation. Long-term productive eredits require rela’ively more actual capital es 4 reserve bads tor such ceredit, but that is the most important diffevence between short e¢hrmmercial eredit and long aygri- cultural eredit. The agricultural iadus: tries must ether accumulate the neces- sary reserve capitzl, as the manufuac- turing and ¢Hrnmercial industrics have, or devise secarities which will prove at- tractive to ilnvestors. Americiin FKe- change Natioaa! Ban’. NEW AGRICULTURAIL CREDIT. Following the suggastions of the gov- ernors of tnhe twelve Federal Reserve Banks recentiy in coaference in Washb- ington, the new intermediate credit de- partmznt s2L up in the twelve Federal Land Banks under the Act of Mareh 4, established a uniform rate of 55 pr cen: for rediscounting farm paper, which wll mean that borrowers must pay 7 per cent. For the present, the maturity of the pa- per to be handled is limited to niae THE ST. CROIX AVIS 15 printed and rpublished daily (Sundays and Holidays excepted) by G. Johansen at the Avis Ojfice TERMS:--50 cents monthly in advance, 2 cents per single copy. Entered as socoed class matter May 26th 1917 at the Fost Office at Chiristian- sted St Creve. V. L of the U. 5. A, un- der the Act of March 3, 1875. Contribution to this paper will be glad- lg received when the sawne deals with mat- ters of general interest, and s ac.ompa- nied with the auther’s name, as a guar- antee of good fuith Theeditor cannot be responsiblefor the views of hiscorrespon- denisnor does he necessarily eddorse them. FARMERS NEED CAPITAL NOT CREDIT. All of the muddle thinking about the n=ture of the eredit necds of the farmer has not b2en done by the farmer., Asa matter of faet, the schoeme proposed by the cattle industry as the frame work of 5 oredit plan for financing its needs avpoars to be both sound and practical, an] what is morz important, self-reliant. i'ne eattle industry is not asking Gov- ernmental aid: it i 3 merely ask ng the (3avernment to give a legal status to the mazhinery which it is proposed to use in puctinz the industry’s credit schene in o cperation. The scheme itself will b: finaneed by the investor ana the cat tle industry with the aid of the banks in the cattle country w hich teel disposed to take a hard :n puttinyg the plan over. I. outline, 'he plan propos=d by the .merican N.tional live Stock Associa- tion contemplaies the formation of Fed- eral charter regional loan comp nies, havine a minimum capital of §250,000, which shall operate under the supervision of the Comptroller ol the Currency and which shall be authorized to either sell eattle paper in the open market, issue dehzaiur2s, or redise unt with special re- ‘d scount ecrporations also operating un- ager Federal charrer. In addition, the plan provides for a hieensing system for inspeciors under the supervision of the Depariment of Agricul-ure, these inspec- tors being charged with the duty of guard- ing the eraracier of the live stock repre- senting the security for the loans. The e debeniures which may be sold by the regional toan compinies are to have a e maxinum maturity of three yrars, The No. 114, months. The Farm Loan Commissioner anticipates ti at the £} per cent will have the effect of cheapening the commerical . rates now being charged to the farmers . which, according to first estimates, vary | from 6 per ccnt to 2 per cent in the diff- erent parts of the country, averaging about 8 to 12 per cent.— Irving Nationil Bank Circular, April 1925, a » PITCH-FINE LUMBER 6¢c. per It { Y CYlrry 4 Y - r i)/ ryy v r p | Y LN SIUCR N LOIH THHINS EINAR SVENDSEN. - - NMNOTICE. James Alcxander Pickering would like to know the whereabouts of his brother Alphonso Pickering., He is a son of Susanna Flint and Ernest | Pickering. Last addrcss was Cape Haiti. Quebec Steamship Co. THE S. S. GUIANA is expected to leave New York on the 94th inst. and is due at Frederiksted on or about the Soth insr. ROB'T. L MERWIN & CO, INC., Agents. nY . NORTHERN ~ Assurance Comapny T ®a 3 Limited CF LOINDON CEQ. L. MARKOE, : Agent for Frederilsted’s District. - ERIK R.STAKEMANN - Agent for Christiansted’s District. Policies are not subject to cverage