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A ; 7 n Ordinance TO PROVIDE FOR LOANS FROM | THE IMMIGRATION FUND TD) AS- SIST IN BRINGING THE ISLAND OF SAINT CROIX UNDERA NORMAL | STATE OF CULTIVATION OF SU- | GAR CANE BY ASSISTING .THE | SQUATTERS AND PARCELISTS. Be it enacted by the Colowizl Council for the Municipality of Saint Croix in session assembled.: (1) The Government of the Virgin Isiands of the United States is hereby wuthorized to loan, on and after the daie of approval of this ordinance and untii February 28 1924, an amount not to ¢x- ~eed Frances 100,006.00 of the means be- | nging to the Immigraion Fund, for tne purpose of granting loans to owners oi real property to enable them to furoner the ca.tivation of sugar cane. Said lvans ate to be made upon security as livi- lows: (a) Upon the security of real properiv il the apphicaut possesses such sufli- ciently unencumbered:; otherwise (b) Upon the security of real property plus a prelerential interest in (he crop in cases where real property is available as a poruon of the securi- ly; vltherwise te) Upon the security of the crop by preferential elaim therein, (2) The maximum ot the loap is to ba fixed in cach individuai case proportoa- ately to the area to be planted in cane and cannot exceed Franes 125 per acre No loaus shall be made to any laud owner possessing less than one acre of laad available for cane cultivation. Partes desiring loans pursuaat to the oregorny shall make a written request therefor to the Chairman of the Municipal Cnamit- tee, such request to state the amount of the loan desired, the real estate of which the applicant ils owner, the encumbrances thereon and, if any liens exist against the present or future crops, such livns snall be described in detail including the a nount thereof. (3) The Municipal Commiitee shall, upon receipt of applications for loauns under the toregoing, cavefully scrutimze them for the purpose of determining first, whether if made they will accom- plish the intent of this oroinancze, and sccond, whether the securiiv offered in the case ot rea! property would normal- ly protect the Government’s interest, and where security ol real property is not offered, wheth=r, in 1s opinion, the applicant 15 sufizienrly reliablie to war- ranit the total or a portion of the loan requested. On each applieation it shall express its views in writing and submit 5 T (It @ AV = them to the Government., 'The Govera- ment reserves the right toffinally de- termine w&eth vor not the best inter- ests of the Government will pe served by granting or refusinz any or all loans pursuant to this ordinanc>. and may waive stamp and recording fees in con- neetion with mortgage Bonds [of Fres. 1,000 and under. (4) The amounts loaned, with inter- est at the rate of 47 per annum, are to be repaid in the following manner: (a) As regards loans made against real property only as security,—in fuil with acerued interest upon the date stated in the mortgage hond, which shall be not later than July 1, 1925. (b} As re-ards loans secured partially by real property and the balance by preferential claim in the 1925 erop, —oon a pro rata basis each week, dating from the first delivery of cane to the foetory, in such manner that the total loan, with acerued interest, witl be liquidared with the last delivery of cane to the factory. i¢) As regards loans secured entirely bv preterentiat claim n the 1925 c¢rop,—in the same mauner as (b) above. (5) Proviled that all loans may be re- paid at any time before maturity if the recipient so desires, (6) In the case of persons who have received loans under the Orlinance ap- proved 23 December, 1922, wnich are un- paid to Jdate, their appiications shall be passed upoa in precisely the same men- ner as those of other parties for the par- pose of de crmining e amount which the Government would be warranted in loaning übon the security oifered and the rehiabiiity of the applicani: ihe old loan being considered zs a haiiity of the applicani. The Municipal Committee suatl then recommend (he net amount which, in its opinion, the LGovernmeat would be warranted in loaninz under the provisions Jf this ordinance, and in sach cases the procedure shall be that the old morigage bond shall be cancelled and a new morteage bond entered inty repre- senting the sum of the old ivan with ae- crued interest tinereon plus the amount o' the new loan. (7) The party receivinga loan binds himselt 1o submit to such control of the management of his estate, and the area anc. condition of his cane fields, as the Government may consider recuisite, (3) The party receiving a lsan wholly or 1 part against preferential cialm and securliy 1n the crop, binds btimseif not to dispose of any part of his crop, unless with the consen. ol ine Guv=rament, uae tis the amoual of suen’loan wiin acerued interest, snall have been repaid and he farther submits himself to suca restrie- tions as tne Government may consider nec¢assary. {9) Loans made pursuant to the provi- sions of this Ordinance must ba applied exclusively 1o the furthering of the culti- vatinn of sugar eane, and should any par- ty having received such loan be found to have applied the proceeds to other pur- poses, the loan mav be catled at once and no fu-ther lean may be granted such person. Any attempt at disposing of the crop in contravention of the provisions of thisparacraph and of paragraphs 7 and 8 hereof, shail have the same conse- quences. 10) No person receiving a loan under this ordinancs shall eur his eane without first notifying the parson whom the Colo- nial Council shail appweint tor that pur- pose, 11) Should the available {funds ander the Immigration Fund be nsuafficianit to finance loans aggrecating the amoun’ spe- cified in paragraph ohe (1) of this ordin ance, such addition:i amoupts as may be necessary may be iransferred from the Leserve Fund to the Immi ration [und and the Reserve ~und shail be reim- bursed as loans are repzic in such man- ner that the Reserve Fand shall be fully reimbursed before repavments accrue to the credit of the Immigration Find. (12) To assist ir ecarrying out the pro- visions of ihis Ordinance there shall be appointed by the Colotial Council four (4) men, two from each Country Dis- trict, Thus duly passed at the 4th Ordinary meeting of the Colonial Council held Mnnday, December 17, 19.3. D. S. ARMSTRONG, Seeretary. ROBT L. MERWIN, Chairman, The above Ordinane-2 1s hereby sanc- tioned and approved in whaoie, Witness my hand and the Seal of the Government of the Viegin lslands of the United States this twenty-fourta day of Necember, 1923 PHILIP WILLIAMS, Goverior, (SEALL.) OUR REW iNDUSTRY. Plain Cheese AND Kommen Flavoured Cheese can now be had at the Dairy at 32 cents a poune.