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An Ordinance TO PROVIDE #OR LOANS FROM | THE IMMIGRATION FUNDTO AS- | SIST IN BRINGING THE ISLAND OF | SAINT CROIX UNDER A NORMAL | STATE OF CULTIVATION OF SU- | GAR CANE BY ASSISTING THE | SQUATTERS AND PARCELISTS. | Be it enacted by the Colowial | Coineil for the Municipality of Saint Croie in session assembled: (1) The Government of the Virgm Istands of the United States is hereoby | zuthorized to loan, on and after the date of approval of this ordinance and uniil February 28 1924, an amount not to e¢x- | eed Francs 100,000.00 of the means be- | nging to the Immigration Fund, tor the purpose of granting loans to owners of real property to enable them to turther the cu.tivation of sugak cane. Said loans | ate to be made upen security as fol- jows: (a) Upon the security of real propertv | if the applicant possesses such suffi- ciently unencumbered; otherwise (b) Upon the security of real property | plus a preferential interest jin the | erop in cases where real property s | avallable as a porton of the securi- ty,; otherwise i (¢) Upon the security of the erop by preferential claim therein. | (2) The maximum of the loan is to be fixed in each individual case proportion- ately to the area te be planted in cane and cannot exceed [Franes 125 per acre. No loans shall be made to any land owner possessing less than one acre of land available for cane cultivation. Parties | desiring loans pursuant to the foregoing | shall make a written request therefor to | the Chairman of the Municipal Commit- | tee, such request to state the amouant of | the loan desired, the real estate ol which | the applicant is owner, the encumbrances - | thereon and, if any liens exist against | the presentcr future crops, such liens shall be described in detail including the amnount theceof. (3) The Municipal Committee shall, | upun receipt of applications for loans under the foregoing, cavelully scrutinize them for the purpose of determining | first, whether it made they will accom- | plish the intent of this oroinance, and second, whetiker the security offered in the case of real property would normal- ly proteet the Government’s interest, | and where security of real property is ot offered, whether, in its opinion, the | applicant 1s suficiently reliable to war- rant the total or a portion of the loan | requested. On each application it shall | express its views in writing and submit | LT Lly 2 &) them to the Government. Tne Govera- ment reserves the right to[finally de- termine wheth=r or not the best inter- esis ol the Govzroment will pe served by granting or refusing any o:r all loans pursuant to this ordinanc-, and may waive stamp and recoiging fees in con- nection with mortgage Bonds _of Fres. 1,000 and under. (4) The amounts loaned, with inter- est at the rate of 4% per annum, are to be repaid in the following manner: (a) As regards loans made against real property onlv as securiry,—in [uil with accerued interest upon the date stated in the mortgage bond, which shall be not later than July 1, 1925. (b) As re«ards loans secured partially by real property and the balance by prefereaiiai claim in the 1925 crop, —on a pro rata basis each week, datinz fiom the first delivery of cane to the factory, in such manner that the total loan, with accrued interest, will be liquidated with the last delivery of caue io the factory. {c) As regards loans secured entirely bv preferential e¢laim in the 1925 crop,—in the same manner as (b) above. (5) Provided that all loans may be re- paid at any time before maturity if the recipient so desires. (6) In the case of persens who have received loans under the Ordinance ap- proved 28 December, 1922, which are un- paid to Jdate, their avppiications shall be passed upoa in precisely the same man- ner as those of other parties for the par- pose of de ermisirng the amount which the Government would be warranted in loaning upon the security offered znd the reliability of the applicent; the old loan being considered as a ! ality of the applicant. The Municipal Committee snall then recommend the net amoant which, in its opinion, the Governm2nt would be warranted in loaninz under the provisions Ji this ordinance, and in sach cases the procedure shall be that the old mortgage bond shall be cancelled and a new mortgage bond entered into repre- serting the sum of the old loan with ac- crued imterest thereon plus the amount of the new loan. (7) The party receivinga loan birds himselt to submit to such control of tae management of his estate, and the area anc: condition of his cane fields, as the Government may counsider requisite. (8) The party receiving a loam wholly or ip part against preferentiai claim and gecurity 1o the crop, binds himself not to dispose of any part of his crop, unless with the consen. of*the Govzrament, un- til the amount of such loan with aecrued interest, shall have been repaid and he further submits himgelf to such restrie- tions as the Government may consider necassary. (9) Loans made pursuant to the provi- sions of this Ordinance must ba applied exclusively to the furthering of the culti- vation of sugar cane, and should any par- ty having received such loan be found w have applied the proceeds to other pur- poses, the loan mav be called at once and no further loan may be granted such person. Any attempt at disposing of the crop in contravention of the provisions of this paragraph and of paragraphs 7 and 8 hereof, shall have the same conse- quences. 10) No person receiving a Joan under this ordinance shall eut his cane without first motifying the persom whom the Colo- nial- Council shall appoint for thai pur- pose, 11) Should the available funds under the Immigration Fund be insaflicient to finance loans aggregating the amount spe- cified in paragraph one (1) of this ordin ance, such additional amounts as may be necessary may be transferred rom the Lkeserve lund to the Immi rauon Fund and the Reserve Fund shall be reim- bursed as ivans are repaid in such man- ner that the Reserve Fund shall be fully reimbursed before repayments accrue to the credit of the Immigration Fund. (12) To assist i» carrying out the pro- visions of this Ordinance there shal be appointed by the Colorial Ceuncil four (4) men, two fre.n each Country Dis- trict. Thus duly passed at the 4th Ordiyary meeting of the Colonial Council held Monday, December 17, 1923. D. S. ARMSTRONG, Secretary. ROBT L. MERWIN, Chairman, The above Ordinance 1s hereby sane- tioned and approved in whole. Witness my hand and the Seal of the Government of the Virgin Islands of the United Statee this twenty-fourta day of December, 1923 PHILIP WILLIAMS, Governor. (SEALL.) OUR NEW INDUSTRY, Plain Cheese AND Kommen Flavoured Cheese can now be had at the Dairy at 32 eents a pound,