MR. GIBSON BOWLESI beg to ask the Secretary of State for the Colonies can he now state what has occurred with regard to the Bill introduced into the Legislative Council of the Crown Colony of Jamaica empowering the guarantee out of the colonial revenues of the interest on capital employed in establishing sugar factories.
§ THE SECRETARY OF STATE FOR THE COLONIES (Mr. J. CHAMBERLAIN, Birmingham, W.)The Central Factories Law, 1902 which received the Governor's assent on the 2nd August last, enabled the Government of Jamaica to guarantee interest at a rate not exceeding 5 per cent. on capital invested in any approved scheme for the establishment of Central Factories, not necessarily confined to the sugar industry. This law has been amended by the Central Factories Law 1902, Amendment Law, 1903, which received the Governor's assent on the 1st April. This limits the rate at which such interest may be guaranteed to a maximum of 4 per cent. Instructions have been issued to the Governor precluding the entertainment of any scheme involving a guarantee of interest at any 9 rate higher than that which the Government Inscribed Stock bears in the London market. No action has been taken under these Laws.