MAURITIUS.

Otago Daily Times, Issue 94, 5 March 1862, Page 6

MAURITIUS.

PAIT.ERE 6i; TUE SUGAR CIIOPB. The following'extract from the summary of news of the Oderland Commercial Gazette, shows that the stale of affairs consequent upon the partial failure of the sugar crop has not improved :— . -. '-'The commercial embarrassments that must inevitably accompany the heavy reduction in our crop have continued. We have other failures to be adiied to those mentioned in our last. But there is a spirit of conciliation prevailing, which shows a confidence in the future and a conviction, that the dangers which have assailed the nericultural interests are but temporary.. Time will prove how far this opinion is well founded, but we ara afraid there may he too much reliance in the future on the part of many who /are largely interested. Estates that have only produced one-half or twothirds of the quantity of sugar expected, that were already mortgaged ifor part of their value at the heavy interest of nine per cent., and have been keptin cultivation with borrowed capital at a still higher cost, will require some extraordinary good fortune to recover a normal position. Tliere are some ofthe proprietors who will be obliged to give up their estates ; there are others who wiil resist the shock without cntailicg any great loss on theu- creditors ; whilst others, more fortunate than either, will realise a profit. We need not add that the latter-are xery few in number. Where time can be accorded in th* hope of recovery, creditors.generally show great willingness to meet the wishes of their debtors, hut the difficulty lies in deciding whether.the time accorded will be advantageous to one or the other. In our last Overland we mentioned the suspension of payment by Mr. Ange Hardy, joint proprietor of four estates, and manager ofthe wh.ole. The produce of these estates will he reepfvecl', estimated at 25,000,000 lbs. of sugar, will, it is expected^ be more than sufficient to pay the expenses to the 31st January, and the proposal was to leave their management under tlie control of trustees until that time. The representatives of Mr. Roluerbo—a large creditor, who had made advances o be reimbursed by the consignment of sugar ibjected to this arrangement, considering that tht mgar should be disposed of for his benefit alone. A late decision ofthe Supreme Court encourages ;hese pretensions, though in that case none of tlie 4her creditors intervened. Other creditor* hare lso declined to consent to the proposal.''