62 G CATTLE AND DAIRY FARMING. 



become SD important that legislation for Its encouragement and devel- 

 opment has been resorted tu, and a certain interest guaranteed by Gov- 

 ernment upon all capital invested in factories -. .'fro/en carcasses. 



1-Yr instance, in this Republic, Uruguay, it ):.;> been lately enacted, 

 in order to assist the development of the expor: of meat, that the state 

 will guarantee an animal interest of (I per ccnt.vipoii all companies that 

 shall establish themselves within the JJepubliu in; rhe. purpose of ex- 

 porting fresh meat, with a capital of not less tha:; ^500,000, to be in- 

 rreased to 7 per cent, when the capital is not U,? -in 83,000,000, the 

 total eapit:il to be thus guaranteed. however, no> to -.\ceed 80,000,000. 



This guaraniee is subject to the following eordJ: :;!>>: 



(-1) No guarantee to be granted until theproposer>i>al! have deposited 

 in one of the banks of the capita! a- sum equal ;c i p^r cent, of the 

 .imotint of capital upon wliich the guarantee is aske,}. This deposit 

 may be made in coin, or in Ura^uayau bonds atthe market value, or iu 

 real estate. In this last case the, ov/ner still to receive tho revenue de- 

 rived from such property. 



(5) o soon as the company satisfies the Government that work has 

 been done in the country equivalent to the amount of deposit, such de- 

 posit to be returned. In the event of the enterprise not being carried 

 out within the legal period stipulated, the deposit shall be forfeited to 

 the state, in accordance with article 1-1. 



(>) llefore any payment can lie made on behalf of guarantee, the com- 

 panies must satisfy the Government that they have complied with the 

 following conditions : 



(a) That they have employed, in the country iu constructive works, on 

 laud and aiiu.it, a capital of not less than 100,000, if acting under 

 article 1, or of $300,000, if acting under article 1*. 



(b) That; thv annual export has actually amounted to a minimum of 

 ir>,ouo head of cattle or 120,000 sheey for each j?.~00,000 of capital. 



(7) The guarantee to b-.3 granted upon the capital actually raised for 

 these enterprises, including that employed in the construction of estab- 

 lishments in the country and also the, working capital in circulation. 



(%') This guarantee to be granted only once, and in no case will the 

 duration of the guarantee exceed ten years. 



(!)) WJieii the companies earn more than 10 per cent, per annum they 

 will be liable to refund to the. Government the excess until they shall 

 have repaid any sums received to make up the guaranteed interest. 



(10; The executive, power is authorized to sanction the operations of 

 the companies "n such localities as they may select for the establish- 

 ment of freezing depots, when these, do not act to the prejudice of other 

 interests, and conform to the law of tho Kepublic. 



(11) The steamers of the companies will enjoy packet privileges. 



ML') Companies will be, at liberty to give in; the guarantee at any 

 time, provided they repay to the. state all sums received as guaranteed 

 ii'tcivst. AVhcn this is done, the oilicial inspection of their operations 

 \ ill cease, but all their other privileges will con: ^me, as before. 



fl''0 in case )i:e state be, called upo;, ro make up I he interest to the 

 guaranteed r:ite. tin* executive power is aiitiiori/vd by this law to take 

 li : sum reijiiired out of the general revenue uM !te country, and in case 

 of there not being sufficient fiiuds, it will at, oiu.v j:;v)]iose K> the, legisla- 

 tive, body to grant the sum necessary for payment. 



(1 lj The executive power is hereby authoj:/rd to concede at once 

 guarantees to the company or companies which, in its judgment, are 

 pi. -pared to fulfill the conditions laid down in this la\v, but cannot allow 

 more than two ye, us for the installation of the works. In the event 



