The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1858-06-24
Financial Affair. of the Kingdom.

Financial AEairs of the Kingdom.
On our first page we publish the Report of the
Treasury Department for the last two years, being to
April 1st, 1858. During that period the department
has been presided over by Prince Lot Kamehameha,
Mr.. Allen the Minister of Finance having been absent
in the United States during the year 1856, and on
his return appointed to the bench of the Supreme
Court.
The receipts for two years have been as follows:
Balance on hand April /, 1855, s2s,096.s4
Amount borrowed on Exehequer Bills, 2saSooo
Balance of amount borrowed Of X. c. WyIie,- 10000
Receipts from duties, taxes and all other sources, 6os,eel,ss
Total Receipts, see7 ,1ss,o7
The total expenditures foot up, s666,7ss,s3
The Liabilities of the Treasury or Public debt is
500, 679.15. The interest on about two-thirds of this
debt is stated to be Is per cent, and on the balance
II per cent. The former rate is ruinously high, and
ought never to be paid by any government. and would
not be REQUIRED of this were the finances of the king
dom conducted in such a manner as to inspire
public confidence. We notice that the entire sum
taken at the lower rate III per cent is not a legiti-
mate transaction, but has been borrowed from another
department of the government, that of Public lnstrric-
ton, which had been authorized to create a fund by
the sale of certain lands donated for the benefit OF
public Schools. The minister appears to be impressed
with the illegality of the transaction, and calls on the
legislature TO enact a law making the permanent loan
leaal- Nv Nc v--siaos siris e~"o"veiO" mot only
illegal, but injurious to the true interests of the state.
For the present, or while the present officers may
oversee the affairs of the different departments, the
loan will be considered as just, and recognized as such,
and the interest on it promptly paid; but in the course
of time. il will be felt burdensome to have to pay the
usual school expenses and an indefinite amount of
interest in addition for the same purpose. The ulti-
mate result will be that the amount of the school APP
propriation will be cut down TO the extent of interest
Maid on its accumulated funds. The loan of public
school moneys should only be made 10 outside parties
ON rood security. We trust that no further loans Of
public funds will be sought for or made by any de-
partment of the government to the funds of the gene
raj treasury.
Among the : expenditures we see included the
amount stolen from the Custom House (So,o34,o4)
and a sum embezzed by the governors clerk, the two
amounts footing up $9,2S2.o4. We are sorry to note
these distractions, as it is a serious loss to the resour-
ces of our government. We might add to these Gums
the loss of $40, 800, set down as expended in the War
Department, which has produced as little good as
though it had been embezzled.
Passing by the minister's observations on imports
and exports, which though very sensible, are but a
repetition of what has often been said, allusion is
made to the whaling interests and the suggestion
thrown out that some legislative encouragement can
be afforded them. The exemption of seamen from
taxes is the only one proposed; but 1t appears TO US
that n more liberal mode of encouraging this branch
of business would be to allow foreigners to own In
Hawaiian vessels, as they are allowed to own IN our
soil. This would tend to invite capital to tit out
whaleships, without which seamen are not wanted
In regard to the new wharf lots, now being filled
up, it is announced that they will be sold in fee sim
pie to parties that may prefer such a title over ieas-
ing them. No prices are named as fixed upon, but
we presume some limits have been made both with re-
gard to the sale as well as the leasing of them.
The estimated receipts for the next two years are
stated to be $3.50. O2O, "a; but this income is based on
the estimate that the sales of wharf lots will only
amount to $1,000, whereas it ought to be FIVE to ten
times that amount, if anything like q liberal policy
is pursued in regard to them. IS
We notice with regret that the minister betrays a
want Of Independence in falling into a favorable ex-
preston of opinion in regard to the suicidal policy
of his ministerial associate in relation to the working
of the new tariff. He says: The ratification of the
new French Treaty too, will enable us to bring into
force, the new tariff bill passed at the session of 1856,
by which our revenue from duties will be still further
augmented" That the tariff bill has become illegal,
(notwithing the opinion Of the minister,) we endea-
vored TO show last week; and that 1t Will De injurious
in its operation, we aim to show in another article
this week.
On the whole, the report on the finances is as fla
vorable as we could reasonably expect it to be. That
the government was embarrassed we all knew; the
extent of it we now know all. But without judicious
management, our troubles will increase instead OF
decrease. We cannot omit here giving great credit
to Mr.. McCoughtry, ~(although no credit appears to
have been awarded him elsewhere) to whose devotion
and statistical ability. we are indebted in q great
measure for whatever regularity may be observed IN
the working Of the machinery of the Finance Depart
ment.
We intended to have pointed ont items in the sup
plies asked for the next two years., which might be
reduced or dispensed with, but our limits forbid us.
We may revert 70 this subject again.
IcE CREAn AND SHERRY CoBBLxsseaheads-Wt
learn that 400 tons of ice may be expected in Septem.
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