The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1868-05-02

.TVDsJVE ~ ITTU " UtITTNtI TU DC ITE ETEfrI
amount ever held in specie at the close of any
fiscal period. This condition Of the Treasury is
most satisfactory, especially re the public debt
las been greatly reduced.
W.-PUEIc DEBT.
According to table co hereto appended, the
public debt On March 3lst, 1868. consisted of
Puzzled $3.50 90
Saiasir. drr All untai Ss -
%
Of the Funded Debt, there Will fall doe within the next two
shieh an,oani VII easily be paid from The oiiiiiiy ~ "
viii D. TaId On demand. probably In fw weeks.
These -oiisH1s amount o----------.---- s,6l2 50
whe. bAve the pubh aebi, iaeiuding the sehoI
,202 ~
But the School Fund is hardly to be included
in the Public Debt. IL consists of the proceeds
Of property originally held for the benefit and use
of schools, which have been paid into the treasury
from time To time An amount equivalent TO the
interest upon thi- sum l. faithfully and regularly
appropriated by Government, for educational pur-
I1-es. Such an appropriation l. like n perpetual
annuity, % be included IN the ordinary exIendi-
lures Of Government. But the principal il not
likely % DC eallei for. No safer investment can
be found, and the Government, in Justice to the
cause Of education, will always appropriate an
amount equal 10 the highest rate Of interest safely
To he obtained. If the amount Of the School
80 y - At DllllC
debt. remaining IL be carried. will lie S92. 239 IS.
not much more than half the actual cash balance
ia the treasury.
Ia il notorious that the outstanding Government
Bonds are wholly withdrawn from the market.
although capitalists have offered high premiums.
and arc ready to take more ut any time. The
credit OF the Government stands very high. and
affords the strongest evidence OF unlimitoi public
confidence IN Its Independence, pcrpctuity and
strength.
y.-EsIINATED EXPESDIIUREs.
y detailed statement Of estimated expenditures
for the next two wears appears in table (E) hereto
appended. Its aggregate amount somewhat ex-
cecds what was granted by the last legislative
Assembly. The proportions are different, and the
classification OF items n somewhat changed. Ap-
Preparations belonging to the Bureau of Public
Instruction have been transferred from the De
Iartnents Of the Interior and Finance. As il is
proposed 10 change the care and supervision Of the
Police and Executive Oficers of the law from the
Department OF the Interior to that of the AttOr-
ney Genenl, the appropriations are arranged ac-
cDrdingly. Some new items are assigned TO the
Judiciary Department, and those styled Miscella-
neOus have been appropriately distributed Other
slight changes, OF obvious propriety, have been
made.
His Najcsty's Government have incurred two
expenditures during the past year, for which they
have directed the Minister or Finance to ask in
demnity.
The necessity Of frequent and reliable inter-isl-
and steam navigation IA almost sclfevident. Such
n result has been secured for some time by private
enterprise, but not without interruption and re-
peated changes Of proprietors. Its Improbable
ness, without aid frOm Government, has been fully
demonstrated. The steamer kiEduea, and the
charter Of inter-island navigation, are now held
by an incorporated company. Their vested mon
Opoly Is not yet forfeited. y crisis, however, &C.
CURED recently in the COmIany's affairs, and
nothing but the aid of the Government could have
prevented n suspension of navigation, and even
the sale of the steamer Under these circumstan-
ces, the government concluded to recommend an
annual subsidy Of <. 900 for the term of one year,
and to advance the sum of So, 900, To he re-paid,
by withholding n portion OF each monthly install
nent. ut the same time n surrender was insisted
upon, OF all the mOnopolies and exclusive privi-
lcses of the company. To take effect in case the
legislative Assembly approves tue action of the
Cabinet. Meanwhile, the amount advanced is
secured by n mortgage and policy of insurance
upon the vessel. This negotiation has been ar
ranged in the Department of the Interior, whose
Minister will present n bill TO carry it into effect.
The Finance Department seek indemnity for the
amount advanced.
lama. the rclict Of His late Majesty. King Kane
hameha I'LL. has been pressed upon the Cabinet
~ worthy Of n permanent settlement. After care
fl consideration, IL has been decided to recon-
mend an annuity of S2OOO O0 for each remaining
year Of Her Najcsty's life, tn enable her suitably
to maintain the dignity Of her exalted station. 4
prupprtionate sum (S2, 800 OO) has been paid
sinoe January l, 1867, for which indemnity is
asked.
4 request for n subsidy Las been made IN be-
half Of the proprietors OF the line of ocean steam
err. plying between Honolulu and San Francisco,
and which now receives n subsidy frUIn the Unitcd
States Of America. This subict deserves careful
consideration by the Legislative Assembly. and is
~favOnbly regarded by the Government. But the
propriety Of fxing some conditions a. to rates Of
ia frtfptf and nffut, aF aaa.u,sr
will le generally conceded. At all events. the
Government should demand two steamers and reg
ulaT days Of departure. not s~cIcratel by intervals
Of more tian twenty days. The limited revenues
Of this Kingdom will not warrant a perpetual sub
sidy, but n liberal bounty might be paid by in
-talmcnts during n IeriDd not longer than two
years IN order To secure the permanent establish
mcut Of the line. Such 4 payment should not be
regarded a. n current expenditure. but rather as
y permanent outlay. from which advantages might
De- anticipated for years 10 come. BY an issue of
bonds, the expenditure might be averaged upon
each of the next forty years. without seriously
disturbing tire ordinary revenue.
vI.-soURCES OF REVENUE.
The condition OF the Treasury If 50 satisfactory
that. were not the existing sources of revenue liza
BILE To- great reduction, the payment Of > large
subsidy Ia ocean steamers would occasion little
inconvenience. Current and extraordinary exIcn-
ses could be met without re-ort To any new modes
of taxation. and the public debt ultimately raid.
But should the Treaty OF kcclpTOcity, already
ratified BY His Majesty. receive the sanction OF
the Executive and Congress Of the United States,
the provisional legislation OF the special session of
the Legislative Assembly will Immediately acquire
the force Of Law. and the revenue from customs
will be much reduced. The amount Of this prob
able loss Of income Is wholly cOnjectural, but the
returns from the sources provided by recent legis-
lntIcn can he calculated with more precision.
The Government cannot present any estimates
more reliable than tho<c submitted 20 the legis-