The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1868-05-09
Our National Finances.

Tie report Of the Minister of Finance, ad interim,
under the head of Sources of Revenue recon-
mends that provision DC made by the present Leg
~islature u raise the sum of 10000 per annuIn
in addition to what is already provided for, in
ease the Reciprocity Treaty goes into operation.
The probability of that measure becoming n law
il now - very small, that it may appear like idle
talk to refer to the subject Mt all and it would be
- were it not probable that new tax bills will be
introduced II the Legislature, under the above
plea.
The report suggests four modes by which in
creased revenue may be obtained:
IAN increase of the direct tax ON real and
personal property.
An increase of duties ON imported articles
not included in the Reciprocity Treaty.
"a system Of excise and stamps duties and
increased fees for licenses.
"A tax upon incomes, gains and profits.
The present tax on real and personal property
Is one-quarter Of one per cent, or $3.50 ON every
thousand, producing u total according to the Min
istcr's report Of Si2,557.76 for the Fact two
year.. The provisional law passed at the extra
session of the Legislature Ito go into force in case
the treaty is ratified) increases the tax TO $50
on every thousand, equal to a revenue of $780,
672.2S, being an increase of over forty-fUo thou
sand fire hundred dollars per annum, from this
source alone.
In addition 10 this, there was a provisional duty
of 100 per cent. imposed on opium, and fifty per
cent. ON tobacco, cigars, &c, to 90 into force as
above. During 1867, the value of opium import
cd was about $4,000, and of tobacco and cigars
over $4,000. Taking these Ms the basis in esti-
MATING the revenue- We find NJ fellows.
Additional duty from opium, Increased from Is to 100
Adai,isnai duty from tobacco, &c, increased from is to
Additional revenue from real and PERSONAL properly. ia.Soo
Total increase a, now provided for s72,7so
According to these figures, which are based
solely on the custom-house returns for 1867 and
on the report Of the Minister of Finance, provi-
sion has already been made for an increased annu-
al reUenue of S72.750 to supply an anticipated
deficiency of 500 ,265.4. Under these circum-
stances, it is perfectly absurd to talk of further
action in the premises. There is no necessity for
any action. 1t viii be ample time to legislate on
the subject, when it is found from experience that
there is n deficiency. There has been a large bal
ance in the treasury for two years past amounting
to Over Sl60, 900, lying there Idle, amply sufi-
cient, should the revenue from any cause show a
falling of, to meet any deficiency.
If, however, it should become necessary to
provide for an increase of revenue, the third and
fourth methods proposed would undoubtedly be
the most equitable. There are persons with in
comes of from two To ten thousand dollars per
annum, who do not pay one cent. more towards
the support Of the Government than the poorest
native who pays his five dollars. Nor should a
IerSon who does a business of only a fcw thou
sand dollars Iay the same license as one doing a
business of as many hundred thousands.
Still, We question whether it is wise to make
any changes in the present system, until it lis
known how much the provisional laws now passed
will provide, and how much may be required.
There can not possibly be any deficiency during
the next two years, and for this reason, we think
it will be wiser TO Pstposc action on il till il IL
known what NAV he wanted.