The Hawaiian gazette., 1868-04-22
IV.-PURLIC DEBT.

Funded Debt ................. S 9s $50 90
School Fund 2O928 IS
Salaries due and unpaid ................... so
Total .sI2ogI5 %
Of the Funded Debt there will fall due within the two
which will easily be paid from the ordinary
enue and the of unpaid salaries $50 so
will be paid on demand probably, in few weeks.
These two items amount 1912 90
But the School Fund hardly be included the Public Debt
It. consists OF the proceed: Of property originally hed Tor the Pene-
time time An equivalent the interest this
tiona n2ro SbS an roiation Is Ike nrnetna a. ANNUITY
to be included the ordinary expenditures Of Government But
the principal not likely be called for No safer investment
be found and the Government in justice to the cause OF Education
will always appropriate amount equal to the highest rate of in
tere safely be obtained If the of the School Fund is
deducted VIZ S2O23 49, the public debt remaining to be carried
will be s92279 5 much than half the actual cash bal
1t notorious that the outstanding Government Bonds
wholly withdrawn from the market although capitalists have
offered high premiums and ready to take at time
The credit of the Government stands high and affords the
strongest evidence of unlimited public confidence its indie
pendence, perpetuity and strength.
V-ESTIMATED EXPENDITURES.
detailed statement of estimated expenditures for the next
two years appears table E hereto appended Its aggre
gate amount somewhat exceeds what granted by the
last Legislative Assembly The proportions different and
the classification of items is somewhat changed Appopa
tons belonging the Bureau of Public Instruction have been
transferred from the Departments of the Interior and Finance
As is proposed change the and supervision of the
Police and Executive Officers of the law from the Department
of the Interior that of the Attorney General the appopa
tons arranged accordingly Some items assigned
to the Judiciary Department and those styled Miscellaneous
have been appropriately distributed Other slight changes of
obvious proprety, have been made.
His Majesys Government have incurred two expenditures
during the past year. for which they have directed the Minister
of Finance to ask indemnity.
The necessity of frequent and reliable inerand
navigation almost selevident Such result has been
cured for time by private enterprise but without
errupon and repeated changes of propreors Its unpro
abeness without aid from Government has been fully demon
srated The Rea and the charter of ntersand
navigation now held by incorporated company Their
vested monopoly not yet forfeited crisis however,
Cured recently the COmpany affairs and nothing but the
aid of the Government could have prevented suspension of
navigation and the sale of the steamer Under these
cumsances the concluded orecommend annual
subsidy of $4,000 for the term of and advance the
of $4,000 to be repaid by Withholding portion of each
monthly nstamen AT the time surrender insisted
upon OF all the monopoes and exclusive privileges OF the COM
pany take effect the Legislative Assembly approves
the action of the Cabinet Meanwhile the amount
is secured by mortgage and policy insurance upon the
sell This negotiation has been arranged the Department of
the Interior whose Minister will present bill to carry into
effect The Finance Department seek indemnity for the
amount advanced.
The case of Her Majesty Queen Dowager Kaama the rect
of His late Majesty King Kamehameha Ill., has been pressed
upon the Cabinet worthy Of settlement Attire
careful consideration it has been decided recommend
nuy $4,000 90 for each remaining year of Her Majesy
e to enable her suitably to maintain the dignity of her
allied station proporonse $2500 00) has been paid
since January l. 1861 for which indemnity is asked.
request for subsidy has been made in behalf of the pro-
prieors of the line of steamers plying between Homo
lulu and San Francisco and which subsidy from
the United States of America This deserves careful
consideration by the Legislative Assembly and favorably
regarded by the Government But the proprey of fixing
conditions to rates OF postage freight and tanspora
ton of passengers will be generally conceded At all events
the Government should demand and regular days
of departure separated by intervals of than twenty
days. The limited of this Kingdom will not warrant
perpetual subsidy but liberal bounty might be paid by In
stamen during period not longer than two years in order
the permanent establishment OF the ine Such
payment should not be regarded current expenditure but