The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1871-11-04
TIE PACIFIC
Commercial Ab6erttsfr,
SATURDAY, NOVEMBER 4.
Retrenchment.


The question as to how far and in what manner
the total failure of the 50 fall season. will affect
the business prospects of Honolulu, has been
pretty thoroughly discussed and is quite well
understood. While the pressure will undoubt-
edly be heavy upon many, yet the wise counsel
prevails of patiently and calmly doing the best
under the circumstances-of bearing and forbear-
ing under the unexpected general stagnation of
business. Practical and watchful economy must
Of course more than ever recommend itself to
the study of all, as a stern necessity for a year to
come. Our importations of foreign goods during
the past summer and fall, have been unusually
heavy, and the balance of trade must consequently
be largely against US. But the customs receipts
are, as a matter of course, considerably IN excess
of the previous year, and we believe will be
found to exceed those of the previous correspond
ing number of months in any fiscal year of the
past ten. And this brings us to the consideration
of a question of great importance to the country
at large. In what manner and to what extent
will the business reverses under consideration
affect the public Treasury?
The customs receipts for the year 1870,
amounted to the sum of 1923 ,815.75. In view
of the increased importations of goods which
have paid duties, it is fair to set down the re-
ceipts for the present year from that source as
considerably above those of the last. We are
aware that there are large stocks of liquors IN
bond in the Custom House stores, and considera-
BILE quantities of whalemen's supplies in the
same condition, but these do not in any way
enter into the calculation. The Treasury how
ever, has received the cash for the duties on the
large stocks of goods with which the stores, both
wholesale and retail of our city, are filled. The
natural result of this hopelessly crowded condi-
ton of the market will be to stop all importations,
beyond actual necessities, for a long period.
And in consequence, this source of supply for
the revenue will be cut off to such an extent as to
render the customs receipts for a year to come
comparatively nominal. AS the public revenue
is largely, if not principally derived through the
customs, it will be seen that the Treasury, after
all, will ultimately feel the effects of the loss of
the Arctic whaling fleet more sensibly than will
the public at large. So that the lesson of econ
omy should come home with extra force to the
Ministry, who must be held strictly responsible
for the prudent management of the public finances.
Just at this ~juncture it would seem that ordinary
prudence should dictate retrenchment of expend-
itures in every reasonable way. No large or
costly enterprises should be undertaken, the
pressing necessity for which is not clearly appar-
ent. 1t is proposed however. as the government
organ condescends to inform us, to at
once the erection of a large and costly building
for government Offices. The outlay for this has,
it is true, been provided for by the last Bill of
Appropriations, and under ordinary circum-
stances, the Ministry would be justified in pro-
ceeding with the work, and indeed it would have
existing state of things, and the prospective con-
dition of the finances, coupled with the fact that
the pressing necessity is not apparent for these
new government buildings, the sounder policy
would seem to be to postpone for a year at least,
the proposed expenditure.
Another though not SO serious a direction in
which the scarcity of money will affect the gov
eminent receipts, is to be found in the difficulty
which the common people are already experien-
cling in raising the money wherewith to pay taxes
now due. With some it is always a hard task to
together the five or six dollars to meet the
tax collectors demand, but the present year, with
that class of the people, it will be more difficult
than ever.
Unless retrenchment is at once made the rule
by the Ministry, the prospect is, that a year
hence will find US with two fine buildings to
adorn the capital city of the Kingdom grand
hotel and a grand government house,-and an
empty treasury. Then, should an emergency"
arise, we must-JOrrOD, ON the best terms we
IAN get.