The Hawaiian gazette., 1874-07-29

interest at the rate of - dollars per centun per
annum payable half yearly and shall to the amount
in the Treasury Of the Kingdom not otherwise appro-
priated Provided always that when the said loan
Of $1,000 be redeemabc at the expiration Of ten
years from the expiration Of the date thereof and to
the of $500 goo shall be redeemabe in twenty
years from the date thereof all Of such debentures
and the interest thereon shall be payable in specie in
Honolulu, the Island Of Oahu, of the said Ha.
waiiau Islands, or in such other place and places,
country and countries as the Minister Of Finance for
the time being Of the Hawaiian Kingdom may deem
advisable.
authority bereinbefore contained shall be and be
deemed to be primary charge upon all the
Of the Kingdom Of the Hawaiian Islands from what
arising which shall be subject to the
troll Of the Legislature thereof and all interest there
on and the principal when due shall be paid by the
Minister of Finance for the time being out Of such
under be signed by His Maje>tY
the King in Prvy Council in priority Of all demInds
5. All dehentures made out and issued under the
authority hereinbefore contained sha, be in the form
forth in the Schedule hereto they shall bear date
on the day of the issuing thereof they shall signed
by the Minister Of the Finance, countersgned by the
Registrar Of Public Accounts, and sealed with the
seal of the Treasury Department of this Kingdom !;
they shall be numbered automatically beginning with
the number and SO proceeding in an ar:hmetical
progression wherein the common difference shall be
one.
6. The said debentures shall be payable to the
arers thereof and shall pass by delivery only aud
without any assignments or endorsement and the bear
shall have the right and remedies if he
were expressly named therein.
Z. The Minister of Finance for the time being,
may under such regulations at such times and places
in such sums on such conditions ana in such manner
His Majesty the King in Pryy Council may direct,
offer to be offered for sale such debentures.
S. His Majesty the King in Privy Council may
authorize the whole any portion of the moneys to
he raised by the sale Of debentures to be issued under
the authority herenbefore contained, TO be negotiated
contracted for by agent agents to be appoint
cd on behalf Of the Hawaiian Kingdom.
9. All moneys raised under the authority herein
before contained shall be paid into the Hawaiian
Treasury and shall be by the Minister of Finance for
the time being placed 10 the credit of to be
called The National Loan Account " to be applied
to the purposes hereinbefore specified in
ceeding the amounts and in the manner hereinafter
mentioned, that is to say:
l. For the erection Of buildings for government pur
poses a sum not exceeding dollars
H. For the promotion Of steam navigation between
the islands, sum not exceeding - dollars;
III. For the aid of immigration sum not exceed
- dollars;
". For the promotion, assistance, and develop
ment of the agricultural and other productive
and interests Of the islands, sum not exceeding
dollars
10. His Majesty the King in Privy Council may
appoint Board consisting Of at least three per
sons. one of whom shall be the Chancellor or Vice
Chancellor of the Kingdom, with full power to ad-
vance all OF any portion of the money mentioned in
Part " Of the last preceding section any resi-
dent or residents Of the Hawaiian Kingdom on loans
secured by first mortgages real estate on plan
taton machinery and effects situated in the said
Kingdom, growing crops, the produce of the
the soil thereof and His said Majesty in Privy COun
Gil aforesaid is hereby authorized from time to
time to make all necessary rules and regulations for
making such advances, obtaining such securities,
aiizng upon the same, and releasing the mortgagors
their respective estates therefrom provided always
that such loan shall exceed onehalf Of the market
value of such real estate, machinery and effects
growing crops, as aforesaid, nor be advanced for q
greater period than FIVE years nor at lesser rate Of
interest than eight per centum per annum.
IL. His Majesty the King in Privy Council may
from time TO time authorize the Minister Of Finance
to re-purehase the said debenures to the Of
such moneys the Legislature of the Hawaiian /
Kingdom may by any act appropriate for that pur /
pose; and all dcbentures so re-purchasel shall be |
forthwith cancelled and shall not be re-sold under any
pretence whatever.
10. That all securities received or taken under OF
in pursuance Of Section 10 of this Act, aud the 1
moneys 10 he derived from the same rs well interest |
by the Minister of Finance for the time being and be
applied for the express purpose OF liquidating the
loan authorized by this act.
Is. The Minister Of Finance for the time being I
"t aft''Ae -" hSNNSs"t9 agents ANA but purposes VI
negotiating and accomplishing this loan for trpnsmit-
ting the amount thereof to this Kingdom, and for the
payment Of interest when due thereon and the said
Minister hereby authorized to pay the said agents
'uch reasonable compensation for their services he
may deem fit, and also to pay exchange discount aud
,ther incidental expenses which may reasonably be
incurred in the premises any of them all of which
expenditures may be paid by him out Of any moneys
IT such portion thereof may be requisite shall have
,een accomplished, all such expenditures shall be
charged to the account thereof.
Schedule.
Hawaiian Government Debenturc-The National
Loan Act lS74-Transferable by delivery-Under
the authority Of the National Loan Act, 1874.
This debenture entities the bearer to dollars in
pccie on the - day of - Is, which, with interest
hereon, at the rate Of - dollars per centum per
nnum is hereby secured the consolidated revenue
{ the Kingdom Of the Hawaiian Islands. such inter
st being payable half yearly on the first day of
anuary and the first day Of July in every year
dividend coupons for which annexed) at
Dated this = day Of -, 1874.
~ A. B.
&c