The Hawaiian gazette., 1878-02-27
~ sssss 70 - As .aessy, Az iss.Aaess ia

~
- ~ , ~ - -
=. "a -, ss,,s,s'., 49,
- - .,s..,. S..,ss.,s =, N,,s.s...N l,S.s.,
-, ...s..a, s,.' sA..-.. ~ ..,'.s.s, - -
s.,ss.ss 's,.-..ss ~. 'ss,.Sss.,ss ,s -. =
- $500 :. M. Se,.,,,s.. A.. .,-.,s
:, .s..,.,s,- W. ,>ssi 49,. ..f sNs,N
- =, ~. s,..,ss ,A,,<., s,,1,,. - 80
- :, s.,,,l ,.,.rs<, - ), .s,sla - .s<,<sss
- ssxIs,,, ,e.ss.x A a.. hsn8-ss ,A,s~.a3
- -. ',--,s ,N.s -, =, ,sSrssn 49,
,,-,,..r,x -, !. ,S',ss,,'S sss,,'s ~ ,xAsA s.se
-. S',sas su,, As..l,ss ,.a sNr 4. tA.~e anx
- -,,.,.x ,es,.,,.ls tssn ,,s "a, sn.s ,..rs,,ssl
,,,,,,t, n, ,ss,sS.~s :, 49,. hn,,,,,>, ,h,ssArs
$,lSerS 49, 49,, ~, rsrsss,,s,es y,hSsh arm
ss,. ~ ,.,A 5000 S,,s,,.ss i, ~. rs,,
,.,s,. y, .ssssss3 ~ -. hp,,srAi tl,,,,S,ss
~,s,ss In s3s,,Soa ~ ms. II s,sv bp Asrae
;, ,.,S,,s sNss 49, y.lpe ~ ~, nr,,,crt, Cor its
,,O,,,ers AZ sSs.relolseys Is made nm ~ Inc lana
NrhSsh 49, ,sSs = tsx ~ three .,sr.ess II e,.
re- s,yu,. anal RAINY other sr,selcs which are
t,xes ssoNcSsslsvNs IS cars which have a
sr<esSes ssx. as, horses, ss,3 perAsps some
cher articles The fassl;sv with which \ eD,r-
,,,-ssS,., ~ shS> ,.,,rs ,,,,sls ay,ss ssh ,.x
h, srrrSsSerSas- Sts charter ana rs>s.,lySrs IL
sslf Sn.., ~s,,tls ,,arsnarshln N,,.,l,s ssea, IN
iniScass that there Mas sos,esAin- fAllAcsoos in
thi> course az reas,nSn-. S,,i ,he tsllaeV e,n-
SSsss in thSs IN s,,nr.,SSss- ,Aa, in s,,Sh csss
s-y r,,w rrO,>srtv y crcstsSa over TIA, which
: vssShle sni tsn-shle II the shsros arr tSx,
"a. thea the prSpersy which they represcnt
ana The pe~saus who own that pro,Ncrsv have
,AsSs the due prassarssoaSl share II The pablSc
sx,eases. which me Constitution reoaIves. So
I lkeuiSs ii The sszscs is taxed in the aggregate
E an; the tax Is raid bv the ofS,ers Of the cor-
Z r,rsssoa- II the real estate has beea tAxesi in
1 Snasher district. then the stsck has mid its
/ Is slrSss;v pAiS In other uroris. a one
/ .hossAssi,h interest (ous sAarSl in the plansa-
[ .soa above ia.iIeAsei. is not worth one hun
I srei aollsrs and the neal estate beside and
If the rssl estate has mid It's taxes, i, should
T be deducted in the estimation of the value Of
( the shane.
his s,Si that the shares ara TIA pr,nertv
I which the Shareholders own. ga not the neal
/ aud persoaal propsrsv of the CORPORATION. The
Z facs : that The x,SrraTasSca Is fictitious per.
I s,a corapase1 al u,anv natural ,.ers.,as. Now.
E !; i true shai the shSrshelser has no right tc
I ths corporate pr,,psrsv whilst the ecrpora,ioa
i exists. ss,i kSs only members voice in the
rasrs-sr,eos ii il. Ret how can a man 5 share
I Al anT pr,ysEsy have any value whatsoever,
sx,s,,s Win -sfsrs.,se IN TIE Srsauns AMI mn,
iaestVss,sSs OF the k,r,,usr.v in wblcl, he Is an
Z ,,.-ar ira ,,rrsis-.,s III ,ha sh.ra Is evil
I ,ssr,a ~ ~ shxrah,I.3sr's ,n,nraS,. !, : .ba
7 t;,la ,;s.; .rS ~. tha nr,nsrsy S.salf an.i
Vrhsn All he pr,,ps-sv U-tis,s ,hs. cartis.ats
rao-4sants i ,sxa.l ~ 49,, : ,,IIv tSx,A3
40 tba,hss,. ~ ~, law = sS,r,uISsb.., sni
n wbsa -, nal ,,-or.r,v M he peTsonsI
nr,r,arsr 49, -, ALLY ,.1-.i ma m Ia mr.
r.-sr ,vhS,b ~. 49, ~.,rsss,,,s hss M.
Sssr t,xai ~ viii ~. ~. - NTH !. h.pk
4r,sh.,-I-e3 :, ;Ssr,a 49, r,.,r,,x than tbst
80, :, rs,,,;r;ns- ,,;,ss \. ,.xsi -, AMI he
rs.rs- - -, - ,,-7,,IS ~ f,IsIlas h,,t r
v,,,,fi =. s}iss,ult IN 80 how "a .-rirultur,l
sSs.....tS,y nprA ,ri sir,nla s-.n = the ms
SsSs,r III N, rr,nsrtx nj ranrnsents,i nv
rfs-r -r,,,,,,3 .s,Is sr5 r,,,,,,;r..ry- rroIpcfs
nj ne ,,ebts ius \, Ss- AMI when those pro-
r,.-sSss h,,s on,,, bss~, s1,lIv ,,xsi the owners
- th,t ,,,r,,.rsv hsva rsSi tIaSr ,,,,r,rtien ,f
H. pnbiS, sx,,-nsss But II Is ssii' We must
I've sores ~ evsrv wori ~ The law. and.
shs-sf,ra IT, 49, a. =, h. tsxsi irrssra.,-
riye 81 he f.,, xhar sIl The prUperty repre-
ss1,s.i bv thoss shares has been taxed before,
Tba ,,sesriu. tlss for,,s Is 10 he sivsn 10 every
word al the law Is ! true cue. but the infer :
=acs drawn from 1t IS nos so clear. The sta
E1es does not stats that shares N computations
are 10 be taxed 10 the holders thereof Is di-
EecSs that stuck IN corporations Is to Be taxed
Is personal property, and gives no direction
Is . vhsslssS me lax Is 20 oS assessor II s'Nss
% Ne eoEFos4tlo0 @1a1 os PAld oS ths oHleeFs
q Il sSFsf2It! 20 me sA3Feaol1ess- We nave
S'ssa toseS 20 every SosN Of me Ia" Nnen we
EsaiAs SGI AnA1 1As iA~ means thAA STOCK IN
eeEporallon : 20 oS taxed Nnsh IL represents
SaE properly ~ All over aA1 ABOVE 1ilA' hlen
las already p41l the i1iI proportion reSlulred
9 Il Q! law Lei Is 'ASe srA1ias company
toE an Illustration, AMI suppose us properly
co-slsSs q es<t4ln real estate winch mas al
} Isa1y paid tax say; Tor twenty th9esA1l dol
} i@sSr IhLsS Alhlrs1 noEsSs EAl1Sd a. M'sel
I1oes4nt dollars slx hundred mules valued al
EEstss iLo..SAl.d aoiiAEs- II an! osnet taeSsl
: snail prevail, ms properly winch has 2lreAiy
sAla Is AM ~ ana ss'eeiAc AK upon e1on
; ANIMAL Soall @ eolsen 20 pay sun 1no.'ae'
1ss<Ss neat % ioEst-ssseH taoes4lsd uoii4l ;
! ms ~elL1 &c . manifest Al iAJls'lss, I'as Il
i D95 10 De adopted oy me Court, unless
? Clearly toEcsd 70 Il .! tAs WORKING OF me law
IL HAS ue=A sAla, max = lax On .ise sA@les Oh
> eoEP1EArlon Is 4 tax On rs privileges, OF, Is
I, II : soOssInss sun, o. us ir2ncnlses oui
these coEporsEloEls. nov un1sE consideration
have 10 privileges.
Again, how are these shares to be taxeS
: o.herw-iss than as Row iuiicatei7 What i
! The value Of = shsrss Ii IS answered, wha
: II v0rIi sell for in the market. that Is 10 say
!, that soma oss persia or some few psrson
night be found 20 BE- ziIIinz 10 give for il
,hSE i 10 ssy. is speculative value. Thi
: vii bss To Ezx the hepes Of men, for let IL b,
: bona IN mind ne are arguing on the zssunp