The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1885-04-28
Important Financial and
Credit Institution.
Claus SpreekeIs & Co., Bankers,
Honolulu.

OF the great enterprises which form so
marked feature of modern industrial de-
velopment. Commercial speculation,
which involves vast combinations and enor-
nous credits, is only possible through the
agency of modern banking. And just in
proportion, as the banks combine a liberal
policy with conservative methods, will the
industries and business of a country in its
varied forms progress. Commercial panics
are almost invariably the result of specula-
tive banking. But there is quite as much
evil to be apprehended from narrow and eI-
elusive banking policy there is in specu
lative banking. In the latter case the evil
soon cures itself, and the injury is apparent.
| In the former case the evil is not disclosed
in any special way. 1t discourages enter
prise, grudges legitimate accommodate ton,
and uses its control of credit to Cypress and
punish those who may happen to fal! within
| the range of its displeasure or suspicion.
This kind of banking produces what may be
described as commercial mildeW, which can
only be removed by the attrition produced
through healthy competition and more
discriminating intelligence. 1t is rs bad
for a bank as it is for community in which
IL uOeS business, 10 De nlUG-DOuuu DN pTSlu-
dice or paralyzed by timidity.
These remarks fall in naturally, III ii gen
eral way when we are called upon to chron-
icle the establishment of new banking
house in Honolulu. This undertaking is at
once sign of progress, and recognition of
the fact that the business and industrial
interests of these islands have grown too big
to be satisfactorily cared for and managed
through single banking institution, how
ever solvent, respectable, or accommodating.
The opening of the
BANKING HOUSE OF CLAUS sPRECKELs 4 co.
Is the beginning of a new era of progress and
development in Honolulu. That which
might not be prudent for single bank to
encourage, may very we'll be undertaken
and proftably carried out when the bank
ing business is broadened, and the aggre-
gated capital at its disposal is largely in
creased, by the addition of a second bank.
At this period of business depression, more
especially, the effect of opening new bank
should be good, as tending to restore conf
dence among all classes. 1t places at the
disposal of the trading, producing and in
vesting classes the credit and resources of a
/
sound business principles; but this single
fact alone, that this rich and enterprising
firm has established a commercial bank,
combined with a bank of savings and de-
posit, in Honolulu, at time when private
and public credit were jointly attacked by
agencies which should have strengthened
instead of weakening them, is an evidence
of the soundness of the trade and industrie
of the Kingdom, which financial institutions
in the States and elsewhere will not be slow
to recognize.
THE BANK OF SAVINGS AND DEPOSITS
Will open for business on Monday, May 4th,
in the capacious new banking premises in
the Spreckels block, Fort street. Honolulu.
The office set apart for the business of the
bank is an apartment 60 feet long by 40 feet
wide, and about II feet in the clear to the
elegantly panelled ceiling. The public en-
trance is from Fort street, and the paying
tellers will occupy desks at the right side of
the Office from the entrance door. The
office is fitted up with massive and elabor-
ately carved and polished counters, topped
with black walnut. The design and work
manship reflect credit upon Mr.. Geddes,
/ tDS dTCullSCk VI lhS DhlAOAL5, dll0 III SohAA
of San Francisco, who executed the grain
ing. At the rear of the public Office is the
Directors ROOM in direct communication
with the private offices of Colonel SpreckelE
and W. G. Irwin, Esq. There are two fire
proof vaults made of heavy boiler plate
iron and encased in solid masonry. One of
these, intended for the storing of books and
documents, is lined with Port Oxford cedar,
the smell of which is pungent, and keeps
away moths. By the next steamer from
San Francisco there will be received one
of McNeale & Urban's solid steel, burglar
proof safes, weighing about three tons.
This burglar proof safe (for which Mr.. C. o.
Berger is AGENT is to be placed in the second
fire-proof vault, in which will be deposited
all coin, bonds, etc. There is a storeroOm,
lavatory, etc, and the counters are fitted up
with an almost endless succession of
drawers shelves and recesses for the con-
! Venience of the clerks in the transaction of
routine business. Desks will be set up in
the public area of the bank for the convent
ence of persons doing business there.
CAPITAL AND SECURITY OF THE SAVINGS BANK.
Outside and beyond the security which
Messrs. Claus Spreckels & Co. give to de-
positors, that firm has lodged with the
Hawaiian Government $500, 900 in Govern
ment bonds, to guarantee the capital of
their bank of savings and deposit, which
amount-S20O, coos the guaranteed capt.
tai of said bank. This deposit cannot be
withdrawn during the continuance of the
bank Indeed, his E1cellency the Minister
of Finance, notifies intending depositOrs of
that fact in his official receipt acknowledge
ing the deposit, which is printed in the first
page of the bank deposit book. In it the
Finance Minister says: ''Said bonds are to
be redelivered by myself or my successors in
Office to Claus Spreckels 4 Co., whenever
said bank of deposits and savings ceases to
/ do business, and 30 per centum of the de-
posts entrusted 10 said bank are repaid
into liquidation' This is the most ample
security for a banking capital that could
be desired and is in effect similar to he