The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-09-01


mainder of the section from that point
His Excelency Mr. Gibson moved the
section he amended by striking out from
the word provided to the end.
Mr. Dole favored the Hon. Mr.. Cles-
horns amendment, but opposed that Of
fered BY His Excellency Mr.. Gibson, a 1t
struck out the respectable part of the sec
ton. 1t was all entirely new thing for thus
Government to pay commission for ne
gotiating bonds, and also 10 have financial
agents. They had better enact law as
they want it. for IN six months there
might be a change OF Cabinet. As an Il
lustration. the Ministers had changed
their minds twice about loan. There
was no need of their paying 500, 900 for
the negotiation OF loan of $1,000, 600
They should not borrow money if they
had to pay a commission. They had
heard that a great deal of money had been
sent out of the country for investment
About 500 900 of this loan would be taken
up bv people of small means. The
amount of confidence in the Government
might affect the rapidity with which this
loan would be taken up. There is money
here in Honolulu. The bill provides for
expenditures less than 100000. They
did not want to see any money thrown
into the hands of favorites. He expected
the Minister of Finance to negotiate loans;
that is what he is paid for. There was no
reason for their paying out one per cent
for commission.
Hon. Mr.. Cleghorn said that New South
Wales negotiated large loan at 80 per
cent and sold their bonds at 96 and 81
The per cent bonds of New Zealand
are quoted at l03 and the per cent at 90
He thought if they paid 6 per cent, they
certainly should not pay any commission.
1t looked like source of weakness in
stead of strength for such thing. When
the Government shows it's measures there
will be no difficulty. In putting in this 5
per cent commission, it is for some one to
get hold of it.
His Excellency Mr.. Gibson said that if
these bonds were placed in the domestic
market there would not be need of any
commission But that may not be the
case, and so there should be some provision
for a commission at the discretion of the
Minister of Finance to borrow in foreign
market. After lapse of two or three,
months, if the loan was taken up readily,
there would be no need to borrow from
abroad. He would present the following
schedule:
To recall and cancel all bonds
bearing and per cent in
terest issued under any Act
of the Legislature prior to
the date of this loan, and to
pay interest in the same $3.50. $500, 600
Encouragement of Immigration 100000
Honolulu Water Works ....... $4,000
Sewerage of Honolulu ......... 100000
Improvement of the harbor of
wharTes ......,.............. $50 900
Improvement of streets of Homo
Kingdom .......-.[ ......... 100000
ton on. .'....1.'e....."......... 10000
Bridges and landings .......... 5000
Highways across the island of
Oahu (Pali rOad) ........... $4,000
Repayment of special loan ..-... 10000
Purchase of steam tug Eleu. ... $4,000
Expenses of floating loan etc $4,000
Total ........ .......... 81, OOO, 900
The members will see by this schedule it
is proposed to relieve the Appropriation
bill of items for immigration, Water
Works, wharf improvements, road dam
ages, bridges and landings, Pail road, and
the tug Eleu. The members will readily
recognize the righteousness of swelling
the Appropriation bill beyond the re-
sources. With an estimated revenue of
50, 900 900, or perhaps $1,000 900, and an
Appropriation bill falling little below, the
NJ -
ing out what was voted in the bill. But
with a bill of So, 500 900 and a revenue of
50 800 900, then enterprises would have to
be left alone. 1t would be an independent
question whether the Ministers had funds
in the Treasury. If they wanted to pro-
mote immigration, that would certainly be
too much to add to the ordinary revenue.
Everyone would recognize the importance
of this port in relation to the commerce of
the Pacific 1t ought to be one of the best
ports in the Pacific. There ought
to be increased dOckage, and the channel
should be deepened and widened. Were
they to charge themselves with the burden
or let it alone? But if their credit was
good-and he knew it was-they could Dor
row the money to carry out this enter
prise. He was satisfied that the road tax
to he paid in the district and the unex-
pended road tax could be applied to the
roads. All this class of improvements
ought not to be charged upon ordinary
revenue, but to the credit of the country
to carry them out. The item for the tug
Eleu was proper one. With regard to the
first item, every member would recognize
the propriety of paying off this indebtedness
with a new issue at 6per cent. With re-
gard to the ; per cent commission men
toned in the section, if the Minister of
Finance placed a portion of the loan
abroad there would be need of some allow
ance. There would be no need of any at
home.
Mr.. Thurston said the Minister of the
Interior had been giving an interesting
statement, but had not shown any neces-
sity for the per cent commission. He
had given no information on that point.
He (the speaker) should expect the ?. c..
ADVERTISER to come out and call them OBJ
structionistS. If they passed this section
as it stands they would be voting 100000
for nothing. The present Ministry were
capable of doing that, as they had:paid
Irwin Il Co. s. head for Japanese. The
present Minister of the Interior gave Mr..
Spreckels the Coinage Act without war
.,,+ 80 Iau- This Minister of the Interior