The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-08-28
7 II Z
SATURDAY
THE LEGISLATURE.

THE LEGISLATURE.
The Legislative Assembly yesterday
disposed of the Oceanic Steamship Sub
sidy bill. The subsidy has been fixed
at 81 800 for each round Grip, and the
company is to dispatch a special vessel
of not less than eighteen hundred tons
burthen for the Coast at intervals of not
less than ten days. This is reasonable;
50 also is the provision in the bill that
existing freight rates shall not be in
creased in the period during which the
company may draw the subsidy But
the Legislature did an unwise thing in
arbitrarily fixing the freight for single
article of export. Admitting all that
was said in favor of reducing the freight
to fifty cents per bunch on bananas to be
true, it does not justify the Legislature in
fixing an exact sum. This is an attempt
TO regulate international freight in the
interest of one class OF shippers, and all
interference of this kind with the fuuc-
tions OF trade are unwise.
These remarks have no reference
or 70 cents should be charged The OBJ
lection is the same whatever the figure
may be. We have no knowledge as to
the special merits OF this particular case.
1t may be that so cents per bunch
is al. the traffic can bear, and
if so the transportation company,
which must be well informed on the sub
ject, would certainly lower its tariff to
prevent a loss OF freight, because ba-
nanas will not continue to be shipped at
a loss. 1t was contended that this is a
contract, and that the Legislature has a
right to attach any conditions it thinks
fit to the subsidy. If this view be cor
rect, which we take leave to doubt, there
is no more to be said; but we hold to
the opinion expressed by the ADVERTISER
on this question some time ago, that it
is contrary to sound business and econ
omic principles to arbitrarily interfere
with the legitimate and proper functions
of trade by Legislative enactment.
OF course we recognize the spirit and
intent of this amendment. 1t was to
bananas. This is a worthy object, and
one to be encouraged in every proper
way, but it does not seem to have oc-
CURED to the members of the Legisla-
ture, when discussing the subject yes
terday, that exhorbitant rents may have
quite as much to do with the abandon
ment OF the banana patches spoken OF
as high steamer freights. 1t certainly is
too much to expect the Chinese tenants
to pay old rents and transportation
charges on a gradually falling market
Only it was hardly fair for gentlemen
whose rent roll has been reduced by
surrender of small holdings to saddle (
the entire responsibility upon the trans
portation company.
If "fair rents" were enforced by
law in this Kingdom as they are in Ire /
land, we venture to think that the mar ]
gin of profit to the producer of bananas |
and rice would be considerably in /
creased. No such Governmental inter !
ference with vested rights would be toll /
Grated in this enlightened Kingdom,
however, and therefore it is absurd to .
cite the example of such primitive as
sembly as the Imperial Parliament OF
England, which has built up British
commerce by bounties upon exports and
almost unlimited subsidies to steamship
lines, to foster trade under the thin dis
guise of paying for mail transportation.
The Loan bill came up for considera-
ton. 1t was introduced early in the
session by His Excellency Mr.. Gibson,
and contemplated borrowing 100000
for certain specific objects, among which
was the refunding of the present bonded
debt. There was a good deal of force in
Mr.. Illusions remarks Yesterday in
reference to this point. The bulk of the
national debt is in per cent bonds, and
there is no advantage to the country in
borrowing at per cent to refund that
portion of it. But it certainly is a point
worth considering whether the bonds
bearing and per cent interest should
not be refunded at per cent, instead OF
being paid at maturity and cancelled.
1t would save interest to refund them,
and would not add to the sum total OF
public obligations.
To that extent a loan is necessary,
inless the country adopts the pay as +