The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-09-15
Afternoon Session.
The House re-asSembIed at I:47.
u. T-N-pDnu-ung' MR.

PANNBROkERS BILL.
: Second reading of an Act to license pawn
brokers'
Mr. Thurston, on suspension of tn
rules, moved the bill be considered section
by section. Agreed to.
The Secretary being unable to find tn,
report of the committee on the bill, the
Hon. Mr.. CleghOrn moved they proceed tC
consider the bill without the. report
Agreed to.
Section l. Every person who shall carry
on or shall seek his livelihood in or by adj
vancing for interest, or for or in expecta-
| ton OF profit, gain or reward, any sum OF
| money upon security of any goods or chat
tells whatsoever, taken by such person by
way of pawn or pledge, shall be deemed
and taken to be pawnbroker within the
meaning of this Act; provided that moth
| ing herein shall be held or construed to
apply to loans or advances made on any
goods or chattels bonds, bills or other Sc
curity taken by merchants, bankers, COM
mission agents or auctioneers in the or
binary and bona fide course of mercantile
or banking transactions.
Mr.. Brown moved the words cor shall
seek his livelihood in orr be struck out and
ANY business" inserted in place
Hon. Mr.. Bishop moved as an amend
ment that the words carry on, or shall
seek his livelihood in or by" be struck out,
and the word advancing" read advance"
Mr.. Brown accepted the amendment,
which carried, and the section passed as
amended.
Section ?. The Minister of the Interior
thee f fgf bgttf99 periods OF one year to carry
on the business of pawnbroking, upon
payment of the sum of -.
Mr. Brown said the committee had rec
commended the license to pass at $3.50
year.
This amount was inserted and the sec
ton passed as amended.
Section 3. Every such license shall be
issued upon these express conditions set
forth in such license:
That the person receiving such license
shall not charge or receive interest at the
rate of more than four per centum per
month for any loan under twenty dollars
nor more than two per centum per month
for any sum above twenty dollars, nor exact
any other gain, profit or reward by charg-
ing commissions, discount, storage or other
charge, or by compromising or by any
other device increasing such interest.
That he shall not sell any article pledged
to him and unredeemed within six months
after the last day fixed by contract for the
redemption, nor make any such sale with
out publishing in a newspaper published
in Honolulu at least five days before such
sale notice containing list of the articles
to be sold, and specifying the time and
place of sale.
That he will disclose to the pledgor or
his agent the name of the purchaser and
the price received by him for any article so
pledged and sold.
That he will keep register in the Eng
lish or Hawaiian language and enter in
such register the date, duration, amount,
rate of interest on any loan made by him,
an accurate description of the property
pledged the name and residence of the
pledgor, and will deliver to the pledgor
copy of such entries and will also enter in
such register an account in writing of all
sales made by him.
That he will produce for inspection his
register and exhibit all articles received by
him in pledge and his account of sales to
any officer authorized under a search war
rant to search for property or holding an
order of a magistrate directing such officer
to inspect such register or such articles
pledged or such account of sales.
That he will notify the Marshal of the
Kingdom or his deputy of any offer made
by any person to pledge any articles which
said licensee has reasonable cause TO Sus-
pect of having been stolen.
Mr. Brown said the committee recon-
mended that the first subdivision be
amended to read as follows: That the
person receiving such license shall not
charge or receive interest at the rate of
more than two per centum per month for
anv loan under one hundred dollars nor
more than one per centum per month for
any sum above one hundred dollars etc.
Agreed to.
The honorable member said the commit
tee also recommended the word five in
subdivision be amended to read ten. ~
Agreed TO.
His Excellency Mr.. Dare moved re-
consideration of the vote by which the
first subdivision was passed. Agreed to.
His Excellency said this bill was enacted
for the purpose of doing away with the
abuses of the money lender. He was of
the opinion that the percentage was not
sufficient to induce any one to take out a
license, and that the bill would defeat
itself The object of the bill was to stop
the business of pawnbroking from being
carried on surreptitiously, and to confine
il within legitimate limits.
Mr. ThurstOn asked what rate was
charged in San Francisco.
His Excellency Mr. Dare said the pres