The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1886-09-07

street and Nuuanu street thence easteriy along
King street and the WAIKIKI road to kapiolanl
Park; from the aforesaid junction along King
street westerly to MoanaiGa; from the aforesaid
junction northerly along Nuuanu street to the
Pail. Also, from the junction of Judd street with
Nuuanu street, along Judd street to Lilha street,
and along Liliha street to its Junction with King
treet Also from the junction of Beretania street
with Nuuanu street, along ]ieretania street to
Punahou street, and along Punahou street to Ma
noa road, and along keeaumoku street, from
Beretania to King street. Also from the junction
of Alakea street with King street, northery along
Alakea street to Beretania street, and southerly
along Aakea street to the mauka side of the street
along the water 'front.' and along Allen street to
| the Custom House"
| SECTION . Section of Chapter XXXIy of the
Session Laws of 1884 is hereby amended to read
as follows
"Section 6. Said William R. Austin, his asso-
ciates and assigns successors shall be required
by the Minister of the Interior:
" "Firstly-To construct the railway in such man.
will cause the least obstruction to the free
use of the streets in which 1t may be laid down.
"Secondly-To construct said tracks, as nearly
as possible, the middle of the said street unless
otherwise directed by the Minister of the Interior.
"Thirdly-To pave or macadamize the entire
length of the streets used by his or their track
between the rails and between the track, if there
be more than one track laid; and to keep the
same constantly IN repair flush with the streets
and with good crossings; such materials shall be
used in such paving, macadamizing or repairing
of the Interior.
Fourthly-That said track snail not exceed in
width sixty inches within the rails. The rails
used in making such track will be fiat rails only.
No L rails to be used.
''Fifthly-That in laying down the track not
more than one block shall be obstructed at any
one time, nor for longer period than fifteen
working days.
"Sixthly-That the cars must be of the most
approved construction for the comfort the conven-
fence and safety of passengers.
"Seventhly-That the said railway must be
completed and equipped and ready for the trans
portation of passengers within two years, and if
not so completed within the said two years then
all rights hereby granted shall terminate and the
franchise hereby granted shall become void and
of no effect. Provided that for such portions of
road as shall at that time be completed and
equipped as above required the right herein
granted shall stand and be of full force and effect.
"SEcTIoN 3. This Act shall take effect and the
time named in section 2 shall begin from the
passage and approval of this Act"
"SECTIoN 4. Whereas it appears that chapter
"a of the Laws of 1884 has expired by its own
terms, the said chapter as amended by this Act is
hereby re-enacted.''
Dicussion now ensued ON the Loan Bill the sec
ond section being presented for consideration as
follows:
''Section 3 Said bonds shall be exempt from
any taxes whatsoever, and shall bear interest paw
able semi annually at the rate of six per centum
per annum and shall be redeemable not less than
ten nor more than thirty years after the date of
their issue, the principal and interest to be paid in
gold coin of the United States of the present
standard or its equivalent"
Representative Dole moved that the word I" ten"
be changed to tve," and the word thirty read
90 twenty" Agreed to.
Hon. ]. E. Bush moved that after the words :" at
the rate of " be inserted not more than" Agreed
to.
Representative Brown moved to strike out the
words " of the present standard" Agreed to.
The section then passed as amended.
SECTION 3.-Sald bonds shall be signed by the
Minister of Finance and by the Registrar of Public
Accounts, and sealed by the seal of the Depart
ment of the Minister of Finance, and shall not be
issued at less than their nominal par value in gold
coin Of the United States of the present standard
except that the Minister of Finance with the
approval of the King in Cabinet Council, may
allow commission not exceeding five per centum
to any person or syndicate which may negotiate
said bonds; provided, that such commission shall
not be allowed for any bonds substituted for bonds
issued under the Act, entitled An Act to author
such loan shall be devoted, approved the 9th day
of August, A. D. 1882.
The Minister OF Interior moved the section be |
amended by striking out from the word pro-
Yided " to the end.
Representative Dole favored the Hon. Mr. Cleg- |
horns amendment, but opposed that offered by |
His Excelency Mr.. Gibson, as it struck out the |
respectable part of the section 1t was an entirely
new thing for this Government to pay commits
sion for negotiating bonds, and also to 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 illustration, the Minis
terS had changed their minds twice about loan.
There was no need of their paying 100000 for the
negotiation of a loan of $2,0000OO. They should
not borrow money if they had to pay commits
sion. They had heard that great deal of money
lad been sent out of the country for Investment.
About 100000 of this loan would be taken up
Dy people of small means. The amount of con-
idence in the Government might affect the rapidity
With which this loan would be taken up. There Is
bora in alulu Iha iAacf for
he expenditure of $1,000000. They did not want
o see any money thrown into the hands of favor
ties. He expected the Minister of Finance to
negotiate loans that is what he is paid for. There
vas no reason for their paying out one per cent.
or commission.
Hon. A. S. Cleghorn said that New South Wales
egotiated large loan at 81 per cent. and sold
heir bonds at Sc and 81, The per cent. bonds of
lew Zealand are quoted at lO3, and the per cont.
1 49, He thought if they paid per cent. they
ertainly should not pay any commission. 1t
ooked like a source of weakness instead of
trength for such thing. When the Government {
hows its measures there will be no difficulty. In
uttng in this l per cent commission, it Is for {
Ome one to get hold of it.
The Minister of Interior said thatif these bonds
ere placed in the domestic market there would
OF be need of any commission. But that may not
g the case and so there should be some provision I
Ir a commission at the discretion of the Minister 5
Finance to borrow i'll a foreign market. After C
lapse of two or three months, If the loan was Il
ken up redulIyy there WOuIu Oe Ho neeu W Doi d
w from abroad. He would present the following =
,hedule e
recall and cancel all bonds bearing and
per cent interest issued under any Act Of
Loan. and TO nav interest in the same... 900
of immigration. 21OOOU !;
Onoluu Water Works. 15,OOO
wera0e of ......-.... 1OO, 600 C
lprovement of the h9rbor of Honolulu and Il
Tor new wharyes. ;.-.-.;-.-.;' oooouV Il
ypys of tbc !; Kinodom 1000
terisIand cable communication - 25OOOO o
idres and Iandings - ..-......... 5000 p
ghways across island OF Oahu (Pa road).. 1oOOO b
payment of special loan an............. 15O 600 Il
rchaSe of steam tur EIeu.....,............ $1,000
nun