The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1886-07-23

three last speakers were dishonest, |
or they had not read this bill. II
they hao read he bill they would
have seen IN see ian - that debts |
unsecured by ;iuso deed, ETC., owing
to residents of tine kingdom were TO
be deducted Therefore, there was
no double taxation in the illustration
of the hon. member for Makawao.
Mini-,et Da C w2s glad 10 believe
that this was The strongest poin, he
three gentlemen who spoke against
the section had, rs he JUDGED WAS
the case from the unarimit~ with
which they fell upon 8. He was
pleased ut this because their objec-
ton was so easily disposed of as it
was by reference to subsection 6
of section 10.
Rep. Richardson supported the
amendment but on different grounds
from the mover.
Rep. Dole said that under sec. 10
man could only deduct debts when
he had no credits.
Rep. Hayselden-lt is not so.
Rep. Dole-It is so.
Rep. Hayselden-I say il is not
Rep. DOLE say it is so.
Rep. Hayselden-It is nothing of
the kind.
Rep. Dole said it did not do for
the hon. member for Honolulu to
lad thoo, to hoI;oyo thot Tho hill dill
not say what was printed in it, be-
cause this was the most confused,
mixed-up tax bill he ever read. 1t
said more than that, because all
credits could not be deducted in any
way. He proceeded to read the
subsection first complete and then
leaving out the qualifying and par
enthetical phrases to show what it
really did say.
Rep. Castle had heard thai the
Minister of Foreign Affairs wcs a
great financier, and would like to
hear his views on this bill.
Minister Creighton said lie was
learning great many things at
present in sitting, listening to the
discussion.
The amendment carried.
Rep. Richardson moved the sec
ton pass as amended. Carried.
Sec. 3. That Sec. II of said Act
be and the same is hereby amended
so as to read as follows: ''Sec. II.
All Fire, Marine. end Life Insurance
Companies carrying on business in
this kingdom, shall pay for and in
respect of every one hundred dolial S
received by such companies, or their
agents, respectively, for premiums
during the year preceding the assess
ment, the sum of two dollars; and
such companies shall not be charged
with any other taxes or duties under
this Act
Noble Bishop said 1t might seem a
small thing to increase the taxes on
insurance companies, but insurance
had not been profitable business in
Honolulu to the companies. The
general agents said rates were lower
here than in San Francisco, were in
fact too low and ought to be raised.
The effect of Two percent tan
would be to make insurance more
expensive to the people.
Rep. Hayselden was not surprised
at the hon. Noble advocating tho
case of the insurance companies, as
his firm realized II great deal in com,
missions from them. The business
of foreign insurance companies here
was large-probably between two
and three hundred thousand dollars
went out of the country in hard casl
every year for insurance. Those
companies did not pay any tax as
other concerns doing business here.
Liquor dealers paid thousen6
dollars; and Chinaman OF native,
carrying on q small business of {
thousand dollars year, had to pay
fifty dollars, in license fees. The
old law making insurance companies
pay one percent on their receipts
had been evaded by the companies
, Rep. Kaulukon moved an amend
ment providing that domestic com
panics should only have 10 pay ont
percent.
Rep. Castle was about to propose
, an amendment somewhat similar
which Yas to insert the wore
"foreign" after the first word OF thu
section pressed to be amended. Thi
: would exempt domestic companie
altogether.
Rep. Kaulukou accepted tin
amendment.
Rep. Castle said, in regard TO th
50 tax, it was something that strucl
3 him this way. Foreign insurance
\ companies had no property here
t so that 1t was very fair to put ia;
I on their receipts; but why shoul'
4, they be taxed two per cent when al
others paid three-fourths of one per
s cent? He thought one percen
should make up enough to charge il
+ lieu of a business license.
: Rep. Hayselden said the tax wa
$ three-fourths of one percent on
valuation equal to eight years rem
t tai. The insurance companies an
v nual receipts were, say, $4,000
G which would be S2,000,000 on til
same basis. If taxed at the sam