The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1892-08-05

that section, but afterwards +
ii.
Section OLA was then referred 10 the I
Finance Committee.
Section "a was stricken out, and Sec /
ton - was changed TO "a, etc.
The Minister Of Finance introduced |
three more new sections TO follow sec /
tion %.
Noble Macfarlane inquired Of the
Minister Of Finance If he Intended
still leaving the rate per cent. blank
In the bill.
Minister Widemann- No. No! No!
/ suggested per cent, but | shail
leave that TO the option Of the House.
Noble Macfarlane while favoriDg
the general proposition OF Issuing
short term exchequer bills to meet
the possible emergency occasioned by
the Postal Savings Bank, strenuously
opposed fixing the rate OF interest at
Der cent. He denied that the Finance
Committee had agreed with the Min
ister of Finance that the rate should
be fixed at per cent that was the
rock upon which he split with the
Minister. The speakert bought 1t I'M
necessary to increase the Government
rate of interest by 331 per cent. over
the present rate on our bonds. 1t IS
more than likely that these proposed
short term bonds will readily be taken
at per cent, where the long term
bonds twenty years., as IS now well
known cannot be disposed OF at pres
ent, for the reason that investors do
not care just now to lock up their
money for twenty years. The speaker
also contended that the increased rate
N a
Government bonds. He favored re-
ference OF this section to the Finance
Committee, that they might get all
the information possible on the sub
ject before disposing OF such an I'M
portant matter.
Rep. Bush favored fixing the inter
est at 6 per cent. He did not want to
issue them at high rates, for that
would get the Government i'm straits.
Noble Baldwin thought that on
such important sections as these, the
opinions Of the best financiers in the
country should be consulted.
Minister Parker said that the Cabi
net had discussed the subject tho
roughly, and they were confident that
they could obtain money for less
than per cent. The Government is,
as it were, on the edge OF precipice,
ready to fall. But If some of the hon.
members of the House are willing to
loan money at per cent, then, that
| Is well. He saw no use in referring
| the sections to the Finance Com
| mittee.
Noble Ena favored referring the sec
lions to the Finance Committee with
| instruction not only to inquire OF the
| banks, but also private individuals
who have money to loan. He had
| heard that there is certain party in
| town who is willing to loan $4,000 at
| 5 or per cent. for the new Masonic
Hall; per cent. is ruinous rate OF
interest.
Rep. Nawahi wanted the House to
| go slowly on the matter, and moved
reference to q select committee.
Noble Thurston said that the Min
| lister of Finance went to him with q
memorandum about exchequer notes
| in his hands. The Minister had been
instructed by Mr.. Damon on the use
| of eXchequer notes in Australia. He
| told the Minister that there are 176
depositors in the Postal Savings Bank
having over $500 each drawing % per
cent. They might withdraw their
money when the per cent.
notes are issued, for they would
then make about 5 per cent.
interest. Two years ago the
same Minister of Finance did his
utmost to GUST the then Minister oil
Finance. When that Minister went
out of office there were 100000 in the
| Government treasury. Yesterday the
Minister Inundated himself by as
serting that he had been issuing SIC
1
| ment bonds were sold yesterday al
| $96; but if this Cabinet continues,
bonds would be selling at $50.
Minister Parker asked: Why did
not the hon. Noble support Rep. II.
w. Wilcox's want-of-confidence reso.
luton the other day? 1t was true
out of office as Minister of Finance
there was considerable money in the
Treasury. But is the present financial
crisis among planters due to this
Cabinet? That is simply absurd. A
great many plantations that used tC
get $500 per share cannot now gel
800 for the same.
Minister Widemann said that wher
Minister S. M. Damon was in office
the speaker bought stock at $500, but
he was sure he could not get $50 for il
now. The amended sections from the
Minister of Finance were referred to
the Finance Committee.
1 Noble Macfarlane moved to recon
slider the vote on Section 6. Carried
The same member moved ar
amendment, which was passed.
The bill was laid on the table t
await the committees report.
In order to give clear idea of the
precise changes in the law under con.
sideration, the report or the Finance
Committee, rendered June II, is SUBJ
joined in full.
Your Committee on Finance to whom
was referred Bill No. %, entitled Gar
Act to Amend and Consolidate the Laws
Relating to the Hawaiian Postal Saving
Bank" report that they have had the
same under consideration.
The prime object of the bill is to con
solidate the Postal Savings Bank Law
which now consists of the original Law
passed in 1884, and numerous amend
ments passed in 1886, 1888 and 1890
Your Committee are of opinion that thi
feature of the bill is good, as it is some
what difficult to ascertain what the Law
is when it is spread over four differen
: sets OF statutes.
The amendments proposed are:
DIN Section of the bill--Th'
original Section of the law of 1884 re
quired that each deposit should be at
tested by the signature OF the receiving
officer and the date stamp of the Office
| The amendment proposed is TO omit the
requirement OF the date stamp. Tht
Committee arc informed hy the Post