The Hawaiian gazette., 1896-11-20
HAWAIrS CREDIT
P. c. Jones Says New York
Bankers are Satisfied.
ENGLISH BANKERS MAY PURCHASE
Believes Loan May be Negotlat-
ed Within Twelve
Months.
ENGLISH BANKERS MAY PURCHASE

P. c. Jones, who went to the United
States for the purpose of negotiating
the loan authorized by the last Legis-
lature, returned by the Australia yes
terday, the picture of health and not
a bit discouraged by his failure to Sc
cure the money. When seen by an Adj
vertiser reporter he said:
4 have very little to say, except that
/ failed to secure the money on the
bonds, and that the failure may be at
tributed to the intense excitement of
the people over the election"
Then you believe the people over
there consider the credit and prospects
of the Government here good enough
to warrant their loaning the money!"
Undoubtedly, but the terms must
be modified to a certain extent, and
the Minister'S hands must not be tied
as they are now. AS to the credit of
the country, it is growing stronger ev-
cry day l had an offer for the entire
block of bonds from the New York rep
resentative of an English banking con-
Germ, but the price offered, 80, was less
than l was allowed by the law author
izing the loan, to accept. This gen.
tleman was anxious to take the loan
but / merely showed him the law, and
how my hands and the Government
were tied by it. If the Cabinet had
taken more time for deliberation be-
fore l left here, l have no doubt
could have negotiated the loan.
talked with the most influential bank
ers in the East, but had little encour
agement from them on account OF thu
close proximity of the election-every
thing was tied up. You have read tina
from the last of August until the frs
of November $7S,000,000 in gold wa
imported into the United States, ant
this money was boarded. Then, again
a great many people who carried larg
balances and small ones Withdrew
their gold from the bank and locked
up in safe deposit vaults, holding
there until after the election. Toda
that money is ready for Investment
and the holders are falling over eac
other trying to find something to pu
it into. One banker talked with like
our loan, and would have invested i
it, but he explained that they had
deal involving $2,000,000, which mus
L
doubt that within IL months the loa
can be negotiated by the Governmen
and without the necessity of sendin
an agent over there.
Il will say this much: The encouI
agement l had in New York was froI
representatives of the English banker
and they were opposed to taking it 6
the price fixed, solely because they cor
slider the Hawaiian securities in tn
light of the United States, and weT
consequently relatively affected by tn
election. AS an investment / conside
an Hawaiian 4 per cent bond just a
good as one issued by the Unite
States, but for speculation, of cours'
they are different. think | convince
the bankers there of the stability {
our Government, and l have assul
ances from two of the leading me
there that during next summer the
viii visit the Islands and learn by pei
sonal observation the character of tn
men at the head here, and let them Sc
how much they have at stake"
Replying to the question as to wha
bearing the election of Mckinley woul
have on Hawaii's prospects for annex
alton, Mr.. Jones said:
From what l could learn from gen
tlemen who have more or less to d
with affairs in Washington, the caus
of Hawaii will receive the attention @
Congress soon after the opening of tn
first regular session. Maj McKinle
pledged himself for annexation, an
with Republican House and Senat
the road to political union with tn
United States should be an easy one
In speaking of the refusal of tn
Government to grant the franchise TO
the cable, Mr.. Jones said he though
a mistake had been made. He had me
Col Spalding's rival, Mr.. Scrimger
while in New York, and he expresses
the greatest concern in the matter
He assured him that nothing could b
done in Hawaii toward assisting tn
cable; the directors of Col Spald
ing's company were located in New
York and there it would have to b
settled"