The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-03-20

and transfer the register TO any of the
cities of registration, and also TO trans
fer any of such bonds and TO receive the
interest payable thereon, and repay
ment of the principal thereof in any for
eign country.
The proceeds shall be devoted exclu-
sively to the purposes for which the
bonds are issued.
The Minister is authorized to allow a
discount on the bonds as he may see
fit; also, with the consent of the Ex-
ecutive, to make arrangements with
banks, etc., for the purchase of bonds,
at the discount mentioned III necessary,
of an amount not less than $3.50. 900.
All bonds may be redeemed at any time
after the expiration of five years from
the passing of the act, by the payment
of per cent on the amount of the
bonds, and after giving six months
notice of the intention to redeem. The
power to issue bonds conferred by any
act passed in conformity with this act
shall not lapse or become void as the re-
suit of first issue, but may be exer-
cised from time to time until the limit
of the amount authorized has been
reached.
The act to define and limit the pow
ers of the Minister of Finance in allow
ing discounts provides that the discount
allowed on the bonds issued under the
Public Loan Act shall not exceed per
cent on bonds issued under or in con-
formity with the said act bearing per
cent. interest, nor 10 per cent. on such
bonds bearing Az per cent interest,
nor Is per cent. on such bonds bearing
per cent. interest.
The commission which the Minister OF
Finance is authorized to allow under
Section of the Public Loan Act to any
person or persons, syndicate, bank or
company who may purchase, issue or
guarantee the subscription of, or who
may negotiate the sale or issue Of not
less than $3.50, 900 in bonds issued under
or in conformity with the said act, shall
not exceed lin addition to the discount
before named) ga per cent. on the
amount of bonds so purchased, issued
or guaranteed.
Minister Damon stated that two acts
were necessary in connection with the
public loan, because the act authoriz-
ing the bonds was printed in the bond,
but the conditions of the negotiation
and sale of the bonds may be changed
by subsequent legislation.
The bills went to the Printing Com
mittee
House bill No. 5, relating to the
care of Circuit Court records, came up
under the regular order of the day.
The bill passed the final reading with
put dissenting vote.
On motion of Senator McCandless,
House bill No. IL, relating to the sale OF
foreign newspapers, was brought up.
The bill passed the first and second
readings, and was made the special
order for third reading Friday.
On motion OF Senator Brown the re-
bort Of the Judiciary Committee on the
luery of the Attorney General as to the
payment OF legislative accounts was
AIKEN under consideration.
The report was as follows:
'This committee does not think that
t was the intention of the Legislature
It the time of the enacting of the Audit
Act that the Legislature should be gov
rned by he provisions of that act. Sec
ion 1 of that act provides that All
ersons who by any law, regulation or
ppointment are now or shall hereafter
e charged with the duty of collecting
r receiving revenue or other money,
tc.,' Or without the duty OF disburs-
ng moneys on account of the public
ervice shall become and be public ac-
ountants, etc.
I'VE do not think that the action OF
he Legislature is contrary to Section
8, nor do we think that the Auditor
-eneral has any supervision over the
and payments incurred during
g sessions"
The following joint resolution was
Ibmitted by the committee and unani-
lously passed the Senate:
BE it resolved by the Senate and
Iouse of Representatives OF the Repub-
c of Hawaii: That in their opinion the
of the act entitled An Act
. regulate the receipt custody and is
lie of the public moneys, and to provide
or the audit OF public accounts, ap-
roved August 4, 1882, were not in
ended and do not apply to the pay
lent Of the expenses Of the Legislature
uring it's sessions"
Senate Bill No. IA, on contested cleo
ions, was read the second time and re-
erred to the Judiciary Committee.
On motion of Minister Damon, Sen
te Bill No. II, to amend and consoli-
ate the laws relating to licenses, was
AIKEN up for second reading. Referred
D the Committee on Commerce.
House Bill No. 2, creating Kailua an
dditional port of entry, was taken
rom the table with the report of the
ommittee. The committee stated that
there seemed to be no particu-