The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1896-04-23
Highest Of all in Leavening PowerLatest U. Govt Report
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mended. The interest to be paid ou
abroad woul be certainly less than the
present amount. In every case the in
terest and discount should be a great
deal lower than in the bill and the new
bonds should be for a long term OF
years, from thirty to fifty, at the gov.
ernmenl's option to redeem sooner. A
number of years savings in interest are
required to make up for the loss in dis
counts and expenses. II the Minister
should not be able to carry out the plan
of consolidation on these terms, he will
at least gather further information on
the subject. under the authority OF this
act. For said purpose the following
amendments are recommended to bill
No. 1S:
81. Insert in preamble, line @, behind
the word loans: AS are now held in
London up to the amount of one million
dollars"
-. Section /. Cross out in line 4 the
figures $3,450,000 and insert 5000
000.'
go Section 9. Cross out in line 4 the
word six and insert ~
To Bill No. 49,
"Section /. Cross out all words be-
hind exceed in line 8 and insert in its
place: Eight per cent. on bonds issued
under the authority of the said act bear
ing not more than four and a half per
cent. interest,"
"Secton 2. Cross out behind the
word two in line o the words and
half
at is evident that a number OF i'm
provements in public roads and build
ings, wharfs, etc, are an immediate ne
cessity in order to develop the country
properly, and that it is impossible to pa,
for all this out of the current receipts.
1.-The appropriations asked for under
this loan act are not to hand as yet but
they will be in the neighborhood OF one
million dollars, and therefore limit to
this amount, az recommended, seems
sufficient.
1T is desirable that home capital
should have the preference II the bonds
are taken at par or even at per cent
discount But II sufficient bonds cannot
be sold on the Islands then there seems
to be no reason, why they should not be
placed in the market in San Francisco,
New York and London. 1t is true that
the interests will have to be sent out of
the country, but against this the capital
his to be invested here first Of all, to
enable the Government to carry out the
intended improvements, most of them
| being investments, which will pay in
indirect taxes, more than their cost and
interest.
"Public improvements will beneficial
ly affect all business enterprises, by the
circulation of noe money and will
especially benefit the laboring classes
during the present hard times. The rate
,,,t ,.,iII Inpht Ia oatiuf.nt
| to Capitalists, but at the same time the
Government should not be obliged to
wait till large dividends and profits en-
able our residents capitalists to made in
vestments IN Government bonds Sup
pose the dividends should be small and
the parties not disposed to take up bonds
on Government terms. then all improve
tents under this Loan Act will have 10
be Stopped and progress delayed. III
\ fact the Government would he placed
in an unpleasant position between Cap
ital and labor.
at is also inpossi lie to prohibit the
sale or transfer of bonds acqune ed in
Honolulu to any parties abroad in the
United States or Europe and the only
difference would be that private parties
earn the profits which the Government
aims to secure for itself.
Therefore, although favcring Ha
waiian investors, no terms can be made
which will be solely beneficial TO these
parties.
There is no resson to feel against
foreign capital, as we have needed it IN
the past and will need it in the future t.
build up and strengthen our old and
young industries. Ii these fere ign loans
should tend to reduce the regular rate
OF interest on the islends, there will bt
no harm done, al a low rate of interest,"
generally produces prosperity or al
least assists enterprising men to max.
their ventures or undertakings remun
eratIve to all parties interested in the
same.
THE financial plan underlying tn,
idea Of having these bills. MOB. 20 and q
separated, although No. 81 is merely al
appendix to No. 20, seems plausible and
commendable.
"Some OF the details are certainly de
batable and 1t cannot be the province o.
a single member TO define the same.
Respectfully submitted,
III. w. SCHMIDT"
Reports tabled to be considered
with the bills next Monday.
Mr.. Rice read his bill relating t.
fisheries. Referred to the Printing
Committee.
House bill 20, relating to brand.
and marks, passed first reading
This bill merely adds goats" t.
the swine bill.
Senator Horner was given leav'
of absence for a week.
! Adjourned.