The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1896-04-23
LOAN AND REFUND ACTS
REPORTS ARR MADE ON SAME TO
THE SENATE.
OF Argument Included
House.
FIFTY. FIRST DAY.

morning invocation.
Minister King reported the Ker
osene, Gambling and Chinese bill
signed by the President.
Mr.. Warehouse, for the Financ,
Committee, on the item Of SIo, ooC
for further expenses of the session
reported recommending that same
pass. Made order for tomorrow
Mr.. Lyman, for the Public Land:
Committee, on House Bill 7, relat.
ing to extension of certain streets
of Honolulu, reported. 1t was re.
commended that damages in nc
case exceed betterments; tina,
Queen street be extended to the
new beach road that with these
amendments the bill pass.
Mr.. Warehouse. for the Special
Committee on the Loan Bills, re-
ported as follows.
Number IS, being the Act to
authorize the consolidation of the
public debt, they recommend be
laid on the table. In the opinion
of this committee the time has no,
arrived for the undertaking of the
consolidation of the publ, debt on
account of Our proposed political
union with the United States as
we'll as upon the ground of policy.
1t is conceded that London is the
financial center of the world and /,
would be there we would have tc
look for the sum needed, and neces.
sary for that purpose, it is certain
that the debt could not be consoli.
dated here, and we do not know whal
could be done in the United States
all injuries having been made in
London.
The greater part of the bonds now
/ issued are held here, and conse
ouently the money collected as in
terest is spent here. In the event
of a consolidation of the whole deb
and the taking up of the new bond.
by a foreign syndicate, the probabi
lities are that they would all b,
taken I'D abroad, and consequent,
the interest would all be sent ava,
and would thus be a continued drair
on the country. A consolidation o
the public debt on the lines laid OIL
by Bill IS should take place some,
time as il will be a great saving If
interest to the country. but III,
committee believe that the matte,
should be more looked into ant
terms obtained and the probabl,
cost between now and the next SEES
sion of the Legislature. as well a,
the fact if the loan could be PLACED
in the United States.
As bill 1S has been recommended
to be laid on the table the sam,
course naturally follows as to No
10. Bills No. 20 and 81 the com
mittee also recommend be laid OF
the table. Under the loan bill o
1920, there is now available TO
purposes therein named, provided
the bonds are taken. the sum O
SI267ss. The Minister of Financ,
informed this Committee that tn,
annual average home sale for bond
was in the neighborhood of $22s.
900. The Committee are awar
that if the projected internal i'm
provements are to be carried on
more money must be obtained, ant
by a home loan if possible. Gu
bonds are selling in the Londo,
market at a premium and here a
par. We believe that a home loa,
for Sroo 900 would he takep here
n,;,,,o,, ,o,. J., a., >c Al.
al "i'n"o' io': III 'ne way vi u''
counts or commissions ana at par
but it is fair to make some provi
s,on that can he made use IF IL ne
oass.rv
Se.sJ.,
| we therefore Suggest tnat IN
Executive Council take into con
sideration the placiuq of a loan fo
IT, A., -. -.
.ne sym Vi Pooo'ooo VIC JULIUS
De sofa lot not less tnan 90, ana III
terest at not more than six De
cant ner appum aud that III
49,
ooJec's lot winch tue money Is
be spent be limited by the &C
: authorizing the loan, and that sue
act ha e,hm;tted 20 tho 7 ag;,I,t,,
at us present session.