The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-04-24
If the Majority Report of the
Committee Is Accepted.
MINORITY REPORT FAvORS.
The Difference 'Twlxt Tweedie-dee
and Tweedle-dum-Addit Ex-
pense Appropriation Asked-Kero-
sene and Gambling Bills Signed.

Senator Waterhouse, in the absence
of Rev. H. w. Peck, asked divine bless
ing at the opening of the session yester-
day.
L AT the opening Minister King report
ed the kerosene and gambling bills aa
having been signed by the President
Senator Waterhouse for the Commit
tee on Finance recommended an ad-
ditional appropriation of $4,000 for ex-
penses of the Legislature.
Senator Lyman of the Lands Com
mittee recommended that in cases of
damage suits against the city for ex-
tending or widening streets the dam
ages could not exceed betterments..
Senator Waterhouse, for the special
committee on the Loan bills, reported
as follows:
mo. 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 not arrived for the undertake
ing of the consolidation of the public
debt on account of our proposed po-
litical union with the United States, as
well as upon the ground of policy 1t is
conceded that London is the financial
center of the world, and it would be
there we would have to look for the
sum needed and necessary for that pur-
pose. 1t is certain that the debt could
not be consolidated here, and we do not
know what could be done in the United
States, all inquiries having been made
in London.
THE greater part of the bonds now
issued are held here, and consequently
the money collected as interest is spent
here. In the event of consolidation of
the whole debt and the taking up of the
new bonds by foreign syndicate, the
probabilities are that they would all
be taken up abroad, and consequently
the interest would all be sent away,
and would thus be a continual drain
upon the country. A consolidation of
the public debt on the lines laid out
by Bill 18 should take place some time,
as it will be great saving in interest
to the country; but the committee be-
lieve that the matter should be more
looked into ana terms obtained and the
probable cost, between now and the
next term of the Legislature, as well as
the fact if the loan could be placed in
the United States.
CAS- Bill No. 18 has been recommend
ed to be laid on the table, the same
course naturally follows as to No. 10.
Bills Nos. 20 and 21 the committee also
recommend be laid on the table. Under
the Loan bill of 1928 there is now
available for purposes therein named,
provided the bonds are taken, the sum
of $126,755. The Minister of Finance
informed this committee that the av-
erage annual home sale for bonds was
in the neighborhood of $225,000. The
committee are aware that if the pro-
jected internal improvements are to be
carried on, more money must be OBJ
tained, and by home loan if possible.
Our bonds are selling in the London
market at a premium and here at par.
We believe that a home loan for $780,
900 would be taken here, and without
loss in the way of discounts and COM
missions, and at par; but it is fair to
make some provision that can be made
use of if necessary.
eve therefore suggest that the Ex-
ecutive Council take into consideration
the placing of loan for the sum of
$500, 900, the bonds to be sold for not
less than SO, and interest at not more
than 6 per cent. per annum, and that
the objects for which the money is to
be spent be limited by the Act author
iZing the loan, and that such Act be
submitted to the Legislature at its pres
ent session"
This report is signed by Senator'S