The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-03-28

present position, ana let you know
how the treasury stood this morning
The question of whether the Repub-
lie is safe in its financial standing, I
think, is past. The crisis. you might
say, connected with our monetary af-
fairs has gone by. The Republic has
proved it's ability to meet it's require
ments. The people have signified their
willingness to bear additional taxation
that the public interests may be fos-
tered and the public works carried on.
AS far as the public works are con-
cerned, think we can look ahead with
assurance that we have passed through
the critical period and are now on a bet
ter footing. 1 place this assurance on
the fact that the people themselves,
since the Republic was established,
have subscribed for our bonds In an
amount of nearly $500, ,000 In addition
to that, the Postal Savings Bank, from
a position in which it was struggling to
meet its liabilities, has grown until now
1t has in addition to the sum of $50, 900
required by law, large surplus of $21,-
900. The loan fund has also a surplus
to its credit of $4,000.
"The point to which l refer now es-
pecially is our current account. The
current account shows this morning,
cash on hand, sos, 900. On the last day
of this month we will have to meet the
bills for salaries and pay rolls, which
under the present appropriation bill
amounts to about $4,000. Under the
new appropriation bill it will amount
to about $88, 900. There will be interest
due on the 1st of April amounting to
$24, 900. This is interest on the loan of
1898, instituted by the late Government
and approved by this Government. In
terest is due on this loan on the first
days of April and October. The inter-
est on the different loans is scattered
through the rest of the year, the prin-
cipal payments of interest being due
on the 1st day of January, April. July
and October. AS l said, the interest on
the first of next month will amount to
$4,000, which will make total of $104,-
600, which will leave us a small mar
gin. There are few days left in this
month to swell that amount, but we
have enough to meet this months liza
bilities.
"In the early part of April / propose
to meet our January bills, and if the
situation in the treasury should not
warrant it, l propose to draw from
Bishop & Co., under the Act for that
uary bills should be paid in the early
part of April. While am speaking on
the subject OF using the Act that has
granted the privilege to the treasury
of securing funds from outside sources
temporarily, want to say that have
noticed in the newspapers that possibly
the Minister of Finance may use his
position as banker and his position as
Minister of Finance to make them har-
and nave them work together
can state that last summer when our
firm was changed and the present part
nership took over the business from Mr..
Bishop, we felt that large amount of
would be required in the coming
fall for the plantations and in general
business, a large amount of coin being
here in the fall between the
crops. And also to provide for what is
always sure to happen, the unexpected
for you never know what is going to
happen in money matters, and the same
rule applies to the treasury. That is one
Of my strongest reasons for working
for reserve. Bishop e. Co. disposed
Of it's Government bonds and securities
that it held in Honolulu in the amount
Of $170,0 So that at the present time
Bishop & Co. holds here in Government
securities $4,000, in the shape Of a
note of the Postmaster Cen
oraI, and 81, 500 in bonds. Under these
cannot think the Min
ster of Finance will be accused of using
his position as banker to work for his
own advantage. If Bishop & Co. had
not taken that position last year we
could not have drawn upon our credit in
San Francisco to supply the coin for
the cholera aXDpnSlS
when the subject of the Loan Bills
comes up, l would like to meet the COM
and would also like to meet
any others who are interested in the
matter of finances, and will hold myself
in readiness, so far as | am able, to
answer any questions that may be put
to me. We must remember, and the
Executive remembers, that in our pres
ent position the people have good deal
to say about the management of the
finances. The question of what style Of
oan bill should be put upon the mar
xet, how much of the loan bill should
De put upon the market, and everything
hat is done should have the most care
ul consideration and the freest kind of
criticism. | do not think there is an
)ffice in this Government that should
nave more criticism than the treasury.
It is the peoples money that is spent,
and it is the people who are being tax
cd and the Executive is agreeable to
have everything connected with the
treasury criticised. We do not know
what effect these loan bills will have.
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