The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1898-11-15
THE FIRST NATIONAL BANK
ISSUANCE OF a CHARTER HAS
BEEN AUTHORIZED.
American Allotment of Capital has
Been Oversubscribed-$3 900 Al
lotted to Honolulu.

The First National Bank of Hawaii
is said now to be assured. 1t is to
commence business as soon as the ne
cessary preliminaries of advertising
and official formalities required by the
national bank act can be complied
with.
Colonel Macfarlane received tele-
gram yesterday by the City of Puebla
from the Selgmans of New York an
nouncing that the comptroller of the
currency had authorized the immedi
ate issuance of the charter and that
the stock allotted for subscription in
New York and San Francisco had al
ready been over-subscribed
The authorized capital of the bank
is $1.OOO.OOO on which it is proposed to
call for an assessment of so per cent
at the start. James Campbell, who
sailed for the coast on the Moana. is
the largest individual subscriber. He
has taken 100000 of the stock. An
other 100000 has been reserved for
small subscriptions in Honolulu. the
expectation being that it will he talk
en- in small amounts, none perhaps eX-
ceeding $4,000, the intention of the
promoters being to popularize the
widest local financial interest in it.
Another 100000 has been subscribed
for locally, but in large blocks. The
remaining 100000 of the capital
stock has been allotted for subscrip-
ton in New York and San Francisco.
In New York the Seligmans, the Anne
rican representatives of the Roths-
childs, are interested, and in San Fran
cisco the Bank of California has had
charge of the subscriptions.
A majority of the directors will be
Honolulu men. The subscriptions for
the Honolulu allotment of stock and
the necessary local arrangements for
banking Office and the Inauguration
of the bank will be in the hands of
James Campbell and Colonel Macfar-
lane.
Every days experience" said Col
onel Macfarlane yesterday, SHOWS
that the banking facilities and capital
of Honolulu are inadequate to meet
the needs of business which has de-
veloped and is developing under the
suspicious conditions following an
neXation. More banking capital is
needed. With it the increase and de-
velopment of business will be free to
go on.
THE new bank will be the deposit
tory of United States funds, which
with a garrison here and the harbor
improvements and fortifications which
are sure to be made will be very large.
The bank will be authorized to issue
national bank notes, which are prac-
! tically gold notes and good the world
over. This will give the Islands pa
| per currency which will not be con-
| fined in its circulation to the Islands,
as our present silver certificates are.
But perhaps one of the greatest
benefits to be derived by the Islands
from the bank arises out of the fact
that through the interest in it of New
York and San Francisco capital, an IN
terest in Island securities, in sugar
stocks and government bonds will be
developed abroad, which cannot fail
to attract foreign capital hither.
my adyices by the City of Puebla
were to the effect that the charter
would be waiting for me by the time
| reached San Francisco, so that ev-
erything could be arranged there in
time for return by the Coptic three
weeks hence, to make the necessary
arrangements here at once"