Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1899-04-28
FIRST AMERICAN BANK OF HAWAII.
Continued from Page 1.

influence in steamship companies
we can always ship the
coin by steamer at a special
rate of freight (if forced to pro-
tect ourselves), and leave a mar
gin of profit on our ex-
change. So that any combina-
ton to prevent a share of
this coun!ry's sugar exchane 9
being given to this bank could be
easily overcome"
"The BULLETIN has also heard
that this Bank will establish a
bank in Hilop"
1T is the intention, as soon as
this bank is organized and under
way, to start branch bank in
Hilo, and when the business con-
ditions of Maui warrants it a
similar bank will be established
there.
"The establishment of this bank
prevented the Anglo California
bank from establishing their own
bank here and, had we not organ.
lied, this community would not
have been without a new bank, as
one or two other foreign Banking
Institutions had it in contempla-
ton, but were not disposed to
start unless they could secure the
financial agency of the United
States Government"
"Can you say anything about
the administration, Col. Macfar-
lane?"
"The present intention is to
have seven directors. Five will
be selected from the principal Ho-
nolulu stockholders. Of the other
two, one will represent San Fran
cisco and the other New York,
but these directors may not be
resident.
"Mr. James Campbell, who is
one of the principal subscribers
to the original syndicate, has ask
ed that the position of manager be
rendered to Mr.. Joseph o. Garter
and ,this appointment, which is
really the only definite one made
yet, has been approved by all
parties interested. 1t remains
simply for Mr.. Joseph .. Garter
to accept if the terms of his
appointment suit. 1t was thought
better to have local man for the
management of the bank than a
stranger from abroad, as it would
be q sort of protection to leland
subscribers, and Mr.. Carter's ex-
tensive commercial knowledge, his
ability as an accountant and his
we'll known conservatism, in the
opinion of the syndicate eminent.
ly fit him for the position.
"Iu conclusion, I will say that 1
regret that the bank is not al
ready established here and doing
business, as find on my return here
that the money market is in a very
stringent condition, while the cap
ital at this bank will relieve the
situation very much. There is M
question that the present banking
capital IF the islands is far below
whati- required to meet the grow
ing expansion of business Of al
kinds in these islands that has de
veloped since annexation, and par
ticularly in the sugar industry
line. I can see that all good in.
vestment sugar stocks paying di
vidends have been checked in ad-
vancing in price owing to thu
great scarcity of money, and al
though prices of these stocks hav'
been sustained there is no sctiv,
trading in them even in the goot
dividend paying stocks.
"While speaking of suga
stocks, 1 will only add I was great
ly greatly impressed with MI
Lilienthal's concluding remark, il
his letter of instructions addresses
to a few of my conservative
friends, who are identified witt
this bank. His remark was tina
he trusted that the bank would b
conducted and managed on mos
conservative lines and that GU
island directors would not b
swayed by the extremely specula
tive conditions which now existed
in these islands, I do not be
lieve there is one. third of the cap
itsl in the country required t
properly develop it's great suga
resources, and any banker woul
be very narrow who would nc
welcome the establishment G