The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-06-05
JAP ANESE
IN DOUBT
Legality of Warrants
For Fire Claims
Questioned.

The issuance OF Auditors warrants
against fire claim awards just made by
the Fire Claims Commission. has ere
ated n doubt In the minds OF many OF
the japanese claimants as 10 the le-
gality OF the Auditors action. Promi-
nent men In the Japanese community
have expressed the opinion that the last
Legislature could appropriate money
for a definite period only. and that ap-
propriations for a period beyond it's
own life. or beyond July !. 1903. would
be- null and void.
The impression prevails among the
japanese that the payments OF the first
OF three warrants issued for each award
are TO be made one year from the date
OF issue. This being the case. the first
warrant would be paid just before the
close OF the biennial period closing June
20. 1903. The other two warrants are
promised payment one and two years
from the date OF the first payment.
Even though the payment OF the first
warrants falls within the biennial Pc
Rod appropriations made by the last
Legislature. the Japanese feel some
doubt as To whether there Is any like
Iihood OF the Treasurer being in a po-
sition to cash them. although the re-
manning half OF the revenues TO the
Territory viii begin To- come In this
fan.
Another feature OF the issuance of the
warrants which has been subjected to-
considerable discussion amongst the
Japanese IL whether or not the banks
would negotiate them They feel that
the banks cannot discount the war
H.fs ~
per would remain In their hands as al
most OF no value until the time came
for their presentation at the Treasur
er's Office a year from date. II the
banks cannot carry the warrants. then
they feel that capitalists cannot afford
TO take them even at such a discount
as would cover the loss OF interest on
money advanced for "a year. and which
they would recover when the same
were cashed.
A prominent japanese stated yester-
day that II this situation arose after
the warrants were In hand. there woulS
be- a howl OF protest raised. az a large
OF their business men are rely
ing upon the awards to carry their
business enterprises through financial
and put them on a solid
basis with the proceeds. They claim II
IL TO the interest OF the big commercial
houses OF the Islands doing business
with Japanese clients To make every
endeavor To have the paper negotiated.
for should any OF the Japanese business
go under. the losses to- t>>se
houses would be consider
able.
In yesterdays Independent Editor
Tesla. who IL one OF the Fire Claims |
makes the following /
statement as to the payment OF the
warrants:
a wrong impression IL conveyed by |
The Advertiser In the matter OF the /
payment OF fire claims warrants when /
issued. II said this morning that these /
warrants viii be payable in one. two 1
Ind three years. respectively. so that as
4 matter OF fact the claims are not
payable for one year yet The indie
'endent viii say that the above is in
,orrect- Wefwili authoritatively state
hat warrants VIII be issued when the
certificates are sent up TO the Auditor.
~ bearing date OF July / next. ana the
irst payment viii be made on August
next. mind ye. OF the present year.
md then one and two years thereafter.
comprising three annual payments in
with the provisions OF the
Ire claims act