The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1903-08-28

| After the conference Secretary Geo
r. Carter gave a general account Of
the proceedings TO an Advertiser re-
porter.
TRY NEW YORK.
Mr.. Carter said the consensus Of
opinion seemed to be that an tempt
should be made to float the bonds in
New York.
1t was better to try New York in the
fall of the year At different times in
the year, the bankers said, thew had
funds at their disposal which they
would like to put into Government
bonds, but when it came round to the
fall of the year and money became
tighter they wanted securities which
they could dispose of quickly.
If a market were established in New
York and they could sell those bonds
again they would not be afraid to take
them. But under present conditions
If they should take Territorial bonds
and later want to dispose of theIi-
there being no market in New York
and nobody there knowing anythin
about them-they would not answer
the purposes of the local banks.
4 After establishing a market in New
York, if the Government wished to
float a few bonds here, the bankers
would be willing to take them SO ttft
some public improvements could be
carried out. Then, when it suited them,
they could send the bonds to New
York themselves and turn them into
ready money.
MR.. DAMON'S Views
Mr.. Damon stated, as his experience,
with Government loans in the past,
that it was very difficult to dispose Of
bonds. They We're liable to be pigeon,
holed, to be put off for other things
lie felt there was great need for mon
.ey at present. No public improvements
had been made for the past three years
under any loan. In view of t short
age of current revenue, such improve
ments as could properly 'e made UNI
der n bond issue ought TO be going on
at this time.
SEND THE SECRETARY.
Valuable time was being wasted Mr..
Damon held, and he thou hit someone
should go to Washington IN this busl-
ness. The best person to send Re be-
lieved was Secretary Carter, who
should follow up the data forwarded
Tor the Presidents information and
reference to the Attorney Generals de-
partment. Whoever went ought to call
at that department and see that the
matter was not side-tracked.
Then, whenever the Presidents ac-
ton was known, the Territory's repre-
sentative should proceed at once to .
New York and submit the question of /
legality of the bonds to some prom
inent attorney.
NEW YORK AGENCY.
The next step would be to secure an
agency for the business and call for
bids, both in New York and here.
Meanwhile have the bonds printod
and in the hands of the New York
agent ready for delivery on the ac-
ceptance of satisfactory bids. It would
not be necessary, however, for the rep
resentative to stay in New York until
the bids We're opened, but merely long
enough to attend to the preliminary
work.
AID VOLUNTEERED.
The greatest difficulty with the. whole
question, Secretary Carter said, was to |
provide ways and means for the inl- ,
iial expenses. Messrs. Irwin and /
Cooke, for their banks, offered at the
meeting to advance their pro rata for
whatever expenses there might be and c
look to the next Legislature to reim- |
burse them. 1t was hoped that the |
other banks would be willing to toin {
In this, so as to make the slightest
possible draft on each.
FUNDAMENTAL DRAWBACK.
One of the drawbacks to placing .he
,onds is the shortness of their lie un-
Ter the restrictions of the Organic Act.