Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1905-07-31
IRWIN THE PURCHASER
BUYS ENTIRE ISSUE
OF REFUNDING BONDS
TERRITORY GAINS MUCH BY THE
DEAL IN SAVING CONSIDER.
ABLE AMOUNT IN
INTEREST.

William G Irwin has bought the en-.
tire issue of Hawaiian refunding bonds
at 3-S per cent. premium. The deal
was closed by the Acting Governor af.
ter Governor Carter had communicat.
ed his consent by cable.
The transaction was made under the
law passed by the last Legislature pro-
vlding for the refunding of the entire
issue of 100000. This law provides
that all bonds issued under It's author.
ity shall be approved by the President
and shall bear interest at rate less
than per cent. a year. They are
made redeemable In Ave years and
payable in fifteen.
The Territory reached the decision
to offer 100000 Of the bonds for sale
and Secretary Atkinson was accord
ingly sent to Washington. where he
obtained the approval of President
Roosevelt. The United States Treas.
ury also announced that the Hawaiian
refunding bonds would be accepted as
security for the deposit Of Treasury
funds in national deposit banks.
| AthiusOu was TtCdiieu ITOil Inc E1dot
before he had arranged for the sale of
the bonds, but the matter was recent.
ly taken up by Governor Carter in
New York, where he made prenara.
tions to receive bids from mainland
fnanciers. At this time the senti-
ment was expressed locally that Ha.
waiian capital should be given
chance to invest In this issue. II was
arranged that the Acting Governor
should receive local bids, with the re.
suit that w. G. Irwin bought the issue.
Under the old debt an interest Of
five per cent. was paid while now
only four per cent. will be paid. The
premium paid by Irwin WILL If the
bonds run for only, five years, bring
this interest down to about $40 per
cent. BY this refunding a saving Of
$1,000 In interest Is affected by the
Territory. which will mean total saw.
ing of $4,000 If the issue runs for Its
full fifteen years.
looooooooocooooooo
+ Chairman Smith instructed Clerk
Kalauokalani to notify Mr.. Low to pre-.
sent himself before the Board at the
next meeting to explain why he con-
tinued work on the roads In view Of
the Boards resolution Of July II, and
to send a similar notification to the
chairman OF the Waialua road board
Adams as a Financier.
Z. r. Adams stated during the
course of the meeting that. whereas
the County Treasurer had disposed Of
the warrant to be received from tho
Territory for the month OF July, at
one-third OF one per cent. he, Adams,
after July, believed that he could dis
pose Of the County warrants at par.
Reporting for the Committee on P0-
lice, Adams said he had been unable
to see the Sheriff. 81
Upon the question OF bonds being
brought before the Board, Adams said
! he wanted to know II the officers
! bonds were In due legal form: he had
not been able to see that they wero
! made out In consideration Of anything;
did not some consideration have to be
named? Lucas did not know that any
consideration was necessary In bond.
. Adams said he did not know. either,
: that was the reason he had asked. II
was decided that the County Attorney
, should pass on the effectiveness OF all
, the bonds
Supervisor Archer was the only
. member of the Board absent at Satur-
] days meeting. Auditor Bicknell at.
, tended the meeting.
Having opened the meeting at 1886
o'clock, at $3.50 the Board adjourned
, until 2;SO p. m, Tuesday, August Isl
! tomorrow.
Today the various standing commit
l tees get together to get reports II
q shape for presentation to the Boart
tomorrow afternoon.