The Hawaiian gazette., 1905-02-24
REPORT OF
TREASURER

tltorial treasurer Campbell gives some
figures and recommendation that will
interest statesmen and the general
public. I'm the estimates submitted
for the coming biennial period" says
the Treasurer, mo allowance Is made
for either additional receipts from any
new sources of revenue nor for addi-
tional expenditures caused by the
adoption Of the County form of Gov
eminent.
THE revenue receipts of the Terri
tory for the year ending June 30, 1904,
less the amounts received from road
tax and land sales, amounted to ST.
2S1.5S7s1 and the expenses to $2.777.-
1852, making an excess of expenses
over the receipts OF s495. 94s.91.
while for the year ending June 80,
1905, it is estimated that the revenue
receipts will exceed the expenditures
by s136.074.2O, and that the current
debt on June 80, 1905, will be reduced
to s527,406.5O.
THE total assessments of Real and
Personal Taxes as of January /, 1904,
was 124,699, 541.00, which was a de-
crease from the preceding year of So
113,141.OO
II would suggest that the tax law
be amended and in this connection
recommend that taxes be paid in two
installments. All specific and one-half
of Real, Personal and Income Taxes
becoming delinquent in May and the
balance delinquent in November. That
in addition to the 10 per cent delin-
J quent penalty, interest be charged on
all delinquents until the time of pay
ment and that better provision be
made for the enforcement of tax liens.
ALSO that the time of assessing in
comes be changed from July LIST of
each year to January LIST of each year.
1.-THE present Inheritance Tax law
applies only to collateral inheritance.
Many of the States of the mainland
are adopting various forms of indirect
taxation. The direct Inheritance Tax
seems to be favorable form of rails
ing revenue, and it could be applied
here advantageously.
IT deem it for the best interest of
the community that the Territory so
regulate its finances that large
amounts of coin will not either be
withdrawn from circulation at any
one time, nor locked up in the vaults
of the Treasury.
"The present method, of collecting
about one-half of our entire revenue
in one month, is liable to cause a
stringency in the money market, es-
pecially when the Treasury is on a
cash basis, as then this coin Is locked
up to be gradually paid out on war;
rants.
when warrants are being register
ed this is not felt, because the money
Is not withdrawn from circulation; but
by the immediate payment of out
standing Treasury warrants the coin
is left in circulation.
This condition can be relieved in
two ways: One by the collection Of
taxes in two installments, as already
suggested, and the other by author
izing the Treasurer to deposit money
in local banks upon the receipt by the
Treasurer of U. S. Federal or Hawai-
ian Territorial Government Bonds as
security; such deposits to bear inter-
est at medium rate. The application
of both these methods would afford
general relief.
IT would also call your attention to
the advisability of having the title
Registrar of Public Accounts" chang
ed to Assistant Treasurer" and provi-
sion made authorizing the Assistant
| Treasurer to act for the Treasurer in
case of sickness, or absence from the
Territory of the Treasurer"
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