Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-03-29

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and that would be returned onehof six months in all prob
ability
The property values for taxation and development
of the country would add the the treasury of
Hawaii and not deplete it.
1t the of money involved but confidence shown
by the people through the of its Legislature represent
ativc that will aid this imperavey necessary transportation
enterprise
The mainland has suffered from excessive promotion and
manipulated and inflated wateed stocks and Hawaii should
learn by those mistakes of careless legislation and granting of
franchises avoid them
The hard times of this Territory largely reckless
fnanceerng, and is the duty of the Government restrain
that spirit and endeavor bring about of conservative
fnanceerng and general prosperity the middle classes
rather than listen schemes that enrich only the holders of
franchises.
of development of this Territory and render
available in all parts of the Islands for the benefit the small
holder as well as sugar industry.
There is every this Act should pass Should it be
deemed advisable, public hearing should be had.
The Island of Kauai and her development of small industries
and protection of her great industry equally benefited
The great capitalists would miss from their tho
first requirements of $27O,OO000 the final payment of
s2700oOoO and the bonds would find SALE need fur
Their illustrate details O Kauai.
If the and organizers of these railroads frank
and in their dealings with the public they will object
to the public securing such information enable their
Representatives of the Legislature knowing the full cause
effect of such legislation they have enacted enact
tn subject of transportation.
If the promoters and organizers of these railroads desire the
time they will restrain their desire for riches and be
content with the ample rewards these acts afford the opportunity
of securing
Should the Legislature prefer to secure great riches
and permit them issue lawful obligations representing
teprise labor but keen instinct advan
tages the people and thereby bind the shack their
industry forever is in the power of single
legislator to prevent.
Hawaii will for years repeat the cry California producers
Men of enormous capital becoming ashamed of their
greed and its effect the general character of the people and
nation
AN ACT TO AMEND SECTIONS 1888 AND sos OF
CHAPTER "a OF THE REVISED LAWS OF
HAWAII RELATING TO THE GEN
ERAL RAILWAY LAW.
introduced March 20 1907 by Senator Geo. c. Hewitt
Passed first reading in the Senate March 81, 1907
Section l. Section 7s3 of the Revised Laws of Hawaii
hereby amended to read follows:
Secton 1888 Power and authority is yiven n bo Sror
lntendent OF Public Works. by and with the consent of the
Governor to enter into contract with any persons
who may associate themselves together under the general cor
poraton law of this Territory by the general law in rea
ton to corporations and all the provisions thereof and
hereinafter contained for the purpose building
and operating railroad railroads in any part of this Terri
tory;
Provided however, shall be lawful for any said associa.
ton or corporation to issue preferred capital stock in such
sums as be necessary at price in the legal monies of the
United States of America equal to not less than ninety per cent
of the face value of such issues and
Further provided however compensation the pro-
nnancers OF such railroad
railroads. shall be lawful for any said association or cor
poraon to issue capital stock an amount equal to
onefonrth OF original issues of preferred capital stock and
bonds combined; and
Further provided however, when by the operations of
sinking fund any bonds mortgage bonds evidences
debt OF capital nature shall have been paid and cancelled
shall be unlawful for said association corporation to issue
capital stock OF any description replace said above mentioned
obligations cancelled;
Further provided however, it shall be unlawful for any said
association or corporation pay dividends excess of seven
per cent per annum preferred capital stock and per cent
per annum on common capital stock all dividends
cumulativei and
Further provided however, it shall be lawful charge
two years during construction all of construction
of'sad railroad railroads."
Section 2 Section sos of the Revised Laws of Hawaii
hereby amended to read follows:
'Section sos Any corporation which may be organized
and undertake the building of any railroad railroads. in
pursuance of the authority of this chapter and in accordance
with it, may issue bonds raise money for the construction of
lond In Laa