The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1909-03-27

tomley introduced a resolution in line
with his report.
L. Tennev Peck of the First Nation
al Bank asked that the chamber sus-
pend action on the matter until the
Legislative Committee of the chamber
had a consultation with the different
banks. So far as he knew. there had
been no consultation or conference of
the banks vet, and he thought that the
committee should at least talk the mat,
err over with them. before recommend
ing to the chamber that the bill be
approved. Mr.. Cooke stated that
Cecil Brown of Mr.. Peek 8 banking IN
stitution had kokuaed the matter.
Gees to Highest Bidder.
It was Mr. Peck s contention that
the minimum Of per cent. interest
meant that the government money
would be let out to the bank which
bid the highest interest for its use. The
bill would compel bids by the banks
for its control. Some banks, to get
the money, might bid up as high as
and 9 per cent. That would make a
revenue measure out of the BILL 1t
might lock the money up in the bank S
vaults If there was fiat rate of 2
per cent interest it would yield the
Territory revenue of, say, $4,000,
but if left open to competition the
money would 60 to the banks that
wanted it badly.
E. D. Tenney didn t see any objec-
tion TO depositing the public money in
the banks az rate of interest not
less than per cent. If that was
fiat rate there might be some objec-
ton. He thought that depositing the
money in the banks would be desira-
bic. Mr. Peck, however, did not be-
lieve the money should be banded
about. Congress had decided that it
was not good thing for treasurers of
public money to handy it about among
the banks on public bids. The law
says that it should be left to the gov
eminent officials to deposit the public
funds, and the rate of interest should
be equal, so that the money could not
be centered in any one group of insti-
tutions. The matter was question of
principle, not of the banks.
Mr.. Morgan thought we should get
as much as possible out of the govern
ment funds. Mr. Cooke said he did
not understand why the government
should not do its banking business the
same as private concerns.
As to competition, Mr.. Tenney re-
ferred to the system in vogue in the
government to compel bids to be made
on supplies, the contract going to the
lowest bidder. There was not much
in the system of calling for
bids and the proposed method of
the government moneys.
the resolution of Mr.. Bottomley
finally passed, Mr.. Peck asking that
it be recorded that he did not vote.
AS to the plan for the counties to
look after taxation matters, instead of
the Territory, it was decided to wait
until such a measure is introduced into
The Legislature before passing upon it.
Entertain japanese Squadron.
Mr. Morgan called attention to the
coming visit of the japanese squadron,
which is due here April l from Japan.
In view of the fact that the Amer
can battleship fleet and members of
his Chamber of Commerce We're enter
-ained so well in Japan, think it be-
looves this ChambeF to assist in the
of the coming squad
ron. The local japanese have taken
up the matter already He asked
'or a motion. j. P. Cooke moved that
he matter of entertainment be re-
,erred to the Committee on Reception
and report made at a special meet
ng in a rev days. This was done.
Promiscuous Advertising.
J. F. Hackfeld brought up the ques-
ion of advertising. He said that all
he business houses in town are called
upon to advertise in various pubIica-
ions and give them support. There
we're guide books and pamphlets and
all manner of things cropping up.
Some one had called upon him that
lay to secure advertising He thought
hat the Chamber should appoint an
committee, so that when
person goes to a business house and
asks for advertising matter for this or
hat publication, he can be referred
20 this committee.
Mr.. Morgan kokuaed the remarks
Of Mr. Hackfeld, saving that the
Chamber should have such committee
as suggested for the protection of the
business houses. as the publications
we're good, bad and Indifferent. A
committee of three could act as a
buffer A resolution was introduced
and passed.