Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1909-02-17

S51 ,S25.l3 for each million of j-l5, 3k
per cent. public Improvement or re.
funding bonds that may be issued as
well as by further appropriations that
| will probably be made by the Lcgis.
lature of 1871.
Estimate Of expenditures for
Ensuing Period.
funds. will he submitted in separate
statement.
Form Of Appropriation Bill.
| recommend that instead of having
salaries and expenses, respectively,
appropriated for in separate bills
there be but one bill covering both
classes of expenditures. This is the
practice elsewhere and It has the adj
vantage Of presenting in one place all
the expenditures authorized for any
branch of the public service.
/ recommend also that instead Of in
cooperating in each appropriation bill
the usual sections prescribing limita
tions upon expenditures of appropli
etions. a separate bill Of permanent
nature be enacted upon this subject
the provisions of which should be caro-
fully prepared inasmuch as those
which have long been enacted with
each appropriation bill do not meet
all requirements.
Bond and Loan Fund.
The bonded idebtedness has been
reduced by the payment of all out
standing per cent. bonds amounting
to $4,000, and increased by s29i,00l
of 3R per cent. bonds issued fOrepubllC
: improvements. making the present
bonded Indebtedness $3.50 900, with Z
: balance Of s4,7579S In the sinking func
| on December 81, 1908.
, At the beginning of the period, Jun,
30, 1907, the cash balance in the loar
fund was s2iS.772.O3 against which
there were outstanding warrants t,
the amount fof s44423, to which casl
/ balance there was added during thu
, year by the sale of new bonds $2SS
SOL, making a total Of Sj37 ,333.O3 o
. (which 1862 ,9G7S3 was expended up I,
| December 81, 1908. leaving at that dat
n cash balance of i,3G5.2O, agains
which there were outstanding wal
rants to the amount of s4.5iS.92. Tn
balance will practically all be require
before the end of the period for apprt
priation already made.
On May /. 1908. $4,000 of pc
cent. bonds and on October |. 1905
Isl,000,O0O of AZ per cent bonds b,
came redeemable, and on January
1910, an additional 81 100000 of AZ pc
cent. bonds will become redeemablC
Probably It will he best to pay tn
[ S3l5,000 Of bonds out Of the sinkin
/ fund as Il accumulates, but the $1,000
600 Of Az and ih per cent. bond
should be refunded at n ldwer rate q
interest. II this should be done 4
whole or in part before the end of tn
period the large sums required to b
set aside as sinking fund under tn
act of the last Legislature should b
borne in mind in making appropr
atoms.
A bill Is pending in Congress to pc
I
redemption and payment of bonds. :
that these may be made such. With
reasonable limits, as to make II poss
BILE to sell them to best advantage.
contemplation of this, the rcfundin
act should be amended or, perhal
better, should be repealed and ne
act passed.
Special Funds.
recommend that an act be passe
converting the special funds for I'll
claims, postal money orders and go
and silver certificates Of deposit I
spectiyely, into current funds and n
propriating the amounts for the pa
ment of claims when presented. TIL
may be done by an act similar to tn
of 1903 in regard to the Chinese fun
Deposits Of Government Funds
In Bank.
recommend Legislation for the a
thorization Of this under proper lin
tations, in order to avoid the wit
drawal of large amounts of money fro
circulation at times and incidental
TO increase the revenue by the amour
} of interest which may be. received
such deposits.
Clearing House Certificates.
The financial crisis of little mo
than year ago, which fortunately d
not seriously affect this Territory, 81
. gests the need of legislation to perm
the issuance of clearing house Gel
hcates. Perhaps It will be suniciel
In order to accomplish this purpo
to repeal Section 30lS Of the Revis
Laws.
Official Bonds.
In view of the meager provisions
the statutes defining the duties of pr
lie officers and employees and the
cision of the Supreme Court in Ter
tory v. Richardson, recommend Il
U the provisions of the statute providi
for bonds of public officers and e
U ployees be amended SO as to meet
cases.
TAXATION.
" In pursuance of Joint Resolution
the last legislature a tax commissI