The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1912-03-26

merchants association and the Com
mercial Club.
w. r. Castle, the chairman of this
committee, rendered report of its
work indicating that it has not been
letting any gras grow under it's feet
since it organized. He indicated there
was now not SO large a step between the
present chaotic state of affairs and an
actual contract as there seems to be.
| Two Sites Selected.
| Not only were various financial
schemes drawn up and on tap, but what
the committee considered the two most
available sites had already been looked
into. The first of these, and the one
which seemed to find the most favor
Hast night, was the Honolulu Hale site
near the postoffice on Merchant street
and the other was Bishop Park opposite
the Young Hotel. Mr.. Castle reported
that the Governor would probably per-
NIT the Merchant street site to be put
up at auction, being government land,
at the upset value of $4,000 and
thought it probable that it could be
bid in for forty or fifty thousand.
While this site was connected with
. the proposition that the organizations
should own both the site and the build
ing, Bishop Parks desirability rested
on leasing arrangement. Tentative
-plans having already been suggested
for the Bishop Estate to erect build
ing on that site suitable for the needs
of the various organizations interested.
Mr.. Castle, in discussing the Bishop
Park alternative, said that this scheme
included the leasing of the basement
and the first two floors to one of the
Fort street firms now doing business
on the strip wanted by the United
States for its federal building. The
stock exchange which is taking part in
the building planning, would also have
to have a ground floor, while the speak
er thought that it would be necessary
for the promotion committee to be stu
ated on the ground floor. Besides this,
The said, there was also the Hands
Around-the- Pacific Club and the Public
Service Association which he believed
to be subsidiary to the promotion COM
mittee and which ought to have quar-
tiers in the building. This meant, he
said, more ground space than could be
Supplied.
! Finance Discussed.
In taking up the question of finance
he suggested that building corpora
ton might be formed issuing bonds
necessary to secure the requisite money
which, he said, should be between $780,
900 and $250,0O0. With the bonds he
RECOMMENDED a bonus of stock. He
largued that while most Honolulu folk
held stock to be sacred, this scheme
could legitimately be followed.
eff you want to do it, gentleman,
he concluded, "you can do it. The only
j question is, is it desirable7 AS for my
self 1 think 1T is time that such bIild-
ing was erected to mark the progress
lof Honolulu and the enterprise of its
citizens
President Spalding Of the chamber
of commerce was the next speaker. The
funds of this organization, he said
were monopolized already by demands
of general beneficial activities and any
lexcessive rental such as would be neces'
sary in either proposition advanced
would cripple those activities. He did
not agree with Mr.. Castle about bonds
and stock bonuses but recommended
THAT the committee appoint subcom-
lmittee to canvass the town and see what
subscriptions could be raised and how
much stock could be foated in a build
ing company. This he thought "bet-
ter than trying to raise building with
lprivate capital
Chairman Waldron then called atten'
ton to the Olympic Club of San Fran
cisco which built $250,000 home on
the proceeds of bonds bought by mem
beers who waived interest for thirty
three years. He did not see why the
same thing could not be done here.
"Just as Loyal"
President Gignoux of the merchants
association spoke wholly, as Mr.. Castle
did partly, with the civic idea in mind
Mr.. Castle remarked that he believed
the organizations should look upon this
as matter of civic pride and not as a
cold blooded business proposition. Mr.
i Gignoux believed that the building