Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-05-19

lied by the Legislature, or the balance
of the loan authorized By the legisla
ture, came up for consideration. The.
money markets of America, in fact
the money markets Of the world at
that time were practically closed to
borrowers The special privileges
that attach to Hawaiian bonds were
practically done away with by the Cur.
rency Act; hence. there was not the
inclination TO take the bonds on &C.
count OF the privileges such as had
existed before.
At that time. the city of San Fran
cisco was In the market for about
So, 100000 The clerk of the city gov,
eminent Of San Francisco. an ac-
quaintance and friend Of mine, endeav-
|ored to place that loan In New York,
Philadelphia and Boston unsnccesss
fully although the inducement. was q
greater rate OF interest than that an.
thorized for our own Hawaiian lean.
Hence. II was fruitless to make any
endeavor to secure money at that
time. The basis Of our bond issue at
that time was on a taxable-valuation
in this territory Of SIT, 000, 900. II
was very evident that the returns this
year would be much less than $171,-
600 ,000; hence, IL seemed to me to
lbe dishonest to 60 into the market
with the valuation Of SIT 600, 900
and was of the opinion that we
should wait until we found out what
1.-The valuation was. On the face Of
the returns for property. the valua-
ton was SIS, 900, 900, or shrinkage
lof $40, O00. 900. It was evident last
Tuesday as near as we could ascer-
tain from the returns that the assess
able valuation would be about $152,.
100000 or $15s, eO0. 900. Hence, we
lean now 60 into the market like hon
lest men. II we had presented our
lvaluation at $177 ,000, 90 and then di-
lrectly It turned out to be $152 ,000, 900,
| the money investors would say that
we were liars to the extent Of S26..
| 100000.
One hundred and fiftytwo million
dollars under the law allows us to
borrow about ten and q half million
dollars; and when we have issued the
million and 4 half bonds that are au-
thorized. we will have already reached
within about two million two hundred
thousand dollars Of our ultimate legal
Elimit, and there IS so much to do in
this territory that that sum really
does not begin to cover what Is need
Ted.
Ten years ago made an inyestiga.
Ition Of this island and Of all the four
producing islands of this territory At
that time went all through the K1la
homesteads. There was lack of
water. There was a lack of water for
linen and women to drink There was
lack OF water for animals to drink.
And II mankind and other animals
lean not have water enough to drink,
| what IS the use Of existence IN the
Kula homesteads?
/ am told that the losses on the
/ mountainside Of the ranches and
iamong the individual owners from
drought has exceeded five Thousand
head Of stock within the last ten
years. You can estimate the value
better than can I am not q stock
man but the estimate has been given
i that the losses exceeded s150,000
i Hence, il is an economic move If, by
4 the expenditure of sos, 900 or less you
i can insure this district from loss 81
4 further stock-can insure the district
from men and women crowding and
juueneh their own thirsts: condition
i which understand has existed among
the Kula homesteaders
viii 60 no further in describing
i the conditions in Kula. The map here
i will speak for itself. 4
do want to say q few words to
4 those rho dwell in the valleys here
anu who have possibly lacked very
i little of the maximum water they de
i sire or require. ! cam OF see how
i anyone who has been so provided
whether from public or private funds
Il with this complete supply of watel
should for one instant excite any dis
i enlargement or any influence against
4 the water. supply for the homesteads
on the Kula lands and other lands
that are reached by this pipe linz
Il which lacks only reservoir to make
it efficient In seasons of drought.
There is provision for a few bridges
to replace those near Hama that are
lin dangerous condition. Your law
j yers can tell you better than / wheth
q er the county would be liable for dam
Iages If anybody went through those
bridges. If the county by its care
lessness caused the accidents. Posi-
bly, it is cheap insurance to provide
money to make substantial and last
Ing bridges in the places that have
been selected.
It Is impossible at the present time
ito build and finish the roads. Yoi
can not do everything at once, buI
you can, step by step, provide mean.
for transportation ii that part Of til,
island.
There is provision for $1s,500 t
Improve the water works Of Wailuk,
and Kahului. tits not great deal q
money It is something for which vol
can easily provide repayment.
/ have been In lao valley this Il
ternoon. There is peculiar condition
f6aro am Vfn3 <>,tvs = - an - =