The Maui news. [volume] (Wailuku, Maui, H.I.) 1900-current, 1915-06-05
Maui Work
Must Wait
Bond Sale
Harbor Board Hogs All Money In
Sight-Governor Says Maui Must
Go SIow-War Scare Makes Bond
Sale Uncertain.

The Maui Loan Fund Commission,
under the direction Of which some
quarter of million dollars of terri
torial loan money is to be spent, has
called meeting of the Haiku Farm
ers' Association and others interested
for o'clock next Wednesday after
noon, at the Kuiaha schoo. house. The
commissioners will get the ideas of
the people of the district as to the
spending of the $4,000 appropriated
for road improvements in that sec
ton, but as to when they can get
down to actual work on this or any
other of the number of Maui projects,
the Commissioners have no idea.
What they do know is that there is
not one cent at present available. Also
that there will be none available until
the Territory can dispose of another
batch of bonds.
This knowledge came to the men,
bers of the board as a big surprise,
as they had been given to understand
that at least a respectable portion of
the money was waiting in the treas
ury vaults for them to spend. Also
they have just been told by Treas
urer Mccarthy that the sinking of the
Lusitania has so upset the financial
world, that it is not at all certain when
the half million dollars of unsold
bonds can be marketed.
Governor Says go Slow"
In reply to a letter of the board,
Treasurer Mccarthy says in part:
'In the first place, the Governor
wishes me to ask you to go a little
slow for a while.
1--WE have in the treasury at the
present time round figures nine hun
dred twenty thousand dollars ($920,-
000) loan funds. We have five hun
dred thousand dollars ($500,000) of
bonds unsold.
OF the money now on hand the plans
and specifications are almost ready
and the Board of Harbor Commission
ers expect to call for tenders on pro-
positions calling for six hundred thirty
thousand dollars $630,000). They have
given out contracts amounting to one
hundred siXty-five thousand dollars
($165, ,000) IN addition to above, max
ing total of seven hundred ninety
five thousand dollars ($795,000) There
has been allotted for territorial prison
one hundred fifty thousand dollars
($150,000) making a grand total of
nine hundred forty-fve thousand dol
lars (S945,000), or twenty-five thou
sand ($25,000) above the amount on
hand.
''Up to the time of the sinking of
the Lusitania, the money market was
easy, the banks all over the country
having large amounts of money on
hand, and interest rates were low, so
we felt that it was advisable to hold
kO1o OH a1- l.
er, with the idea of realizing a larger
premium from them. The Lustania
affair has somewhat upset our calcula-
tions, however; the banks still have
an abundance of money, but very
body wishes to hold on to what they
have until the situation clears Up
somewhat.
"The Governor, before his departure
for the mainland on June End, will
authorize me to dispose of the bal
ance of the bonds, if l can do So in
the best interests of the Territory
Until these bonds are sold you will
have to pursue the Governors advice
given at the commencement of this
letter, i.e., "go Slow.
81 am in hopes that we will be able
to dispose of the bonds satisfactorily
at an early date, in which event your
projects can be taken up"
In case buyers can be found for the
bonds at the rate of the last sale, or
better 90 cents premium per $1,000,
the last $500,O00 may be disposed of
without advertising; otherwise tend
ers will have to be called for, with
considerable delay inevitable.
Hope of getting good start on the
Kula reservoir, Wailuku waterworks,
various road projects, etc, before the
wet season starts in must largely be