The Hawaiian gazette., 1918-08-30
(By ERNEST @. wALKER)

WASHINGTON, August 49, Mail
Special to The Advertiser THE ra
tioning of investment capital to make
sure of an adequate supply for enter
prises compatible with the war pro
reeds apace. Charles S. Hamlin, who
heads the President Capital Issues
Committee, points out that the appIira
tons are coming in numerously-at the
rate OF fifty or more day-tlll the
total is something over | 800, and that
many more millions worth of applica,
tions are granted than are denied.
The law specified there should be n
governmental o. X. upon issues Of
100000 and over. The purpose of the
committee is not to decide upon the par
tIrular merits Of K ven enterprise but
to determine. after expert examination,
whether money can well be spent there
on in view of war conditions and war
demands. The Capital Issues Commit
tee is very careful about its judgements
and is also careful, as the law prrscribes
it shall be, about permitting those eX
terprises it has approved to advertise
the government = approval.
The work - becoming very cOmprG
hcnsive. The committee has authority
by which il can put strange hold on
almost any new enterprise of magnl-
Jude. There may be doubt as to how
far the promoters OF an undertaking of
particular magnitude could go without
making application before the Capital
Issues Committee. But just one in,
stance indicates how the committee
could step in and call a halt Many
| new undertakings call for the use of
steel or other metals, none Of which can
| ne had nowadays unless the government
is willing.
The Capital Issues Committee is rap
IDLY building up strong connections with
| expert bureaus Of the government. II
/ a group of capitalists want to open a
new coal mine, their aphration to the
: Capital Issues Committee il turned over
! to experts Of the War Industries Board
aud also of the fuel administration and
20 the Geological Survey. The enter
prise may be entirely meritOriOus but
government appro, nj is based chiefly
| upon the question whether mines, now
under operation. are adequately taking
care of the national needs AMI whether
capital can property he spared for open
! ing new Goa properties.
All Must Submit Projects
States and other governmental uuit'
are expected also to submit their pro
ierts to the Capital Issues Committee
! and are doing SO. II 'tatr Is pro
jecting an issue Of hou'A or crrtif
Gates or other form Of obligation t,
finance a new highway, its application
is turned over to the United State
Highway Commission and, rs well t
army officials and officers of the depart
ment of agriculture for word as to tn,
necessity.
A Tennessee city applied recently 10
approval Of an issue of bonds to be use,
IN river front Improvements. The pro
ect was IA public spirited character
which in normal timrs would be en-
rOuraged from every quarter. The Capt.
tai Issues Committee however, repOrtr,
unfav Orahly on the ground that the cx
sting docks and whGrves suflced 70
the time being. If the improvement i
question were sanctioned, other rrtir
and towns along the RIVER would wan
20 build better docks and whurNro. !
was felt the necessary capital could b
better used for other purposes and tina
these river lmproN rncnts could wait.
. School huIlIngs, bridges. count
court houses, sewers and divers Otht
local projects are all ,uIuInV undrr tn
eve of the Capital Issues Committee
New school houses costing over 500
900 ar" r"trrr,i 10 Du,Iur Claxton. G
the bureau uf riurnrluu. for rrUort 4
20 the nrrre-rl, III the particular con
uuuitN rtrrrl"l. If the APPLICATION
for capital 10 construct sewers, paper