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rpilE I'NDEHSICINEl) luive loimcd
JL a copartnership uudei the linn
unmoor" SPHECKELs & Co." for the
purpose or currying on a general bank
ing nnd exchange business ivt.llonolulu,
and such other places in the Hawaiian
Kingdom as may be deemed advisable
(Signed) CLAUS SPREOKELS.
P. F. LOW.
Honolulu, Jan. 14th, 1881.
Referring to the above wcbog to In
form the business public that we arc
prepared to make loans, discount approv
ed notes, and purchase exchange at the
best current lates. Our arrangements
for selling exchange on the principal
points in the United States, Europe,
China, Japan and Australia arc being
made, and when perfected, due notice
will be given. "Wo shall also be prepared
to receive deposits on open account,
make collections, and conduct a general
hanking and exchange business.
010 limb (signed) SPRECKEL
LS & Co.
BISHOP & Co., BANKERS,
Honolulu, Hawaiian Islands.
Dr.vw Exchange on the
Btviilc ol" C'nlii"oiuiu, S. X
And their agents in
NEW YORK, BOSTON, HONG KONG.
Messrs. X. M. Rothschild &Son, London.
The Commercial Hank Co., of Sydney,
The Commercial Rank Co., of Sydney,
The Bank of New Zealand: Auckland,
Christchurch, and Wellington.
The Bank Jof British Columbia, Vic
toria, B. C. and Portland, Or.
Transact a General Bankiug Business.
CUD ly b
THE IAIIiY IS1ILIJBTTX
can he had from
J. M. O.tt, .Jr,& Co.
T. G. Thrum
Pledged to neither Beet nor Party.
Bat established for the benefit of all .
THURSDAY, JUNE 5, 1884.
THIS EVENINC'S DOINGS.
Band, Emma Square, 7:30.
Mystic Lodge, No. 2, 7:110.
Regular Cash Sale, at Sales Room
of Lyons & Levey at 10 o'clock.
THE WATER SUPPLY AND FIRES.
The lire on the lulls back of the
city warns us again of the insufli
cient supply of watjr. The summer
is upon us and the demand for water
is greater than ever before. Each
year witnesses progress in building
and utilizing of the waste places in
and abotit town, but no increase in
the water supply. Few realize the
clanger to the town from these moun
tain fires. Every summer the grass
and otler vegetation on the hills ad
joining the town becomes dry and
parched, and afford the best of fuel
for rapid and destructive fires. The
water supply already shows signs of
failing, and if the dry weather should
continue we are in danger of a water
famine with all its inconveniences
No time should be lost, nor ica
sonable expenditure spared, in mak
ing efforts to meet this great need.
Not only the Government, hut every
.householder and the insurance com
panies, are directly interested in this
very important matter.
AN ATTEMPT TO BULLDOZE.
The letter from J. T. Watcrhousc
to "W. L. Green, bearing date March
15, 1864, which has been resurrected
and scattered broadcast, is a das
tardly .attempt on the part of the
proposed bank promoters to bulldoze
the community into silence. "We
have reliable information that Mr.
W. G. Irwin has several times threat
ened Mr. Watcrhousc that if he did
not mind his own business this letter
would be published, and that he
stated yesterday that he had made
up his mind to publish it. This is
the solo attempt Ihat the monopoly
has made to justify itself. Not one
word has appeared in print justify
ing or explaining their preposterous
demands, but when a man of inde
pendence denounces their scheme,
their only reply is to sling mud.
Whether Mr. Waterliouse's opposi
' tion has been conducted wisely or
not is immaterial. The monopoly
has shown its hand. It conducts its
campaign on the still hunt principle,
with intent to buy up, choko off and
bulldoze into silence all opposition.
Are we ready to place unlimited
power in the hands of men who have
shown themselves capable of such
a despicable manner of doing busi
ness? Whfifiwm in wnvfli dninrr :it, ;ill.
worth doing we,Ohe9(erlt?h
THE OCEANIC S. S. CO.'S SUBSIDY.
The Oceanic Steamship Company
is seeking to obtain a large subsidy
from the Legislature. They ask
$2,000 for each trip of each of their
steamers; this means $4,000 per
month, or $!)C,000 for the two years.
Wp believe that this subsidy should
not be granted.
The theory on which subsidies arc
granted is to encourage a means
of communication which otherwise
would not be obtained. The company
now applying for the aid, built its
steamers and established a line in
opposition to the old established
Pacific Mail Steamship Company,
and has compelled or in some man
ner induced, the Pacific Mail to
withdraw from carrying freight and
passengers between Honolulu and
San Francisco ; miorcovcr the Gov
ernment has already given it large
and valuable privileges.
If the Oceanic Steamship Company
can afford to prevent the other line
from continuing in this trade it cer
tainly does not need public aid in
the form of a subsidy.
This community is to be congrat
ulated upon having so fine boats as
those run by the Oceanic Steamship
Company, but the company cannot,
with very good grace, ask for a sub
sidy. With the benefits of the kind of
communication supplied by this
company, some serious disadvan
tages have resulted. Its monopoly
of the carrying trade has grown to
such proportions that many of the
sailing vessels have been compelled
to withdraw, and the port has suf
fered serious loss in many ways.
Tn addition to the unfairness and
injustice of granting the subsidy
under the circumstances, it must be
borne in mind that the condition of
the public 'finances are far from
being in a prosperous condition;
The expenses .of the Government
exceed its revenue ; it has been
deemed necessary to devote a part
of the loan fund to meet the ordinary
running expenses of the Government,
and judicious economy must be ob
served or higher taxation will become
Too many important public works
have been neglected of late for
"want of funds," to justify the
lavishing of money on this wealthy
steam line. ,
We say devote the money sought
by this company to improving the
water supply of Honolulu.
REPORT OF THE CHAMBER OF COM
MERCE ON THE BILL FOR THE IN
CORPORATION OF THE HAWAIIAN
A special meeting of the Honolulu
Chamber of Commerce was held on
Wednesday morning, June 4th, to
receive the legal opinion of Mr. Pres
ton, in regard to the Bill to incor
porate the Hawaiian National Bank.
Mr. Preston's letter, with notes
and opinion, was as follows :
Honolulu, June JJrcl, 1884.
W. W. Hall, Esq.,
Secretary of Chamber ol Commerce,
Dear Sir: Herewith I forward
notes and opinion on the legal effect
of the National Bank Act, as printed.
It appears to me that tho powers
askcJ for, might cause the forma
tion of a monopoly of so dangerous
a character, commercially, as to pre
vent all outside competition, the
exemption from license fees and
taxation being such a discrimination
in favor of the Corporation, as to
preclude other persons continuing
business. The loss to the revenue,
would be so great that heavier taxa
tion might be required.
The Incorporators ma' not have
intended the effects alluded to, but
in my opinion the Act clearly gives
the rights powers and immunities. I
"An Act to incorporate tho Ha
waiian National Bank."
Sections 1, 2, and '!. It does not
appear from these sections that the
proposed Incorporators and Directors
are stockholders or subscribers for
stock, or that it is even necessary
that the .Directors should be stock
Si:e. I. The term ''current or
lawful money of the Kingdom" is
explained by Section 21 to be "gold
and silver coins of the Hawaiian
Kingdom and the gold and tho silver
coins of the United States."
Sec, 5. Limit of liability Tho
' liability of the Stockholders is not
unlimited in the ordinary and legal
meaning of the expression.
The sectibn , me rely provides Hint
each stockholder is to be liable for
his proportion of the debts, and it
may be that only a few of tho Stock
holders would turn out to be solvent
so that the creditors would suffer
to the extent of the delicency occa
sioned by the insolvent shareholders.
Sr.c. 0. d This subsection gives
unlimited borrowing powers.
o By this subsection the Cor
poration may lend any monies de
posited or borrowed without any
it is not within tnc scope oi
ordinary banking companies, who
ought not to hold the securities
mentioned, except as for security
for advances. This subsection as
drawn, would cover the right to
speculate in stocks &c.
.-r-These subsections empower the
Corporation to carry on every busi
ness whether wholesale or retail, to
carry on the coasting trade, to
purchase franchises for railway, &c.,
and to run and manage the same,
and generally to carry on business
in all parts of the Kmgdon, to act
as Trustee, &c. for any person or
estate, and by Section 17 it is pro
vided that the Corporation pay in
lieu of all taxes, imports, and
licenses (expect taxes in real estate)
one per cent upon tho average annual
amount of circulating notes delivered
to it. ,
The Corporation thereby escapes
the Bankers license, all wholesale,
retail, and spirit license, all coasting
licenses and taxes upon personal
And by the same Section 17, the
money received by the Government
for the authorized tax is to be ap
plied, not for the general purpose of
the Government, but towards the
costs of dies, plates, and printing
the notes to be issued by the Cor
poration, so that It may be the case
that no revenue whatever would be
derived from the tax.
Skc. 8 The circulating .notes to
be issued under this section are to be
equal in amount to the par value of
the bonds deposited.
If these bonds arc payable in U. S.
gold coin, then it is my opinion,
following the decision of the Sup
reme Court, these notes should be
payable in U. S. gold, but by Section
10 this construction does not appear
to be contemplated, as custom's
duties arc not to be paid by these
notes, neither principal or interest of
the public debt.
The Act seems to comtemplato the
right of the corporation to re-issue
its notes, although no express pro
vision is made for that purpose.
Skc. 18 Is in constravention of
the existing laws which are not ex
pressly repealed, and as it is not im
perative on the Minister of Finance
to take security for public money
deposited, the corporation may have
the use of the government funds,
and my issue its own notes in pay
ment of government debts, which
notes can only be realized in case of
default in payment, by the proceeds'
of the bonds deposited as security,
which sale may be delayed for nine
months after default, and the bonds
cannot then be sold under par.
And this time and procedure may
be extended by legal proceedings.
The bill contains no provision for a
register of the stockholders, for in
spection nor of the publication of any
statement of its assets and liabilities.
The corporation is perpetual and
the amount of property, real and
personal, which it may own at any
one time is not limited, as is neces
sarytin ordinary corporations form
ed by charter, and there is no re
straint upon the amount of debts it
may incur or owe at any one time?
as is also required in ordinary cor
porations. The only power of inspection con
templated by the bill is the inspec
tion by the corporation of the gov
ernment books, and the penal clause
Section 15 appears to apply only to
government olllcers and not to the
officers of the corporation,
The Chamber unanimously resolv
ed upon consideration of tho follow
ing opinion :
1. That the legal opinion present
ed by Mr. Preston confirms this
Chamber in the belief that tho pass
age of tho Bank Charter Bill would
be fatal to our financial credit
abroad, to our commercial prosperity
at home, and ultimately to the na
2. Iliat this Chamber .does not
believe that a 'Bill asking such ex
travagant and limitless powers can
be amended with any hope of recti
fication ; and therefore the Chamber
is of opinion that the Bill should be
uncodnitionally rejected or with
drawn. . .'). That this Chamber recommends
that no further Bank Charter Bill be
laid before the Legislature until
definite action shall have been taken
in regard to the Currency laws.
4. That, the Chamber earnestly
protest against the granting of any
Bank Charter which docs not con
tain the following provisions :
The Directors to be Stock-holders,
and resident in the Kingdom.
b The business to be strictly
Banking, without the right to issue
c. Taxes', licenses and other dues
to bo levied according to law.
d. The Bank not to have charge
of Government Funds.
C. The Capital and term of Charter
to be defined.
. The Bank to be compelled to
publish half-yearly statements of its
assets and liabilities, showing par
The number of shares issued.
The amount paid upon each share.
Debts owing to the company,
specifying the nature and amount
The amount of assets of the com
pany, specifying the amount and
nature thereof, which statement
should be exhibited in the ollicc of
ij. Also, to keep a register of the
members, containing: their names,
addresses and occupations (if any)
and the number of shares held by
each member, the amount paid upon
The date of entry of member's
name on register.
The date at which any person
ceased to be a member.
The register to be open for in
spection by members free, and by
other persons on payment of mod
erate fee, to be fixed by the com
pany. h. The auditors of company not
to be shareholders', and to have right
of inspection at all times, and to
make annual report.
i. Three-fourths, at least, of pro
posed capital to be subscribed for
previous to application for incorpo
ration, and one-fourth to be actu
ally paid in -before commencing.
5. That these resolutions, together
with the legal opinion of Mr. Pres
ton, be published in Hawaiian and
English; and that a petition em
bodying these resolutions, bo pre
pared for presentation in behalf of
the Chamber of Commerce to the
Legislature, on its reassembling.
W. W. IIaix,
noxoi.ULU, June 5th, 1884.
Correspondence is solicited on the top.
ice of the day, or what may become so.
"We lcscrve tho right to excise purely
We do not hold ourselves responsible
for tho opinions expressed by our cor
Editoii Bulletin : I will be ob
liged if you will allow me space in
your columns to make the following
The issuance with to-day's Adver
tiser of a circular letter reflecting,
upon Mr. J. T. Waterhouse, Senr.,
was without my knowledge ; the cir
cular in question being substituted
b' mistake, for a circular advertise
ment of G. W. Macfarlane & Cq.'s
sale to-day. The order to fold the
trade-sale circular was telephoned to
the Advertiser office at 8 r. si. yes
terday upon the request of Mr. Ellis,
tho auctioneer, and was misunder
stood by the person who received
the message. Hence the unfortunate
mistake which no one regrets more
than I. Very Truly,
E. C. Macfaui-axi:.
EMMA SQUARE CONCERT. .
Tho Band will play in Emma
Square, this evening, at 7:80, The
following is the programme :
March Coronation .Meyerbeer
Overture Jolly Robbers Suppe
Echo Piece Thuruugian Forest. Kleslor
Selection Mascotto .Audrnu
Selection Faust Gounod
Waltz Gilded Youth Wnldteufcl
Mazurka Aznlia. Faust
Vghinnl Hawaii Ponoi.
Tuesday, Juj;k 3.
Iwiulultou, charged with larceny
of a kit of salmon belonging to Capt.
Davis, from the steamer C. 11. Bis
hop, was remanded until 4th inst.
Geo. Harrigar, remanded from 2nd
inst., was lined $", and costs $1.20,
for disturbing the quiet of the night.
12. Gilgy, remanded from 2nd inst.,
charged with disturbing tho quiet of
the night, was dismissed.
Sam Bcckford, remanded from
2nd inst., found guilty of assault and
battery on Kaui, was fined $5, and
Wednesday, Ji'xi: 4.
Knuckoa and Akina were lined $0
each for drunkenness.
Ualcpai, Kalili and Keleokai were
fined $5 each for drunkenness.
Marian Ivcau, for deserting her
husband, was rflnanded until Gth
Jas. Kcau, for using disgusting
language toward Carry Wilcox, was
remanded until the Gth inst.
Kaultikou, remanded from the 4th
inst., was sentenced to three month's
imprisonment, with hard labor for
larceny of a kit of salmon from the
steamer C. K. Bishop.
Kahalewai and Mole, charged with
malicious mischief at Honolulu on
20th ult, were dismissed.
A FEW SHARES of the Hawaiian
Carriage Manufactory Co., stocks
utn bargain. This is a regular divi
dend paying stocks, and a good invest
ment. Owner leaving the Kingdom.
Inquire at this office. 732 lw
in boxes of COO, 2C0and 100, made by the
for sale at moderate price-, by
Eil. Iffolfrtchlacger & Co.
p? DRESS MAKERS. Apply
O diately B. F. EHLERS
GEO. E. SHERMAN.
No. 8 Maunakea St.
Trees and Saddles of all kinds made to
order and repairing Harness, etc.," done
in short notice. All orders promptly at
tended to. 593 ly
A Larp Assortment
White d Colored Matting
- KOIl BAM5-
At the Lowest Prices
at A. S.
Cleghorn & Co's.
5 Bbls. Lime,
67,000 R W Shingles,"
50 tabs Best to
100 cs. Medium Bread,
200 bbls Corn Flour
POR SALE BY
IE. Mackfelri & .
Cocoamit Oil I
Have just received per
Bk- Spica from Bremen,
anil offer for gale
Westphalia Mcttwurst & Suelzc,
Gorman Vegetable in Tins.
Pilscnor Bcor In Quarts & Pints,
Lagor Ecor in Quarts & Pints.
Ono lino Squaro Piano of superior make,
One Cottage Piano,
A few Orchcstrloncttes, a now Musical
VA. irollWcltlucgei & Co.
TO 1111 ItHtill AT-
IJNUr.H TI1K AUSPICES OP THIS
Hawaiian Jocley CI.
President, Jamp.s Oamiuiki.i.
Vice-President, P. S. Pkatt,
Secretary, C O. Biuioeh,
Trcasmer, Ceoit, Uhown.
Executive Committee, II. A. Wiukmann,
C. II. Juild, Dr. J. S. McGiU'.w.
Judges ; Hon-. 11. A. Widmmann, J. D.
Spueckiils, Esq., P. S. Phatt, Esq.
Time Keepers: Ciccii Brown. Esq., C. O.
Starter: Captain A. B. Haley.
Clerk of Course : Citas, B. Wilson.
Saddling Paddock: James Dodd.
Races Commence at 10 o'clock a.m, sharp .
1st Kaiulani Plate. $75.
BUNN1NG RACE ; mile dash ; open
to all Iioi-fc? bred in the Kingdom
ihnt have never run at Kapiolani
2nd. Kohala Club Cup.
A SWEEP STAKE of ipo added.
One Afilc and a quarter Dabh ; free
for all ; weight for ago. Scaled nonii
nations enclosing u fee of $10, to lm
made to the Secretary of the Ha
waiian Jockey Club, on or before
3 p.m., on 4th day of June. Final
acceptances with balance of Sweep
Stakes on or bcfoie 2 p in., on the
10th of June.
3rd. Queen's Purse. $125.
TROTTING RACE; mile heats;
best 2 in 3 to harness; free to all.
4th. Princess' Plate. $75,
lku itunit itAiJJ-i; mile clash lo
harness; free to nil 2 year olds bred
in the Kingdom.
5th. Reciprocity Plate. $150.
RUNNING RACE; mile heats; besl
2 in 3; free for imported horses
only; weight for age.
6th Queen Emma's Plate $75.
HALF MILE DASH ; for 2-vetH-olds;
Hawaiian bred horses; catch
7th Lunamakaainana Plate. $100.
RUNNING RACE; mile dash; free
for all horses bred in the Kingdom;
weight for age.
8th. Kahuku Cup and $50.
MMILE DASH; free for all 4 year
olds born in the Kingdom.
9th Leahi Plate $25.
MULE RACE; mile dash; free Tor
all; catch weights.
10th Coronation Plate $100.
TROTTING RACE; mile dash to
harness; free for all 15 year olds
bred in the Kingdom.
11th Graziers' Plate $100-
RUNNING RACE: half mile dash
mi z year oius; oaten
12th Amateur Plate $50.
ONE MILE DASH; owners to drive
free for all pacers and trotters, tp
wagon, that have never beaten 2:fiG.
13th.-Haw'n Jockey Club Plate-$125.
RUNNING RACE; mllcdaph; free
for all yeai olds bred in the King
14th King's Plate $150.
RUNNING RACE; 2 mile
open for all ; weight for age.
15th. Casino Cup and $25.
PONY RACE, mile dash; open to
all ponies bred in tjic Kingdom,
not over 14 hands high; catch
16th. Kamehameha Plate. $200.
RUNNING RA.CE; mile heats;
best 2 in 3; free for al; weight for
17th. Express Plato. $50-
TROTTING RACE: mile dash; Iron
for all express horses.
FOOT RACE, 200 YARDS.-$30
lbt, Man $20.
2nd, Man 10.
All Running Races to ho under tho
rules of tho Hawaiian Jockey Club.
Rules nowready at theSeernlary's Ofllcc.
Price 25 cts.
All Trotting Races to bo according to
the rules of the National Tinning
Entries close at 2 v. ji on .Saturday
Juno 7tli, at tho olllce of U. O. Berger,
Recrctury, m ith the exception of linen
In all Races second horse saves Makes.
Refreshment Booths nt tho Purk,
ready to let, 20 ft. seetloiu ijilO each.
Entrance to Park; For each llorso
(30 cts, Grand Stand $1, Caniagcs
inside Track Circle $1.
Entranco fee, 10 per cent.
T. 14. WiHomatn is appointed and
empowered by the Executive Committee,
and under the supervision of tho Secre.
lary, to make all Paik and Racing ar.
rnngeuientB,Mibjcct to their approval.
C. O. 1JKKGER,
7U lm Secretary.
-i:MM. l i,.vdsg W -Tiu tkj;,