Newspaper Page Text
EYEN1NQ BULLETIN, MARCH' 81, 1896.
into operation too quickly. If
wo can Bnvo 20,000 annually in
intorcHt, wo shall havo that much
moro to put into toiuIb ami
1 0. Jonos Biiiil ho loltBoino
ilolicuoy iu giving his opinion,
but iiB tho ininistor lnul oxprcHsly
invited ortlioistn ho would Buy
thut ho thought thu bill in its
)roBont slinpo -was very umviso.
A discount of 15 per cont, with u
commission of 2J por cont ndded,
was not wise. OnUiis basiB a -1 por
cont loan of $:i,'150,000 to rcdoom
$3,005,1500 piebout iudoblcdnoss
would really cost tho govornmont
4 G-lOths i torest annually tho
way ho had iigured it out, bosides
adding nenily S50,000 to tho
amount of tlio present dobt. Tho
margin given tho Minister o
Vimuico o 15 por cont discount
and 2J por cent commission was
too great. Tho now United States
t per cont bonds just isBiiod wero
selling today at 117A, whilo wo
proposed It) soil ours nt 17$ por
cent less than par. This was a
ditl'orenco ot 135 per cont on a
bond beariiiL' tho sanio rato ot in
terest and ho could not boo whoro
tho ailiorouco came in. xiowouui
sooner invest in thollawaiiaii bond
at pur than in tho U. S. bond at
17 premium, lio tnougut mat
tho Minister oE Finnnco could go
to Now York with a 1 por cont
bond and inside o 90 days its
capitalists would bo hero bidding
against each othor to got it. There
appeared to him, howovor, no
occasion for any haslo in tho mat
ter, as tho only bonds to fall duo
in tho near future wero 35,000 in
tlio year 1900. As far as tho now
loan of 2,000,000 for internal im
movements was concerned, hi
thought thoro would bo no ililii
culty in taking that up hero ns
fast as it was required. A great
deal of money that was now being
realized from sugar was going in
to Hawaiian bonds, and thoro
would bo enough to tako up all
bonds volcd by the Legislature
for new improvements from that
source alone. In case of annexa
tion all Hawaiian bonds would
immediately jump to a premium
because they would bo equally as
desirablo as those of tho United
Statos. Ho was in favor of issu
ing bonds for internal improve
ments but not at tho rato of dis
count and interest proposed. Ha
Avaii has novor repudiated or
oven passed an iutorost coupon
yet and there was no reason why
its bonds should not bo as valu
able as othor similar ones.
Minister Damon said that iu
placing bonds a groat deal do
ponded on dealing with a respon
hiblo iirst-class firm. After busi
ness was onco established with
such a firm thoy would hhndlo
bonds on a commission as low as
li per cont. That was ono reason
for going to London, tho cheapen
nnd best market in the world, li.
compare Hawaii with tho United
States was to comparo a ily on an
ox's back with tho ox itself.
William U. Irwin said ho had
talkod tho matter ovor a good deal
with othors. Ho agreed heartily
with what Mr. Jones had said.
"Without discussing tho terms of
tho proposed acts ho thought that
tho whole matter was premature.
Tho country was only just recover
ing itself and in two years from now
would bo iu a position to demand
a much bettor prico for its bends,
and that what it would loso in in
terest for tho next twoyoars would
moro than bo mado up in that
way. Tho bulk ot tho 2,000,000
in bonds that bocamo duo in 1902
was held right in this city. Ho
knew of ono estato which had
180,000 trust f Hilda invested in
thoso bonds and ho thought ho
could put his hands on a banking
firm which had another 200,000
in its vaults. Ho maintained that
it was bettor to pay 0 por cont in
terest on a bond hold at homo
than 5 por cont on ono sent
abroad. Tho iutorost that was
paid out to bond holders horo was
a great help to ovorybody and tho
diil'oronco would ' bo quickly dis
covered if tho bonds should all ho
hold in Loudon and tho Minister
of Financo had to ship halfu
million to that city ovory year for
interest. Ho didn't think that the
present policy of tho couutry 10
quircd tho consolidation of tho
loan. It was bettor to lose the
$20,000 a year that Minister Da
mon proposed to sovo than to
ruin our credit forovor by hawk
ing around in European markots
bonds at a discount of 17J por
cont. It looked bad on its faco to
mnko Hiioh an offor. Ho fully
agreed with Mr, Jones that all
XjiDjioy noodod to buy bonds for
intornul improvements would come
out of auyar nnd Uioro would bo po
trouble ijy getting all the money
nccosBarv for that purpose, but
When tho Minister talkod about is
suing bonds for ocoan cables and
immonso docks ho thought ho was
going too far. Ho highly com
monded tho Ministor of Financo
Cnr his efforts to rcduco interest,
but ns a business proposition he,
as a business man, would say that
consolidation was not necessary
or advisable at present. Ho was,
howovor, favorablo to u limited
loan for whatever special pur
poses tho legislature might deem
Minister Damon wanted to know
why consolidation was not good
policy now ?
Mr. Irwin replied: Getting a
lowor rato of interest on bonds is
a good policy and I am not object
inp to that. It is to tho big dis-
. , ..... .T.T
commission uiai a.
Damon called atten
nrovision in tho Act
tiou to a
which provided for tho redemption
of tho bondB at 5 por cont pro
mium in coso of annexation.
P. 0. Jonos said ho would givo
5000 for tho privilege of placing
tho bonds at tho discount pro
vided. Ho would guarantee to do
it in 90 days and not go across
tho Bocky mountains.
Mr. lrwm: "les, and 111 mvo
20,000 for tho privilege."
Mr. Jones, continuing: livo
por cont discount is auunilant.
Ministor Damon: Tho prosont
loan act authorizes tho Ministor
of Finance to sell bonds nt 98, yot
I havo never sold ono less than
Mr. Jones: But, Mr. Minister,
there is a big difforonco in selling
small lots .at homo and great
blocks in .London aB would bo tho
caso with tho new loan. I can
testify that Mr. Damon has re
fused 98 for tho present loau, for
I oiTored him that figuro for 100,
000 and ho refused it.
F. M. Swanzy nsked if tho con
solidation nnd othor loans must
bo iiasBed together and was in
formed that either might be pass
ed alono. Ho thought tho consol
idation of tho loan was desirablo
but under Ministor Damon's plan
it would bo done at too high a
cost. Ministor Damon had Btated
that no money was forthcoming
from current receipts for necessa
ry improvements hecauso two
thirds of tho total revenuo was
eaton up by tho pay roll for
salaries. It seomed to him to bo
tho duty of tho Government to
find soino moans of reducing tho
pay rolls at once.
J. B. Athorton thought the
present govornmont was daily
becoming stronger and its credit
bettor. Ono sourco of our strength
consisted in tho bulk of our bonds
being hold horo and tlio interest
in public affairs maintained by
tlio resident owners. In tho pay
ment of intorest hero lay our true
strength. Tho peoplo got back
tho in -it )' which thoy paid into
tho ti a-ury, but if tho iutorost
was j) - ablo in London it would
bo a c ustant drain on our re-sourc'-i
Tho country was pros
poring now and thoro was ovory
indication of a permaneuco of that
Erosperity. Bather than sell
onds now at a discount of 15 per
cont. ho would bo in favor of
waiting threo or four years and
selling them at par.
No ono olso wishing to bo
heard on tho matter, Senator
Waterhouso thanked tho speakers
for thoir attondanco and adjourn
ed tho session of the committee.
Spend a dollar. You
tho lucky purchaser and got tho
Piano at Wall, .Nichols Co.
A. J. Doiby, D.D.S., Dental
ofiice Cottage No. 100, AluKon
street, tdoph mo No. 615. Ollice
hours 9 a.m. to i r.M,
Mechanics' Homo, corner Hotel
and Nutiunu streets, lodging by
day, wook or mouth. Torms: 25
and 60 conts por night' $1, and
$1.25 por week.
Brown & Kuboy havo for sale
a complete lino of watohos, clocks,
cutlory and solid and plated jowol
ry of every description, that thoy
uro soiling at reasonable prices.
City Uarriago Co,. J. S. And.
rado, mannger. It you want a
hack with good horso rfnd dire
ful drivor ring up Telophono 11!),
corner of Fort and Alcrclmnt
streets. Haok at all liours.
Tho Singor received ;,51 first
awards for Sowing Machines and
ombroidory wo'rk at tho Worlds'
Fair, Chicago, iu boihg tho
largest inuiibor ofipfunls obtained
by any oxhibitor, and moro than
double tho numboi' givun to all
othor Sewing Muuhiwm. Ji, Mini
EVERY I MAN i HIS i OWN i HORSE i EDCTDR,
CELEBRATED -:- LIVE -:- STOCK -:- REMEDIES
run the cuiie of
HORSES, CATTLE, SHEEP, DOGS, SWINE AND POULTRY.
The marvelous remedy which prevents
'- Hair Falling Out
FOR SALE BY
Solo Agent, Honolulu.
KB- Neat nanmhlet free on implication. 1'. O. Bos 293, Tclcphono 20. 100-tI
Commissioner of Deeds
State of California.
liming been appointed nnd commissioned
n Commissioner ol Deeds for tlio Slnte of Cal
ifornia, I am prepared
To nilmlnlster and certify oaths.
To take nnd certify depositions and nflliln
Vlts. To take nnd certify the acknowledgment or
proof" of powers of attorney, mortgagee,
transfers, grants, deeds or otlicr Instruments
For the Slate of California I
A. V. GEAR,
COO Klnj; Street.
R. C. A. PETERSON,
Custom, House Broker,
jSTotary ' IPublic,
General Business Agent.
Collections car fcjeuded to.
LIT Office .nil II. E. Walker, Cnni
mliis Block; .Merchant strcot. 2,'lS-tf
W. H. RIOKARD,
General Business Agent.
"Will nttond to Convoynucing in
nil its Branches, Collecting
and all Businoss Matters
All Business entrusted to him
will recoivo Prompt nnd Careful
Hcnokaa, Hamakua, Hawaii
BISSELLTHOMAS. HUGH P. KING.
320 MERCHANT STREET
Old Bulletin Building.
Collections Promptly At
Money Delivered the Day of Collection.
I have some cli
ents who want
houses to live in.
A New Abstract Office.
As a result o 15 yonr's experi
ence in tho Ahstract Business, I
mil prepared to make Abstracts of.
Titlo in a most thorough, accurate
and comploto manner, nnd on
1 W. Makinney.
In W. O. Smith's Oilico, 318
Fort Street. 215-tf
LABORERS WANTED I
300 Able Bodied
POllTUGUESE LABORERS TO
WORK ON SUGAR PLAN
TATIONS. "Wojjcb S1G por month, froo lodg
ings, lirowood nnd modical attend
ance. USLT Apply up to April 10 in
tho afternoon, botwoon !1 nnd -1
o'clock, at our oilico, No. 25, Nuu
HAWAIIAN SUGAR PLANTERS ASSOCIATION.
Hotol fit, near Knit, To, 1102.
disbasrs of -
J. T. Waierhouse.
Queen Street Stooro.
in Tins and Jars. Assorted Chut
noyB, Hnms nnd Bacon, Potted
Meats, Boston Baked Beans nnd
I X L LIME.
MENT. STONEWARE, .
POET STEET, NO 10.
DRY GOODS, ,
Fifteen years' oxporionco and nil
NEW AND ORIGINAL DESIGNS
. R. RILEY.
Leave orders at Sanders' Ex
press oilico, King Strcot, near
Fort. Telephone 86.
Carter & Co.
Decorative Paper flanging
Tolephono INo. 735,
Berotaula and Fort Streots.
CAN'T BE BEAT!
Sly $10.00 Butli Tubs, llued with best
quality, No. 10 zlno, 0 In. Tipe, Chain and
l'lui?, with wood liin nil complete Otho)
climlurs nro dunifoundod, and rosort to all
innmior of Tricks and Kxcubcr.
Do not deooivod, those Hath Tuba have
bocn sold for 911 until I reduced the prloe,
I Kin prepared to do nil work in my line
and Ruamutto hutiufactinn'. KHtlnintoa far.
If you want a Rood Job t'licnp for Cash,
tlnii up Telephone Bit, and I am youi
TlintmlDi iM l'lumbe?
DO YOU LIKE CUBBY?
TRUE INDIAN CURRY
NOT THE STUFF USUALLY SOLD AS CURRY
Curry Powder as mado by us is prepared after the Original
Becipo from tho Purest Ingredients.,,
EST TBY IT ONCE! 3
BENSON, SMITH & GO.
A general Block of Liquors, Ales nnd
FKESH BEEU ALWAYS ON DIUUUHT.
OUR PORT AND SHERRY,
Aro of the finest nnd como to u
direct from Europo.
OUR MCBRAYER WHISKEY
Irnportod straight from Louis
, vtllo, Ky.
JAMES OLDS, Prop
Cor. Nuuiiiiii mid Uorolniiln S.
T. Ki:Vi:., ITIonnscr.
COOL FRESH BEER!
On Draught and tlio Standard Brands or
FINE WHISKIES, BRANDIES, WINE8 AND
TAKLK ClVltirr A SPECIALTY.
Wanted at the Louvre Saloon.
1)1 Muunuu Struct. ,
C000 mou daily to drink tho 5000
..FAMOUS SEATTLE BEER,..
ICE COLD ON DRAUGHT.
EDWARD & HARRY,
PostofQco Box 475
S. I. SHAW, Propriotor.
Corner King Si Nuimmi Street, Honolulu
Choice Liquors nnd Fino Hoor,
FINEST ERiiriE DF
Hawaiian Blue Stone
rles The finest Stout
in Hawaii for
ioses Cut to
order li any
tic or shape
to mi it the
trade or iiul
uc . , ! . .
'Jt1 till ktniie
the name ui
uieil In Hie ru.
laud Von Holt
r;ent lor i.nuu linn,, b. V,
Arthur Harrison, Prop,
b Aoto 4 in, J
) n?i CITT NUilJ t
1 onto rr I
II Mil tlit IfeJUtl l
i. .' v
BRAUNSCHWEIGER - & - CO,
Importers andLIquor Merchants.
No. C, Druuim Strcot, - Sun Francisco.
FOIt SALE IN IJOLK.
Ameiiioan Bouiibon' WmsKira in Bond por
barrel containing about 40 gallons each
nt various prices according to age and
California Oratk Bhndy in Bond per
barrel of about 40 to GO gnllons.
Alio thr celebrated Cute Whislies:
"IMrn rony" Uourbon Wliisky, 12 bottles,
3 gallons per caso. l
"Beorprass" Uourbon Whisky, 12 bottlos, 2
2-5 gallons per caso,
"Old 1'ioncer" llombon Whisky, 12 bottles,
2 2-G gnllons per cgho.
"Tennessee Wliite ltyo" Whisky, 12 bottles,
2 2 0 gallons per caso,
OALIrOUNIA 1'ORT WINES, SIIEIIIUE8,
Send orders by .mail. Satisfaction gu
Braunsohweiger & Co.,
141-lm No. G, Drumm street.
Thealovo Ulcyvle mado as good,
H, G-, Wooten,
107 KliiKitruet, ukA
S hSB-Jb1 ' iv&v
.?. V ""!