Newspaper Page Text
SD THEIK sw
3ITOR P. C.
kber of the Leg--"T'"
rested in finanaw H u. -- ---
mo ofl5ciy,Y " tl
Lhim some in"-"; ln
-- ""- -
nins Ilieie -. -
: -i and fiemes not gener
i,p T think that a re-
copv of it will be interesting
1 THE 1IOXEY MAKKETS.
ere is no doubt that London is
.ni mraipr market of the
W, for all kinds of enterprise, and
atnral resort or mnui iu"
ninents in their nnanciai neeus.
a large number ot imernauuuai
b and other financial operations
i been made, and are constauUy
Lin KnroDe. entirely
iftf London, and money has often
easilv raised in otner mantis,
K it could not be obtained m this
! center .
Wtside of London, the most
Jpt financial marei is
mav not be amiss uero iu
wonderful fact that when'the
h Government, unaer JLUiers,
led to pay ofl tue uerman
ity, and t raise uiereiur iuo
nprecedentea sum ui u e
of francs, mat uuuiuiuus
t which was subscribed to
than fifty times m tne wnole
whs raised more than ten
m France alone, at the very
vhen she was supposed to have
loans, Spanish, Greek, Pe-
.araguayan. .Egyptian, luri:.
lan and otners, witnout men-
the recent home scandals of
lama Canal, that it has
justly suspicious, though al-
asclnated bv calls from for- i
jnntries. Of the German
markets, only little needs to
I because for all our purposes,
hed tinder a terrible deleat.
again, Berlin, Frankfort and
ther cities are also considered
onev centers, wnere nnanciai
ions can be successfully
though it is proper to note
ans started in any one ot tnese
bal centers are generally ad-
d and opened on the same day
;he others. Yet, Paris 3lone,
h its own resources, has many
supplied money to countries
ad failed to ootain it
jreat point, in order to obtain
in Jtraris. is iu luapue
ice by presenting
information confirmed by
rench reoresentatives, and
hiarantees from the borrower,
reason that, in Europe, the I y
not tlie banKers, are tue
llenders, and that this public
i deceived bv so many rotten
be said to follow pretty
le Paris market.
:eeext bate or ixteeest.
rope, the current rate 01
: luaus auu aii
es of a safe nature, can now
be universally 3 per cent.
years ago, it used to be o
hardly ever more: but
grown there so abundant
;p, and has accumulated to
orhons, through the thrifty
ngs of the people which
power of Europe, that the
of adequate occasions for
nts nas compelled investors
ally learn to be satisfied
than o per cenL, and the
interest have slowly been
g down to such a point, that
e of the richest countries of
have been able to still far
ce the rates of interest on
lie debts, as for instance,
to only 2i per cent, and
to 2 per cent, instead of
ell-known and time honored
t consols. France, whose
dard used to be 5 per cent.
nly a 3 per cent standard:
er bonds are nearly always
thus rendering probable
redaction of interest in
future. The other principal
early all of which have
s in .faris, within the last
carry their obligations as
Austria, -4 per cent; Bra-
per cent, recently converted
4i: new Egypt, 31 and 4;
the United States, I; Fin-
new Greek, 4; Holland, 3;
4 and 4i: India, 44;
.nd4i; Norway, 31; Sweden,
land, di; new Turk, 4 per
borne of these btates, it
y still have in circulation
higher denominal interest,
e only the residue of older
1 market value is regularly
prtionately higher than par,
ui xartner, owing to its
3. constantly borderine1
cy, it was considered the
ties, and consequently obliged to offer
a Ligher interest.
III. FOREIGN LOANS ISSUED IX PARIS.
I may say that, within the last ten
years, no foreign loans have been
issued in Paris commanding more
than 4 per cent, interest; a careful
study of the transactions of the Paris
Bourse will show further that the
regnlar tendency of the market has
been to gradually reduce that rate,
so that all the latest loans have been
successfully issued at 3 per cent.
Those few three or four perhaps
that may have been made for more
than 4 per cent, viz., Madagascar, 6
per cent, 1SS9; Servia, 5 per cent,
1S90, were only very hazardous operations,
into which a comparatively
very high rate of interest alone could
indnco investment. For all respectable
and safe investments, the public
in Paris are satisfied with the low
standard interest, which is not the
case in London, where the bankers,
not the public, being those who often
raise a loan ont of mere speculation,
they naturally always try to obtain
the highest rate of interest that can
be squeezed out of their borrowers.
It would bo tedious to enumerate
all the loans thus made in Paris; I
shall, therefore, only mention the
latest In 1SSS Portugal converted
its old 5 per cent, (though it had yet
many years to run) into i&, which
was in ISOOfurther transformed into
4 per cent, both operations being
made entirely in Paris; similarly, the
two latest Russian loans were made
in Paris, when there was no show for
them in London.- 'that of 1S90 at 4
per cent, and that of 1S91 (after the
great international demonstration at
Kxondstadt) at 3 per cent only ; then
the large amount borrowed in 1S90
by Piontnania was subscribed for 4
per cent: Uuruguay's loan, in 1S91,
at 3i : the Tunisian obligations of
1S92," at 3 per cent; and, to crown
all, by taking the very latest to my
knowledge, a loan made on the 11th
of October last by the State of
(Switzerland), at 3 per cent,
was issued at the excellent figure of
91, this loan being for the purpose of
allowing its National Bank to undertake
operations on mortgages.
- IV. STOCK GAMBLING.
I might make many observations
on the differences existing between
the Paris and London markets, but
only one needs really to be mentioned
for the present purp'ose, and this
is about the fact that there is no
money market in which stock
iiug is praciiceu on suun a lurye
scaie as in ljonaon : oi course, mere
is gambling everywhere, but its proportion
is in cents in the other markets,
as against thousands in London,
even the well-known games of Wall
street New Tork, being small compared
with the British operations,
which attack the best values and
depreciate them often without any
reason, so that in this respect Lon
don is by many considered an undesirable
market to issue a quiet
! loan, as the speculative operations
react on the other markets, to the
prejudice of the loan gambled upon;
furthermore, the emitting firms in
Paris, are generally satisfied with
less profits than those of London, so
that had the last Hawaiian loan been
made in Paris, instead of being sub-
1 jected to rather dubious manipula
tions m .London, it would certainly
have cost the Hawaiian people less
commission and less interest; and,
further, according to the present
general state of the Paris market the
Hawaiian 6 per cent loan, if emitted
there, would be worth to-day at least
120, instead of being, as it now is the
case in London, kept way down below
par for speculative purposes. Anyone
at all acquainted with the mysteries
of the London StockExchange,
will understand what I mean. v
Now, from the above facts and fig
ores, which I could much dilate if it
were necessary to adduce more evidence,
I think I can authoritatively
1. That 3 per cent, is now the normal
interest required and obtained
in Europe for State investments;
2. That all sound foreign governments
have been able to obtain, at
nearly any time, a fair loan in Paris
at between 3 and 4 per centnterest;
3. That a larger interest is only a
proof of a bad, unsafe investment, as
it is only required on that market for
unknown or hazardous enterprises;
4. That Hawaii, properly advertised
and recommended, and offering
good guarantees and evidence of
good faith for the payment of interests,
by allowing therefor the use of
such pablic revenues as the harbor
dues, the water works, or others.
ought certainly to be able to obtain
all the money she needs m .Pans or
Germany at 3J or 4 per cent, or at
the utmost at 4i which would constitute
a large annual saving for us:
o. aai ana mis in answer to a
capital necessary to buy 1 special question it -would certainly
uuuuua ui iue s&uie te-1 mm cueaper ior nawaii to appjy ior a
X)f interest as the new I loan in ennHnenffll "Rnrnna raflior
Thus the Derations of 1 than either in Tinnrinn or in f no TTni.
change can be said to be ' ted States, this assertion beincr
'. regular basis of 3 per cent 1 roborated by the example of Quebec,
Tin tUa JiflAwnn. C !. i r icon ti -a - n -
the various bonds only ' loan at 41 rer cent, which wnnld rrnfe
essentially, the respective have been procured for less than 5 in
a .mimiauai credit ot tne iiondon and lor less than 6 or 7 in
iocs, though some mav I America:
her quotation to some i 6. That a loan made in JEurope
ament, such as a bonus ; would be far less dangerous for the
1 rembursement or the I future indeoendence of this conntrv
Shtaga of lottery draw- i than anv loan made in Tmnrinn nr
is about the only Eu-1 America,which, in case of any trouble,
1 Muose regular interest . as shown bv so many precedents.
' debt is still calculated , could so easily be used as a menace
Jv rate OI O Ter cent against nnr nnrinnrnv nr 00 iha
t J A 13 ' - -- w. HWW.wM. , V u M.W
1 -a oniv nominal, hvanu
; to an ineomn tar nf" nn
3.2Q per cent, which -
tterest really paid out to
I means ot exercising an undue pressure
on our Government.
The above was specially written in
answer to specific questions, but any
other points connected with the sub
ject would be cheerfully answered by
h: h hi About It 1
PURCHASING DRUGS AND
TOILETS ARTICLES BY MAIL.
Hovrto reach ocr remote Island friends,
whom we have not had the pleasure of business
dealings, has at last been solved, and
weTiave hit npon a novel plan.
Aware of the difficulties of travel between
the Islands, and expense of a journey to Honolulu
to purchase goods, we have adopted
a new method that does not require anything
but writing to us. We attend to the
For the asking we mail you our
new four-pace circular which imparts
full information abont this
new idea. Wo make six offers, comprising
in all thirty six articles, for
the toilet household, medicine-chest,
kitchen, and stablo. Every
one of them useful, every day articles.
The prices of the assortments
range from $l.S0to 3.50.
After receiving the goodsyou are not satis
fied, return them at once and we will refund
your money and defray all freight charges
The goods we are offering are strictly first-class
and will bear the closest inspection.
Our stock is kept constantly moving; we
have fresh goods arrive by every steamer;
we have no old stock to palm off, hence yon
will receive fresh goods.
We do not ask that you should assume
the least risk.
Yon will find it decidedly to your interests
to look into our proposition thoughtfully.
All inquiries will be cheerfully answered,
and prices quoted when desired.
23?" Drop us a line for the circular; your
order will come later.
Hobron, lewman & Coe,
Wholesale and Retail Druggists-
m mm bake paul mm
AXD OTHER I,ATE AEEIVAXS.
Boots and Shoes, - , .
Saddles, etc,' etc. - -'"
AXD A FESTE LINE OP
BECHSTEIN & SEILER
:?" s VZ-- "
TBw.imj1 mffSv&SStsnBUKBBBKIMiKKmBnBS cr, Mr?, s '
HAWAIIAN GAZETTE, TUESDAY JAiNUARY 3, 193.
What Can Cutieura Do
For Baby's Skin, Scalp, and Hair
Everything that is cleansing, purifying, and beautifying for the skin,
scalp, and hair of infants and children, the, CutlCUra Remedies
will do. They aftord instant relief, and a speedy cure in the
most agonizing of itching and burning eczemas. They clear the skin
of the most distressing of scaly, crusted, pimply, and blotchy humors.
They cleanse the scalp of dandruff, scales, and crusts, destroy microscopic
insects which feed on the
1 U. V IA v -5 - Inl
hair, and supply the roots with
energy and nourishment They
prevent inflammation and clogging
of the pores, the cause of
pimples, blackheads, rashes,
red, rough, and oily skin. They
heal rough, chapped, and fissured
hands, with itching, burning
palms, painful finger-ends,
and remove the cause of shapeless
Thus, from the simplest baby blemish to the most torturing and disfiguring diseases
of the skin and scalp, even when, complicated with hereditary or scrofulous taints,
these great skin cures, blood purifiers, and humor remedies are equally successful.
Everything about them imitcs confidence. They are absolutely pure, and may be
used on the youngest infant. They are agreeable to the most refined and sensitive.
They are speedy, economical, and unfailing.
Alt. acolt the Skkj, Scalp, asd Hair" mailed fres to any address. 64 pages, 300
Discavis, 50 Illusaatians, aad 100 Testimonials. A dook o! priceless value to ciety suuerer.
Remedies are sold everywhere.
Price, Clticurx, the Great Siin Cure, soc;
ci:ka Soap, 33 Exquisite Skin Purifier and Beautifier, 35c; Cctzccra KESOLVEXT, the etc
cf Blcod Purifiers and Humor Remedies, 1. Prepared by Potter Drcg and Chkk. Corp., Bo;
For Baby's Skin, Scalp, and Hair,
, Consignees, Honolulu, H.
Well Knonn Brands of
us: that greatest of Skin Purifiers
and Beautifiers, as ucil
as purest and sweetest of toUet and nursery soaps, the celebrated Cutieura Soap. The only
medicated toilet soap and the only pre entnc of inflammation and eiOTCini: of the pores, the cause
r.f piiapl;s, blotches, rashes, rough, red. and oily skin.. Sale grci. Loaa ail other skia aad
soap combined. Sold throughout the citiliicd world. Price, ajc
BENSON, SMITH & CO.
'Oh! Dolly! Isn't It sweet!"
MARECHAL NIEL ROSE,
We hnve imported especially for tlic
- A FINE ASSORTMENT OP
Consisting in part of tbe
Luncborg, Lubn, Cogate, Eastman, Go'sne,
ETC., ETC., ETC.
All of uliieli we olfer nt Wholesale or Retail at McKISXEV I'ltlCES.
109 Fort Street.
And tee that each. J;
Ink tcroM the Label.
To Is. l& cf til Stcrekeepen isiDuJen tbrocg&oai Iali.
Cookery Books Post Free on Application, to the
FIHEST AHD CHEAPEST
ST00K FOR SOUPS.
BADE DISHES AHO SAUCES.
Invaluable for India as
an Efficient Tonic in all
cases of Weakness.
Keeps good In tbe hottest
Climates, and for any
A lesgxn or tune, g
LIEBIG'S EXTRACT OF HEAT Co., Limited, Fenchorch hum, London, Ei&ml
Tho Hair, when not properly cared for,
loses Its lustre, become crisp, harsh, and
dry, and falls out freely at erery combing;
To prevent this, the host anil most popular
dressing In the market ! i
It remotes dandruff, liealj
troublesome humors ot tho
scalp, restores faded and gray
hair to its original color, and
imp irts to It a silky texture
ami jn sgreealile fragrance.
By usiu? this preparation, the
poorest head of hair soon becomes
Luxuriant and Beautiful.
Ayers Hair Vigor Is a toilet article much la
favor with both ladles and gentlemen, and
the latter find It ot the greatest service la
restoring and preserving the youthful appearance
ot the beard and moustache.
Prepared by Dr. J.C.AycrS: Co., Lovrell.Mist
QV..B.A. Sold by Druggists aad Pcrfuiatn.
HOLLISTER & CO., 109 FORT St.
1301-y Sole Agents Harn. Islands.
8teain Soap Works,
T. W. RAWLINS, - Proprietor,
imtcii irvmw .jit uvpo
"vv.vi' """ '""
tim islands mat uios. w. Kaw-
uns, the only Practical Soap Boiler in
all of the Hawaiian Islands, from and
aftpr January 1, 1S82, har REDUCED
$150 par Casa of 100 lbs. StOO per 100
1Tb. in Bulk.
50 Cents each allowed for empty con
tainers reiurnou in goou order.
&r"lf your agent does not keen my
brand of fc'oap, order direct from me.
Send Postal Card or letter for amount of
Soap required and I -will fill yocr order
with promptness and dispatch
T. W. P.AWJJNS.
2967 Leleo. Uonolnln.
CASTLE & COOKE,
Life, Fire and Marine
New England Mutual Life Ins. Go.
lns; Go. of Hartford.
OV SAN FKAKCISCO, CAUFORS1A.
AND SEND IT TO THE
ii. if, mm k so!
W. H. EICE,
Fine Horses and Cattle
From the Thoroughbred
Standard bred Stallion, XnttroodbyXotwoed, Jr
Norman Stallion Capttht Orawl
Nat We bred Stallion....... Sovwell
also a choice urr or
Bulls, Cows and Calves
From tbo Celebrated Balls
Sussex, Hereford, Ayrshire & Durham
X IXJt 07
Fine Sale anfl Carriap Horses
HEREFORD BULLS F0R SALE
'f.Wf an.1 yMMrtt1 MArfit dAlliD?
Binale, Doable or FonHn bnd Team orf
n. ui,. rr k !.-. .1 . W I
H.IMce'8 Liver j Stables.
&'S cn tobrvat c
1333.li &? H K1CE Uhnt. Kanil.
iim aiei J