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Assessed value of real and personal property, 1935, by taxation divisions

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Taxes collected by years ending June SO, since organization of territorial government

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was harvested during the summer of 1934. Due to an 8-month drought the returns from this block were materially reduced—yet the net returns were better than expected. The reduction in cost to mature a crop of pineapples made it possible for such a creditable showing.

Kuhio settlement at Keaukaha, Waiakea, South Hilo, on the island of Hawaii, consists of 231 lots of 1 acre each, of which 211 have been leased to Hawaiians, 6 have been set aside for the use of the Keaukaha school, 6 have been set aside as a park site, and 5 have been set aside as church sites.

The county of Hawaii has completed the macadamizing of Todd, Desha, Kauhane, and Andrews Avenues at no cost to the commission. Practically all of the homes are now furnished with electricity. The improvement and growth of this project within financial assistance from the commission are very gratifying, demonstrating that Hawaiians are capable of building homes out of their own earnings when opportunities are afforded them to settle upon the land.

Nanakuli project on the island of Oahu consists of 341 lots of onehalf acre each of which 240 are under lease to Hawaiians and 3 set aside as church sites.

The commission is still confronted with the problem of insufficient water supply for the domestic use of these homesteaders. The city and county of Honolulu is at the present time developing additional water sources in order to relieve the needs of this community.

The population of all Hawaiian home-developed projects is:

Palaau-Hoolehua 1,011

Kalanianaole 251

Kapaakea-Kamiloloa 6

Keaukaha 1, 336

Waimanu 3

Nanakuli 658

3,265

The following statements show the financial condition of the commission at June 30, 1935:

Hawa"an Homes Commission balance she'i as of June SO, 1935

ASS'TS

Current assets - .- $397,245.75

Cash $160,977.98

Available cash $165,347.23

Encumbered cash 5,630.75

Bond investments - 125,000.00

Accounts receivable 32,219.73

Fees, charges, rents, and sales 28,384.73

Advances to lessees:

Insurance - 1,114.63

Ta"es 2,720.37

Loan contracts—principal due - - 27,373.38

Loan contracts—interest due - - 51,674.66

Hawa'ian Homes Commission balance sheet as of June 30, 1935—Continued

Assers—continued

Capital assets — $1,237,766.46

Loan contracts—principal not due $321,202.75

Capital outlays 916,662.71

Buildings, structures, and improvements.. $862,072.65

'quipment 54,490.08

Total assets 1,635,011.21

Deficit:

Excess of expenses over income 469,494.57

Total assets and deficit 2,104,505.78

LIABILITI'S

Current liabilities:

Loans authorized to lessees 3,094.04

Capital liabilities 2,087,641.83

Loans payable to Territory of Hawaii:

No. 1 35,729.88

No. 2 31,911.96

Capital 2,000,000.00

Deferred credits: Loans liquidated (unearned) 33,769.91

Total liabilities and deferred credits... 2,104,605.78

Hawa"an Homes Commission, statement of operations, July 1,1934, to June SO, 1935

INCOM'

Revenue '. $49,997.86

Interest $34,070.19

On loans $16,280.43

On investments—securities 5,625.00

On bank deposits 9,011.78

On deferred payments 3,152.98

Rents 967.00

Pasture fees 1,371.00

Water rates 6,568.03

Sales of stores purchased for resale 26.81

Sales of miscellaneous articles 819.77

Sales of services—tractor charges 6,881.06

Sales of miscellaneous services 303.99

Nonrevenue: Loans liquidated (earned) 2,976.53

Total income 52,974.38

'XP'NDITUR'S

Current expenses... $68,414.11

Personal services $34,848.04

Supplies 1,294.78

Communication service... 909.04

Travel expenses. 2,132.45

Transportation of things 255.90

Printing and binding 626. 39

Furnishing heat, light, and power 1,196.97

Rents 265.00

Repairs and alterations 10,119.19

Special and miscellaneous current expenses 160. 47

Motor vehicle upkeep 10,430.71

Depreciation—Loan fund projects - 2,976.53

Stores purchased for resale.. - 106.62

Outlays offset by receipts 3,092.02

Taxes collected by years ending June 30, since organization of territorial government—Continued

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BANKS

Seven banks, with 23 branches, were in operation in the Territory at the close of the fiscal year June 30, 1935. These seven, with main offices in Honolulu, were Bank of Hawaii, Bishop National Bank of Hawaii, American Security Bank, Liberty Bank, Pacific Bank, Sumitomo Bank, and Yokohama Specie Bank. Of these 7, 3, namely, Bank of Hawaii, Bishop National Bank of Hawaii, and American Security Bank, maintain branches in various parts of the Territory, to wit: On the island of Oahu, Bank of Hawaii at Pearl Harbor, Waipahu and Waialua, Bishop National Bank of Hawaii at Schofield and Waialua; on the island of Maui, Bank of Hawaii at Wailuku, Lahaina and Paia, Bishop National Bank of Hawaii at Kahului and Wailuku; on the island'of Hawaii, Bank of Hawaii at Hilo, Honokaa, Kohala, Kealakekua and Pahala, Bishop National Bank of Hawaii at Hilo and Kealakekua; on the island of Kauai, Bank of Hawaii at Lihue and Kapaa, Bishop National Bank of Hawaii at Waimea and Koloa, American Security Bank at Kapaa; on the island of Lanai, Bishop National Bank of Hawaii at Lanai City. All of said banks and their branches have both commercial and savings departments.

The new bank, the American Security Bank, was chartered to do a banking business by the treasurer, Territory of Hawaii, on March 27, 1935, with main offices in Honolulu and a branch at Kapaa, island of Kauai. This bank was financed by the Reconstruction Finance Corporation and by stockholders and depositors of the old Chinese American Bank, which was taken over by the treasurer, Territory of Hawaii, for liquidation, pursuant to section 6613, Revised Laws of Hawaii, 1935. This new bank purchased a portion of the assets of the Chinese-American bank, thereby making possible a partial distribution of dividends to the depositors of the Chinese American Bank. The American Security Bank became a member of the Federal Deposit Insurance Corporation on April 24, 1935, thereby giving to its depositors the benefit of insurance and guarantee against loss on accounts up to $5,000. It is the only bank in the Territory of Hawaii affording to depositors such insurance.

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