The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1888-05-11
TIL IL
FRIDAY, MAY II, 1888.
DULL TIMES.

mercial or momentary sense, alter
nate in the history of all producing
or manufacturing countries. Sus-
tanned active demand for the staples
of country puts up prices, and
these in turn stimulate activity in
production. AS long as the two
continue material prosperity lasts,
and times are bright. But the re-
verse condition is sure to follow,
soon or late. The supply, under
extra stimulus, will ultimately ex-
ceed the demand, prices fall and dull
times prevail.
Such are the general principles
which regulate the commercial and
monetary thermometer of producing
and manufacturing communities, yet
it is admitted that other and minor
causes frequently have a greater or
less helpful or detrimental influence
IN determining conditions.
Bright or prosperous times usually
beget habits of extravaganza and
costly living in community, which
disqualify for times of scarcer cash,
when they come, and induce muir
muring and discomfort with dull
times which are absolutely not so
dull as the complaints indicate.
The change from bright to dull
times, or from the latter back to the
former, is seldom sudden. The
process is slow and gradual.
Dull times have come upon us in
Honolulu and at the Hawaiian
Islands. They have come gradually.
Our present time is dull, com
paratiyely dull, dril in contrast
with periods in the past. AL
though as yet we are strangers to
the low depths of depression which
have been recently and are now
being felt in some other parts of the
world.
Before the reciprocity treaty with
the United States of America we
were in q state of general depres.
sion. The treaty revived our hopes
and stimulated enterprise. Foreign
capital flowed into the country, ant
within a couple or three years o
the ratification of the treaty we con
sidered ourselves prosperous peo
pie, and seemed to think that oul
prosperity must last for ever. A
large increase in our staple pro
ducts followed; these were mar,
keted at high prices wages rose tc
figure previously unknown in th,
kingdom, and ready money became
abundant. Out of all this grew
wild speculation and loose extrava
gance.
By-and-by there gradually cam'
change. Our principle product
sugar, began to lower in price, be
cause so many other countries hac
increased their supply, as well a
these islands, tempted thereto b,
prospects of large profits. Now be
gan checking of the speculativ
tendency in this particular industry
which gradually extended to others
and was ultimately felt in a
branches of trade and commerce
So that now we have reached a stag
where the majority Of people thin
there is something wrong, and en-
ploy their time in complaining an
fastening the blame for the du
times on some particular class {
the community, or some particulf
preyentable act or acts of person
controlling the national policy.
Overlooking the primary caul
already indicated, of our dull time
and the inevitable reaction of owe
speculation, some people accoul
for the entire depression by the pr
sence of the Chinese element, app
rently ignorant of the fact that Il
Chinese merchants and traders fe
the dullness as keenly as any elias
of the community. Others unrei
sonably aver that the sole cause
to be found in the Government