The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1897-02-04


with the industries and commerce of
California. The news of an order from
Japan for eighteen American locomo-
tves is especially so.
YOKOHAMA, Dec. 10, 1896.
William NJ. Bunker, Esq, Chairman,
and Members Bureau of Foreign
Commerce, San Francisco:
Dear Sirs:-I have been here about
one month, and while have sent your
chairman some data with reference to
matters affecting the interests of San
Francisco manufacturers, | have not
heretofore made an official report and
feel now that my limited experience
has not given me much of any infor-
nation which might be considered of
great value.
There has been almost a panic in
japanese financial circles during the
last two months, although the worst is
considered over.
After their war with China specula-
ton was rampant. Thousands of stock
companies were foated and the stocks
doomed Everybody invested, but the
collapse came. The native banks shut
down unfortunately recently, and
merchants doing a legitimate business
were allowed no accommodations. This
had the effect of throwing heavy
stocks of merchandise back into the
hands of the foreign houses, and the
Yokohama and KOBE godowns (ware-
houses) are crowded to overlooking.
Over 20 per cent of the import bust
ness of this country is still in the
hands of foreign houses-English,
German, French and American. Five
years ago they did S. per cent of the
business, but the japanese are grad
uaIly securing more and more of it.
While very little credit is given the
japanese by the importers, goods be-
ing almost invariably paid for against
delivery order, still heavy stocks are
often imported upon contracts, recon-
and the tightness of the money mar
ket has prevented these goods moving
out freely.
1t did not take me long to tell why
America enjoys (?) so small percent
age of the import business of Japan.
At a rough estimate rs per cent of the
foreigners doing business here are
English, German, French, etc, and the
aiority of these are branches of ship
ping and commission houses in their
own COUNTRIES. They are sent out here
to loca3 and the object is to introduce
and sell goods produced in their re-
spective countries.
They soon found out that the Jap
anese did not look to quality; they
wanted the cheapest of the kind, and
when they wanted any particular kind
it was specially made for the market
The few American houses here have
struggled to throw the trade to Amer
lea and succeeded in a measure when
quality was wanted, but they soon
found that if they were to succeed
financially they would have to handle
that which would pay them best.
The managers of the largest Amer
lean house here, which probably does
as much import business as all the
other Americans together, tells mt
that so per cent of the goods they
handle come from England and Ger
many, and it is strictly a question O.
cost, freight and insurance as agains
America.
Freight from England and Cont
mental Europe by steamer is cheaper
than the lowest rates on any commod
ity from the Pacific Coast, less thar
half the distance away, and when you
come to add our freights where arr
YOU? The bulk of all the cotton which
comes to Japan from the Southern
States reaches here via Europe; bu
this is being changed.
There was convention of delegate
in session at Tokio-representatives o
sixty different Chambers of Commerce
and he explained to them the objec
of my mission, and said they were al
glad to know that there was pros
pect of increased business betweeI
Japan and America.
While there is a temporary string
ency in the money market, there is N
disposition to let up on industrial pre-
gress. Every day new companies ar
formed and new projects started. !
railroad congress will be held, con
mencing December IA, and lastin
probably two months. Already 1C
applications for charters for new RAJ
roads have been filed, but it is state
t that not over forty will be granted
!, and if half of these railroads are bui
S in the near future it ought to mean
great deal of business for America.
Loot e.