The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1898-09-07
Straight Out Warning From an
Auckland Business Man.
TEMPORARY BUSINESS INSANITY
When Prudence is Absent - Ex-
Prospects of Heartaches.

EDITOR p. c. Al was glad to see
| from your leader in this mornings is
sue that YOU have the courage of your
| opinions and boldly state I'VE earnest
| ly discourage bOoms" l am almost a
| stranger to this part of the world and
can only write generally on the subject
of 'Booms," as applied to the Hawai-
ian Islands, but if my experience as
| a business man over a great many
years is any guide, then let me earn
estly raise my voice with yours against
"bOOms."
They are simply ruinous to the COM
munity in which they break out.
Booms simply mean temporary busi-
ness insanity.
All the rules of prudence and bust
ness sagacity commonly exhibited by a
common sense people are thrown to
the winds, years of experience count
for little or nothing and CHASTITY, un-
natural, unreasoning struggle for a
sudden acquisition Of wealth on a fic-
titOus basis sets in.
however cannot be lodged, and Meme
sis comes along in due time bringing
in his retributive march, great misery
and wretchedness of mind and body.
'Experientia docet" should be, but is
not, true of booms.
1t viii not do for men who have
more than once witnessed the ruin and
beggary that inevitably follow in the
footsteps of 'boOms" to remain silent.
Let your readers reflect about the
frightfuI effects of the great land
boom in Australia some few years ago.
What was the result of this? Ruin in
thousands of homes, ruin in thousands
Of business firms, financial stagnation,
the suspension Of nineteen great banks,
miles of handsome and costly stores
and private residences empty, desoIate
and dead; whilst suicide and degreda-
tiOn ruled on every hand.
New Zealand too, one of the fairest
spots on the face of a world all beauti-
full, has suffered most severely owing
to a great gold mining boom and is to-
day slowly and painfully recovering
turning its steps in the direction of
fair and honest trade. In this instance
also the fever Of the gold boom upset
the tranquility and leveI-headedness
OF usually careful men and for a time
Hang the consequences, let us have
some shares be in the swim and trust
to luck" So the foul work went on.
Shares in thousands were bought in
mines that were never WOrked-in fact
where there was nothing TO work, and
the inevitable result came. Men in
stores, with a little money, working
men with comfortable homes, bank
clerks. clerks in StOres-in fact mem
bers of all grades and professions be-
came often fatally involved, and great
took place.
Now, Sir, [ am no Jonah nor dOleful |
pessimist but [ do not like hearing Of
the great and probably unnatural in
hatiOn in properties and shares, etc,
going on here, without telling the peO-
pie of Honolulu what we have suffered
in my part of the world from similar
causes, and as sure as the sun shines
in this city if the present boom con
tinues and increases, so sure are the
results-resuIts which viii give heart
ache to many.
And now Sir, if you think that in
addressing this letter to you on the
effect of "bOoms' I have been guilty of
the "Ieat indiscret" then please deposit
it in your waste paper basket but be-
lieve me my motives are good.
Yours faithfully,
b. KENT,
Ex-President Chamber Of Commerce,
Auckland. New Zealand.
Hawaiian Hotel, Honolulu, II. l.,
Sept s. 1898.