The Hawaiian gazette., 1898-09-06
LOCAL EXPANSION.

"A kamaaina,' whose letter appears
In another column, Is entirely mlstak-
en- in saying that the Advertiser does
not believe in the future prosperity Of
the Hawaiian Islands" That Is the
sort of comment made on journals
Throughout the country, whenever they
suggest halt in speculation. An edi-
tor in Southern California was run out
of town few years since because
he published an opinion that certain
lots were hardly worth $1,000 each. His
paper was ruined. The lots are now
offered at SIS each and mo buyers"
We earnestly discourage "booms,'
and exaggerated opinions about values,
that create unwholesome excitement in
O. community, injure the young men,
and invariably end in much distress.
The words used by "a Kamaaina,"
regarding the future of these Islands,
are almost identical with the vague,
glittering words used everywhere in
the country by boomers In every
enterprising town, and there are many
thousands of them, there Is class OF
active and respectable citizens who
present with great force and eloquence
certain special reasons why each town
sis destined to be a great commercial
center" This class says: Our town
has peculiar facilities, and its geo.
graphical position is such as to secure
for 1t enormous growth" We have
seen these very words used in some
hundreds OF prospectuses issued by
towns and cities, fifteen years ago,
where very moderate prices now pre-
vail
No doubt the Nicaragua canal will
benefit these Islands in due time. But
the opinions OF constant students In
the British shipping trade are really
more valuable In this matter than the
talk of inexperienced men who know
nothing about the laws that govern
commerce.
There is San Diego. Its boom burst
in 1887. No doubt ''it has the finest eli
mate in the United States" No doubt
"it has the finest harbor excepting that
of San Francisco, on the Coast" But
values steadily decline. Its active men
say the construction of the Nicaragua
canal will vastly benefit It, But IL you
ask the steamship men to invest In
the place on the strength of 1t, they
laugh at you.
There should be no objection to
hopeful views OF the future. 1t is ex-
aggerated views spread about by men |
who, on cross examination, would ex-
hibit a painful ignorance OF the litera-
ture Of commerce, that do infinite
harm. These purely speculative views
business men.
As to the values of real estate, there
are SO many influences that operate to
make them rise or fall, 1t is simply
guess work to predict now what they
will be in the future.
When the city of Washington was
the shrewd operators be-
lieved that the land north of the cap
ital was Of the highest value. Seven
ty-fve years later, it had hardly in
in price. 1t was shown recent
ly In one of the New York courts,
that land in Harlem, now part of the
city, was cheaper in price in 1876 than
In 1903, in spite of the vast growth
Of the city. Excellent land in large
quantities, within a few miles of the
city, may be purchased for one-half
the price 1t sold for twenty-five years
ago
Hongkong has 22l 1000 inhabitants
and is one OF the great seaports OF the
world. We have been told that real
estate rentals are little. If at all, high
err than they are in this city.
"A Kamaaina" mentions the pros
perity of these Islands during the per-
od that the whale fisheries aourished.
Although as many as one hundred and
nifty ships visited this port annually,
and the native population was much
larger than 1t is at present. the stand
ard price of land during the forties and
hfties was 81 per acre, and few sales
At that.
Any person who undertakes to pre-
dict the future values OF real estate
here must first OF all know what the |
price OF sugar and OF labor will be dur
ing the next ten years.
H.. Ia.