The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1898-09-06
LOCAL EXPANSION.

"a Kamaaina," whose letter appears
in another column. is entirely mistak-
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 a halt in speculation. An edi-
tor in Southern California was run out
of town a 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 no buyers
We earnestly discourage blooms,
and exaggerated opinions abcu! values,
that create unwholesome excitement in
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,
glttering 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
lis 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 it 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. It's boom burst
in 1887 No doubt lit has the finest eli
mate in the United States" No doubt
sit has the finest harbor excepting that
of San Francisco, on the Coast" But
values steadily decline. It's active men
say the construction of the Nicaragua
canal will vastly benefit it. But if you
ask the steamship men to invest in
the place on the strength of it, 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 painful ignorance of the litera-
ture of commerce, that do Infinite
harm. These purely speculative views
demoraliZe business men.
AS to the values of real estate, there
are so many influences that operate to
make them rise or fall, it is simply
guess work to predict now what they
will be in the future.
When the city of Washington was
founded. the shrewd operators be-
Iieved that the land north of the cap
ital was of the highest value Seven
ty-fve years later, it had hardly in
creased in price. 1t was shown recent
" in one Of the New York courts,
that land in Harlem, now a 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 it sold for twenty-five years
ago.
Hongkong has 221,OOO 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
er than they are in this city.
"A Kamaaina" mentions the pros
perity of these Islands during the per
iod that the whale fisheries fourished.
Although as many as one hundred and
fifty ships visited this port annually,
and the native population was much
larger than it is at present, the stand
ard price of land during the fOrties and
ffties 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.