Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-05-27

ACKNOWLEDGEMENTS
lights, it seems strange that its adaptation
for that purpose has so long been over
looked. One reason of this has been its sup
posed unfavorah altitude. Another has
been the -nacCessibiity of the tract. 1t is
the tremendous impetus of the recent boom
that has led to its discovery.
Confidence I'm the Enterprise.
This monster plantation has been incor-
pCrated with 100000 capital 1t might
be thrice that to correspond with the pres
erit selling values of some other large plan
tations. The promoters pay for the lands
and make their profit out of their half of
the capital as paid-up stock. The assess
able half is sold to pay expenses OF plant
lfg. machinery. etc, until dividends shall
De paid three years hence. The 81 JO0,0p0
OF asSeSsdble stock was sold last week
Twice the amount was subscribed during
the three days allowed. and cash paid down
for the 10 per cent assessment or about
sooaH" in coin. The excess of S25n.on1 was
repaid the subscribers. who received shares
pro rata This eager subscription nearly
an came from solid people. and illus
trates the confidence felt in such enter
pr1ses. The money was raised in spite of a
peculiar ughtness of the money market
OWING to the recent payment of nearly
SlootpO of assessments on new planta-
lions.
1t is quite certain that O'aa shares will
Immediately command a rapidly increasing
premium, outstripping all the other new
undertakings. 1t is a source of qualification
to see so promising a DEVELOPMENT of Ha-
waiian resources. At the same time a keen
disappointment is felt at this severe check
TO the development of the coffee industry
That industry was far better adapted than
sugar to create a population of white set
tiers. We had looked forward with great
hope TO the growth in Olaa of a large and
init of
maintaining themselves by the production
of coffee. Now King Sugar comes in and
drives off Prince Coffee.
Hope for White Farmers.
Still we cherish the hope that many of
these white farmers IF OIaa will remain
and engage in a successful and profitable
cultivation of sugar cane. The new COM
pany will give them every announcement
| and assistance to plant cane on shares
1t is fo- the interest of the company to do
this a source of labor supply which is
certain to become scarce. That the white
farmers would be successful in such under
taking is indicated by the great actual sue
cess of those who have gone into that bust
ness on the great Eva plantation. Their
cane is reported to be averaging higher
yiel1s than those of any other part Of the
same exceptionally fertile fields.
The labor question looms up as very
serious one in the near future At present
japanese laborers are being imported in
large numbers under contract. Next year
When Congress shall have put in force the
American laws. contract labor will no lon
ger be permissible. and it is improbable that
unasSlsted laborers find means to i'm
migrate. Portuguese immigrants would be
under the same disability, in addition to
the greater expense of importing them
from the Atlantic. 1t is nearly certain that
1t Will become necessary to much increase
the wages paid, in order to obtain the
labor of the large floating population of
Chinese and japanese. There are probably
2Oon such ASlatiCS in the islands who are
without constant employment. High wages
would probably tempt them to engage IN
plantation labor. Better housing than the
present comfortless and crowded barracks
winch are too common would probably tie
an additional Involvement.
We are strongly in hope, however. of Sc
curing a considerable immigration of white
farmers to engage in plantation work on
shares as stated above 1t is believed that
excellent inducements can be given to Sc
cure desirable immigrants of this better
class. These persons would not perform
themselves all the labor required. but would
employ more or less of ASiatic laborers
under their direction The margin of profit
in making sugar is large enough. in any
case. to allow of great increase upon the
present rate of wages.
Stability OF Values.
You will ask whether the present general
rise in plantation values is mere imitation.
or if not. upon what good grounds it is
based? l answer that it is largely based
upon our political stability resulting from
the attainment of annexation. Our present
position is one of political security as COM
pared with previous insecurity and uncer-
tainty. Our sugar profits had long been
large-giving dividends of ~ TO ~ per cent
upon capital. But no one could tell how
long they were likely to continue. Another
and transient ground of encoura cement has
been the recent great advance in prices of
sugar. resulting from the destruction of the
crop in Cuba. This has produced sugar
dividends here of fabulous amounts. But a
conservative estimate of future prices of
sugar and cost of production seems to as
sure an average perm2 nent income Of from
s to 10 per cent to the holders of planta-
ton stocks bought at the present advanced
prices of the leading stocks. For these
leading plantations there is now a large
demand for shares arisen not only in Cali
fornia, but in Boston and New York. This
foreign demand for our shares assists 10
keep up the market prices.
Honolulu now has a regular stock ex-
change. with fifteen seats at So $40 each
and daily printed reports.
Our increase of ocean steam traffic has
been as follows: IN four months Of 1898
arrivals were 81; in four months OF 1899 ar
rivals were 81, showing an increase of 80
per cent.
In '9S five were warships and forty-six
merchant steamers In 80 sixty-sx were
and nineteen United States transports.
Thus the increase of our mercantile steam
marine in one year has been AZ per cent
This betokens great commercial future
near at hand for Honolulu. Meantime the
growth or our city Is advancing with great
strides. kAMEHAMEHA.
FOURTH IMMUNES PRAISED.
Col. Petit Compliments Them on