The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1899-03-24
nE n,i,srE go ula ,htiir

Ths p.ssf bud elaborate report 0i
Collector ueustal Arsiogksf bunfs
out some u,orru.ng data tsfafd.nr
our financial condition.
The total value ~ the exports from
these Islands during the year 1925 vas
ti7ais.1ii7e The total value Of the
Imports. Including specie was gu $50.
I 500 81
Thear imports are paid for by the
money placed to the credit OF Hawaii
/ In the United States from the sugar
crop. After drawing ON this credit Of
|si7.stG.7ii79 In order TO pay FOR imports
there yet remained TO the credit Of Ha-
vail the sum OF g., 095, s53.gS. This Ia 10
/ say. after paying all OF her foreign IN
/ debte,lness, for merchandise ana ar
tlcles Of consumption there remains a
Visible" balance on the Mainland rep
resented uy the foregoing figure Pay
mpnts on account OF interest OF pub
De debt, bills Of exchange or drafts on
|
ar, entitled to dividends and live
abroad. drafts upon Il for the pay
mcnt of debts owed by residents here
/ to residents abroad. will reduce It,
and gradually absorb IL. But so far'
a. any published data exists, there APP
! pears to be credit TO Hawaii. after
I the foreign Indebtedness Of all kinds
has been paid of, Of over five and one
half millions Of dollars tor the year
1898. The amount Is substantially cash
in hand
This balance, in q general way. and
in q general way only. shows the pro-
ft Of the sugar crop As sugar is our
money crop. and absorbs mainly the
labor supply Of the Islands, and, u
sides, involves and supports probably
ninc-.enths Of the mercantile business.
il follows that all debts contracted on
reaalf Of the sugar crop, and the bust
ne.s connected with IL. must be paid
from the proceeds Of the sugar crop
placed to the credit Of Hawaii on the
Mainland.
II would probably he gray" error
to regard this estimate as anything
more than prOximately true But there
Is enough in these proXimate figures
to suggest good deal of thinking
Assuming that they may he correct,
the conclusion Is that over thirty per
cent Of the gross receipts from the
sugar crop CslG.Gl4,G22.53) indicates
the profits of the business.
it may he said that the amounts
paid for labor on the plantations
! should also be deducted from this bal
anc". Are not the amounts paid for
labor included 10 the imports Of specie,
and other merchandise which have
been included in the sum deducted
from the total proceeds? On this point
II must he said that such data Is large
ly speculative. Again. If the amount
actually paid for labor was deducted
from the gross proceeds Of the sugar.
would not the result be a larger per
centagc Of profit than thirty-rwo per
cent?
II any one darrs to assume the per
mancncc of the conditions under which
this profit Is made. he Is justified in
predicting the Widest speculation in
the sugar stocks in the future.
During the period of the largest pro-
duction Of the bonanza mines OF Ne
vada. the ore in sight" and the divi-
bends from it, led men Of all classes
and conditions to believe that the ore
would always remain in sight. and
, the dividends would continue. The
community that held this belief was
made up Of men quite as clever and
knowing As the men in our own COM
munlty. when you admitted their
premises in the argument. you were
| forced to adopt their conclusions. But,
in the end, some OF the facts dropped
out, and ruined the force OF the argu-
ment
The cases Of the sugar plantations
anu Inc DbUdilEi llh'o hlN ~ Nv
means exactly parallel. In this respect
they are Identical, that the multitude,
excepting the pessimIsts, agreed in the
; belief that a good thing ought TO last
; anu, therefore, will last.
In another respect the cases are
parallel. What Is concealed in the
earth, and what Is concealed IN the
? mind of the Congressman, are the un-
1 known factors No one knew what was
p behind the ore in sight in the Nevada
: mines. No one knows what Congress
will do regarding tariffs and labor.
? But this large profit, as Indicated by
the customs returns, furnishes a rich
field for the spectators.