The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1900-07-25
.STR|NGENCY
FORESEEN
Capitalists Looked For
Reaction
WHAT S, NJ. DAMON SAYS
Well-known Financier Speaks About
the Present Money Situation
in Hawaii.

8. NJ Damon. former Minister OF FL |
nance under the Republic. was interview
ed yesterday by an Advertiser represent |
ative on the question OF the stringency In |
the money market and its probable |
causes. Mr.. Damon stated that the ques-
tion was an abrupt one for him to answer
off-hand. but obliginEly gave his views
upon the subject when pressed for an
opinion.
Hawaii IL a going concern. they
would say In England" said Mr.. Damon.
1T is not like Oklahoma or other boom
countries. II Is going concern with
large capital. assured government and
strong connections. banking facilities and
n credit that has never yet been impaired
abroad. We have everything in our fa-
vor. The only thing that might be said
is that we have been growing rich too
fast do not see anything abnormal
about tho stringency you speak OF. at all
There r. striRgency here. but a strin-
gency that was foreseen long ago by
those who had capital here. and Il was
inevitable when people were borrowing
a.. ...-,,- ,,,-,-- - -
''o 'e''.'""- ""''' "i"@Es seeHs HS
own leNei anu SO aoes money. feopie
made money here and went to London
and Paris and spent IL literally. SO a
good deal Of the money they are enjoy
Ing was taken out Of the pockets Of many
OF those who remained behind.
There IL an enormous capital invested
"e'e q" 'ne is'"nus IN Hliis' machinery
bitches. pumping plants. all of n solid
and substantial nature. and this has all
l.... -. a.. I. .-.-I. -,
~ '1'u e"'ei prs
ing peopie. Americans. English and Ger
mans who do not 20 into a business as
La speculation have invested their capital
-. "a 49,. -. -. - a -,
80 s'"o '''o ''0 JUST
nesS AZ petmanency.
'fn all larEe enterprises there are GER
ltain facts connected with II that can,,.i.
lsta OF cxperience in older countries al
wavs look nj and auons a.. a., 60
l,ions ,hat ,hs,, - A. .ps,,'s a. S,.e's.-
men, ,hs can,,.s,,,,,, 80 sVu' sSa sne oo'erh,
: the supDi, of tabor .htch +,, a.. .
linstance /. vsak uot a. ,h. oh.tn S,,,s
ltbe icadsr. an ,h,. ca,,n,r,, 49,. a,,,io,'s
auruouuted ev.rv dif,,c,l,,S ~, -. -,
lpres.ntI ; ara 7 bav,' ~. y,,,hs ,has. ..',,,
|. lsurmount an. taho, at,ro,,I,,s -
; lturo -
ssvv,,h 49,. ,.... 49,. - -,.,
lis,s ,,ah,, ,,a ,ns,s .s,i,..a, 20 s,i
abIe rIsk. tba, ,hs,, a., ,,,,,s,.,.s =. 49,
r,,, ,na,- A., s,aL,,, ,S ~ ,s
. ~ 1nv.strn.',,,. hs~,. .e,.a,, .ns me @
,,id y.ro ta,sr.. ,.,.o.I.s'. 49,. gu
. ss ana m 49, -. ,,,l,e 80, as % n,sn as as
! ta.,sas ,S nIsn PslSenease
., .ue nl'lsln TOT prooaollities'
= - 'as s'. - "a p.ohes were Ieuuced 10 the
49, S'sP -. Pe'Nou.ases that people IN
s.,',,, ~ ei'eS sIe accus,omed 10, there
',, serS w,ue margin 20 our credit
. oi s"''ns ana sun maintain
s.,,t
ar, IN ,,,.a. ~ i'ou'on on so,ne years ago nad
Ishua -, ~, .,,.i Dai"n ho'hs-
. ~ WI u, "'ss over 'ne anairs OF
. ."e iS,snus ne ssNeu TOT the rates tnat
!. were Oeihs laiu' ana when 1 mentioned
!. the rates ne wanted 10 know II We were
soNent country that could AFFORD to pay
such enormous rates for any length OF
I, I. time' Ihat would, 4 think, as i said be-
i Iore. go TO make more clear that we
nave still very wide margin for shrink
= "ts .,s, 10 WorK on.
% Hsny lao,s enter INTO our hhahcia
!, tueloh mere that u II quite Impossible
y a,l ~ o,ui'ary ooserVer 10 make quite
l. w VIC pubic All OF the reasons ina
q 70 uoNelus the present strlngency. one
y oI TWO nnportant iacts Is that In the mrs
- I've o. sly months OF this year the I'm
por.s .n,o y. 70 @il ,ne haweiisn Islands have beer
49, ,|o,', s.o. nus Is over sS'Wo.Vo' j
~ eorre..,os,,r.. s,..,s' ,aJ IN eNSess Q
o ~ 49,. y, a, peIiod OF ,he prevou
.ss g. s,.,,' e"S oI inpor,s nave pee
= psio..N,,. 20 s,' I'm 'ne pr"ceeus o