The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1901-07-26

emit economic depression of Japan in
happy terms and may be read with in
terest:
GLOOMY ASPECT.
Since last year, the want of capital has
been keenly felt in every branch of in
while stocks and prices in general have
fallen considerably. The circulation of
money has been paralysed, and large
stocks of merchandise are lying idle
here and there unable to find sale.
Manufacturers are so hard up that they
cannot afford to buy necessary materials,
yet so long as they have each GER
tain number of hands under them they
must find some means to keep them oc-
cupied. Hence many of the factory own
ers are drawing money at usurers' rates.
and several firms have failed and banks
suspended payments. 1t is no wonder
then that posters of offices to let are
daily on the increase even in the most
prosperous streets of the capital. Many
of those firms that are apparently do
ruin. In short, the panic which mas
attacked other countries has not MADE
an exception Of Japan.
JAPAN's OWN FAULT.
The late Japan-China war having re-
warded the country with more than
three hundred million yen for her VIC
tory, the nation has been puffed up, SO
to speak, like a poor man who mas SUD
denly risen to fortune by lottery, ana
has INDUCED in buying luxuries ana
starting unnecessary works, and gone
on increasing the cost of living. Inc re-
suit of this extravaganza is the present
economic depression, which may De COM
pared to the stomach complaint Oh
greedy eater who gormandizes Wnen CIV
en- enough money till fever attacks hlHi
AS fever begins to subside at certain
stage, so an economic disturbance has IT'S
end; and as a fever patient has to suHer
various pains in his convalescent cohui-
ton, so the economic world has TO WIZ.
ness many unpleasant incidents DeIore .
completely RECEIVERS from the state OF
panic. All works and establishments
which have been started in days OF tenn
porary activity subsequent TO the wa,
with China without regard to natlonai
resources, being a real obstacle TO the
healthy development of the country
must be done away with, and Will nave
to fall by their own weight inc
economic convalescence is really 10 ioi-
low, painful as it is to see mereaii i.
or industrial concerns falling one aIter
another Unless such concerns fall down.
the proper course of the natural cur
rent of affairs will remain oIockeo up
and there will be no hope OF improve
ment Various enterprises started pc
yond the peoples actual means are no"
fast dwindling away, the capi.al sus.
tanning them having been exhausted,
and business in general is returning 70
its original scale-a scale proporuoliate
to the means of capitalists. Any move
ment that has gone too far must al"ay =. ,
have its painful reaction, and Ior ll,s
capitalists can blame nobody, as the Iaui'
lies in themselves.
BANK OF JAPAN'S ATTITUDE.
Under the present circumstances, 1t Is
quite natural for a certain sectioh %
business men to cry for measures TO
lieve their distress. The Bank Oh japan
has, however restricted its advances W
withdrawing it's notes from clrcuIa .,o,,,
and has shown reluctance to RESPOND ~
the general demand for capital, 0uoicious-
/ ly we believe A man who is just recos-
ering from his long illness and 1eeis q