The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1902-01-03

StandlnR on tne Va e"N ~ "
year. we find ourselves. as far as IMAM
ces are concerned. short of ready money.
Tho rapid and remarkable growth OF the
Islands during the past two years Is
alone answerable for this condition OF
affairs. The large banking institutions
have responded nobly TO the demands
made on them for money. but they were
not able to cope with the situation. ana
in consequence some or the heavy pro-
motors have been compelled to seek help
from abroad. They have been quite sue
cessful in their efforts, securing most Oh
the funds Ia San Francisco.
The consensus OF opinion among home
financiers is, that We have seen our
hardest times. and that from now on
money will be put in circulation in an
ticipation of early sugar returns from
the crop now being harvested.
Interest rates have not been excessive
during this strngency. and 1t is not Ike
ly that present interest rates will be
lowered materially until two crops OF
sugar have been sent to market.
Labor conditions are much better to-
day than at any time since Hawaii be-
came a full-fedged Territory of the
United States: wages have been scaled
down and are now almost in harmony
with the old rates. Latest advices from
the mainland are strong In the belief
that Congress will not enact legislation
unfavorable to our sugar interests. All
in all, Hawairs future has every indi-
cation of prosperity and happiness.
During the year just closed our ex-
penditures for improvements amounted
to about twenty millions of dollars; this
does not take into account wages paid
out on various estates. The net profits
reached almost thirteen million dollars.
leaving a deficit of less than seven mil
lions. We have much to show for this
money: the largest and best sugar mills
and the finest and most powerful pump
Ing plants have been installed on the
newer plantations, a standard railroad
built on Hawaii. a modern electric road
Is in operation In Honolulu. New
wharves have been built. manufacturing
establishments erected and modern bust
ness blocks have been built. such as San
Francisco. even. would he proud Of
This unprecedented development of Ha-
waits resources has been carried on
mostly with local capital. The mortgage
Indebtedness has increased steadily, UP
TO the time when the governments cof-
fers We're replenished by tax receipts.
since that time banking institutions have
not had to put out much money. The
community Is just recovering from the
plague quarantine of 1900 and the big
Chinatown fire. This same calamity oc-
curing in many cities on the mainland
would bring forth appeals for help. but
Hawaii refused to ask for aims. and
buckled down and bore its own burden.
SUGAR.
Sugar stocks are inactive: there are
many large buying orders among the
brokers. but few shares are obtainable
at the low prices prevailing. Stockhold-
ers are determined to retain custody of
thai,. SpcnritipS u long il,la Tharo
has been n general sitting out of specu-
lators who are unable to meet their mar
gins. and their securities have found
their way into the hands of investors
who have bought to hold and not to
speculate.
This condition OF things win aid ma
terially In the recovery of prices. which
is sure TO follow when the market is
easy again.
olaa Sugar shares are twelve dollars
paid in. with eight dollars still remain
ing to be called. The company has an
nounced that no assessments will be lew
led until after June OF next year. Pio-
neer Mill calls for twenty-five per cent
on its new stock today. The final as.
sessment of twenty-five per cent will be
payable three months later. Hawaiian
Sugar Company. on Kauai. will make
extensive improvements this year, taking
IN urea VI lie" lHnu. a large
bond issue will he made and fioated or
the mainland. The recent drouth in the
Hamakua and Kohala districts will eff.
feet a setback in those regions for a
year or two.
REAL ESTATE.
Never before has there been a time ir
the history of Honolulu when the pros
poets for stable values In real estate
were as promising or upon better foot
ing than at the present time. This I.
largely due to the fact that there is nov
In contemplation and soon to be realized
large public improvements, involving the
expenditure of many millions OF dollars
In the development and construction OF
naval station at Pearl Harbor. the lay
ing OF a cable from the mainland, ant
the building Of the Nicaragua canal.
| Following closely uron annexation
there was a considerable movement II
real estate at Increased figures. ant
prices of lots appreciated in consequence,
thereof. which is illustrated in the differ
ence in the prices of lots In Kewalo dis
trict which less than two years ag'
were selling at rate of $500 to $3.50 for lot
5OXlO0 and now find sale at from sl25
up. largely for warehouse and factor.
purposes
The demand at that time for futur
residence was with the laying out o
large areas of suburban property. NOR
especially at Kapiolani Park. Kaimuk
and other tracts. these being followe,
closely by the LAYING out of Pacifi
Heights. College Hills. Kaiulani and Nc
Gully tracts. thereby affording opportu
mites for the home builder to secur
property at reasonable prices. In eacl
and all there was liberal buying almos
entirely by local parties. the improve
ment OF which has been delayed in con
sequence of the stringency in the none,
market. Yet in face of the most advers
conditions prices in real estate have he'll
strongly.
With the stimulus that will NECESSARILY
follow the improvements above referee
to we may reasonably hope to attrac
the attention of outside purchasers seek
ing investment as well as our home PEG
pie in both business and residence prop
critics tn degree that will prove entirel
satisfactory.
19O1-EXPORTS AND IMPORTS Fol
THE HAWAIIAN ISLANDS.