The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1902-08-05

A LESSON FOR HAWAII.
When the Boer war closed and peace
was proclaimed, it was supposed that
there would at once be a recuperation
in South African mining shares. In
deed our own Statistical Bureau in
Washington devoted one of its bulletins
to the subject, and the coming COM
mercial activity in South Africa was
commented upon by the papers here
as well as on the Mainland Though
we have no direct trade with South
Africa, the Mainland has large trade,
quite outside the exotic war trade
which consumed our provisions and our
! horses and mules, and the large output
of gold would affect our own output
from the Klondyke and Nome.
1t is pointed out that the prepare
! lions for the Kings coronation and the
subsequent shock from the Kings ill
ness and the practical abandonment
of the coronation with all it's festivi-
ties and it's lavish expenditures has had
its effect upon the South African min
ing industry. If this be so, it is only
another instance of how commercial
events are intertwined with other
/ events which are not, apparently COM
| mercial in their tendency. But the
prospects are better than they appar-
entity look, and a good deal of conf
dence is held among financial authori-
ties under the new and improved con-
ditons which must prevail in the
! former Boer republics.
/ At present, it is pointed out the Lon
don stock market has to await the re-
suits of the large amount of work and
heavy expenditure of capital which are
| necessary in order to restore the form
er productive capacity of the old Rand
,properties and to develop new ones.
| The railway facilities are still more or
! less disorganized, and one of the first
| steps which has to be taken is to in
crease them so that the needs of the
goId-mining industry in this respect
will be adequately served. There is
also trouble in regard to the supply of
native labor Laborers are scarce, and
their inefiiciency seems to have increas-
ed during the war. In fact, the ques-
ton is seriously discussed whether it
would not be more profitable to employ
white labor on the johannesburg mines
in all but the most ordinary tasks.
The experience of prominent Ameri-
can mines is cited as an example of the
superior economic results of employing
intelligent and effective labor, even at
much higher wages than those at
which natives can be obtained by the
managers Of the Transvaal gold proper
ties, and a further argument is that
such a step would be politically advis-
able as it would tend to increase the
British population of the new colonies.
The steady increase il, the amount of
gold produced from the Rand mines, is,
however an indication that the prog
ress is real, the output for May show
ing that from S35 ,OOO,O 600 to $5OOOO,OOO
will be produced during the current
year. This is having an effect on in
vestors, and it is not surprising, says
a prominent tbllllllNl Nlt-l ls'bNlI ~ N''i -
that one of the principal checks to the
break which has just taken place in
mining-sto prices at London was the
buying of them by investors attracted
by the lower range of values.
1t is ever the same story, and the one
which we should take to heart. There
is a wonderful recuperative power, but
it will not act at once. We have recu-
perative powers in our sugar invest
ments, but we are crying for it instant
ly. 1t will not come instantly to us
Iany more than it comes instantly to
any commercial community in the
world. Others have to wait, and so
nave we. Our eventual return to great
prosperity is certain, but no miracle is
going to be wrought in our favor.
Meantime we have to work both COM
mercially and politically, and put our
house well in order. In these days the
bottom does not, drop out Of CONNER
cial tubs.
| The Japanese of the low class, keen