The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-01-01

ne .apld and remarkable growth OIL the
Islands curing the past TWO years Is
alone answerabie tor this condiuon OF
affairs. The large banking institutions
have responded nobiy the demands
made on them tor money, but they were
not able TO cope with the situation, and
in consequence some OIL the heavy pro-
notes nave been compelled 10 seek nelp
from abroad. They nave peen quite sue
cessIuI IN their Efforts, securing most OF
Inc Iunus San Francisco.
The consensus OIL opinion among home
1inanclerS Is, that nave seen our
narueSt tunes, ana that from now on
money Will De put III circulation IN an
ucIpatlon OIL early sugar returns LON
crop now being harvested.
Interest rates nave not been excessive
curing this suringency, ana 1t is not Like
~ mat present interest rates Will De
lowered materially until TWO cops OF
sugar have been sent TO market
LABOR CONDITIONS are mucn better to-
DAY Than at any Tune since taWan De-
came Iuli-neGgeo territory OF the
United States; wages nave been scared
DOWN and are almost in harmony
with the OLD rates. --latest adV.ceS from
uuaIniano axe strong III the peiief
that Congress will not enact legislation
unIavorapIe to our sugar interests. All
In ali, HAWAII luluIS udS every iiioi-
cation Oh prosperity and happiness.
During the year Just closed our ex-
penuIIureS tor imp oVementS amounted
about twenty mIiIions OF dollars; TINS
does not take into account wages PAID
out on various estates. The net pronIs
reached almost thirteen million dollars,
leaving a dencit OF less than seven mil
lions. We nave much 10 show for This
money; the largest and best sugar mills
and the hnest and most powerful pump
ing plants have been installed on the
newer plantations, standard railroad
bulIt on hawaii, modern electric road
is in operation Honolulu. New
wharves have been built, manufacturing
establishments erected and modern busi-
ness blocks have been built, such as san
Francisco, even, would be proud OF.
This unprecedented development OF Ha-
waits resources has been carried on
mostly with local capital. The mortgage
Indebtedness has Increased SteaulIy, up
to the time when the government cof-
ferS We're repIeniShed by tax receipts,
since that time banking institutions nave
not had TO put out much money. The
community Is just recovering from the
plague quarantine of 1900 and the big
CHINATOWN fiie. 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 or
their securities as long possible. There
has been a general sitting out of specu-
lators who are unable to meet their mar
gins and Ineir securities have found
their way into the hands Of investors
who have bought to hold and not to
speculate.
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 lev
led until after June of next year. Pho
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 a large area of new land. A large
bond issue will be made and hoated on
the mainland. The recent drouth in the
Hamakua and Kohala districts will eff
feet a setback in those regions for
year two.
REAL T.
Never before has there been a time In
the history of Honolulu when the pros
poets for stable values in real estate
were as promising upon better foot
ing than at the present time. This }
largely due to the fact that there Is now
in contemplation and soon to be realized
large public improvements, involving the
expenditure of many millions of dollars,
in the development and construction or a
naval station at Pearl Harbor, the lay
ing of a cable from the mainland, and