The Hawaiian gazette., 1912-02-02
LARGE CAPITAL IN
MANILA COMPANY
BOstonians in on Reorganization
Of Castle Brothers for
100000.

In recent reorganization of Castle
Bros, Wolf & Sons of Manila, the
largest American commercial house in
the islands, prominent capitalists in the
east were active participants. Views
of the vast project reached here on the
Mongolia yesterday. Those who are
Boston directors of the company are,
Andrew w. Preston, president of Uni
ted Fruit Company; Galen La Stone of
Hayden Stone and Company; Francis
r. Hart, chairman of the board of Old
Colony Trust Company; ]. G. White,
president of the j. G. White Company,
and Guy w. Currier, another prominent
Boston inancier.
After generations of indifference,
New England capital is again waking
up to the commercial possibilities of
the far East. In the pioneer days New
England ships and New England en-
terprise pushed into the Orient and
built up a splendid trade with China
and other eastern countries, but with
the lapse of years there has been >an
almost complete surrender of this COM
merce to other nations.
Accusing Interest.
The selection three years ago of a
son of New England, a graduate of
Harvard, man who, though young in
years, had made good in every task
set before him-for the governorship
of the Philippines, has served to awak-
en- Yankee interest in just what this
young man is achieving in this far dis
tant territory of the United States.
Tbnca x-bn bouo baI nnnnrtunifxy m
observe at close range the official and
executive capacities of w. Cameron
Forbes are enthusiastic. in their praise
of his record on the islands. The splen-
did advances which have been made
| in all that pertains to the social, econ
omic and commercial life of the Phil
ippines are traceable, in large degree,
to his energies. We're it not for Mr..
Forbes it is indeed doubtful if New
England would now be seeking to in
vest its capital in Philippine enter
prises.
Reorganization of Firm.
Firms and individuals prominent in
Boston trade and finance have recently
taken substantial financial interest
in the shares of the newly organized
Pacific Commercial Company. This
company has Just been incorporated I'M
der the laws of the Philippine Islands
with capital of $2,000,000, to take
over the business of the most promi-
nent American commercial house in
that territory, Castle Bros, Wolf &
Sons. OF the authorized capital, ST.
100000 will be Immediately issued for
cash and the assets of the old firm.
Castle Bros, Wolf & Sons was organ
lied in 1899 under the laws of Cali
fornia, since which time their business
has been conducted with marked sue
cess, chiefly in the Philippine Islands.
Their principal office is at Manila, with
branch Offices at Cebu, Iloilo, San Fran
cisco, Kobe (Japan) and Sydney, Aus
tralia. The new firm is to be trading
company, importing into the Philippine
Islands the products demanded by the
steadily increasing prosperity of the
territory, and exporting therefrom the
agricultural products raised there.
Island Trade Growing.
The trade of the Philippine Islands
is forging ahead by leaps and bounds.
In the first place the PayneAldrich
bill, passed IN 1909, established Is
per cent to fifty per cent barrier
against the importation of foreign
goods and in consequence trade with
the United States doubled the first year
after the bill was passed. The increas-
ed prosperity of the islands has had
marked effect on the attitude of the
Filipino, and the former hostility to
American capital is rapidly dying out,
and in its place is growing up a strong
sentiment to encourage capital and CO.
operate with it.
Those having an accurate knowledge
of conditions state that the agricul-
tural possibilities of the islands have
been barely scratched. 1t is claimed,
for instance, that the Introduction of
modern methods to the cultivation and
grinding of sugar viii alone save that
industry millions of dollars. There is
not single modern sugar mill on the
islands today and but one under cree
tion.
The commercial possibilities of the
Philippines are appreciated when com
parison is made for instance with the
Island of Jaya. This little country has
a population of 30,0O0,000, an area of
about $4,000 square miles, and an an
nual trade of no less than 285,000,000
1t is because of these commercial and
agricultural potentialities of the Phil
ippines that Boston capital is being at
tracted thereto.
The management of Castle Bros,
Wolf & Sons will continue as the man
agement of the new firm, headed by M.
=. Loewenstein, the principal owner,
who will continue active direction as
president of the new company.
SPECIAL STEAMER FOR