Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-01-30

very prosperous condition can be pre-
dictet FOR 1914, general in all lines, as
the extremely conservative period is
now passed, and buyers Will purchase
more extensively. The passage Of the
currency bill will prove the greatest
boom TO commercial. agricultural and
manufacturing enterprises that the
United States. has ever known, as it
will put into channels of commercial
and agricultural development a ire
mendous amount Of capital which has
heretofore gone into speculative Wall
Street securities.
The currency bill, giving the pri-
mary investment Of national banks TO
legitimate industries, based on agri-
cultural enterprises and making this
the means OF the currency issue by
the government reserve banks, and
eliminating speculative securities as
the basis Of such circulation. means
such a tremendous development in
certain lines that some of the bank
ers seem to fear an imitation of cred
its in legitimate enterprises. But
Secretary OF the Treasury McAdoo
and others who have gone carefully
into the matter are confident that the
safeguards put around commercial
credits by the duplicate examination
Of the same of the original bank max
ing the loan, as we'll as by the govern
ment reserve banks. will protect this
feature of it,
Panama Canal Boom to Hawaii.
The opening of the Panama Canal
will mean a great future to Hawaii
in two direction. In the first place
it will give much greater outlet to
products at lower transportation rates,
and Will virtually open the markets
of the world to Hawaiian canned pine
apples. 1t can safely be predicted
that many new markets on the Euro
pean continent will be handling this
product that they know nothing about
today.
Also the opening of the canal will
result in bringing a large number of
tourists to the Hawaiian islands from
all over the world, and will also bring,
as the necessity arises, a larger influx
of laborers, which heretofore have
been a serious problem here. l know
there is a great deal of fear as to the
condition which may be brought about
if the tariff on sugar Is entirely re-
moved. | am confidenet that it is not
the desire of the Woodrow Wilson adj
ministration to ruin any legitimate in
dustry; and that the matter is being
very carefully investigated, both in
the Hawaiian islands and on the main
land, where extensive beet sugar in
dustries are affected. There can be
no doubt however that in the consid-
GRAFTON of this subject there is being
taken into consideration the question
of original investment in sugar plan
tations, as compared with tremendous
inflated values.
ut is claimed in some quarters that
owing to abnormal profits for years
in the sugar business, many stock
dividends were made, which of course
increased the capitalization of many
of the sugar companies without any
actual increase in the original invest
ment-thus making earning capacity
the basis of increased capitalization
instead of the actual capital invested.
"Wiison Greatest President"
"As a matter of fact, do not per.
sonally believe the new tariff will
ruin any legitimately capitalized sugar
enterprise. The price of sugar is
made not by one section but by the
producers Of the world; and the i'm
proved financial conditions, and the
area of prosperity which is now be-
ginning and will exist no doubt for
years to come. is bound to be an
advantage to the sugar industry, and
this will Offset some of the deterrent
effects to producers.
Il believe Woodrow Wilson is the
greatest president this country has
ever had. He has show, as predicted
by me in an interview with this paper
last January, the most remarkable de-
termination of character, and the in
tention to stand by a principle in
place of an eXpediency.
He is to be complmented on his
| splendid choice in the selection of one
of the fearless and indepenedet citizens
| for governor, as Governor Pinkham is
He will undoubtedly carry out the
Wilson policies in way that will be
| to thee advantage of the Hawaiian is
lands and a credit 10 himself and the
administration that appointed him"