The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1915-09-07
Bank Vaults
Are Bullying
WithMoney
OuerrAb unddnce
of Gold Causes
Uneasi1ess

"Money Is very abundant at all
financial centers," said A. Lewis Jr.,
vice.President and manager Of the
Bank Of Hawaii, Ltd, who returned
yesterday in the Ventura after sew
eral months stay on the mainland. =.
Never in the financial history Of
the United States have the actual
reserves in the banks been SO largo,
Further more, the changes Of the year
have given the United States the
largest gold holdings of the world
more than two billion dollars.
Gas a matter Of fact there n too
much money in the banks. To some
this remark may seem strange. Funda.
mentally the over-abundance Of money
reflects the unsettled and uncertain
conditions which prevail throughout the
United States. =.
Expansion Is Stopped r..
Financing either war or peace in
Europe with the requirements for i'm,
mense sums of new capital as we'll as
| liquidations Of American securities
held abroad and the whitening effects
Of the tariff legislation have stopped
all expansion or extension. Retreuch-
ment, reefng and curtailment is the
program IN most lines in the commercial
world. Naturally this statement does
not apply TO those dealing in war spe-
cialties, who are doing a Tremendous
business and have become within the
year extremely rich. The middle west,
the Dakota and Minnesota farmer, and
Al Il. ka Ill
pered and will prosper. The packing
houses and those dealing in food stIffs
for army consumption are in the same
category. Bountiful harvest do much
TO create q healthy feeling. Yet the
country at large is not satisfied. ..
"In New York there is much .om.
ment of the growing Importance Of
that city as a world's financial center.
The extraordinary low rate Of london
exchange-$4.63A and the exhqustian
Of London have created septimt mt
for the quotation of London exchange
in American dollars rather than pounds
sterling. New York is rivaling Lon.
don. Pennsylvania railroad and st.
Paul railway bonds held in France and
issued in denominations Of 500 francs
are being converted into dollar bonds
Always Fly in Ointment
However, there is almost always
fly in the ointment. England 3 mer
chant marine and branch banks in
every port give her n precedence for
years to come. When the United
States has the opportunity to up.build
her merchant marine and maintain her
proper place the La Follett Seamen 3
Act appears on the statute books to
frighten away capital which might be
thus employed. Popular sentiment
seems to be against the Seamen's Act
In spite of this statute 1873 vessels
Of 44,6l8 gross tons have been added
to the merchant feet during the past
year, the largest increase in many
years. This increase includes foreign.
built ships admitted to American reg
lstry, "sTEGGf r.
Gas to sugar the situation seems,
very hopeful and promising that the
free sugar enactment will not become
effective. "A, Louisiana banker ad
vised me that from well accredited
sources he was informed quite recently
in Washington that a duty would be
retained on sugar.
Sentiment Fayors Sugar
popular sentiment both east and
west seems to be growing strongly in
favor of the retention Of Il duty on
sugar.
t"In San Francisco the exposition is
out of debt, a situation which is very
gratifying to it's hackers. The mer
chants speak of increased trade as a
result Of the Influx of visitors