MR B. KENT AT HAWAII?

Auckland Star, Volume XXIX, Issue 228, 27 September 1898, Page 2

MR B. KENT AT HAWAII?

HIS OPINIONS ON BOOMS.

Mr B. Kent, Chairman of the Auck-r land Exhibition Committee, returned' from Honolulu by the mail-steamer " to-day. During his stay at that' place:'-}' he addressed the following letter to]1 the 'Hawaiian Gazette' as a warning;?-.' to the residents in the Hawaiian capi/^ tal against the consequence of undue 1 inflation, annexation of the islands by ■' the United States having- given' an impulse in that direction:; — ! ?f?S Editor P. C. A. —1- was glad to see ? from your leader in this morning*-!:: issue that you have the courage of' ; " your opinions' and boldly state 'We ■ earnestly discourage booms.' lam al-' most a stranger to this part of the ■ world and can only write generally on the subject of 'Booms,' as'applied to I the Hawaiian Islands, but if my experience as a business man over a ' great many years is any guide, then';: let me earnestly raise vaf voice- with =' yours against 'booms.1 ■ m They are simply ruinous to the com-'--munity in which they break out. "'•'■:>-' Booms simply mean temporary, busi- ■? ness insanity. - All the rules of prudence" and busi-," ; ness sagacity commonly exhibited by a common sense people are thrown'to ' the -winds, years of experience ccrant'i for little or nothing and a ghastly,'-' unnatural, unreasoning struggle |or a v sudden acquisition of wealth on a fie-; titious basis sets in. ■~ ;';'■■. The great law of cause and ueffect '") however cannot be dodged, and Neme^i sis comes along in due time bringing? •} in his retributive march great misery v and wretchedness of mind and body. '•*' 'Experientia docet' should be, but is; i ; not, true of booms. ' . ■ • . ''" It will not do for men who have ■; more than once witnessed the ruin and beggary that inevitably follow m:> the footsteps of 'booms' to remain.? silent. Let your readers reflect about the , frightful effects of the great land.! boom in Australia sortie few years ago. : What was the result of this? Ruin hv ■ thousands of homes, ruin in thousands'of business firms, financial stagnation,? the suspension of nineteen great* banks, miles of handsome and costly; stores and private residences empty, desolate and dead; whilst suicide and - degradation ruled on every hand. ■ ■-~' New Zealand, too, one of the fairest { spots on the face of a world all beauti- v ful, has suffered most severely owing - to a gTeat gold mining- boom and is today slowly and painfully recovering * frum its temporary madness and again " turning its steps in th.-* direction of:: t*h- and honest trade. In' this. in*| stnL.cc also the fevr: cf the :*ro\* rboom upset the tranquillity and levelheadedness of usually careful ■ men and for a time 'Hang"the consequences, let us have some shares:, be in the ; swim and trust to luck.1 So the foul worJ< went on. Shares in thousands • were bought in mines that were never worked — in fact, where there ;svas , nothing to work, and the inevitable , result came. Men in stores, with a f little money, working men with com- ; fortable homes, bank clerks, clerks in , stores—in fact, members of all grades , and professions became often fatally^ involved, and great tinhappiness took , place. . : Now, sir, I am no Jonah nor doleM; pessimist, but I do not like hearing of the great and probably unnatural inflation in properties and shares, p.-c, going on here without telling the : people of Honolulu what we have.suf-> fereu in my part of the world from similar causes, and as siire as the sun;,, shines in this city if the present boom., continues and increases so sure ..are..:the lesults—results which will give, honvtache to many. . And now, sir, if you think that in addressing this letter to you on tbe ; effect of 'booms' I have been guilty-ot ■ the 'leat indiscret' then please deposit,- 4 it in your waste paper basket, but believe me my motives are good. ~ Yours faithfully, ■■ ■>* B. KENT, E^-President Chamber of Commerce,' Auckland, New Zealand. ■ " Hawaiian Hotel, Honolulu, H. I.». ; September 6, IS9S.