When many routines call each other, it can be hard to keep track of the mouse pointer so it remains an hourglass until all operations have finished. Use a static counter to keep track of the number of routines that have started a wait but not yet ended it.

' Add or subtract one from wait_counter. If
' wait_counter = 0, display the default cursor.
' Otherwise display the hourglass cursor.
Private Sub Hourglass(ByVal start_wait As Boolean)
Static wait_counter As Integer

Dim was_hourglass As Boolean
Dim now_hourglass As Boolean

    ' Record the current cursor state.
    was_hourglass = (wait_counter > 0)

    ' Update start_wait.
    If start_wait Then
        wait_counter = wait_counter + 1
    Else
        wait_counter = wait_counter - 1
    End If
    If wait_counter < 0 Then wait_counter = 0

    ' See if the cursor's status has changed.
    ' We only set it if it has. Otherwise
    ' repeatedly resetting the cursor with the
    ' same value will make it flicker.
    now_hourglass = (wait_counter > 0)
    If now_hourglass <> was_hourglass Then
        If wait_counter = 0 Then
            MousePointer = vbDefault
        Else
            MousePointer = vbHourglass
        End If
    End If
    
    ' Update the wait counter display.
    ' Remove this in a real application.
    lblWaits = wait_counter
End Sub