The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1858-11-25

that from fifty to q hundred thousand was 30 Kept
beck last season, till the owners Of the money we're
| fain to accept par, If for remittance. or seek some
other investment, If held solely COR profit.
sThe season has probably passed by when any
great profit can be made here in whalers' bills: Inc
amount of money awaiting remittance to the uniteo
States, England and Germany, as well as the large
amounts imported from San Francisco, (this latter
varying from . hundred to . hundred and twenty-five
thousand dorars,) prec'udes the possibility OF any
scarcity in the money market this faiL In additlon
to this, the average catch will probably be less than
in any former year, and the wants OF Wnaiefs uepenu
greatly on their earnings"
This change in the working of exchange IS too
Important to be passed over with simply o brief
notice, inasmuch as it has a direct bearing on the
developement of our island resources and our
future internal prosperity. 1t is not difheuit to
discover how this change in exchange rates was
brought about. 1t arises from natural and legi-
innate causes. The average catch has been
smaller than before for many years.; we 9, en-
doubt if it was ever smaller, for 1T probably Will
not much exceed 610 barrels /; there has been
therefore,, on this account alone, much less money
required in paying off crews than last year. Ad-
ded to this is the fact that supplies of stores and
ship chandlery, as well as coin, have been sent out
from home direct for the use of certain ships.
These are sufficient reasons for the comparatively
small amount of exchange drawn by whalers,
and the favorable rates at which they have OBJ
tanned cheir money.
1t may be considered vain to anticipate the
operations of future years, as it depends greatly
on the success of the northern feet but it seems
to us that with a continually decreasing foreign
whaling fleet touching here for supplies, and the
increasing disposition displayed by owners to
C,~~:l o.~.:4- J:,aok crnp, bona morris fharo
will not in future years be required more money
to provide for the feet here than the amount
actually held in merchants, hands In the fall
season for legitimate remittances to the East. At
any rate we believe that the greater portion OF
the exchange drawn this season has been for such
a purpose and we know that several outside
parties who have held and boarded their money
as in previous wears, for investment in exchange
at ten and twelve per cent are now retiring from
the exchange market in disappointment, and
seeking a permanent investment for their fundsa al
most any rate they can get.
The exchange market can hereafter afford a very
poor field for spectators, resident or from abroad
as the rate can vary little from the par figure
Heretofore the temptation arising from the proft'
on exchange has proved too strong for holders OF
AlOuCN duu iACA a OSSh w.
held solely for speculation in exchange, sufficient
to send out several whaleships or start two OF
three sugar plantations. These legitimate anc
profitable enterprises are consequently denied the
benefit of capital held solely to catch up the ten
per cent. on exchange. 1t is a matter of regret
that more capital is not invested in the produc-
ton of sugar, to which our soil is most admirably
adapted. There is an abundance of good cane
land on either of these islands, as yet unemployed,
and a near and sure market for any amount that
can possibly be raised. We believe that our
sugar plantations for the past two years have
been the most profitable branch of business in
the kingdom, and that it will continue so for
years to come.
In view of all these facts may we not hope that
for the future much of the capital, heretofore
differently employed may be tempted to engage
in the legitimate and profitable field of agricul-
ture or INT without which we cannot look
for permanent prosperity and wealth.