Polynesian. [volume] (Honolulu [Oahu], Hawaii) 1844-1864, 1859-07-09
No. 10.
From the Boston Journal.
How will il affect us!

This very natural question is asked by every
mercantile man, when the war in Europe isspoken
OF, and receives q variety of answers The prevs-
lent reply is " favorably of course, for how can
these great nations be expending their force In cut
ting their throats instead of tilling their fields,
without creating demand for our productions"
breadstuts, the most sensitive article IN the mar
ket, have gone up already some ten per cent. on
this supposition. True there has been some ad-
vance in England, though to what extent is very
uncertain, as the market was so unsettled that no
quotations were given. But is that any good rea-
son for upward movement herel If previous
prices relatively such that we could ship -four
| and wheat to England and get our own money back,
rise in prices there would doubtless Justify sim
liar movement here. But such not the case; on
| the contrary, our prices were such as to leave
profit iDlpOrtatiOns of wheat from the continent
| of Europe, and proposals were actually in our
markets from the other side to deliver wheat and
flour contract up to the lst of July for lower
| prices than these articles were worth here some
weeks ago. On this point, we find the following
remarks in late number of the United States
Economist, taken from the Baltimore Prices Cur
rent,
" A number Of samples of fine French and Bel
gian wheat and -four were exhibited on Change on
Thursday morning last by Messrs. Foard & Rogers,
which they had received by the steamer Europa,
! lately arrived. The samples of -four were from
/ Nantes, Rouen and Abbeville, the samples of red
wheat being from the same markets; there was al
so sample Of white wheat from Antwerp. The
flour is such is known in the English markets as
L" fine French -four" and compared very fayorably
with our highest grades of family brands, after
| thorough examination by experienced and capa-
| ble Judge. These samples attracted very general
attention and remark on Change. We understand
| that both the -four and wheat can be laid down
here at much less cost than some grades of Ameri-
/ 4 -l.1,N Il kI,NA p
authorized to I'LL orders for quantities, to be ship
| ped from European markets, up to the lst Of July
| next"
! On which the Economist remarks:
| This is q singular fact for -four port like
Baltimore and the matter seems now to resolve it
self into the ability of Western Europe to supply
Eastern United States in competition with Western
/ United States, when crops are large, by means of
freights in sailing vessels against freights rail-
roads The railroads and canals can bring freights
of breadstuffs, no doubt, very cheap in ordinary
years, but sailing vessel will carry barrel Of
-four for 30c, and a bushel of grain for SC, and
these are rates much lower than it will cost to send
Western produce to the seaboard.
" The tendency of prices now is downward in
Western Europe. and freights are quite as heavy,
40s for wheat in Liverpool where large quantities
Of French wheat are arriving is equal to 81 2l for
wheat which is selling here at 81 IS to 81 65 per
| bushel, leaving a margin of 4Oc to pay freight,
duty (l5 per cent. } and charges. The duty would
amount to l8c, the freight say l2c, and would lay
the grain down here at 81 so, and allow 15c per
bushe profit"
Taking prices as they were before the war broke
out-$l 65 here against 81 q in Liverpool-and
there should be advance in the latter market of
more than so per cent. before our market could
possibly be affected by demand for export We
have belief that any such advance will take place
! on the other side. Under the excitement of the
moment doubtless hundred foolish things will be
done, but when the smoke clears away and the ex-
citement subsidies, there will be a reaction. And
so will it be here unless stock Of breadstus is
absolutely insufficient for our own consumption
which we do not believe. The recent rise in prices
here seems to have been based upon the supposition
that we have been supplying England all along as
we did last year whereas in point of fact we have
been entirely driven out of the market by the
cheaper supplies furnished from the continent of
Europe as the following table from the Economist,
showing the exports to Europe, clearly shows: