The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1862-09-18

THURSDAY, SEPTEMBER Is, 1ss2.

THE subject Of exchange = causing some discussion. In san
Francisco, exchange on New York was quoted al the latest ad-
vices at II per cent. discount, where formerly il ruled at ?
per cent. ITeHism-maLiug = difference % 10 per cent, equal
u the premium ruling on specie in New York
The Yankee t3ok away sbout $4,000 in cuins (f which SI7.-
536 was mEaiEsteI,J and 10y the C0mst, Aug &c, were exported
$685., making total o. nearly $4,000 il less than one month.
II ihns export continue the effect must DC 70 reduce the amount
of specie circulating ia thu Kingdom. What the total circulation
nov Is, It IS impossible to say, but it IS unque-tionasIy much
les than .n years ago Some have thought that 100000
would cover the amount Of coin in the islands, AMI q this total
probably not over onethiri Is silver Should the export Of coin
continue as freely as PER tie last two packets, there will soon he
a scarcity q the circulating medium, and some sabs-itute-hin-
piasters % course-wiI be sought for.
Z Probably not less than two hundred thousand dollars will be
sent abroad by our merchants during the next three months, to
meet their engagements- This, or whatever amount may be
required FOR the purpose, must he sent in bills Of exchange or in
coin. feo-n can be sent to realize a larger profit in the trans
mission, i vii be sent in preference TO paper, a. i frequently
the case between New York and London. Gold in HorcIlIu is
worth 100 cents to the dollar in New York it was. at the latest
dates, worth rs cents to the dollar, bank and treasury notes
being there the legal tender or currency. Now it will be a
question Of some Importance to our merchants how they should
remit their balances. Gold can Dc shipped TO New York, but
the expenses viii be not less than 3 per cent. 20 get it there. or
three dollars on every hundred. WhaIers' and other bills Of
exchange can be sent, but they are not worth so much IN New
York by 10 Per cent. as wouId he the coin paid here for them. By
sending gold the loss is three dollars on every hundred-by
senlfng bills if bought at par, ffstH dollars on each hundred.
Let US Illustrate Il, in another way. A merchant wishes 20
buy ia New York one thousand dollars worth Of gods To pay
for them he has one thousand dollars here in coin, which he
wishes to remit. He buys a bill at par payable in current
fandsn in New York, and pays for It in his gold. In New York
that draft does not draw cut for him one thousand dollars in
gold, but one thousand dollars in bank bills, between which two
circulating MEDIUMS there i a difference Of $50 in value. His
draft will purchase for him $50 less Of goods tian the gold
would have done, had he the gold instead Of bills in New York
with which to make his purchases
There Is no remedy therefore for the export OF 100000 in |
coin by our merchants during the next three months, unless bills
Of eNcnanse rule at such n discount as will check the large eX- |
port Of coin which has already commenced. Tie withdrawal Of |
srrI nm amor 2 Frfn rrul4fi. here ron .ofv L. att.rl.I |
with injury to trade And yet our merchants cannot afford to
lose the difference nov existing in the value Of their money here
and its value is in New York, where Il is to be sent. II the /
coin is TO be exported, as is now being done, il wII only De to |
prevent losses in the exchange or 70 save the premium Of. it, b
which, after all expenses are paid, is not less than II per cent. 4
The papers received from san Francisco by the Morning star
on Saturday last, bring our aIyices from that port down to
August 9th. The commercial news is Of no special Importance,
and markets remain unchanged. |
The bark Mite formerly a whaIer. and belonging 20 Nessrs.
c. A. Williams & Co, Of this ehy) arrived at san Francisco
August I'D, 90 days from Newcastle, with a cargo Of Goals. She
would sail for Honolulu In the early part 81 September. The
Young Hector was advertised TO sail about the 81, but probably
got OF the 6th.
Bark Watcher Is reported in the Bulletin as having been
sold in Shanghai FOR $4,000.
The Yankee sailed ON Saturday last for San Francisco. taking
n very full cargo The rice and and paddy shipped fDots up
2GaOOO fts-the largest amount yet taken from Honolulu by one
vessel
The schooner Ramehameh1 ~. is reported 10 have been
bought by the Haiku Plantation for their own service. to replace
the JeaHRstfs, which has been sold to Messns. Won Holt *
IIeack for the Kauai trade. Price not trar spirei.
The cottage premises on Berstania street, lately OccupieIb y
Colt, sold last week 1t public auction for 5000, cash. /
Title Zee simple ,