The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1863-10-15
M
THURSDAY, OCTOBER Is. 1865.

A1bh1iI SOuAnk ~. hnrA L8t-e y u iS lbp-rE Ni DC c4uif
Tor the ships arriving, and funds can only be Obtained by sci
ling oil and bone CT By drafts drawn TN the Ea5tern Atlantis
cities, payable in currency or in gold. Few ships will care
20 part with OIL or bore, as the prices at home are very high
and likely roretnaht SOL 80 To 81 SO for sperm, 3c- for whale
and 81 6s for bore-
II cargo csInot be sold to denay the -hip's expenses
Ehe only alternative is to draw blI- OF exchange On the owner=
ks'Goid = the only currency ia Honolulu, drafts should b
drawn 9dyGbts only IN gold By this means furas could gen
erahy De obtained here AZ par, that IS dollar for dollar, and Il 8
the most equitlble node for all cOneerned-owE~Ts, captains
md buyers Of the exchange. During the present stringenoy IN
cur money market perhaps a premium wOubi BE- required even
ca gold drafts. But this stringeney can only b temporary
aud generally gold bills s0uii c0mmard par, ~ me payment
Of Them an gold ras guaranteed
Most captains will prefer to provide funds for heir Ve'seis
bJ draSinz exchange on their owners a. formerly, payable an
cirTeacy. Now the difference In value between L = paper cur
r-nry and gold in New Bedford At the latest dat wasJ0Tty
per cent; that is, $1,000 in gold were worth sl4Co in cur
racy or Treasury notes. About the same Difference exists IN
sIa Francisco, and Il L. 6 greenbacss were Circulated IL Hono-
II1. thy would be held here at about the san. discount or
p-rhaPs 4 E,ae more From various Gauss the ~aIae Of gold
IL New York 3 constantly fascinating, just like sterling *
change. cotton, wool and whalsbone. just in proportion as the
premium on sOtl increases. the price o. sterling exchange, cot
ten and shaIebone changes From September IGk to 18Th,
gid ranged from y TO IS premium; on the 2lst, 4; cIOsed at 40,
agd was a. likely 10 rule AZ that figure for some tine, as L vas
Ss.n.
Captains who obtain gon IN Honolulu at frty pr cent, Civ
ing drans on their owners, payable in currency OF gTseHEacks
., that rate, arr therefore obtaining their funds at par, and
oily paying in Honolulu just what they would haze to pay fr
Fahi al al fIahcl3c ~ u = D-iIOT1 II ntAciNcu -
caange were quoted at forty per cent. discount to day. it would
t.srefore be only a par quotation
There IS really no loss involved to the owners, even Il every
sip that comes into port were OBLIGED to draw its bills at a dis
cunt equal to the difference between gold and gree1backs in y.
York, for the rites at which searaen In paid Of 1t the consul
81. were based on the superstition that funds required by whaI-
NJ, vessels eouIl only be obtained at q discount IF thirty TO
J,rtS per cent For this reason oil was fixed by the consul
a. &c when it was worth in New Bedford So tc 30 cents per
gtIIoni and bone ut Sc. when its value is 81 IS pr 10. in New
Bedford. The New Bedford prices being about 100 per cent.
ABOVE the Consular rates, insures the owners against any loss in
paying Of crews, even IL funds have TO he be provided at a much
higher rate % discount than that named->
We have hearI IL intimatei that ships might Leave our port
hr San Francisco TO procure money there to meet expenses and
q pay OF crews But their drafts would command no more
there than they do here. as exchange is governed there as it 10
here by the premium on gold in New York. But perhaps they
you'll expect to pay OF in greeHbacks. II 50. their crews
would demand to be paid on there at about the current market
rates Of oil or bone, which are nearly as high as at New Bed
hri, the sast sale Of bone having been male there ut 81 10 per
sal there the Courts would sustain the sailors demands.
From all We can gather, there is not at present a large
amount Of Eastern exchange wanted here, and what is required
ismainly needed to meet bills Of merchandise not yet arrived,
bat new on the way out These goods r mostly insured with
war risks. 1.-THE ships arrive, exchange will be called for; if
tney 10 not, the insurance will balance the accounts. Were !
money more plenty than it is just now, doubtless all the ex-
change that might be offered would be taken up az fair rates
There is a great stringency in our money market. which
las been increasing for some months. We foressw this, and
called the attention Of our readers to it in our paper Of July 9th,
ss follows:
An unusual stringency is reported in the money market,
caused no doubt by the accumulation of domestic produce, !
Inquiry for export az rates demanded. The low prce Of produce
abroad affects Us iniuriousiy in two ways: ist, by compelling
an export Oi specie to mee. current merchandise impOrtations;
and 2nhiy, in compelling planters to borrow from capitalists,
export Of specie (mostiy through private hands) by the last two
s n Grs 81 SAN Fssnci.co and IL 70 the other isI ani NAV n"t tsm %p~.a |.
~ enbarrass tra<r, but cannot last any great length Of time.
5 a. ie9:t We see no immediate need Of introducing ~'hin-
Again, in our paper ns July ., we hal the following:
Besides the ordinary demands for local traia, it should be
port every fLl, by tine influx Of foreign whaIemer, who require
Tnand, even in the most prosperous seasons. has c-mPeIied hem
80 SeI pay as , lsSEe , Pss% @n sis liz i ase i nGnsy Thy iss s si u fSf prd ahS Eqp be
about the saIns a last year There are 81 vessels known to be
have doubtless gone thhher, without being repeated. or the \
leoye nGmhrr we may iaigs that 40 at least Mil recruit at the
each whaier = about 5000, depending much o; their success
,aeh shp, ,asni y saSs sa y i ,h,s q s ; ~ be c M .nr II I%n II t y,
,ea yssi n a t .Se se 20 q ~SaiSsrs uit This 81 .um viii %s b. " TAKEN out ot
II the kingdom by them. though a small p9rtiors Of 1t may be-
oher channels Of lrIie to serve them. The QUESTION where it
I. sr % so@ han l5"n =, 9Tsa y 10 : o %As Which Sn n mo - chants efae n sb %uIi
;ook into. anil which n wise fOrethought anil pruper action can
a meet; Sy l a cart sssiS Ss a aeSf:s : IN former years. 0f'y such other
The present unusual scarcity Of money has been caused in
part by expectation Of Spanish and other gold, but mainly by
The absorption and diversion Of capital in car5ing on sugar
plantations, while the product Of these plantations has been de
,ained here or in san francisco awaiting better prices, till the
accumulation Of sugar and moIasses there ami here probably
eNceetei S-JO,OtO- repcES-utlnR NJ rnDun % C1fital JOCK
ed up in these articles LaiterIy the exports II our produce
have been large, but until our planters can realize on it, the
scarcity Of money must continue The produce of our planta-
% s&0S and never e s:or~i fSr higher @i prices. = In ut the long
run with planters and farn-rs as with traders the old saw IS
the only safe oue TO follow, - QUICK SALES Asf- SMALL PROV
ITs.B This rule followed out viii airays prevent stringent
money markets. AMI keep the circulating medium abundant.
A contrary policy will invariably brins about n s.ringency here,
IS It a .oa ei i%%siTsi.,r Ha sa G its a P1Gaafe w gone sbd 4 market a6S h aRd
Mt least s350,OO0 available capital more thtn we have
sufficient to meet the wants Of shipPing AMI PlaI.ers-
The arrival Of the During on Saturday uousng, placed Us
in possession Of San Francisco dates TO the u 'orning Of her
departure, Sept. - with Eastern teegraphic rivices to the
previous day. In the letter of our San Francisco correspon-
will be found some market quotations. We notice in
ton, from Australia at $3.50.
Ship Herald Of the Morning arrived ut F. Sept u. 127 days
New York. She is under charter for Bakess Island. and
will touch at this port en- route.
Several whaiers have come in during the past week. all
having done well, and the reports they bring from the feet in
the Arctic are favorable During the latter part Of the season,
whales were very abundant there, the water in fact was per-
ectIy "aIiye with them" Where they came from nobody
Knows; but shere they were, bound north to spend the winter
perhaps. in that open Polar sea, which Arctic naviga-
have long been searching for. where everlasting spring
Exists and the sun never sets One captain assures US that
/ feet Of 100 slips could have filed up from tire innumerable
whales he saw, and yet have made no perceptabIe difference in
heir numbers. II this be so, the Arctic is good for a few years
at least, and we recommend NeB Bedford ship owners to
to that ground a few Of the sixty vessels they have lying
in that port, detained through Gar Of semmes, Mafi,
Iaury & Co.
The Daring discharged about IFS tons of merchandise, took
n about the same bulk, and sailed for Hongkcng on wednes-
While in port, the sailors got access to rla and became
riOtous- Unless the crews Of China bourd SHIPS can be
from he grog shops while here, they had better anchor
outside, and lighter in and out their freight
r. f. ILL., F.