The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1863-12-10
COMMERCIAL. ITEMS.

GoLD IL NEw YoRx-In the Course Of some comments on
the advance Of The premium on goid- the New York HsTGId Of
. Coil rose last week to 1924, closing last night at lIss.
Exchange ross to l6i, closing at I6J "a 1851. The advance in
gold is therefore about Q per cent for the week No Intelligence
tty it, Within ten days the sub Treasury has disbursed nearly
three millions Of gold in payment OF interes; on the 80 notes,
speculation has been more active than il was But it is noto-
rioGs that there are at lea:, as many sI~cuiatoIs for the fal
mere speculation, as was the case in January last We are
had risen for three or four previous weeks, in spite Of very
strenuous eforts-made from a patriotic point Of view-to keep
IL down, frum the single reason that the supply was less than
the demand. The wants Of The mercantile community for du-
ties average a quarter Of million a day In addition 10 this
the excess Of our imports over our exports has got TO be paid in
gold On the other hand, the supply from California is SMALL
represented by bills drawn here, it will not more :han half sat
isy the demand Tor duties to say nothing OF The demand for
stimulates extravaganza and large expenditures in every quar-
ter. Though there has been an advance in all imported goods
fully equal to tn. increased customs duties and the premium on
gold, there never has Deen a period in our history at which the
consumption Of these goods was as large as il is at present
All the great importers. and all the great retail dealers tell the
same story. They never did 50 good a business as this season.
Instantly The consequence Is the creation Of an Indebtedness
exports Of fooI. which was then high in prIce. This year The
European harvests are good. and the price Of cereals is such
that they can only be shipped from here at a loss. A certain
proportion Of our foreign liabilities is being hquida,ed by ship
ments Of securities, especially United States SD bonds. But
few such weeks would saturate tile European markets. The
only remaining article which We have to ship is gold; and
wants OF trace, If 1t were brought freely to market and placed
at the disposition Of importers, yet if it he withheld and hoard
ty OF coin eusues, and the result is that the premium advances
day by day. This advance co-s not spring from a want OF con-
fdsnce Ia the national cause or the national currency. IL may be
eontempoFaneoGs with victories or peace propositions. 1t grows
Out of the fact that a certain quantity Of a specific article-gOd
is required To pay balances and duties, and that there is not
that quantity in market for sale The true cure for this state
OF things is a general reduction Of expenditures by the people
II people will spend the money made cut of the var in foreign
Injuries, there Is no saying to what point they may not drive
the premium on gOkI- IL has been suggested that the foreign
importers are the criminals in this matter; and in one point OF
viev-namely, the extreme feyenshness and uncertain course
Of .he gold market-we cannot but think that an importer who
Imports goods which lie has not paid for in advance runs a
risk which no prudent merchant ought to assume But it Is
idle railing At one class Of men, when the true responsibility
rests with the community at large Importers will import as
long as jOobeH will buys iobbers will buy as long a. they can
End a market among retailers; and retailers will keep full
stocks as long as the public r ready to take them of their
hands az a profit The remedy must come from the public. the
consumers, or not al ALL