The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1866-06-16
COM WI
SATURDAY,. JUNE 16. 1896.

SATURDAY,. JUNE 10. 1866.
The commercial news received the pas; week announces an
extraordinary financial panic in England, during which the
rate OF Interest had advanced 70 10 per cent and numerous
failures had occurred, among them the great clearinghouse Of
Overend, Quincy = Co., with liabilities q S5OOOOOOO to
S60,CoO,O0O. This failure seems 70 have caused a panic, and
sent the rate Of interest up TO 10 per cent The Bank Of Eng
lad was exhausted Of notes, and n order in council author
ized il, "a in ISIS, to infringe its charter ~ the issue Of
EjOc0.OcO Of notes on credit. The effect in New York will
naturally Be- tc discr-It all sterling bills, and Of course, 20 PIP
mote shipments Of spe-ie- Gold rose to 40 premium. The
sales o specie b the Treasury Department were meant to keep
d5Ea tie rate, bu- is obvious that where a panic takes s,er-
HEg bills oct Of the market, the situation passes beyond its con-
tvL Ift sells it, treasure, il may Be required to buy it back
a. ssher rates 70 meet its Interest"
NE~ Yozx. May 2IsL-Thc am31n, Of bullion stipueI to
E1roQ- on SATURDAY vas SS,s63,zsj- The 8ri=5Ha. from Cali
fruia- brought one million and a quarter. The Commercials
msHey articles say Government safes q gold will make the
Treasury call fr about thirteen millions IN currency, and the
rarry upon the money market sJocss n generally lower
s1e-Pt co'srhnSAt siocAs, bt ii. bCis SHOW confidence in
a5' IpS "a !" : anasIsSand there = a probability that Score
a.It 70 return upon the market all the Currency nw being
The Tunes editorialy says gold was parted with at the going
rate Of the market with no siinted or gruiging hands, and
sapPIy, We have reason TO believe it viii not be %9hhsi. ''"l
That this panic in England viii have some effect throughout
America, there can be 20 doubt Over twelve millions in gold
had been shipped away from New YOH~ in one week, and the
drain Threatened to seni it NJ still higher II stood at ~ at
the latest date The bulletin says:
1t is impossible to foreteI to what extent commercial and
by the Pertarbst state Of the English money market The
what affects one must To a greater or less extent Affect lie other.
IL very well knownby those who have made it their business
10 watch the course ct events, that Inspirations from Great
Britain at The AiAatie ports during the past twelve months
the exports. have been more than usually light. The conclusion
has, Therefore, ben arrived - By some Political economists.
In other words, that The British exporter has been doing a very
heavy business on trust. aad that Inc setfI-u1ents 81 an-rsc,y
merchants have been posiPyaed % a dangerous extent Ac-
e9rlipg e ate ;t%ism-nts % sotne % the leading English JOUR
mas, ho~sser. tais - noS the case They have taAen the trouble
20 sh'E that there las never been a time ia the commercial
we're made with more prJmpttlI-, or with greater rg.GIarity
IlNI t-y have BEEN dasiaS tie past E~ months. Ev~n the
cur commercial credt, NJ baz since printed letters from sew
trade. e7ayeyiuE the assurance that H., inieIse in-.s Of Amrrt.
can merchants IN Great britain = M not only light, but that
they have all along been disposed % anticipate the Payment q
bus rather than eS.ead Their credits. Il "a shoxn that where
heavy shipDsH-s 81 British manufactures TO the United states
were Ltrzviy CONSIGNED On British account The truth IS, the
capi aists ami business men Of England have been over-traiinr
and sp~eglarng, and hence tire ersis with which they have
b eaG~I. AMT % tripping o d Da"A " such Il can
This panic Is an opportuue Illustration Of the Effects Of paper
money. No county that has only a metallic currency IS ever
subject To such crises Introduce paper money AMI We will
periodically share in these TaHics. that only bring disaster on
merchants AMI traders q large and small means
Not"ithssan!ins the fact that the price Of cotton hal de
eiiHst- yet tie prices q goods in every line Of business are
Advancing IN home markets, both in Europe AMI America. and
our importers Will not probably be able to lay do~n gools at
present cost The main cause Of this is the increased cost Of
Labor. coupled With an active demand from all parts Of the
world For this reason il i Pruleu; 20 encourage every kind
h1%A'4I NA3H 49, " supply u Win
gooIs. as T. il 50 much saved to the country.
suGAE--rhe san francisco market FOR our Island staples
was very dull a. latest date, particularly sugars, which were
hard 10 dispose o. owing TO the excessive stock o. Manila and
China sugar, and the sharp competition between the refneries.
Dark sugars were almost unsuitable, but ehoic, grades sold at
agents rates We have long eortrnded that 1t was better for
or planters TO make their sugars rs white a. possible. as this
gives Them a more extensive market. and less liability to COM
Petition O-Lers have maintained tina. dark sugars should be .
male AL that they can be sold with more profit But here We :
s~e n he present coalition % the California market. how II
"periis-the market for dark sugars Is tat, they are almost
Planter Th.@= who make dark susars- place themselves AZ
Tie mercy q tie importers % Manila sugar, AMI Of the :. z.
le1nerss- Eho are the chief custOmsTs- while those who make
only ehoscs grades are comparatively independent Of rivalry,
v E thiEz a. teSre Tat our planters VIII benefit their own in
tsr-si y manufacturing he finest sugars they can.
LOC4L NEWS.
The bark smyrui,-e. which arrived on Tuesday. brought an
assorted cargo valGsI At about $4,000 She viii he laid on in
the HaFstan Packet Line, Er san Frsncisc7. 20 follow the
Mutton BadgsT- Tie B&eri4g viii sail 70 to-day.
III bark Comet on tie 18th. brought a full cargo Of assorted
valaei al .s9,SOo, among which We notice three
fine horses
Besides these vessels We haze no foreign arrivals to note I'D
10 Friday aoou-
The ship Ccy'0H Vas i0adi-EEa Boston 4: LAST aIvices. TO
sailor tn, port Nay I5,h 70 2Eh.
The bark 4 T. Pare arrived % Bremen in = handsome pas
'Ase Of 10 day. from Honolulu sL= VII return to this port
nth dispatch
Oh in NeE York, Way i; IS q1ot4l-sperm, :! - whale.
II aI boas. 81 90.
Gobi IN Se< York. Nay 25-I4E.