The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1883-07-21
JULY q. 1853.
Our Trade.

it j.. moreover, generally eNpecteN lN'l .-
usual demand for drafts for the regular
mail will suffice 20 send the rate up 10 TWO
and a half per cent. This is evidence that
our exports az the present time are AOI
equal in value % the sums we have 10 pay
The rate Of exchange between any TWO
countries varies like the price Of anything
else with the relation between supply ana
demand The only limit 10 it is the cost Of
procuring and transmitting coin or bullion.
Hence IL is quite evident that when those
who wish 10 remit money 10 san Francisco
find themselves called upon TO pay so high
a premium a. j. now current, and have 10
look forward TO the probability Of the rate
being still higher, the amount OF exchange
required exceeds that which the natural
course Of trade supplies The community
as a whole has more to pay foI the importa-
tions from abroad than it has to receive
from abroad for its produce
To the mere On-lOOker who takes his
ideas Of the course Of trade between these
Islands and the outer world from the pub
Hshed statistics Of imports and exports this
condition Of things has the appearance OF
an auOmaIy and he will be apt to think
that # IS quite exceptional, and must
oufckIv right itself. He viii assume that
in an ordinary way the very opposite IS the
case. and that a country which in one year
exports produce valued at over eight mill
lion dollars, and whose imports during the
same time are valued at less than five mill
lions. ought to have its exchanges on the
foreign countries with which it deals rang
ing below par..and be obliged to import
bullion freely in order to keep matters
somewhat balanced. He will see that this
1900. -, .-.Tr. If ayrurt- nvaT IUlnnTt= Is
not a temporary thing, that it has been
going on year after year for a considerable
time past, increasing both in quantity and
in ratio every year. When he proceeds to
make inquiry he Will learn that the present
condition Of the exchanges is not very eX-
ceptionaI in its character; that the condiI
ton Of things which ought Thn a large and
fons continued excess Of exports over inn
ports never has made its appearance here.
His first inference will naturally be that
the statistics he has been relying upon are
very erroneous. But in coming to such a
conclusion ne will be again astray. No
doubt our imPOrtatiOus with the added costs
Of transit, etc, which 90 TO ship owners,
underwriters and others who are for the
most part resident in foreign lands, really
cost a good deal more than the recorded
Custom House values. No doubt also the
produce we ship is valued to the last cent,
and does not always net TO the shipper all
that il Is invOiced sat. But these
things will not explain away the
large annual margin which exhibits
itself between the value of our
imports and exports, although they will
account for some very considerable sums.
Every year u large proportion Of this sur
plus actually goes out Of the country, find
ing it's way 70 the pockets Of those who
return us nothing for it. Some of these
people are absente prOprietOrs. Others
are persons who having brought or made
money here, have invested il in mortgages
and other loans, and are now living abroad
on the income derived therefrOm. As to
the numbers and wealth Of the people of
these two classes we should very much like
to obtain reliable statistics. They are, in
proportion to the size and means of this
Island community, decidedly numerous, and
some of them hold properties of no small
value. They are not a class of people whO
benefit a country, and when propOrtionately
too numerous become a curse To il, 4 fact
which has been made notorious by the
case Of Ireland. In spite Of race antagon-
isms, had the Irish people enjoyed the fruits
of their productive industry in full, their
country is rich enough in resources to have
supported all its inhabitants. Distress and
famine. land leagues aud agrarian Outrages,
would nave been unknown there but for
the long peTpetuated curse Of absentees,
drawing great incomes from the country,
anil spending or boarding it in other lands.
1t il a matter worthy of grave @considera-
ton and earnest enquiry how far we may
be drifting in the same direction. Times
are prosperous and we do not feel il much
at present, except by such indications as
that which we have made the text of this
article. But in the ups and downs to which
every community is subjected the time is
sure TO come when we shall feel 1t keenly
as a serious aggrayation of some time of de-
preston or distress.
In addition to this permanent absOrbant
of a portion Of our exports. We have reason
TO believe that n special cause has been at
work lately, modifying the proportion be-
tweea imports and exports. There appears
to be a general and growing disposition on
the part of individuals in all ranks of life
10 spend freely. If those whose ob-erva-
lion of the course of current business have
led them to conclude that this IL u fact are
correct we shall see, when orr trade statis-
Tor the present year are forthcoming,
the proportion between imports and
has not been maintained ut the
average Of past years. From all we can
gather this will really prove To be the
case-tLe production Of sugar and other ex-
articles is not increasing as fast "a
Dur impOrtatiOHs. Whether thi i a tenn
pOrary matter, or indicates that we have
another turning point n the COM
nercial history Of the Islands Is u grave
question, to which we do not venture al
present To offer any answer.
nasDarafa Nrrd.r.~ 4