Template:466-467 - Revision history

Jere Krischel at 07:09, 26 December 2005

2005-12-26T07:09:10Z

Jere Krischel at 07:07, 26 December 2005

2005-12-26T07:07:12Z

Ken Conklin at 20:07, 24 December 2005

2005-12-24T20:07:52Z

Jere Krischel at 04:35, 9 December 2005

2005-12-09T04:35:30Z

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reached fche full capacity of the soil, and is seven or eight times greater
than in 1874-'75. Our exports to the islands have increased in very
nearly the same ratio, being five or six times greater than in 1874-'75,
or, if measured in quantity rather than by price, are about seven times
as great. A new merchant marine has been created, consisting of
vessels built expressly for the service, costing over $3,500,000. Of this
total tonnage over 90 per cent is American built, and the rest was
bought. These mercantile houses, with their shipping, transact tbe
entire commerce both ways, and transport annually about $12,000,000
worth of merchandise at very high rates of freight, commission, and
exchange.
In general, the effect of the treaty has been to make the islands a
field for very profitable investment of American capital. It Las created
a demand which would not have existed otherwise for American produce
to an amount which may seem small ($23,000,000 in nine years)
when viewed in comparison with our total export, but which, when
viewed in connection with the fact that the population which has
made that demand is less than 80,000, is remarkably large. During
the last four years it has averaged about $40 per capita per annum,
and, if the transportation charges be added as they properly should
be, it will amount to over $50 per capita per annum. This is four or
five times as much per capita as England or Canada buys of us. The
general results of the trade may be seen in the following tables:
Values delivered by the United States to the Hawaiian Islands for nine years—1876
to 1885.
Invoice value of United States exports to Hawaii $23,686, 328
Bills of exchange to pay for all Hawaiian imports from third countries. 9, 868, 674
Difference between coin exported to and received from Hawaii 2,222,181
Outstanding liabilities of United States to Hawaii not known
Total values paid by United States 35, 777, 183
To balance the account:
Profits already realized on merchandise account $18^ 414, 766
Cash debts payable to United States at maturity out of future shipments. 6, 500, 000
Increased values of productive properties in the islands owned by Americans
11,680,164
72, 372,113
Values received and receivable by the United States from the Hawaiian Islands for nine
years—1867 to 1885.
Invoice value of Hawaiian exports to the United States... $51,294,764
Add freight and insurance to obtain value in United States
ports 2,897,185
Value of merchandise received $54,191,949
Liabilities of the islands to the United States for advances on
crops , 3,000,000
Bonded debts payable in Unite d States and secured on
island property 2,500, 000
Hawaiian Government bonds paid for in silver, coined on
Hawaiian Government account 1, 000, 000
Total liabilities to United States 5,500,000
Increased value of plantation properties owned by United
States citizens, as assessed in 1883 10,180,164
Value of other productive properties 1,500, 000
11, 680,164
Total values received and receivable 72,372,113

General distribution of profits.
To American shipping:
Freights and insurance on imports from the islands $2, 897,185
Freights and insurance on exports 5,127, 964
Passenger receipts 1, 325, 000
$9,350,149
Commission on purchases for export to the islands 592,158
Commission on sales of islands' produce 2, 209, 463
. 2, 801,621
Premium on exchange 812, 839
Interest on loans and advances 2,160, 000
Dividends and miscellaneous profits 3, 290, 157
Total profits already realized 18, 414, 766
Debts receivable held chiefly by the San Francisco banlcs 6, 500,000
Increased "Tallies of productive properties owned by Americans 11, 735, 464
Total gross profits 36,650,230
1. In the foregoing table, beginning with values delivered, the first
item is the invoice value of our exports to the islands, as shown in the
Treasury statistics for the nine years. It is the home value, and, since
we are comparing San Francisco values with San Francisco values,
freights are not added.
2. The second item represents what we have paid in the form of bills
of exchange to settle the balance of trade against us. Since the
Hawaiians export almost nothing to third countries, but do import considerable
from them, it follows that they must draw upon shipments to
the United States to pay for all they import from third countries.
They have no other source of credit to draw upon. Hence turning to
Hawaiian official statistics we find their total imports in nine years to
have been $9,181,522. The freight and insurance must be added, and,
as these are known to be about 10 per cent of the value, we get
$10,099,674. Deducting $231,000, which is their total export to third
countries in nine years, and which liquidated just so much of their
indebtedness to third countries, we have $9,868,074 on merchandise
accounts, which we must pay in bills of exchange drawn in San Francisco
against Hawaiian account and in favor of third countries.
3. In further settlement of the balance of trade are coin remittances.
In nine years the excess of coin shipped to Hawaii over coin received
from Hawaii amounts to $2,222,181. Of this $1,000,000 was a silver
coinage for the Hawaiian Government struck at the San Francisco mint,
for which that Government gave its bonds for $1,000,000, which are now
held in this country.
If we have given Hawaii any other consideration it must be in the
form of obligations of some sort which do not appear in statistics. None
such are known, and in a small community like the islands, where
everybody's business is known to everybody else, it is hardly possible
that if any appreciable amount of them existed it would not be known.
As the Hawaiians are deeply in debt to the United States it is not
likely that any such obligations of importance exist. This side of the
exhibit is therefore as complete as present knowledge can make it.
On the other side of the account we have:
(1) Value of Hawaiian exports to the United States, $51,294,764.
This is the invoice value at Honolulu. As we are comparing San Francisco
values with San Francisco values it is necessary to add freights
and insurance. (The American consul at Honolulu requires invoices to
state the values delivered, less cost of transportation.) This requirement,
being a matter of indifference to shippers, is complied with. If

@@ Line 44: / Line 44: @@
 <small> ''General distribution of profits.'' </small>
 {|
-{{3cr|To American shipping:| | }
+{{3cr|<small>To American shipping:</small>| | }}
-{{3cr|Freights and insurance on imports from the islands|$2,897,185| }}
+{{3cr|<small>Freights and insurance on imports from the islands</small>|<small>$2,897,185</small>| }}
-{{3cr|Freights and insurance on exports|5,127,964| }}
+{{3cr|<small>Freights and insurance on exports</small>|<small>5,127,964</small>| }}
-{{3cr|Passenger receipts|1,325,000| }}
+{{3cr|<small>Passenger receipts</small>|<small>1,325,000</small>| }}
-{{3cr| |----|$9,350,149}}
+{{3cr| |----|<small>$9,350,149</small>}}
-{{3cr|Commission on purchases for export to the islands|592,158| }}
+{{3cr|<small>Commission on purchases for export to the islands</small>|<small>592,158</small>| }}
-{{3cr|Commission on sales of islands' produce|2,209,463| }}
+{{3cr|<small>Commission on sales of islands' produce|<small>2,209,463</small>| }}
-{{3cr| |----|2,801,621}}
+{{3cr| |----|<small>2,801,621</small>}}
-{{3cr|Premium on exchange| |812,839}}
+{{3cr|<small>Premium on exchange</small>| |<small>812,839</small>}}
-{{3cr|Interest on loans and advances| |2,160,000}}
+{{3cr|<small>Interest on loans and advances</small>| |<small>2,160,000</small>}}
-{{3cr|Dividends and miscellaneous profits| |3,290,157}}
+{{3cr|<small>Dividends and miscellaneous profits</small>| |<small>3,290,157</small>}}
 {{3cr| | |----}}
-{{3cr|Total profits already realized| |18,414,766}}
+{{3cr|<small>Total profits already realized</small>| |<small>18,414,766</small>}}
-{{3cr|Debts receivable held chiefly by the San Francisco banks| |6,500,000}}
+{{3cr|<small>Debts receivable held chiefly by the San Francisco banks</small>| |<small>6,500,000</small>}}
-{{3cr|Increased values of productive properties owned by Americans| |11,735,464}}
+{{3cr|<small>Increased values of productive properties owned by Americans</small>| |<small>11,735,464</small>}}
 {{3cr| | |----}}
-{{3cr|Total gross profits| |36,650,230}}
+{{3cr|<small>Total gross profits</small>| |<small>36,650,230</small>}}
 |}

@@ Line 1: / Line 1: @@
 {{p|466}}
 reached the full capacity of the soil, and is seven or eight times greater than in 1874-'75. Our exports to the islands have increased in very nearly the same ratio, being five or six times greater than in 1874-'75, or, if measured in quantity rather than by price, are about seven times as great. A new merchant marine has been created, consisting of vessels built expressly for the service, costing over $3,500,000. Of this total tonnage over 90 per cent is American built, and the rest was bought. These mercantile houses, with their shipping, transact tbe entire commerce both ways, and transport annually about $12,000,000 worth of merchandise at very high rates of freight, commission, and exchange.
@@ Line 6: / Line 5: @@
 <small>''Values delivered by the United States to the Hawaiian Islands for nine years—1876 to 1885.''</small>
-**** Jere fix table below ***
+To balance the account:
+{|
- Invoice value of United States exports to Hawaii $23,686, 328 Bills of exchange to pay for all Hawaiian imports from third countries. 9, 868, 674 Difference between coin exported to and received from Hawaii 2,222,181 Outstanding liabilities of United States to Hawaii not known Total values paid by United States 35, 777, 183 To balance the account: Profits already realized on merchandise account $18^ 414, 766 Cash debts payable to United States at maturity out of future shipments. 6, 500, 000 Increased values of productive properties in the islands owned by Americans 11,680,164 72, 372,113
+{{2cr|<small>Profits already realized on merchandise account</small>|<small>$18,414,766</small>}}
+{{2cr|<small>Cash debts payable to United States at maturity out of future shipments</small>|<small>6,500,000</small>}}
+{{2cr|<small>Increased values of productive properties in the islands owned by Americans</small>|<small>11,680,164</small>}}
-<small>''Values received and receivable by the United States from the Hawaiian Islands for nine years—1867 to 1885.""</small>
+{{2cr| |----}}
+{{2cr| |<small>72,372,113</small>}}
-**** Jere fix table below ***
+|}
 {{p|467}}
 <small> ''General distribution of profits.'' </small>
+{|
-**** Jere fix table below ***
+{{3cr|To American shipping:| | }
+{{3cr|Freights and insurance on imports from the islands|$2,897,185| }}
-To American shipping: Freights and insurance on imports from the islands $2, 897,185 Freights and insurance on exports 5,127, 964 Passenger receipts 1, 325, 000 $9,350,149 Commission on purchases for export to the islands 592,158 Commission on sales of islands' produce 2, 209, 463 . 2, 801,621 Premium on exchange 812, 839 Interest on loans and advances 2,160, 000 Dividends and miscellaneous profits 3, 290, 157 Total profits already realized 18, 414, 766 Debts receivable held chiefly by the San Francisco banlcs 6, 500,000 Increased "Tallies of productive properties owned by Americans 11, 735, 464 Total gross profits 36,650,230
+{{3cr|Freights and insurance on exports|5,127,964| }}
 . In the foregoing table, beginning with values delivered, the first item is the invoice value of our exports to the islands, as shown in the Treasury statistics for the nine years. It is the home value, and, since we are comparing San Francisco values with San Francisco values, freights are not added.
-. The second item represents what we have paid in the form of bills of exchange to settle the balance of trade against us. Since the Hawaiians export almost nothing to third countries, but do import considerable from them, it follows that they must draw upon shipments to the United States to pay for all they import from third countries. They have no other source of credit to draw upon. Hence turning to Hawaiian official statistics we find their total imports in nine years to have been $9,181,522. The freight and insurance must be added, and, as these are known to be about 10 per cent of the value, we get $10,099,674. Deducting $231,000, which is their total export to third countries in nine years, and which liquidated just so much of their indebtedness to third countries, we have $9,868,074 on merchandise accounts, which we must pay in bills of exchange drawn in San Francisco against Hawaiian account and in favor of third countries.
+. The second item represents what we have paid in the form of bills of exchange to settle the balance of trade against us. Since the Hawaiians export almost nothing to third countries, but do import considerable from them, it follows that they must draw upon shipments to the United States to pay for all they import from third countries. They have no other source of credit to draw upon. Hence turning to Hawaiian official statistics we find their total imports in nine years to have been $9,181,522. The freight and insurance must be added, and, as these are known to be about 10 per cent of the value, we get $10,099,674. Deducting $231,000, which is their ''total export'' to third countries in nine years, and which liquidated just so much of their indebtedness to third countries, we have $9,868,074 on merchandise accounts, which we must pay in bills of exchange drawn in San Francisco against Hawaiian account and in favor of third countries.
 . In further settlement of the balance of trade are coin remittances. In nine years the excess of coin shipped to Hawaii over coin received from Hawaii amounts to $2,222,181. Of this $1,000,000 was a silver coinage for the Hawaiian Government struck at the San Francisco mint, for which that Government gave its bonds for $1,000,000, which are now held in this country.
@@ Line 34: / Line 71: @@
 If we have given Hawaii any other consideration it must be in the form of obligations of some sort which do not appear in statistics. None such are known, and in a small community like the islands, where everybody's business is known to everybody else, it is hardly possible that if any appreciable amount of them existed it would not be known. As the Hawaiians are deeply in debt to the United States it is not likely that any such obligations of importance exist. This side of the exhibit is therefore as complete as present knowledge can make it. On the other side of the account we have:
-(1) Value of Hawaiian exports to the United States, $51,294,764. This is the invoice value at Honolulu. As we are comparing San Francisco values with San Francisco values it is necessary to add freights and insurance. (The American consul at Honolulu requires invoices to state the values delivered, less cost of transportation.) This requirement, being a matter of indifference to shippers, is complied with. If
+(1) Value of Hawaiian exports to the United States, $51,294,764. This is the invoice value at Honolulu. As we are comparing San Francisco values with San Francisco values it is necessary to add freights and insurance. (''The American consul at Honolulu requires invoices'' to state the values delivered, less cost of transportation.) This requirement, being a matter of indifference to shippers, is complied with. If