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formed, a valuable territory at the Bay of
st. Francisco, for commercial and agricul-
tural purposes, and which for either is far
superior to their station at the Columbia
River. That their influence in both these
directions is more powerful than any other
which can for the present be brought to bear
upon them cannot be doubted; neither are
they to be blamed for turning it to their best
advantage. The only way to remedy it is
to meet them with an enterprise equal to
their own, and force them to share what they
are thus endeavoring to monopolizc. Fears
have also been expressed lest they would Sc
cure to- themselves the whole business of
these islands-but as we think groundlessly
A million of dollars capital would not be
more than sufficient for that purpose, and
they have already too many points to hold,
and too much competition to fear in other
quarters, to enable them to effect that pur-
pose here. Cargo after cargo may be forced
into the islands and have temporary effect
upon the market-prices may fall to such
degree as to be runous to those trading up
on borrowed capital, or upon limited resour-
ces. Still, they cannot afford to carry on


losing business, which would be necessary,


in order to accomplish this object, and nei-
ther do we believe it to be their policy; for
it would Immediately affect the price of the
stock in England. As soon as prices became
profitable to them, they would be equally so
to others, and competition commence again.
Mercantile firms here can import English
tpbrcs and manufactures direct, as cheap as
the Company can; policy which they must
resort to, to meet them on their own ground
The exports of the country to great extent
are, and must be for years TO come inthe
hands of American houses, consequently the
imports must be regulated to some degree by
their abilities or will to purchase.


Whether they will enjoy much longer their
superior advantages within the American
territory is extremely problematicaL De-
spoiled of those, and their imports subject to
the same duties as are paid on the eastern
side of the Continent, while the American
will enter free, their business will be drawn
within its legitimate resources, and then if
the enterprise and skill of other merchants
cannot compete with them On equal ground,
they must abide their loss, and seek other
end less vigorously contested fields for gain.