The tobacco commerce for the provision of the farmers general offers the perspective of a more considerable and certain profit than ever for the company which undertakes it.

Before the disturbances which divided the Colonies from their metropolis, the entrepreneurs of this commerce bought tobacco in Virginia and Maryland at a moderate price. They had to put into harbor, not without costs, in British ports. They sold their tobacco brought to France for five sols a pound (at the most), with three months' credit, and they could bring back only limited quantities of French merchandise to the American continent for the use of the Colonies.

Since the outbreak of open war between the United States and Great Britain, tobacco is less expensive in America. The ships which carry it no longer must go out of their way to dock in England. The price of the tobacco is fixed between our company and the farmers general at 8 sols a pound in cash (which is 3 sols more than before the war), and the same ships can carry a large amount of French merchandise to America for a considerable profit. However, there is also a drawback: the passage from one continent to the other is very perilous at this time. It must be therefore decided if it is possible to guard against this danger, and how to evaluate the cost of the necessary precautions. If this does not make the tobacco more expensive by 3 sols a pound, then we stand to gain with certainty.

The news from Nantes and Bordeaux in last October was that, for French vessels in the United States, or for those of the United States in France, the insurance could fluctuate between 15 and 18 percent during the winter months when the days are shorter. One may infer from this that it would be raised to 20 or 25 percent during the summer months when the days are longer. Obviously, 25 percent insurance, or one quarter of the value of a commodity which probably does not cost more than two sols, and which certainly doesn't cost 4 sols a pound originally, will not raise the price of tobacco by one sol a pound.

It clearly follows from this that the tobacco which made an honest profit at 5 sols a pound before the war, could be sold with profit at 6 sols a pound in the present situation, and to sell it at 8 sols would make two sols a pound of surplus profit, or two million sols for 20,000 hogsheads, without counting the profit which could be reasonably expected from the merchandise carried back by the same vessels, which returned practically empty beforehand; this last profit should at least cover the cost of the insurance for the ships going to and fro.

It is true that tobacco, which is at such a low price on the American continent right now, could rise somewhat, and come closer to its price elsewhere, but there is no fear that it could rise past the prices of before the war. Yet, it is this sole apprehension which has intimidated various investors, and which removes our principal competitors.

It is also true that war could break out between France and England, or that the Colonies could return to dependence under their former metropolis, although this does not seem likely. But in either of these two cases, it would depend entirely upon us whether or not to continue this commerce, or to end it, if we fear that it would become burdensome.

It is from this position that we beg the good offices of Monsieur Franklin, and invite him to join our Company, if he finds it appealing.