The navigators found they could pay their way from island to island merely with scraps of iron, which were as useful for the purpose as gold coins would have been in Europe. The drain, however, being continuous, Captain Cook became alarmed at finding his currency almost exhausted; and he relates his joy on recovering an old anchor which the French Captain Bougainville had lost at Bolabola, on which he felt as an English banker would do after a severe run upon him for gold, when suddenly placed in possession of a fresh store of bullion.

The avidity for iron displayed by these poor islanders will not be wondered at when we consider that whoever among them was so fortunate as to obtain possession of an old nail, immediately became a man of greater power than his fellows, and assumed the rank of a capitalist. "An Otaheitan chief," says Cook, "who had got two nails in his possession, received no small emolument by letting out the use of them to his neighbours for the purpose of boring holes when their own methods failed, or were thought too tedious."