A British protectorate over Hawaii

What changes if Britain makes Hawaii a protectorate after the French intervention of 1849?

Hawaii could become an independent Commonwealth country, while the United States develops Midway or another base in its place.

British protection could leave Hawaii as an independent Commonwealth country. That would alter both Hawaiian and American economic development. The United States would still seek a central-Pacific naval base. Midway or another location might receive the investment that historically went to Hawaii.