The Express.
London, England, 1866-07-07 00:00:00

THE BOMBAY MAIL

By the arrival of the above mail we have advices
from Bombay to June 8, and from Calcutta to
June 2. _ _ _ _

The depression prevailing in the Bombay cotton
market had been somewhat lightened by a telegram
from London, of May 31, received on June 6,
quoting " fair Dhollerah" at 90., with a good sale.
The stoppage of the Commercial Bank produced
very great uneasiness, which was somewhat modi-
fied by an announcement issued by the Bank of
Bombay, to the effect that government had ex-
pressed its willingness to assist the Bank of Bom-
bay to the utmost of its power, if assistance was
required. Matters did not proceed so far, and
when the public saw that money was readily forth-
coming, the demand abated. The Bombay Gazette
thinks, however, that the severity of the crisis has
not yet been fully felt in Bombay, as the re-drafts
which will fall on shippers of cotton there,
in consequence of the great depreciation
in the price of the staple, were only be-
ginning to arrive, and would not reach
Bombay to any great extent till July. Meanwhile
a number of firms had already been compelled to
suspend payment. In each case it was resolved to
have the insolvents' estates would up by trustees.
The assets and liabilities are as follows ; Cursetjee
Furdoonjee Paruck—liabilities, rs. 1,30,73,337
(1,307,3331.) ; assets, rs. 63,99,603 (539,960!.).
Govindpirdhur—liabilities, rs. 6,79,086 (67,9080;
assets, not stated. Kursondass Madhewdass—
liabilities, about 39 la' (390,0000 ; assets, 25
lace (250,0000. Noor Mahomed Dattoobhoy, Sons
and Co.—liabilities, rs. 5,69,798 (56,9790 ; assets,
rs. 2,50,250 (25,0251.) Dr. Diver—unsecured
claims sent in, upwards of sixty lacs of rupees
(600,0001.) ; assets, merely nominal.
The Times of India says there still exists the ap-
prehension of total ruin for nearly all cotton ex-
porters and their principal creditors. No attempt
has been yet made to form definite estimates of the
respective losses that will fall upon all large ex-
porters, and until these be ascertained the greatest
uncertainty and anxiety must be felt by the whole
community of Bombay. The utmost discourage-
ment still prevails as to the future prospects of the
export trade of Western India, and the depression
in Bombay, it is feared by some, may continue far
into 1867. The Times of India thinks, however,
that this gloomy view, though prevalent just now,
does not seem to be quite reasonable. "It is
true (it adds) that the next cotton crop
is quite likely to be less than the last
by one-third, and that much of the former
cotton ground will be used for the growth of
grain ; but there will remain a large proportion
available for the cultivation of seeds and other
exportable produce. The extraordinary profits
realised of late years by the mercantile classes of
Western India cannot be expected to continue
when the exceptional cause that produced them has
been removed. But the cotton cultivation of
Western and Central India is being established on
a sound basis, which cannot be seriously affected
even by the great reduction in price that must
be anticipated. Better qualities of cotton are
being grown, it is prepared for market with
greater care, the facilities for early shipment are
fast increasing in every direction ; and the lowest
price to which it is at all likely cotton can fall
during 1867 will abundantly repay the cultivator in
nearly every part of the Bombay presidency, so
that the country will derive a reasonable profit
from the export, whilst a greater variety of
products being offered at Bombay will assist in
steadying commercial operations generally. Con-
siderations of this kind cannot, however, find much
place with the Bombay community at present
whilst insolvency is falling upon so many of the
principal firms ; besides which, the stoppage of the
Commercial Bank has threatened the incomes of
many retired merchants and others not engaged in
trade."

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