The Sun.
London, England, 1864-06-16 00:00:00

Cotton

iation.

At the weekly meeting of the Executive Com-
mittee on Tuesday, a letter was read stating that a
Missionary of Tobago, West Indies, has been sue.
eessfal its growing cotton, and inducing the natives
to enter into the cultivation. Some samples of fair
West Indian have been forwarded, worth from 283.
to 30d. per lb. A considerable extent of land has
been prepared, and application for seed was
granted, ineluding Sea Island, which, it is ex-
Pected, will yield good results. A letter was
received from the British Consulate, Islay, Peru,
l'eP°rtcg that a great desire prevails to
Plant cotton, and that the valleys on the coast,
Where there is a vast amount of land lying
Waste, are admirably suited for its growth. Appli-
cations for seed are frequent and urgent. An agri-
culturist in the Valley o lamb; about eighteen
leagues from Islay, has already planted a consider-
able Taintity of laud, and would greatly increase
hia operations if he could obtain seed. Another
aPPlicant has 250 acres prepared for sowing ; and
the Consul, in transmitting this report, expresses
cis willingness to aid, in every possible way, in
extending the cultivation of cotton in his district.
A letter was read, enclosing two samples of good
Useful cotton from Liberia, worth 2s. 2d. and
2s. 4d. per lb. respectively. The writer expresses
his desire to extend his operations, and a supply
at seed was granted to him for the pur-
Pose- Letters were received from Cape Coast,
Africa, stating that the growth of cotton is extend-
ing, and that the results, so far, have been most
cattsfeetory. A copy of the Portuguese decree, for-
Warded by the Board of Trade, was received, which
grants 'Various bounties to the cultivators of cotton
la the province of Angola, to be claimed and re-
ceived annually until 1872. A letter from Salonica
reports that the cotton crop presents a promising
aPPearance, and the most energetic measures have
been adopted to prevent the devastation of the
locust,.
His Excellency, Akif Pasha, Governor of
Macedonia, bas himself been living in tents and
illtits• to encourage the villagers to coll(ct the
locusts. Upwards of 10,000 okes have thus been
gathered, and as many more destroyed in the nearest
vicinities of Salonica. A despatch forwarded by
the Foreign Office was received from her Majesty's
Consul at Janina, together with a sample
of cotton grown from the Xeres seed. The desire
to cultivate cotton is rapidly extending in this con-
cellar district among both landowners and villagera ;
nothing but experience is wanting to ensure com-
Plete success, and to render cotton one of the staples
of the country. In the plain of Arta, there has
been
great activity. Early in the spring Mustafa
Pasha, the owner of a vast extent of prime land,
sent to his agent 5,500ib of seed procured at Xeres,
Which was distributed to four or five villages, in
tarts of the plain most suitable for cotton, Feime
BYO another landed proprietor of Arta, has also
Procured from Xeres 5,500ib of seed, which has
been distributed with a careful choice of locality.
0f 3,200 okes of seed supplied this year by
Government to (Epirus, 1,000 okes, or 2,7301 b,
have been sent to Arta, and distributed in small
quantities amongst 25 villages. The late Mudir of
•rrevisa, before leaving, had also made experiments
,With Xeres seed, which he had sown on different
°Aeseriptions of land. Everywhere throughout the
Arta district there is readiness and desire on the
Part of all classes to embark in cotton cultivation,
_Which is the more remarkable as the people of Epirus
are to a proverb opposed to innovations. A letter
Was read from New York, presenting a gin to the
Association, which the maker thinks is well adapted
for long staple cotton. A sample was submitted
!Tor inspection, showing the manner in which East
jecclian cotton is so often adulterated, and which it
lis hoped will be effectually checked by recent
egislation on the subject. There was no other
casiness.

lIONEY MARKET

AND
COMMtitOIAL INTELLIGENCE,

CITY, TWELVE O'CLOCK.
REDUCTION IN THE BANK OF ENGLAND

RATE OF DISCOUNT.
At their weekly court to-day the Bank of Eng.
laud directors have notified that the minimum
quotation for interest and discount had been reduced
from 7 to 6 per cent.
This announcement was not generally expected,
as a reduction was considered improbab'e till after
the distribution of the July dividends. The corn-
taercial classes have therefore been very agreeably
,surprised to find themselves enabled to discount
htheir bills nearly one per cent. cheaper than they
'raid any right to anticipate for a few weeks.
us authorities have been for some time recuper-
ating their reserves, and as it was very generally,
.11"i'n that the position of the establishment justi-
due the measure now adopted, it has not excited
the
astonishment. During the past fortnight
:e available balances of the banking and other
nienunt establishments have also shown a gradual
increase, and if account be taken of the further
additions that will most probably be made to the
.36IPPlY of capital in the open market after the
"vidends have been paid, it may be presumed that.
the authorities have only now discharged a duty
that would ultimately have been forced upon them.
The directors of the Chartered Mercantile Bank
°f India, London, and China have declared a divi-
dend at the rate of 10 per cent,, and have announced
a call of £7 10a on the new shares, payable on the
Ist
Negotiations are in progress for the transfer of
the business of the British and American Exchange
to the London and Colonial Bank.
The South Eastern Banking Company have taken
Premises and arranged for immediately opening
four additional branches, viz., at Hastings, Graves-
end, Blackheath, and Clapham.
It has been announced that the share list of the
Great Wheal Metal Tin Mining Company will close
o
..11 Saturday next, the 18th inst., for London appli-
:4ltions, and on the following Monday for those
eroe-
.4 the country,
b. The biddings of 30,000,000 rupees (£300,000) in
~1118 on India took place yesterday at the Bank of
'eleland. The proportions allotted were : —To
e'leutta, 16,60,0000 rupees ; to Bombay, 12,00,000
rPees ; and to Madras, 1,49,000 rupees. The mini-
°tu price was as before, viz., is I per rupee on
iitieutta and Madras; and is lltd on Bombay.
I'4!° applications within the limits amounted to 183
C ,t.B. Tenders on Calcutta and Madras, at is lltd
receive about 26 per cent. ; on Bombay, at 2s,
fu°out 15 per cent.; and all above these prices in
11.
t, It Will be noticed that the applications within
e limits have amounted to £1,830,000; on the
previous occasion they were £2,140,000 ; and before
hat, £1,240,000.
Co he prospectus of the Great North Vor Tin and
per Mining Company has been issued, with a
Proposed capital of £25,000, in 5,000 shares of £5
each ; deposit, £1 on application, and £1 on allot-
meut• This company is formed for working the
irlles included under the name of the Great North
i:'• The property which it is proposed to purchase
aituate in the midst of the valuable and productive
reage and Crowan mines, and is to be held on
he for twenty-one years. The reports which
tt;'a° been published concerning this mine are of
a most satisfactory character. Captain Symons
t? the Great Vor fiacan intersects and divides
of .°
two equal parts the large and productive basin
granite ruetalliferoue killas lying on and between the
of Godolphin and Crowan, and every where
in his the lodes which it disturbs. Captain Pascoe
the 141_ report says," one point of great interest in
future development of this mine, is the
[treat feu
sett °au which runs through the centre of this
hie; and also through the richest mines in this dis-
ilaeaelY, Alfred Consols, Wheal Tremayno,
t3-?;"rass and Great Wheal Vor and Great Wheal
ea 1;t1". This flucan is considered by all miners
eesalaLthe principal feature of all their mineral
e 6 -4`a." The property, however, cannot be other
is of the richest and most valuable kind ; which
laether confirmed by the fact that, from the
Great Wheal Vor Mine which immediately abuts