The Sun.
London, England, 1849-05-24 00:00:00

prospects of commerce at home. In the export depart-
ment, the present month shows a considerable improve-
ment upon the past, which, in its tarn, shows more
favourably than the preceding. Thus a progressive
improvement is taking place, and we may with reason
look forward to a great accession of spirit and activity
in the market as soon as supplies come more plenti-
fully to band. During the period under review stccks
of almost all our staples have been exceedingly low, and
owing to this scarcity, operations have not been gone
into on so extended a scale as the active inquiry existing
would have led us to expect. In indigo only a moderate
business has been done, owing to the rapidly drawing
close of the season. The same may be said in regard to
Benares sugars, of which the market appears almost
completely bare. Dates move off freely at full rates.
During the first part of last month, supplies of saltpetre
.were ample enough to meet the demand, and an active
business was done; latterly stocks have declined, and
leSsi has been doing, although at improved rates. Raw
silk has declined in value, and is only moderately inquired
after. Corks are in good requisition, and sales can readily
be effected. The speculative feeling for rice for shipment
to England has in a great measure died away, under the
influence of increasing rates of freight. Transactions
have been on a limited scale. For shell lac and lac dye the
inquiry remains good, and sales have been reported to a fair
extent. Hides remain in active demand, and all qualities
readily move off at full rates. Jute has not declined in public
esteem, but parcels of first quality are very scarce.
Oilseeds are generally neglected. In other minor arti-
cles of produce a fair scale of business is reported, and
we only wait the arrival of supplies to be able to report
a more active and spirited business.
In the import branch we have not an active fortnight
-to report upon; at least operations have not been on the
scale we had expected from the promising features expe-
sienced some time since. In some measure this may be
• accounted for by the reluctance evinced by the dealers
to enter into fresh operations until the close of the Native
commercial year. The demand has not been active for
Manchester piece goods, and prices have latterly ruled a
shade lower. Mule twist has returned to its former po-
sition. The market for metals remain dull and inactive.
We may reasonably calculate upon some improvement in
the position and prospects of this branch of our business,
now that affairs in the North-West are fast approaching
to settlement. Full particulars will be found under the
respective heads below.
Within the last few days a decided improvement is ob-
servable.
THE MONEY MARKET.—We can hardly be expected
' to report any change in the position of this market. It
is however satisfactory to know that the chances of any
'change taking place are in favour of its being in the way
to improvement. Money continues abundant, and is
readily available for commercial objects at easy rates
when good and tangible securities offer. The feeling in
the bazaar continues much the same, although, if we
may judge from the reluctance to clear off imports lately
observable, the feeling is towards increased tightness.
The following exhibits the market value of bullion and
foreign coin, and shows the current rates of banking
transactions:—

PRICE OF BULLION.
Dollars Co.'s Rs. 220 10 to 220 14 per 100
Sovereigns
Gold Mohurs
S old 2l 5 21 6 „
new
Five-franc pieces (silver) 2 0 2 1 „
• Bank of England notes.-- 11 4 11 8 per £
China, bars
Gold Straits, dust l5 8 16 0 „
Silver, Sycee lO4 5 104 11 p 100 tls.
BANK OF BENGAL RATES.—Discounts: Private bills
and notes at or within three months, at 7 per cent. per
. an.; Government acceptances, 4 ditto. Interest charged:
On fixed loans, not exceeding three months, on deposit
.of Company's paper, 5 per cent. per an.; on opium, 6
ditto; on deposit of metals and indigo, 6 ditto; on depo-
sit of other goods, 7 ditto.; on accounts of credit, not
exceeding three months, on deposit of Co.'s paper, 5}
ditto; on opium, 6i ditto; on deposit of metals and in-
digo, 6i ditto; on deposit of other goods, 7i ditto.
GOVERNMENT LOANS AND BANK SHARES.—The va-
lue of Government Securities exhibits a trifling change
on our last figures. The tendency is towards improve-
ment. A very moderate amount of business has been
done in them. Bank Shares remain without alteration,
and in very moderate inquiry. Profits on the operations
of the Bank during the month of February are at the
rate of 5L 12s. per cent. per annum; those on the pre.
lions month baying been IL Os. 10d. per cent, more,
making an average on the two months at the rate of
1. Company's rupees 6 5 3 per cent. per annum. The
shares of other Joint Stock Banks have experienced no
improvement.
EXCHANGE.—A scarcity of good mercantile bills has
continued to prevail, and latterly the demand has been
considerably in excess of the supply. Owing to this
, circumstance rates of exchange on England have receded
_ to ls. 10d. to ls. 100. per rupee for first class documents
bills at six months sight. Exchange on China is Co.'s
Es. 214 per 100 dollars.
Our quotations are as below:—
Treasury bills at thirty days' sight according to
, amount ls. 90. to la. Sid. per Co.'s rupee.
Navy bills at three days's sight at Is. 9d. to is. 9id.
per Co.'s rupee.
Bank ditto, at 30 and 60 days's sight, at ls. 9d. to
ls. 9d. per Co.'s rupee.
Oriental Bank ditto, at sight to six months' sight,
ls. 90. per Co.'s rupee.
Private drafts against shipments, at six month's sight,
at is. wild. to is. 10id. per Co.'s rupee.
Agency on London correspondents, at thirty days' to
six months' sight, at Is. 90. to Is. 100. per Co.'s rupee.
Government advances on shipments to London and
. Liverpool, on bills at six months' date, are at ls. 10d.
per Co.'s rupee.
Freights—With the improved feeling in the export
market rates of homeward freight have progressively
advanced. Arrivals have not been on any considerable
scale, and shippers being in the market, consignees have
been enabled to obtain a small increase on our last quo-
tations. 'lke market is at present not firm, and we do
not anticipate any further rise.
IMPORTS.
In this department of our trade the fortnight has been
rather a dull one; business has been done on a moderate
scale, demand has been less active, and prices have, in
many instances, ruled lower. This decline we attribute
in some measure to a little increased tightness in the
money market, and to the absence of encouraging ac-
counts from the up-country marts, on which our import
business is so much dependent. Wo have, however,
good grounds to look forward to more encouraging
accounts from the upper stations. Within the last two
or three days a decided improvement is observable, and
more encouraging accounts have been received from the
up-country marts.
Copper—Throughout the past month the market has
been in a dull state, and prices have been looking down.
Accounts from Mirzapore have been discouraging; lat-
terly they are, however, better. Sales have been very
limited.
Iron—Supplies of almost all descriptions are plentiful
in the market, but the demand is languid and market
dull. This market begins to show improvement.
Spelter—The market has been far from brisk during
the month, and prices are ruling at Ct. Rs. 8-10 to 8-12.
The following sales have been reported since the Ist
instant:-150 mds. at Ct. Rs. 8-7-6; 90 mds. at 8-10;
150 mds. at 8-12; 1,500 mds. (during the early part of the
month) at Ct. Rs. 94 per fy. md.
Steel—We have heard of no business under this head;
prices are quoted nominally at Co.'s Rs. 6.5 per fy. md.
Quicksilver—The sales of the month are:-24 boxes
at Co.'s Rs. 4-8-3, and 4 boxes at 4.8.6 per f'y. seer.
Tin Plates—Sales are:-40 boxes at 18.12 per box.
The market is bare, and prices are quoted at 21 to 22 per
box for the usual I C mark.
Wines and Liquors—A very fair amount of business
has been done in this market. Transactions are re-
ported-1,080 dozens French Brandy at Co.'s Rs. 9-8 to
12-8 per doz.; 300 doz. Port Wine at Co.'s Re. 13 per
doz.; 150 doz. Sherry at Co.'s Rs. 11-8 per doz. Ales:
There is no activity in the market; a few sales have
been reported of Allsopp's new brew at Co.'s Re. 85 per
Md. A sale of Tennant's is reported at 37 to 40 per
hhd., a few sales have been made at 85 to 90 per hhd.
Salt—A good business has been done during the last
',Month in this condiment. The following are the sales:
-56,500 mds. Liverpool at Co.'s Re. 76 to 81 per 100 mds.,
4,000 mds. Bombay at Co.'s Rs. 35 per 100 mds. Prices
are well maintained.
Cotton Piece Goods.—During the past month the
market has been quiet, and a moderate business has
been reported. Arrivals of Manchester goods have
been few, and stocks of Glasgow fabrics are likewise
low. Prices have, notwithstanding, receded a shade
from those ruling at the early part of the month. An
improved feeling has latterly been observable.
Europe and Shop Goods.—Throughout the past month
a moderate amoaiat of business has been done, and the
market exhibits no altered aspect.
EXPORTS.
Considerable spirit and activity have been imparted
to this branch of our trade by the favourable accounts
latterly received in regard to the healthy position and
improving prospects of the produce market at home.
. - 'Almost every single staple has improved in demand and
value, and an active business has been doing, only re-
stricted by the scantiness of supplies in the market. A
healthy feeling pervades business, and we have every
prospect of a continuance of it.
Indigo—Sales begin to be few and far between, giv-
ing evidence of the rapidly drawing close of the season's
operations. The sales which have been held during the
month show well-maintained prices, and in some in-
stances a shade of improvement. Inquiry is made for
private lots, hut solders ask high. The season, as re-
gards the coming crop, as far as it has gone, appears
favourable; the showers we have had must have materi-
ally assisted the new sowings in Lower Bengal. Fol-
lowing are sales by private contract during last month.
Jeffry Finch, Shahpore, Oondee, Tirhoot, 243 chests at
Co.'s Rs. 112 8 per md., and 4 chests rejections at 94
per md.
Raw Silk—A fair business was doing in this article at
the beginning of last month, but the advices from home
last received have completely damped the inquiry. A
• few sales have been reported at prices which snow a de-
cline of 12 annas to 1 rupee per sec.
Silk Piece Goods—Corahs remain in good favour, and
full prices are paying .when parcels offer. Stocks are
exceedingly low. Choppas and Bandanos are inactive.
The following buSiness is reported: —8,750 pieces Cos-
aim bazar Corahs at Co.'s Rs. 94 to 11-8 per corge ; 520
Cossimbazar Choppas at Co.'s Rs, 97.8 per corge ; and
• 128 pieces Tussers at 5.4 each.
Saltpetre—Stocks of this staple have been sufficient to
meet the active demand that has existed throughout the
month of March. Latterly, however, stocks have de-
clined and choice is limited; business has consequently
been somewhat restricted. Prices show an advance of 4
to 8 as. per md.
Sugar—Notwithstanding an active inquiry for this
article, business has been done on a moderate scale,
owing to the want of Benares qualities at market. The
new crop has not yet come down. Operations have been