The Sun.
London, England, 1849-02-22 00:00:00

CHINA.

The following letter is from a correspondent at Hong-
Kong, dated the 30th of December:—

" The Peninsular and Oriental Company's steamer
Achilles arrived on the 23d instant, with the mail of the
24th of October; she left Singapore on the 11th and
brought on upwards of 1,700 chests of opium. The late
detention of the steamers, and delay in arriving at the
proper time, has been brought to the notice of the Ad-
miral; the evil appears to be in allowing the agents to
overload the vessels.

" There is nothing very remarkable to report this
month. The question of opening the city gates at Can-
ton seems to draw the attention of the Chinese authori-
ties. The forts have been put in a state of preparation,
and constant practising of the guns is observed. This
alone causes alarm amongst the Chinese; at the same
time a feeling prevails that no hostile measures will be
adopted to enforce the convention of Sir John Davis.
All remains quiet in Canton.
" The subject of retrenchment and how to meet the
expenses of this colony, is under discussion, as the Home
Government have not allowed sufficient funds to meet
them. Some of the public works have bee❑ stopped, and
it is understood that his Excellency the Governor con-
templates immediate reduction in some of tho depart-
ments. The subject is an important one where the
community is small and the resources of the new colony
limited. As the British Government and the East
India Company derive so large a revenue from the China
trade, it does not appear a liberal or a wise policy to dis-
tress the colony.
" In trade there have been considerable transactions
during the month, but at low prices, and the principal
articles of import have sustained a further depression
since last month. Money is not so abundant, which
may be attributed to the approach of the Chinese new
year on the 24th proximo. The total export of tea to
date exceeds that of last year at the same period, the
excess being in green, whilst of black there is a decrease.
The total export of silk falls short nearly one-half of
that of last year at the same time.
" We have lately had several arrivals of South Sea
whalers to refit at this port, and we understand it is the
intention of the American whalers to come i❑ future
here, as they can refit at this place on more moderate
terms. _

" Her Majesty's steamer Fury entered our harbour on
the 14th inst., towing her Majesty's ship Hastings, 74,
the flag-ship; and his Excellency Rear-Admiral Sir F.
A. Collier arrived in the mail steamer on the 23d inst.,
and hoisted his flag on board of her.
" The Hon. East India Company's steamer Phlegethon
remains at Canton, and the Pluto at Whampoa.
" Her Majesty's brig Childers sailed on the 21st inst.
for Bombay to refit.
"Accounts reached us on the 6th inst. that her Majesty's
ship Scout had touched a rock in the Min River on the
27th of November, and immediately fell over into deep
water; no lives were lost, but nothing was saved from
the vessel. Her Majesty's steamer Medea, Capt. Mason,
which left this on the Ist inst. for the northern ports,
heard of the occurrence at Amoy, and proceeded with
her Majesty's brig Columbine to the assistance of the
Scout; and advices from the Min of the 11th inst. men-
tion that the vessel was likely to be got up.
" The United States ship Plymouth, with his Excel-
lency the Commissioner, J. F. Davis, and Preble cor-
vette, arrived in our harbour on the 4th inst., and pro-
ceeded on the sth to Manilla. His Excellency, we learn,
with the Commodore in the United States ship Ply:
mouth, returned to Macao on the 27th inst. The French
corvette Bayonnaise has also returned toMacao-rrods
du.. Our ring the month.
latest dates from Shanghai are of thmee2rOisthie,daenad,
Woosung the 21st inst. Her M
carrying the mail of September,aiwesatsy
done during
of business had eon
'bsansxteiaously looked
for. A large amount
lower
dowader-
the month, but at lower rates.fonrv,im,asports.
drawn Ttoeathhea
vanced 1 to 2 taels, and attention
qualities of silk, which had al advanced; fine was not
to be procured. The stock of silk was small in first
24tshhipof
hands, and the late purchases wereLionndcoonuttshee
of
merit. Our latest dates are—from
October, from Calcutta the 13th of November, from
Bombay the 18th of November, from Madras the 15th
of November, from Singapore the 11th inst., from Ma-
nilla the 13th inst., and from Sydney the 17th of Nov."

COMMERCIAL INTELLIGENCE.
THE BOMBAY MARKET.
(Froni the 3d to the 17th of January inclusive.)
Telegraph and Courier-office, Bombay, Jan. 17.
There has
.been no falling off in business during the past
two weeks. Sales have been made freely in imports to arrive
at remunerating rates.

In the export. market there has been more than usual acti-
vity, owing to the receipt of better accounts of the English
market for cotton by the last overland mail.
THE MONEY MARKET
has beeen in a quiescent state during the past fortnight.
here as in England the same plethora of the precious metals
exists with little or no employment for capital. Within the
last day or two, however, there has been a little more de-
mand for money, but the rate of interest remains the same.
Government Securities have been very steady during the
past two weeks. New Fives are quoted at 98%, to 99, but
there is not much doing iu the Five per Cult.. iceas have

been sold at 1021,r. and 103 r., and some Four per Cent.
Company's at 8211.1 r.
The following may be considered the quotations of the
dav :
- Sieca 5 per cent. 103 A Company's rupees per cent.
do. 4 do. 856 do. do.
Co's. 5 do. 99i do. do.
do. 4 do. 82i do. do.
Transfer Loan rs. 1061 nominal.

Bank Shares—The market for these has been quiet for
some little time, and we have to note a decline in Orientals,
which are now procurable at 13 to 14 per cent:discount. In
Commercial Bank shares we hear of transactions having had
effect at 10 per cent discount with the dividend. The
directors of this bank have declared a dividend at the rate of
7 per cent. per annum, which is to be paid to the proprietors
on and after to-day. The net profit of the bank for the
half-year, ending the 30th of December last appears to have
been 61,751 r. sa. 5p., and it has been necessary to take out
from the reserve fund a sum of 76,972 r. 95. 3p. in order to
make up the half-yearly dividend. By this means, and by
a sum of 60,000 r. having been written off in part of Messrs.
Gibson, Reid, Davidson, and Co.'s debt, the reserved fund is
now reduced in amount to 63,202 r. 15a. 6p.

EXCHANGZ
On London considerable transactions have been effected,
and a further rise has taken place, the Oriental Bank having
come into the market as sellers at ls. 100. six months'
sight, and Is. 100. three months' sight, at which, and
Is. lOgd. for document bills, the bulk of the transactions for
this mail have had effect.
We understand that the Bank is desirous of doing away
with six months' sight bills altogether, and introducing
three months' sight bills instead, at a reduction in the rate
as compared with six months' sight bills, of a farthing or
one per cent. This scheme has, we hear, met with the ap-
proval of many of the merchants.
On Calcutta the rates still keep up ; 6O days' sight bills
having been sold at 1001 to,}, and sight at 1011. On
Madras the rate is the same, and last quotation 99i Su days'
sight, and on China 206 to 207 per 100 dolls., at which rate
considerable amounts offer.

Freights have improved a little to all ports since our last,
the good advises received from home counterbalancing the
discouraging accounts of cotton from China. There are
several vessels loading for London and Liverpool, 31. 103. to
31. 12s. 6d. One full cargo has been engaged for Hull at 41.
For Clyde 41. are asked. Our current rate for China is 15r.
to 151 hr. per candy, and for vessels to sail with the new
cotton in all March,l6r. is freely offered. Three or four ships
is the early part of the month accepted 15r., to load in the
latter end of February. Tonnage is abundant. To Calcutta
there is nothing doing.
Quotations are, for

London, 31. 10s. to 31. 12s. 6d.
Liverpool, 31. 10s. to 3/. 12s. 61
Hull, 4/.

China, 15r. to 1514 r.
Calcutta, 20r. per rass salt.
Sundries, 31r. to 4r. per candy.
Mauritius, 41/2r. to sr. per candy.
Cotton Piece Geods—ln this branch of our import trade
we have had considerable activity. Manchester piece goods
have been disposed of to a very large extent to arrive, and,
if we except domestics, at an advance on former rates.
Domestics have not been in so much inquiry, owing to the
disturbed state of our relations with the north-west frontier.
Grey shirtings have been sold at good prices, 50 inches be-
ing the only description which seem to be neglected. Tho
stock in first hands, of gray madapoliams, is now com-
pletely exhausted. For 31 inches to 34 inches 24 yards, of
low quality, there is a great demand. Bleached shirtings
secure first-rate paying prices, 56 to 60 reed fetching 6r.
The same remark is applicable to low qualities bleached ma-
dapollams and jacconeta. Prints are scarce, and we hear
that large orders have been sent home on native account by
the present mail.

Cotton Yarns—The former prices of yarns have not been
sustained, and it is difficult to effect sales at our qaotations.
There has been a good demand for orange. We understand
that 20,0001 b. of Turkey red fetched from 15 to 16 annas per
lb. at public auction.
Metals—This market has been in a very active state
during the past fortnight for metals. Advanced prices have
been readily given. The market is ♦ery bare of all descrip.
tions, and we have heard of sales having been effected to
arrive at our quotations.

Beer—We liear of a sale of 162 hogsheads of Allsopp at
55 rupees, and 25 hogsheads of Bass at 50 rupees per hogs-
head. The market is dull.

Cotton—The new crop of cotton is most favourably reported
on, supplies of which will begin to arrive early in March.
The market has been rather active, and, owing to the some-
what favourable advices of the English markets for the staple
received by the last mail, an advance of from 2r. to 3r. has
been given. Local stocks are large, and consist almost of
inferior qualities. The exports to Great Britain and China
in 1848 have been 163,900 bales and- 179,579 bales respec-
tively, against 221,420 bales and 161,190 bales in 1847.
Opium purchases have been made to the extent of about
500 chests; but within the last fortnight about SOO have
changed hands to complete contracts entered into some time
ago. The natives are large shippers themselves, and holders
are not disposed to sell at ruling rates, say 1,275. Higher
prices are anticipated, in consequence of a reported failure of
the crop in Malwa. Should such be the case with the pre-
sent small stock, we may see prices very high.

s. d.
On London at six months' sight... ... 110 per rupee.
Do. at three months' sight ... 1 9i do.
Do. at one month's sight 1 9i do.
Do. at one day's sight ... 1 9 do.
On Scotland at one day's sight ...
On Ireland at one day's sight ...
On Circular Credits negotiable through.
1 9
out Europe ...

COMMISSION.
Charged on the purchase or sale of Go-
vernment Notes, Shares, or Public
Commissions, or other Securities

... i per cent.

CALCUTTA.
(From the Englishman Weekly Price Current.)
.JANUARY 8.

The Bombay Express, with London dates to the 94th of
November, arrived yesterday morning. The commercial
news which it brings is not very satisfactory, although poli-
tical atlairs on the continent had twinned a more pacific
appearance.
The depressing influence of the discouraging news received
per Iladdington upon our export market has continued
since the date of our last report, and, excepting in indigo,
but little increased activity has been manifested in our
outward trade. The demand for indigo has continued good,
and the public sales, comprising 8,504 chests, went off freely,
but at uneven rates, middling and consuming ranging about
srs. per maund above previous value, and other qualities at
prices slightly in favour of buyers. Sugar has been neglected,
but latterly a decline of 4 to 6 annas has attracted the atten-
tion of shippers, and the market has consequently assumed a
steadier aspect. Saltpetre has commanded an increased in-
quiry at full previous rates. A speculative demand, caused
by the fall in freights, has arisen for rice, chiefly on the part
of natives. Raw silk has been in good request, induced by
the good advices of the article from home by the last mail,
and for some parcels higher rates have been paid than our
present quotations. Corahs have been comparatively disre-
garded, and have consequently fallen in value. Shell lac and
lac dye are not in demand. Jute continues to be freely
shipped.
The import market has maintained the position it held,
and active demand, at full prices, has continued to prevail
for the principal fabrics of Manchester manufacture. Stocks
of these have been much reduced, and imports have greatly
fallen off. Mule twist has also been actively inquired for, at
a slight advance in value. The stock of twist is very low,
being estimated at only 1,145 bales in first hands, and 5,050
in those of other parties. Scotch goods are moving off, but
have experienced no improvement in value. Metalc4Fe dull.
There is but little .doing in copper, notwithstanding the
lightness of stocks. Spelter is inactive at 7 6 per maund.
Iron is in better inquiry, but with no improvement in price,
excepting for hoops, which are higher, and quoted at 5 8 per
maund. Bar is selling more freely, but at a declining value.
Our quotations for this description is 2 9. There is nothing
doing in lead, which is quoted at 7 8 per nutund.
The money market continues well supplied, and loans are
readily procurable on fair ;securities at easy rates. _
branch banks obtain profitable employment for their capital
on safe securities, and at rates of interest varying from 8 to
10 per cent. The Bank of Bengal has declared a dividend
for the past six months at the rate of 6 per cent. per annum
on the capital stock of 4,000 per share, which is equivalent
to about 4-3 per cent. on the current value of 5,750r5., or of
3-11 per cent. on 6,500r5., a rate at,. or above, which a good
many of the present shareholders invested in the bank. Go-
vernment securities continue at our former quotations of 1 4
to 1 8 discount on New Fives; 4 4 to 4 8 on sieca ditto ; 18
to 18 8 Company's Fours ; 19 to 19 8 sicca ditto. Ezchaage
is quoted at Is. 10id. to Is. lqd. for six months' sight bills,
and more business is doing with the export warehouse, the
advances from which have reached 1,540,000r5., with appli-
cations in hand for a considerable amount.

Frieghts fell from our last quotations to 41. for saltpetre,
.1/. ss. sugar, and 41. 10s. rice to London; but lately, owing
to the few arrivals of shipping, and an increased inquiry for
tonnage for rice, rates have again a rising tendency. Our
latest quotations are 4/. saltpetre, 41. Ss. to 41. is. 6d. sugar•
41. 12s. Gd. rice, jute 41. to 44. 58. The rates of freight W
Liverpool are much on a par with those to London.

CANTON MARKET.
We have nothing very favourable Cito-KrOepNorGt'irnicsnir3koe:ltit
There has been a general heaviness in the trade_ durg
month, owing to the decline in the value of good',
not likely to improve till after the China new year,aboutnat times
proximo ; and, as is generally the
case
the Chinese, that
money becomes more valuable' amongst
accounts.
being the period of settling their annual
business doing, but at
There has been a fair amount wt
hhei c2h4 t
low rates.
ethformomonitahiebuatrragivith.ain
recCe2 to 6.9 ; Bengal and Madras, Ts. &
We quote Bombay, Ts. 70,500 bales, against 91,000 bales
odtetdo,n —a
and stocks
es rallied
are
on
little
the duringi
to 8.2 ; stock of all kinds
last year. dolls.nsttos2o6d7olls. lower. Our quotations
to 224 dolls.; Nos. 28-32, 27 dolls.
8-42,28 dolls.to 29 dolls. Stock, 5,052 whole
taore2CBNotdotoosinlsl.Y6;cl7o,s.3
half bales, awn whole and 2,378 half bales
and 2,687
last year.
Long Cloths have declined materially. Gray quoted 2 dolls.
to 2 dolls. 45c.; white 2 dolls. 20c. to 2 dolls. 65c.
Woollens—Sp. stripes, 1 doll. to 1 doll. Isc., and little
doing; long ells, assorted, 7 dolls. 70c. to 7 dolls. 10c.; scar-
let, 9 dolls. to 9 dolls. 20c.; camlets (English), 20 dolls. to
22 dolls.; Dutch, 22 dolls. to 25 dolls.
Iron is maintained at last quotations—bar, 3 dolls. 300• to
3 dolls. 45c.; hoop and nail rod, 4 dolls. 70c. to 5 dolls.
Steel advanced to 5 dolls. 711 c. to 6 dolls.
Lead, 7 dolls, to 7 dolls. 20c.
Tin plates, 11 dolls.
Cochineal, 150 dolls. to 180 dolls.
Turkey opium, 370 dolls, nominal.
Tea—There has been a good inquiry for black teas ; the
business done in green has been principally on American ac-
count.

The export of silk amounts to 8,656 bales, against 15,202
bales last year.
Exchange on England—For first-rate bills, 4e. to 4.5. ld. ;
some transactions in bills with shipping documents, at 4s. 5•
Treasure shipments are still going forward round the CAP°
for London.

Exchange on India—Company's accepted paper, 213 rs. to`
214 rs. per 100 dolls.
Freights continue at 31. Ws.
Our ads ices from Shanhai are to the 20th inst., which
report a good account of business both in imports and ex-
ports.
The sales of long cloths during the month are estimated
at 90,000
pieces—greys quoted 2 dolls. 40 C. to 2 dolls. 60c. ;
whites, 2 dolls, 60c. to 2 dolls. 80c.
Silk— There has been a good deal of activity, and prices
generally are firmer. The quotations are—No. 1 and 2
tsatlee, 390 dolls. to 400 dolls.; No. 2. 340 dolls. to 360
,
dolls ; No. 3, good, 310 ; inferior, 270 dolls. to 290 dolls.
common taysam, 225 dolls. to 235 dolls. ; fair to good, 240
dolls. to 270 dolls; fine not in the market.
Tea—Good and fair congous have advanced 1 to 2 taele.
Green teas without change.
Exchange—Bills under AMOriCaa ergaibt 4. id. to.
4a. 5%d.