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

CHINA.

The following letter is from a correspondent at Hong
Kong, dated the 3011 of December:—

" The Ptninsular and Oriental Company's steamer
Achilles arrived on the 211 instant, with the mail of the
24th of Octobtr; she left Singapore on the 11 th and
brought on up%ardg 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 vesbels.

" 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 been stopped, and
it is understood that his Excellency the Governor con-
templates immediate reduction in some of the 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 iu greon, whilst of black there is a decrease.
The total export of silk falls short nearly one-half of
that yf last year at the same time.

"We havve lately had several arrivals of South Sea
whalers to refit at this port, and we understand it is the
intention of th© American whalers to come iu future
here, as they can refit at this place o❑ 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 Whatnpoa.
" 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 tube got up.
" The United States ship Plymouth, with his Excel-
lency the Commissioner, J. P. Davis, and Feeble cor-
vette, arrived in our harbour on the 4th inst,, and pro-
ceeded on the sth to Manilla. Ills Excellency, we learn,
with the Commodore in the United States ship Ply-
mouth, returned to Macao on the 27th inst. Tho French
corvette Bayonnaise has also returned to Macao-roads
during the month.
" Our latest dates from Shanghai are of the 20th, and
Woosung the 21st inst. Her Majesty's
steamer Medea,
ously looked
carrying the mail of September, w
for. A large amount of business had an
been done during
the month, but at lower rates for tic
drawn to the lower
imports. Tea had ad-
vanced 1 to 2 feels, and attenaltisoo advanced; fine was not
wasa
qualities of silk, which had also
of
silk was small in first
to be procured. The stock
hands, and the late purchases were in coutse of ship-
ment. Our latest dates are—from Loudon the 24th of
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 18th inst., and lrom Sydney the 17th of Nov."

COMMERCIAL INTELLIGENCE.
THE BOMBAY MARKET.
(From 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 98,1 t to 99, but
shore it not much doing in the Five per cents. iccat hays

been sold at 1021/2t. and 103 r., and some Four per Cent:
Company's at 821 Ar.
The following may be considered the quotations of • the
day:—
Sieca 5 per cent. 1031 Company's rupees per cent.
do. 4 do. 85E do. do.
Co's. 5 do. 99 do. do.
do. 4 do. 821 do. do.
Transfer Loan rs. 1064 nominal.
Bank Shares—The market for these has been quiet 'for
come little time, and we have to note a decline in Orientali,
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. 9a. 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.

EXCHANGE
On London considerable transactions have been (fleeted,
and a further rise has taken place, the Oriental Bank having
curve into the market as sellers et ls. lOid. six months'
sight, and Is. lUud. three months' sight, at which, and
Is. 103 d. for document bills, the bulk of the transactions for
this mail have had etlect.
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; 17.0 days' sight bills
having been sold at 1001 to and sight at 1011. -On
Madras the rate is the same, and last quotation 99} 30 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 advices received from home counterbalancing th•
discouraging accounts of cotton from China. There are
several vessels loading for London and Liverpool, 3/. 10s. to
3/. 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 151/2r. per candy, and for vessels to sail with the mew
cotton in all March, 16r. is freely offered. Three or four ships
in 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 Si. 12s. 6d.
Liverpool, 31. 10s. to S.I. 12s. 6d.
Hull, 41.

China, 15r. to 15%r.
Calcutta, 20r. per rass salt.
Sundries, 31/.jr. to 4r. per candy.
Mauritius, 41,6 r. to sr. per candy.
Cotton Piece Goods—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 farmer 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. The
stock in first hands, of gray madapollams, 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 jacconets. 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 quotations.
There has been a good demand for orange. We understand
that 20,0001 b. of Turkey red fetched from 15 to 16 annu 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 very bare of all descrip.
tions, and we have heard of sales having keen effected to
arrive at our quotations.
Beer—We hear 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 800 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 pro-
sent small stock, we may see prices very high.