The Sun.
London, England, 1847-01-25 00:00:00

TAE BOMBAY MARKET.

(From the Chamber of Commerce Overland Price Current.)
BOMBAY, DEC. 15, 1846.
The dulness which prevailed in our import market at the
close of our last issue has continued unabated throughout
the fortnight. The uncertainty as to the result of the Calcutta
opium sale, which then interrupted all legitimate busine,s,
can scarcely yet be said to be removed. The annexed extract
from the 'Calcutta Star of Dec. 1 will show the nature
of the measures adopted by the "sellers for account"
in the opium time-bargains, to defeat the operations of
their opponents and arrest the progress of the Government
sale. How far, however, the success of their plan may ac-
complish the object contemplated, and be legally sufficient to
quash the time-bargains in which they were involved, seems
to be a matter of doubt, involving legal questions of no small
difficulty, and which may give rise to litigation between the
parties interested. Whilst,,however, there is still sufficient
uncertainty existing in respect to these matters to keep up
in some measure the prevailing distrust and divert merchants
from their usual and legitimate dealings, a respite, at all
events, has by the events in Calcutta, been obtained, and the
impending serious consequences, which we before wrote of,
as exciting much anxiety throughout our native mercantile
community, have been for a time averted. The account of
these events having, however, only reached us a few days
ago, there has as yet not been sufficient time for the excite-
ment connected with them to subside, and chiefly, ther:fore,
in consequence of them, there, during this, as in last fort-
night, been but little business doing in imported goods.
Metals—There has been but little animation in the market
for these. The only change in our quotations is in copper
tiles, which exhibit a decline of lr. to 114 r. per cwt. Sales
are reported to us as follows :—British hoop iron, 525 cwt. at
71. 12s. per cwt. ; copper tiles 260 cwt., at 60r. per cwt.
Cotton Manufactures—There appears to be somewhat more
anxiety on the part of dealers to sell goods than at the end
of November, and especially for 36, 50, and 60 yards domestics
of all widths, there has been a steady demand. Gray made-
pollams of low quality have been inquired for, but at unre-
munerating prices, whilst for coloured goods generally, and
Lappets of all descriptions, there has been no inquiry. The
prices offering for bleached shirtings and madapollams are
exceedingly low. White and gray jacconets have also been
asked for, but at rates under their value. The anticipation
of advices of a rise in the Manchester market by the mail
sow due naiurally makes holders reluctant to sell at present
quotations.
Cotton Yarns—The amount of business done in yarns
during the past fortnight has been small, and prices gene-
rally have given way. Sales are reported to us an follows :
Mule Twist—No. 40, 4,0001 b., at 8 a. per lb.; No. 20,
6,0001 b., 6i a. per lb.
Water Twist—No. 20, 9,0001 b., at 7i a. per lb.
Woollens—A sale is reported to us of 3,466 yards low list
cloth, assorted colours, at 11/4 r. per yard. Our market for
these continues in a very distressed state, and little or nothing
is doing.
Beer—We hear of no sales, and quote no alteration in
prices.
Spirits—Some English Brandy of good quality, in wood,
has been disposed of at 3 rs. per gallon. Prices remain un-
changed.
Marine Stores—The follewing sales are reported to us :-
60 cwt. white paint, 20 cwt. black paint, 20 cwt. green
paint, at 11 r. per cwt. ; 50 barrels Swedish tar, at 91% r. per
barrel ; 50 barrels coal tar, at 4% r. per barrel. No change
in prices.
Saffron—The stock on hand of this article is of bad quality,
and we hear of sales having taken place at as low a 2s is.
per lb.

CITY, SATURDAY, JAN. 23.—A movement favouring
the Bear party in the Stock Exchange has occurred since
this day week, and of a character which could hardly
have been anticipated a few months ago. Again we
have to repeat that the public—that is the general body
of stock-holders—have not come forward as sellers. The
question then arises, why this depression in Consols,
which, since the commencement of the year, has ex-
tended to very nearly four per cent ? Speculation cer-
tainly is not the cause ; but that money is wanted to
supply the legitimate demands for the payment of
labour, and engagements in commerce is certain. The
fact that the directors of the Bank of England have, as
was expected, again advanced the rate of discount,
can have but a temporary effect, and in the opinion
of many five per cent. will be demanded. With an
amount of bullion in the coffers of the Corporation equal
very nearly to fourteen millions, there is ample scope
for giving aid to the Bank of France to the extent re•
quired, and which, by inspiring confidence on the Bourse
at Paris, will re-act favourably upon Stock here. The
movements of Ministers, which no doubt will be fully
carried out respecting the corn, the sugar, and spirit
duties, must unquestionably tend to render the employ-
ment of money more general. This ought, however, to
bs a matter rather for congratulation than otherwise
The public fundholder here is at least safe from experi-
encing the new doctrine of repudiation, and hence the
advice frequently given under this head to the holder of
Stock is to hold on. Much money may be made by
reckless speculation in a time of panic or alarm, but it
almost alway s happens that your bold operators have
but a short time of enjoyment for wealth obtained by
means of Time bargains. It may be said, probably
with truth, that the Three per Cents. now look low, and
lower have they looked when employment was not less
FREIGHTS. full than at present; and exciting causes being left out
Freights to Great Britain may still be quoted at 41., and of the question, there is very little doubt that the National
.o China from rupees 10 to 12 per candy. Securities will again attain that point which they
MONEY-MARKET. held the greater part of lait year. In the cis
The distrust prevailing in connexion with the opium spe- apprehensions with respect to the state of Ireland'
appear almost to have subsided. But the moving
culations has continued to limit the discount and other
few sales is alleged to be an.
cause for a
transactions of the native community, and whilst monerif;
intention on the art of Government to raise a loan to
at present by no means scarce there can be little doubt thatfully
cart out more extensive aid to those landlords who
were this removed, most of what is available would be.
willinniv may • e employment
Ttohtehree
ar c populationhu but
fe
wo f
hereth at
employed in the regular trade of our market. Subscriptions
part of 'the Ilrigtrh dominions.
to the Five per Cent. Loan are understood toihacasveasbtehene
liberal, the latest quotations Cent who thinkthat . '
giving about 80
andinatserest,igiit perhaps
amount already subscribed. The paper of the louripere
seen. _ this will be the case, as an issue of Ex-
cahnsereerrt Bh lls,
purpose at
an
na
s advanced
well,
Ex-
Loan has somewhat improved in value,
.and, as w
ly higher in priobportion
by our quotations, it is considerably higher
securities there ispublic works are to
than that of the Five per Cent. In other be extended in Ireland, this
in Bank
of a slight decline would be the wisest course
little change, with the exception for them. The aunt uscement of a loan for the purpose
shares. 1034 r. referred to, would not tend to depreciate
prices to an
Loan 5 per Cent.
of 1825-33 ••
4r. extent which would render it worth while for any but
4 Ditto ditto 1832-33
8_,.•
speculators 1 • 1 .1 T t.
4 Ditto ditto 1835-36 ..• 74 0 se.. St, (4, .....001,' Ir. t1.t.,!. t'' th- i. -
1841-42 -. 99 r. creased tro I ,
5 Ditto dittoBB to 90c. carryingpioy teem for money, which must arise for the
4 Ditto ditto 1842-43 ...
Iv
out of the measures of Government, money
-at 2s. Old. to 2s. Odd. ehave heard may remain tight r time, but - Exchange continues .
weekat 2s. 0' d , but no hilts are the
or a should the prospects of
of a transaction during the
sale five harvest be good, there can be little question that on
at this rate now. A Government of the payment of the July dividends the Funds will again
to be procured took place yesterday, averaging rs. 97-13 I • ,
Lacs on Calcutta.
and further salesv being anticipated, i attain Litt high position which they held in the corre-
for bills at 30 days' sight,
' sponding pi rind of last year. It is probable, should' the
the rate on that place has declined.
i
dirce•ors o"' the - ' '
tins of the ri,iy are as follow;—England six • t E,oh . England further increase the
The quota , • Isi, •. -- , • rite. e,' ':--- •,- ei , •. • -
. .
,i.
~. u
:.
~.,
~..
),._„.,,,,,,..., „
~, _
~ , . e. sum: , ssc.si erneot will lied it DeCez;saTY to
-rii,.,..L • '-'* -' ,', . , Inert: Le •'— ' - E- h- '
rs. 97. Chin,,, b.r. 2-0, lA/111111A . tale 1/11,,a/.. t.i.iuo ac 'Nur Baia. If correctly
Banks.—Tbe following are the present rates of Bank informed, the subject is now under consideration.—
Qbserver.
Shares :