The Sun.
London, England, 1846-09-22 00:00:00

COMMERCIAL REPORT.

We have to announce the receipt, since our last issue,
of two dispatches from home, one vid Bombay, on the
18th ult., with London dates to the Bth of June, and the
other by the Bentinck steamer, on the 4th curt., with
intelligence up to the 24th of the same month. The
advices by the former opportunity were, generally
speaking, of so undecided a tenour that they had but
little effect on our markets, with the exception of
causing a general feeling of disappointment at the ex-
tremely limited extent of the draughts on this Trea-
sury ; and although by the latter the accounts of some
of our staple exports were rather more satisfactory, the
amount of remittances was again so moderate that it is
not to any encouragement from home that the somewhat
improved state of affairs that we have to report can be
attributed.

The pressure in our money-market has been gradu-
ally decreasing throughout the past three weeks, in con-
sequence, in some degree, of the payments of dividends
on Bank Stock and of interest on one of the Govern-
ment loans, but more particularly from the receipt of
extensive remittances from China and Bombay, and also
to a moderate extent from the interior ; this ren-
dered the demand for accommodation less extensive,
and enabled the directors of the banks to reduce
their rates one per cent., which had the immediate
effect of lowering the rates of discount generally, and
inducing the parties who had hitherto kept their funds
locked up to bring them forward, and secure the com-
paratively favourable terms even then obtainable; under
these circumstances the prompt of the last opium sale,
which fell due on the 29th ult., was met with even less
than the usual excitement; and although it is not to be
expected that the effects of the late panic can be imme-
diately got over, there appears every symptom of a
gradual improvement.
Our exchange on England has been very unsettled;
for some time after our last issue good ten months' date
paper ranged from 2s. 21d. to 2s. 3d. per rupee; subse-
quently, however, a steady decline was observable, the
rates falling from 2s. 2d. to 2s. lid., and shortly previous
to the arrival of the Bentinck to 2s. Op., at all of which
considerable operations were reported; this decline was
by some attributed to the improvement in the money-
market enabling the native dealers to take delivery of,
and pay for, their former purchases more freely than
they had previously been in a position to do, thereby
placing importers in funds, which they in most instances
immediately invested in the purchase of bills; but another
reason evidently was the anticipation of heavy remit-
tances by the mail just in, in consequence of the report
by the previous opportunity of the Court of Directors
being about to reduce their rate for draughts on this
Treasury, and this having proved unfounded, and the
amount received being extremely moderate, buyers
have since been manifesting rather less disposition to
operate, and a slightly upward tendency is again ob-
servable.

Government securities have been rapidly regaining
their position, and a short time since some heavy trans-
actions were effected at our quotations, which are still
the rates of the day, although within the past few days
there has been rather less doing. In Bank Stock but
few sales have been reported, the large dividends lately
declared having rendered holders unwilling to realise
except at higher rates than purchasers are willing to pay.
The late scarcity of money in the upper provinces, and
the impossibility of negotiating draughts on Calcutta, is
the cause of our market being less abundantly sup-
plied with produce than is customary at this season, and
consequently of the business done within the past month
being on a somewhat moderate scale, as well as of prices
being maintained ; and in fact of their having, in some
cases, slightly advanced, as will be seen by our remarks
on the various staples.
In our import market there has of late been rather
more activity observable, but still neither the amount
of business doing, nor the prices obtainable, are at all
satisfactory, or what might have been anticipated from
the improvement in other branches of trade, and from
the season of the year.
Freights have not very materially varied ; shortly
after our last a slight decline was submitted to, but they
again rallied, and within the past few days have further
advanced to our quotations, notwithstanding rather nu-
merous arrivals.
Indigo—A very material alteration has taken place
in the prospects of the crop within the past month, in
consequence of a sudden rise of the rivers in some dis-
tricts, and continued heavy rain in all. In many parts of
Jessore the probabiltity of an early inundation induced
the planters to commence manufacture before the plant was
quite ripe, and when the state of the weather rendered
the produce anything bat satisfactory; since this an oc-
casional glimpse of fine weather has been experienced, but
there is now no chance of this district reaching last