The Sun.
London, England, 1834-07-23 00:00:00

THE EAST INDIA TRADE.

Yesterday there was a numerous assemblage of the Meir
chants and others connected with the Indigo Trade, at the g
India House, in consequence of the commencement of the Ile
system as regards the sale of East India produce, which 11'w
been matured by a committee of East India merchants to
ceed the sales of the East India Company, whose eommeee,al.
operations have been brought to a close by the late India „
The Committee of India Merchants have, in order to facilita-d
mercantile transactions in the produce of the East Indies, 41,1
with the consent of the East India Company, made WB4';
ments for continuing the periodical sales of Indigo, confornnev
as near as possible to the mode so long followed at the Wis;
House, and yesterday, the first sale of Indigo, under the Ile
system, took place in the new sale-room of the India-House. a
The Company's sale of Indigos, including the license
trade, having concluded on Monday, yesterday was fixed
•y
the commencement of the new system, and the total qualltiol
of Indigo declared as belonging to private merchants,
5,700 chests. An old auctioneer, who has been long in t
the East India Company's service, having been appointed -
preside over the sales, Mr. Mattie took his seat accordingly' d
The Auctioneer announced that several withdrawals Pf,ll,
been made; the preambles of the sale having been first re'
Among other things it provided that the deposits on Intlls-;
purchased should_ be paid within three days, and that inter`b-,e
on the deposits up to the prompt day (the time fixed for t
payment of the remainder of the purchase money) would be
lowed at the rate of four per cent. -
Mr. MOCATTA said, before the sale commenced it was /Tie
important, beginning, as they were, upon a new system, thaile
right understanding should be come to with respect to to
period when the money was to be paid for deposits, and
whom such payments were to be made. ' thc
A PROPRIETOR stated that for all indigos warehoused in he
St. Katherine's Docks, the deposits were to be made to t'
Company.
Mr. MOCATTA said that it was also provided_that the broker
°
should give up their principals within three days from the COg'
elusion of the sale. This he considered as extremely short. 3
Mr. COOK, of the firm of Truemaw and Cook, said that , t
was most important to the trade of the port of London, t";
commencing, as there was at present, a new era in the ee', j
i
mercial transactions, a perfectly good understanding she%
exist among all parties.--( Hear.) He considered it rtleot
al
important that under the new system the deposits should 11-
be paid until the weigh notes were delivered.—( Hear.) le
Mr. LINDO asked if indigos that had passed the present sao
would he allowed to be offered at a future sale ? aii to Wh
were the deposits to be made?
no
Mr. Coots said that it was clear that the deposits ought
to be paid until the weigh-notes were delivered. of
Mr. JonN HORSLEY PALMER, on behalf of the Committee
0,-
East India merchants, and the parties with whom he was assbe
ciated, were desirous that every facility should be given to t,,
trade in East India produce, by the plan formed for establis!e
ing periodical sales. He could assure the meeting that thecli,
was no wish to give any preference to any one of the De., ,
Companies.—( Hear, hear.) It was the desire of the Co.ble
mittee of East India merchants to follow as closely as Pessi
the plan of the East India Company.—( Hear.)
It was decided upon, after some further consideration, thre
,i
the preamble to the sale should be altered, providing that. I
deposits should be paid within three days, or upon the delivecy
of the weigh-warrants,
The sale then proceeded in its usual course. The w•hol.
quantity declared will not be got through until to-morrow tree