The Sun.
London, England, 1860-03-21 00:00:00

RAILWAYS.

Cash. Account.
Orleans
Northern . 927 50 .. 927 50
New ditto. 835 .. 835
Lyons and Mediterranean 896 25 .. 895
Geneva 472 60 ..
Southern
Western 583 75 ..
Eastern
Sardinian
Austrian . . 5OO .. 500
Lombard ..... . 535 .. 636 25
' Exchange on London, at sight, paper, 25f. 10c.; money,
25f. 71c. ; three months, paper, 24f. 871 c. ; money, 24f 85c.

free the cash balances of the treasuries. But there is

this important consideration to be borne in mind,
that situated as India is—a country into which the

residuary flow of the precious metals constantly
pours—there is no reasonable hope that an issue
of paper money, unless it be carried to a very
large amount indeed, would lead to the exporta-
tion of a single ounce of bullion. Its addition,

,herefore, to the currency will simply raise prices

by increasing the supply of money, while the
country is already suffering severely from this
cause. The 'importations of bullion in the last 10
years have had more share than is generally sup-
posed in the rise of prices during that period ; and

While the west is forcing a stream of bullion upon
us, the establishment of a bank of issue in Calcutta
will be to place our currency between two force
pumps, with disaster to very numerous classes. It
may be urged in reply, that prices must rise in
India from the flow of bullion into it, any arrest of
which seems hopeless. The rise, then, being in-
evitable, will it not be wise voluntarily to lower
our currency by the introduction of paper, in the
hope that we may thereby stop the importation of
silver ? Issue notes to the flooding of the bullion
market, and whilst you arrest the stream that is now
pouring into the country, you will be introducing the
cheapest and most convenient medium of exchange
for the costliest and most cumbrous one. The
answer, however, is not satisfactory, and consider•
ing the inevitable effect upon prices of an issue of
paper in this country, we look upon the proposal
with considerable jealousy, if not alarm. The
matter, however, is in very safe hands with Mr.
Wilson.

About an hour before the closing of the last
mail the following important notification was put
forth by the local Government :

" :NOTIFICATION.-FINANCIAL DEPARTMENT.

"The following telegram, dated Calcutta, 10th February
from the financial secretary to the Government of India, is
published for general information :
" Referring to the result of an account of subscriptions to
the Five-and-a-Half per Cent. Loan, published in a Calcutta
Gazetts Extraordinary of this date, and to the desire of the
Government not to exceed the stipulated limit of five crores
of rupees, the Honourable the President in Council has de-
cided to close the 51 per Cent. Loan immediately at all dis-
trict treasuries, and to limit the subscriptions at AI adras
and Bombay, respectively, to a total of 80 (twice 40) lacks
of rupees in cash, leaving the balance to be subscribed at
Calcutta. These proportions have been decided upon ac-
cording to the rate at which the loan has been taken up at
the three Presidency towns up to this date, as far as has
been ascertained. You will please to publish the above in
your Official Gazette, and to report to this department, by
telegraph, as soon as the amount allotted to your Presidency
has been subscribed.'
"Bombay Castle, 11th Feb., 1860."
We were unable to do more than enclose the extra
issued by us upon receipt of this document to a
few of the leading home journals, but the modifica-
tion was doubtless forwarded to the Secretary of
State for official publication in England. The
notification appeared on Saturday about two o'clock,
and before four the whole amount allotted to Bom-
bay was taken up. The event was officially notified
to Calcutta on Monday, by the folloWing telegram
from Mr. Secretary Ellis to Mr. Secretary
Lushington s—
" MONDAY, 13Tg.—Your telegram of the 10th received,
and notification issued on Saturday morning. The full
amount of 80 (twice 40) lacs allowed for Bombay was sub-
scribed the same afternoon, and the subscription is closed
at this Presidency."
The principle which ruled the allotment seems to
have been a just ono. The respective subscriptions
in the three presidencies up to the issue of the
notification, and the amounts consequently available
for each, were as follows :
Madras. Bombay. Bengal.
Rs. Rs. Rs.

Amount already sub-
scribed 63,64,000 62,64,100 2,95,56,000
Remaining valuable 16,36,000 17,35,900 44,44,000

80,00,000 80,00,000 3,40,00,000

The rush made by speculators in Bombay was
not more eager than that in Calcutta and Madras,
the loan being closed in all three presidencies the
day the notification appeared. The stock is quoted
in Bombay to-day at 21 to 21 per cent. pm.
On Sunday, the 12th instant, we received the
gratifying intelligence that the cable had been suc-
cessfully laid between Kurrachee and Aden, and
but for some interruption of the line between
Alexandria and the latter port, we should now be
receiving English news within five to seven days
of the dispatch. The nature and locality of the
interruption on the Red Sea have not yet trans-
pired, the Ottawa with the English mail of the 3d
instant, already due in Bombay, not having reached
Aden on the 22d instant, when the telegram which
informs us of the interruption was transmitted.

Our last issue announced the surrender of Cap-
tain Mecham's murderer by the Wuzerees of the
Kabyl Khail. He was taken to the spot where the
murder was committed, and there hanged.