The Sun.
London, England, 1859-06-06 00:00:00

THE BOMBAY MAIL.

By the arrival of the Bombay mail we haye re-
ceived files of Bombay papers to the 12th May.
We take the following summary of news from
the Bombay Times of that date :
" There is but one thing talked of in India to-day,
and that is the state of our money-market. It would
be disingenuous not to acknowledge the disposition
shown in Calcutta to meet the views of the mercan-
tile and moneyed classes, as far as the Council is
able to get light upon their wishes. -The deference
shown to their representations in matters of detail
is almost obsequious and undignified. Thus, a noti-
fication concerning the issue of Treasury bills to
bear interest at the rate of 21 pice a day, just pub-
lished, will be found to provide two forms of note,
either of which the Government states its willing-
ness to issue, at the option of the purchaser. The
difference between the two forms consists in the fact
that the holder of form No. 2 can at any time, by
giving three months' notice to the Government,
compel it to redeem the note ; whereas form No. 1
Is irredeemable absolutely for one year. The bills
are to be issued in sums of 200 r., 500 r., 1,000 r.,
5,000 r., and 10,000 r., and the interest is equivalent
to 41- per cent. per annum. The second form will,
We imagine, be preferred, as having all the advan-
tages of the first, with the important additional re-
commendation that it can be discounted at any time.
"Meanwhile the panic in Bombay is at its height,
While no surer evidence could be afforded of the
healthful character of our trade in general than that
the mercantile classes are able to escape the widest
disaster. To say that discount is ruling 24 per cent.
In the bazaar is not to describe the state of matters
correctly, for money, in any quantity, is obtainable
,upon no terms whatever. The mint is gorged with
Million, and the private banks have their last im-
Portations upon their hands, the bazaar being lite-
rally unable to purchase the silver at any price. It
Would be well if the gentlemen to whom we owe
this state of matters could be taken round to each
of the bank parlours in the place, that they might
listen to some of the complimentary things said
about them. It would not be easy to estimate the
extent of disaster which the financial blundering of
the last few months has entailed upon all classes ;
While the present remittances of silver from home
~,to relieve the Indian treasury have made con-
zusion worse confounded, and induced the severest
lane Bombay perhaps has ever experienced. Trade
12 at a stand, from the spasm which has seized the
rreney ; and there seems nothing left for the
Place but to fall back upon a system of barter, and
Weigh out silver by the shekel. The mint certifi-
cates are issued at 50 days' date, but the tenderer of
bullion has to wait a fortnight or three weeks before
the certificate is granted, on the ground or the pre-
epee that the mint authorities are unable to weigh
It earlier. It is useless to sell to the bazaar, for the
satire buyer is unable to redeem his purchase. The
Stream has dried up and disappeared, and the cur-
-I.,,eney is nowhere. The losses entailed upon holders
7.1 securities or goods in these circumstances are per-
cetly crushing, and the extent to which prices have
been
affected may be estimated from the fact that
cotton has fallen 15 rupees a candy within the last
,
o days without finding buyers, while securities
are unsaleable at any price. The paroxysm may
subside in a few days, but there can be no effectual
l'Plief while the Home Government is remitting
silver to this country. The operation makes ex-
change business so hazardous that the banks could
°lily buy upon a large margin, even had they funds
at command; while the bullion importations are so
far in excess of the coining power of the mints that
CeY only embarrass us with riches we are unable
use.
There are two alternatives, to one of which, were
the Government wise, it would at once resort—viz.,
either to declare the English sovereign a legal ten-
e7l', and relieve the Bank of England from the
Plethora of gold which afflicts it, or to declare the
tliPtes of the Indian banks such tender, and autho-
rise their discounting the mint certificates, by an
.;slie of paper to the extent required. A su;pen-
of cash payments at the banks would be of
eery trifling moment, pending the conversion of the
Either measure would be a legitimate
tiild natural remedy for the present state of matters,.
Slid, with all deference to Lord Stanley, there is
;et an argument made use of against a gold cur-
irley for India that is worth two minutes' atten-
°ll- If report speaks truly, the Bank of Bombay
the
had some hand in inducing the present state of
e Market, by having most unwisely, and unwar-
' ,gailtably, at such a juncture, invested 50 lakhs of
Ilf,PCes in the New Five-and-a-Half per Cent. Loan.
In tile crisis last but a few days longer the failures
the bazaar will be fearful, and we owe this state
platters almost wholly to financial misgovern-

Itz,, COMMERCIAL INTELLIGENCE.
-,,RT ON TILE STATE OF THE BOMBAY MARKET FROM
,„..Tax 26TH OF AFRII TO THE 11TH OF MAY, 18:59.
11,Yhe Peninsular and Oriental Company's steam-
Madras, with the English mails of April 4th,
Pt the Bombay, with the mails of the 18th of
April arrived here on the 28th of April and 11th
list. respectively.
A. sudden and unprecedented panic has occurred
'4l our money market.
IMPORTS.
Cotton Piece Goods.—The business in our market
is almost suspended,- in consequence of the extreme
earcity of money, and goods of all descriptions
have declined. Gray shirtings have declined ; gray
cloths are in moderate request at reduced rates ;
!ray Madapollams have not been much affected,
and gray long cloths are dull of sale.
; Bleached and Fancy Goods.—Book muslins are
`ll fair demand. Coloured lappets are in active in-
glitrY, and lappet scarfs continue steady,
o,Yarns.—Most numbers of these goods have de-
Clied, and the business both in mule and water
tka been to a moderate extent only. Dyed Turkey
ieti yarn is rather dull, but orange and green are
4,tair request.
Metals are also lower in price. English bar
11'L square nail rod are dull, but not lower in prices,
chile lead and tin plates remain as before. Copper,
illaziers' favour ofd an sheathing, is in good demand, rather
the buyer.
EXPORTS.
etteotton.—The scarcity in the money market has
ItrUsed a depline in prices, though all descriptions
11 e coating in freely from the districts. The market
4
•Duecome dull.
tro'-'xchange.—The panic in the money market has
11,141_ght about a material advance in the rates. The
at 2" are ready to draw at six months' on London
eh S• 21d. to 2s. 21d. Local bills are offering
kolielt,,Y at 2s. 21d. Credits and documents, at six
44.1415' sight on London, rule at 2s. 2d. and 2s.
2iar respectively. On China we quote 211 r. to
nominal, per 100 dols., at 60 days' sight.
klennage—Freights have not altered materially,
an We quote £1 7s. 6d. to £1 12s. 6d. to London,
n
Chi 1 ss. to D. 10s. per ton to Liverpool. To
'll4, 6r. to 71r. per candy.

leb';‘"44°l:lß AT THE CAPE.--There still exists a great
(R,t1,1 for labour in the colony. " The 2,000 immigrants
itlko
oehettlie Cape Mail) who have arrived under the present
"T have rather increased than satisfied the demand for
or tw,.' every description of labour, and if an equal number,
N 4
;e6 °a many, arrive this year, they will find little d
securing good wages and good prospects ; for, be-
N'ellt.`4e want of steady and experienced agricultural ser-
req4,c, domestic servants, mechanics, and artisans, we shall
i1,„16 for public works now in progress, or about to be
k.ca_ Iced many hundreds, by-and-by some thousands, of
111541aecvstitatIvtt or: navvies, vvies, masons, bricklayers, carpenters,
A,.11 of —3, and the innumerable nondescripts that form a
m°l4/, everY busy hive of working men.,,—Cape and Natal