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

THE BOMBAY MAIL.

By the arrival of the Bombay mail we have re•
eeived 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,
acid 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 itnagine, be preferred, as having all the advan-
tages of the first, with the important additional re-
con amendation 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
beEdthful character of our trade in general than that
the mercantile classes are able to escape the widest
dis:ister. To say that discount is ruling 24 per cent.
in t he 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
bullion, and the private banks have their last im-
portations upon their hands, the bazaar being lite-
rality 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-
fusion worse confounded, and induced the severest
panic Bombay perhaps has ever experienced. Trade
is at a stand, from the spasm which has seized the
currency ; 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.
fence that the mint authorities are unable to weigh
it earlier. It is useless to sell to the bazaar, for the
ilative buyer is unable to redeem his purchase. The
stream has dried up and disappeared, and the cur-
rency is nowhere. The losses entailed upon holders
securities or goods in these circumstances are per-
fectly 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
10 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
relief while the Home Government is remitting
silver to this country. The operation makes ex-
change business so hazardous that the banks could
only 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
they only embarrass us with riches we are unable
to use.

" There are two alternatives, to one of which, were
tlie Government wise, it would at once resort—viz.,
either to declare the English sovereign a legal ten-
der, and relieve the Bank of England from the
Plethora of gold which afflicts it, or to declare the
notes of the Indian banks such tender, and autho-
.rise their discounting the mint certificates, by an
issue of paper to the extent required. A suspen-
sion of cash payments at the banks would be of
very trifling moment, pending the conversion of the
bullion. Either measure would be a legitimate
id natural remedy for the present state of matters,
and, with all deference to Lord Stanley, there is
40t an argument made use of against a gold cur-
-444-elleY for India that is worth two minutes' atten-
tu• If report speaks truly, the Bank of Bombay
:t8 had some hand in inducing the present state of
the Market, by having most unwisely, and unwar-
rantably, at such a juncture, invested 50 lakhs of
111-reliees in the New Five-and-a-Half per Cent. Loan.
L 4. the crisis last but a few days longer the failures
ma the bazaar will be fearful, and we owe this state
°f matters almost wholly to financial misgovern-
°lent."

COMMERCIAL INTELLIGENCE.
REPORTON THE STATE OF THE BOMBAY MARKET, FROM

THE 26TH OF APRIL TO THE 11TH OF MAY, 1859.
The Peninsular and Oriental Company's steam-
abix Madras, with the English mails of April 4th,
and the Bombay, with the mails of the 18th of
April, arrived here on the 28th of April and 11th
last. respectively.
A sudden and unprecedented panic has occurred
in our money market.

- IMPORTS.
Cotton Piece Goods.—The business in our market
is almost suspended, in consequence of the extreme
Scarcity of money, and goods of all descriptions
have declined. Gray shirtings have declined; gray
T cloths are in moderate request at reduced rates.;
Madapollams have not been much affected,
and gray long cloths are dull of sale.
Bleached and Fancy Goods.—Book muslins are
111 fair demand. Coloured lappets are in active. in-
quiry, and lappet scarfs continue steady.
Yarns.—Most numbers of these goods have de-
?lined, and the business both in mule and water
has been to a moderate extent only. Dyed Turkey
led yarn is rather dull, but orange and green are
*"1 fair request.
Metals are also lower in price. English bar
and square nail rod are dull, but not lower in prices,
While lead and tin plates remain as before. Copper,
braziers' and sheathing, is in good demand, rather
'a favour of the buyer.
EXPORTS.
Cotton.—The scarcity in the money market has
:used a decliite in prices, though all descriptions
L.'S coming in freely from the districts. The market
as become dull.
bi,zehange.—The panic in the money market has
ba(laght about a material advance in the rates. The
ilks are ready to draw at six months' on London
at 2s•eh 2:l,d. to 2s. 20. Local bills are offering
chiefly at 2s. 2/d. Credits and documents, at six
o2Toths' sight on London, rule at 2s. 274 d. and 2s.
2r. respectively. On China we quote 211 r. to
ur., nominal, per 100 dols., at 60 days' sight.
aaillminage—Freights have not altered materially,
ati ‘. We quote 11 7s. 6d. to £1 12s. 6d. to London,
China,
Z 1 to £1 10s. per ton to Liverpool. To
ma, 6r. to 74r. per candy.

defied AT THE CAPE.—There still exists a great
is foalabour in the colony. " The 2,000 immigrants
t‘,43:s the Cape Mail) who have arrived under the present
Elb.„oras have rather increased than satisfied the demand for
every description of labour, and if an equal number,
Co as many, arrive this year, they will find little diffi-
st4"' Securing good wages and good prospects ; for, be-
"a/it
the want of steady and experienced agricultural ser-
i- domestic servants, mechanics, and artisans, we shall
ceoglre for public works now in progress, or about to be
exearaericed, many hundreds, by-and-by some thousands, of
bla Zatoys or navvies, masons, bricklayers, carpenters,
Dart' enaiths, and the innumerable nondescripts that form a
°f every busy hive of working men."--Cape and Xatal
010,

CITY, Two o'CLocic.
The accounts from the various manufacturing
districts are of a more satisfactory character.
During the past week increased animation has been
apparent. At Manchester the demand for goods
suitable to the India markets has been active and
improved rates have been current. At Leeds a fair
amount of business has been transacted for the time
of year, the demand for light goods for the
summer being now nearly over, Army and
Navy cloths have been in good demand,
and prices altogether are well sustained. At
Bradford the inquiries for yarns and piece goods
have been very inactive ; there has been a total
suspension of the demand for the continent, and
most of the manufacturers are now working short
time. The hosiery trade at Leicester continues in
a very satisfactory state ; the operatives in most in.
stances are well employed, and the manufacturers
are getting a remunerative price for their goods. At
Birmingham, Sheffield, and Wolverhampton, busi-
ness has exhibited symptoms of improvement, and
most branches of the iron trade continue moderately
active.

The Liverpool Cotton Market on Saturday closed
with a rather dull appearance, and 7,000 bales
were sold, at previous rates. In Railway Shares
a fair amount of business was transacted, and prices
were firm.

Ample provision appears to have been made for
the commercial bills which arrived at maturity on
Saturday, the 4th of the month. They were met
in a satisfactory manner, and as they represented a
comparatively small aggregate amount, owing to
the curtailment of trade, their effect upon the
discount market was unimportant. The condition
of the market remains unchanged, the supply of
capital being abundant and the demand exceedingly
quiet.

The grain trade is flat to-day, but, compared
with Monday last, very little change has taken
place in prices. Upwards of 13,000 sacks of foreign
flour arrived last week.

The Stock Exchange Market has presented a
favourable appearance to-day. In Consols the rise
at one time amounted to 2 per cent., and several
transactions are recorded at the improved quotation.
Since then, however, some sales have been effected,
which have led to a slight reaction, although the
market is still rather buoyant. Consols for money
and the July account have been 931 1, but they are
now 93 Bank Stock is flat at 219 to 220. The
New Threes are steady at 921, and the Reduced at
921. India Loan Debentures are firm at 94.1 ; and
the Bonds at 9s. to Bs. dis. Exchequer Bills at 225.
prem.

A remittance of £3,000 has been received by the
Port Philip Company. Their advices are very
favourable.

Foreign Securities, in which a larger business
has been transacted, have also improved. Turkish
6 per Cents. advanced to 69 70, and the New to 58
59 ; the latest quotations are 67 69, and 57 59,
respectively. The 4 per Cent. guaranteed were
1011 ; Spanish 3 per Cents. are 401 41 ; ditto De-
ferred 281 1.-; Russian 4.1 per Cents. 931 ; Sar-
dinian 77 to 771 ; and Portuguese 421. Mexican
Stock is 17,1,-, and Buenos Ayres 76.

A rather limited business has been transacted in
the Railway Share Market, but more firmness has
been apparent, several of the principal lines having
improved to I- per cent. Lancashire and York-
shire and Midland have advanced 55.; Caledonian,
Edinburgh, Perth, and Dundee, Great Western,
North Western, and South Eastern, 10s. ; and Bristol
and Exeter, £1; Stockton and Darlington, and North
British have declined about 10s. The Foreign and
Colonial undertakings have been rather buoyant.
Paris and Lyons have advanced £1; Lombardo-
Venetian, 5s to 10s. ; Sambre and Meuse, ss. ;
East Indian £1 ; and Great Indian Peninsula, ss.

Joint-Stock Bank and Miscellaneous Shares
have shown little variation of importance. London
and Westminster have improved ss. ; Ottoman
Bank, 10s. ; and Union of London, ss. to 10s. ;
London Chartered of Australia declined 10s. ;
Australian Agricultural, ss. ; Red Sea Telegraph
and Madras Irrigation have realised former rates.

BRITISH FUNDS—CLOSING PRICES.
Rank Stock
3 per Cent. Reduced Annuities 921 14 21 1
3 per Cent. Consols Annuities
New 3 per Cent. Annuities!
India Stock
Ditto Debentures
Ditto Bonds, £l,OOO

Ditto under £l,OOO

Consols for AcCount (June 7) 921 3}
_ _ .

March.-
''.xehequer Bills, £1,000,12d 22 I
Ditto £500.

Ditto Small, lid.
FOREIGN FUNDS—CLOSING PRICES.
Brazilian 5 per Cent.
Ditto 4t per Cent. 1852
Buenos Ayres, 6 per Cent ..... 76
Chilian, 6 per Cent
Ditto 4i per Cent.
Mexican 3 per Cent.
' Ditto Account
Portuguese, 1853, 3 per Cent.
Ditto Account
Russian, 1822, £ St., 5 per Cent —
Ditto 4} per Cent.
Sardinian 5 per Cent
Spanish Sardinian,
Cent.
Ditto Account
Ditto New Deferred, 3 per Cent. 2B
Ditto Account
Turkish 6 per Cent 6B
Ditto Account
Ditto New Loan

Ditto Account
Ditto Guaranteed, 4 per Cent. , 1011
Dividends on the above payable in London.
Dutch Exchange, 12 Guil. 2/ per Cent...
Ditto Certificates, 4 per Cent.

THREE O'CLOCK.
Consols, Money 931
Consols for Account, July

LAW INTELLIGENCE.-(THIS DAY.)

ROLLSCOURT.Masterofthe
(Before the Rolls.)
THE BANK OF LONDON V. TYRREL, &C.
The Solicitor-General was heard for the plaintiffs in this
cause. The plaintiffs filed their bill for restoration of the
surplus profits received by the defendants on the sale of the
Old Hall of Commerce, Threadneedle-street, to the director
of the London Banking Company, in respect of a breach of
professional and fiduciary duty as solicitors of the bank, in
concealing and not revealing the fact that they were joint
owners of the property sold to the bank, whereby a higher
price was obtained by them from the bank than they would
have paid for the property sold to them if this fact had been
known.
Mr. Selwyn, Q.C., followed on the same side.
The ease is not concluded.

SHERIFFS' COURT. -;t)-.
LOAN SOCIETIES AND THE 1300R.--WALICEH AND.OTHERS

V. BRIAN.
This was a summons to recover the balance of a sum of
money advanced as a loan upon a promissory note pro-
duced. The promissory note was fora 10s., to be paid in
14 days.

note?lii Honotu•—liow much did you advance upon this

.Plaintiff—ofrLso
yinsoutaimaskenantsy. you charge 10s. for £5 for 14
in:yeirYtoeillli:peetuht people so.
His Hon
Plaintiff-2s. 6d.days. Did
But we allow the note to be paid by
binding, and then mention ana
His Honour
written contract which is
you
can verbals one which is not. You
very well know that
and in all cases of this kind I shawll
after charging 300 per cent. However,
on the 15th day, and that
ever, here is the note,
Honour allow the
10 days. make an order to pay in
Mr. Wood (for defendant)—Will yo
claim to be paid by short instalments pour
His Honour—No ; these things are crying evils ; the
wasdo doing
poor are robbed by them to an alarming extent,
rd
to and it is
time they were stopped. I will do all Ica
so, and the people signing these notes must pay at once.
Order accordingly.
ACCOUNTANT IN BANERUPTCY.—JOHNSON V. ROGERs*
This was an application for a new trial by defendant,
against whom judgment had passed in default of his ap-
pearance on the last occasion.
Mr. Buchanan appeared for the plaintiff, and opposed the
application. The sum for which the plaintiff had obtained
judgment was one charged for making out defendant's
balance-sheet for the Bankruptcy Court, and plaintiff, who
is an accountant, had not been paid one penny.
The defendant said that plaintiff agreed to make out the
balance-sheet for the sum allowed by the Court, £l2, and
plaintiff should have obtained that sum from'the assignees.
Mr. Buchanan said that defendant had received out of
the estate in bankruptcy £26, and should have paid plaintiff.
His Honour said he would grant a new trial, if defendant
would pay £l2 into court, and the costs of the day.

MEETING OF THE LIBERAL PARTY.—A meeting
of the Liberal and independent members of the new Parlia-
ment was held this afternoon at Willis'Rooms, St. James's.
Reporters were not admitted,