The Sun.
London, England, 1861-01-22 00:00:00

COMMERCIAL INTELLIGENCE.

CALCUTTA, DEC. 18.
The steamship Nemesis arrived on the 14th inst., and her
mails were delivered the same evening. The Bombay
steamer with dates to the 19th November arrived at Bom-
bay on the 13th, and telegrams containing the most im-
portant items of intelligence reached Calcutta the same
evening.

PRODIICB MARKET.—A fair business has been doing
since our last report, chiefly in sugar, rice, saltpetre, and
linseed, and rates have increased with the demand. Little
inquiry is made for.other. exports,
IMPORT MAnnet.—Few large transactions are reported,
but generally more activity prevails. Acting under the in-
fluence of an advance in the English market, and a cessation
of shipments, holders are firm at previous rates. Metals
have improved slightly in value.

JOINT STOCIC SHARES.—The share market is firm as to
prices, but 'no activity exists, owing to the increase in the
rates of interest in the Bazaar. The Bengal Coal Company
have declared a dividend of Rs. 60 per share for the past
half-year, and this scrip has, since been sold at Rs. 1750; k
further amount spent in the purchase of property is likely
to be capitalised by this company. Assam Tea shares are
wanted, and Bonded Warehouse shares are inquired for.
In other stocks there is little doing.
GOVERNMENT SECURITIES.—There is very little to report
as tegards government stocks ; prices are barely supported,
and the transactions are of the most limited character. The
Five-and-a-Half per Cents, have been sold at 4 annas dis-
count, but a few speculative purchases have placed the
sellers' rate at par; the Five per Cents, are to be freely
obtained at 91.8, and the, Four per Cents, at from 79-8 to
80. The Bank of Bengal has slightly increased their
margin for loans.
bIoNEY hiantoix.—There is no very perceptible advance '
In the value of mosey, the Bank of Bengal balances are not
diminished, and•their rates continue the same ; any demand
can be freely met by the banks and the native shroffs.
Ex cuANGE,—Since our last report there has been very
little fluctuation in the rates on London. A moderate busi-
ness has been transacted in bankbills at 2-li, in credits at
from 2-11 to 2-IL, and documentary at 2-4. The market
closes weak. On France %are have been no transactions
of importance, and rates are as last yanted. Sales on China
have been Made at 219 to 220 per 100 dots, On Mauritius
the rate is 53 for 30 days' sight, and 531 for 60 days' sight.
FRELORTC—AVe have very little to record in freights
generally. There has been a little dulness, and rates have
been drooping for other quarters, though for London rates
keep up-- 43 Um. te X 3 17s. 6d., and Liverpool £3 7s. 611,
News from Mauritius being v'ery discouraging will atop
shipments, and we do nut see much animation in other
quarters; rates to ,America are also low, and 11 dole. is the
rate to-day, owing to u,nfavourable ac.nunts from that
country. In country freights very little doing, and must
remain stationary until the new crop of Ballam rice com-
mences to arrive. Tonnage at present ie plentiful, and ex-
pected number of ships are quite enough for our future
equirernents,

MANCHESTER CHAMBER OF COM-

MERGE.

The annual meeting of this association was held
yesterday morning at Manchester.
Mr. EDMUND POTTER, the Presi'ent of the
Chamber, took the chair. He referrt dto some of
the altered circumstances under which they met •
now compared with the position of affairs a year
ago, when the occasion was remarked upon as being
almost the only one in which everything seemed
fair and flourishing. At that date money was
worth 3 per cent. ; now it was worth 7 per cent.
Corn had increased in price from 445. to 445., and
there had been considerable advances in cotton and
in the price of labour, besides many restrictions on
the use of labour almost as injurious as had been
the heightened rate of wages. The imports of corn
had, perhaps, exceeded by 50 per cent. those of the
previous year, and the excess would probably have
to be paid for in gold rather than goods. Gloomy
as the prospect might be considered in these re-
spects, it would be admitted that as to internal
affairs there was nothing to warrant the slightest
anxiety, except what might result from the crisis
in America. Perhaps it was matter of satisfaction
that the increased export of manufactures had not
been so great in the last twelvemonths as in some
previous years. The increase in the export of cotton
manufactures had during each of the two previous
years amounted to five millions ; during the past year
the difference had been 2 millions, which was,
perhaps, a healthy average increase. The total
export would probably be about fifty millibns.
The decrease to India had been 20 per cent. At
first sight this reduction seemed rather alarming,
but last year he ventured a caution against regard-
ing the Indian trade as at that time in a normal ,
state, the immense increase of the previous year
being attributable to the large export of specie
caused by the mutiny. He had never denied that
the 10 per cent, duty was a most injurious measure,
but he did not think we could lay much of the
decrease to the charge of that impost as yet. If it
continued, no doubt nothing could so much injure
the trade as that excessive rate of duty. He cal-
culated the total increased production of cotton
goods during the year to have been 10 per cent.
The American crisis could hardly be looked upon
as unexpected. Most of us had felt that some time
or other the extensive prevalence of slavery in that
country must bring its retributive pinishment. On
the political aspect of the question, the Chamber
' could not express much opinion ; but the commer-
cial view of the question they must look upon as
most serious. Not only did it deprive us of our
best customer for cotton goods, by whom our gold
would be taken to a very large extent instead, bat
the internal commotion in America must lessen '
our supply of cotton. Our own , community
might take some blame to themselves for now
having to faco that appalling prospect. (Hear,
hear.) The only practicable source of relief
seemed to be India. Had we done our duty as
regarded that country, and was not the destitu-
tion and semi-slavery there a strong warning
to us to reform the whole system of govern-
ment? Although no official information on the sub-
ject had been received, he thought it probable we
should see the French Treaty in operation sooner
than was originally intended ; and thus there might
be some compensation for the deficient demand from
the other side of the Atlantic. (Hear, hear.)
Mr. Flamini, the secretary, read the following
letter, which had been received from Lord John
Russell, relative to the subject of cotton supply:—
"Foreign-office, Jan. 19.
• " Sir,—The necessity which mast necessarily exist as to
I the effect the present political crisis in the United States
I may have on the supply of cotton, and the serious results
which might ensue if that supply were to fall short, appear
to Lord John Russell to suggest the expediency of making
timely inquiry as to the possibility of obtaining from other
• quarters rich an amount of cotton as may compensate for
any deficiency in the amount usually obtained from the
United States.
" In compliance with the wishes of the Cotton Associa-.
tion of Manchester, the attention of her Majesty's Consuls
was some time since called to the facilities which the
countries wherein they resided offered for the cultivation of
the cotton plant; and much valuable information on this
point has been from time to time communicated by the
Foreign Department to the Cotton Association; and it has
been made apparent that, with proper encouragement, a vast
supply of cotton might be produced for the British market in
many places not hitherto resorted to for that purpose.
" It would seem, too, that, even without more than the
ordinary encouragement to industry offered by the prospect
of a sure market, no small amount of cotton might at once
be obtained ; and it occurs to Lord John Russell that it
would be of great convenience and advantage to the cotton
manufacturers in this country, in anticipation of a deficient
supply from the United States, if they could obtain a fair
' estimate of the amount of supply which might at once be
procured from other countries, if it were thought worth
while to send and fetch it.

" Lord John Russell therefore desires to place at the
disposal of the cotton manufacturers in this country the
services of any of her Majesty's consuls residing in coun-
tries which, from the information now in the possession of
-the Cotton Association, offer a prospect of immediate sup-
ply, if it were necessary to have recourse to them.
"Lord John Russell would not indeed think it right
that her Majesty's consuls should be allowed to incur any
expenditure of public money on this account, or in any way
to pledge the Government to the collectors or producers of
cotton within their districts that the fruit of their labours
would surely find a British market ; but the consuls might
ascertain what amount of cotton might be expected to be
forthcoming in their respective districts to meet any sud-
den demand, or what amount might be brought into the
local market if the native dealers had a reasonable assur-
ance of finding customers for it at a given time.
" The attention of the Consuls, Lord John Russell con-
ceives, might usefully be directed to these as well as to
other similar points which might be suggested by your as-
sociation in communication with the General Cotton Asso-
ciation and also with the Chamber of Commerce of Liver-
pool.
" The practical knowledge possessed by the members of
the several associations will enable them at once to judge
whether any beneficial results would be likely to attend
such an enquiry as that which Lord John Russell, if they
choose to accept his offer, is prepared to instruct her Ma-
jesty's Consuls at once to set on foot. Lord John Russell
is aware 'that in making this offer he is departing in some
degree from the usual practice, but it appears to his Lord-
ship that the vast amount of the interests at stake, not
only as regards the manufacturers themselves, but as
regards also a very large proportion of the labouring popu-
tion of this country, warrants him in informing the parties
who, from their position, take a lead in such matters, that
he is prepared and anxious to afford them all the assistance,
more particularly at the present time, which the depart-
ment under his superintendence is able to render.
" I am, Sir, your most obadient humble servant,
"E. HA.I.IMOND.

" The President of the Manchester
Chamber of Commerce."
Mr. J. A. TURNER, M.P., moved the adoption
of the annual report of the Chamber. He de-
fended the directors from a charge of laxity in
opposition to the increased Indian duties. With-
out wishing to pass any very severe judgment on
men in high places, with multifarious claims on
their attention, he must say he had all along felt
great dissatisfaction and annoyance at the way in
which this subject had been treated by the Secre-
tary for India, who ought to have been more
assiduous and punctual in his representations to the
Government in that country. (Hear, hear.) It
was, in fact, one of the most atrocious things he
(Mr. Turner) ever heard of; to lay 10 per cent. on
oar imports into India, while leaving a very uncer-
tain valuation to be fixed, on the goods. He was
still of opinion that Ir.ilia was the only country to
which we could lor;ic with confidence for an ade-
quate supply of Cotton ; - but Sir Charles Wood, in
the place of tie East India Company, did not seem
to be much More to be relied upon than they were.
(Hear 2 'near, and laughter.)
U.r. IL ASHWORTH, in seconding the resolution,
called attention to various unsatisfactory features
of our Indian Government. The proposed expen-
diture for 1860-1 was £45,300,000, while the
revenue would be £39,000,000, leaving a deficiency
of £6,300,000, to be made up by loans. Year after
year the Indian debt was augmenting and it would
become more and more difficult to borrow. Of the
£39,000,000, moreover, more than half was to be
expended in militaxy and police establishments to
preserve the peace of the country ; while public
works, instead of being pushed on with vigour,
were being actually suspended. Either there must
be some serious misapprehension of the wants of
the country, or it could be kept in a state of tran-
quillity 'without the expenditure of half its revenue
for that purpose. This country had certainly
made a very
ill-judged choice of its civil servants in
India. (Hear, hear.)
The Fesolution was adopted unanimously, after
some discussion on a complaint from Mr. E. Ash-
worth that the Chamber had not given sufficiently
full powers to its representatives at Paris is con-
nexion with the French Treaty arrangements.
The CHAIRMAN and Mr. PENDER explained that
it had merely been considered inexpedient to give
minute information to the Conseil Superieur as to
the actual prime cost of articles of English manu-
facture.

Mr. H. MASON moved an amendment, which was
not seconded, declaring Sir C. Wood utterly unfit
for the office of Indian Secretary.
Mr. J. CREETRAM, President of the Cotton Sup-
ply Association, moved_

" That this annual meeting of the Manchester Chamber
of Commerce desires to impress upon the new Board of
Directors the importance of giving special attention during
the coming year to the financial and commercial affairs of
India, and suggests the desirability of conferring with other
Chambers of Commerce and parties interested'in the trade,
with a view to united action."

He found among thoughtful men practically
acquainted with the details of Indian Government
and the present position of affairs a very gloomy
foreboding as to the ultimate result of continuing
our connexion with that country unless very im-
portant changes were made both in the principles
acid -practice which at present influenced events
there.
(Hear, hear.)
Aire •PENDER seconded the motion, which was
unanimously adopted. -1 •
The proceeding" terminated with the appoint-