The Sun.
London, England, 1861-04-29 00:00:00

COMMERCIAL INTELLIGENCE.

The following is from the city article of the Aeu, York
Heruld of the 14th:—

"Money continues a drug. At 4 per cent. any amount
can be borrowed on good material, and at 41 to 51 the best
paper passes without difficulty. Long paper and names not
strictly first-class range from 6to 7 and 8. The amount of
capital now lying idle in this city is quite unprecedented,
yet is increasing daily. No one seems to have courage to
embark in any speculation or commercial enterprise. The
only hope capitalists seem to entertain is based on the pro-
bable wants of the Government. Now that it is established
that the Government is not going to be allowed to fall to
pieces without a struggle people are ready to lend the Go-
vernment any amount.

" Foreign exchange closed very dull for yesterday's
steamers. The rates are about 107 to z for bankers' bills on
London, and 1051 to 10G4 for commercial bills; for francs,
sf. 271 c. to sf. 30e. We hear of a sale of 1,000,000 of francs
by ono house at sf. 30c. The market does not look as
though higher rates were likely to prevail. With the open.
ing of navigation we shall have increased exports of produce
at this port, which will give an increased supply of ex-
change; while, on the other hand, the Morrill Tariff and
the outbreak of war are calculated to curtail importations
and so to diminish the demand. Whether bills will again
fall to the specie importing point is a question upon which
financiers differ. Much will depend upon this year's cot-
ton camp. if the war leads to a general neglect of thecrop,
so as to diminish it materially, our exports will be so much
the less, and in anticipation of the event bills. will rise.
If, on the other hand, the prop ss of hostilities does
net interfere with the cultivation of cotton, there is reasan
to suppose that the curtailment in our imports may preserve
the balance of trade in our favour, and that from time to
time bills may decline to the point which renders it profit-
able to send gold from London to New York.

" The stock market has fallen,during the week, as was
natural, in consequence of the outbreak of war. By and
by, perhaps, when people's minds become used to the idea
of hostilities, the stocks in Northern railway companies
will improve. The stocks of the Border Slave States decline
on the apprehension that Virginia may secede and the
others may follow, in which events these stocks would not
be worth much. Pacific Mail has declined heavily, partly
in consequence of revelations with regard to the decayed
condition of the boats on the Pacific, and partly from an
idea which seems to be firmly entertained in some quarters
that these boats are to be the first victims of the privateer-
ing enterprises of the seceded States."

NEW ORLEANS, APPAL 13.
Cotton—Sales to-day, 1,700 bales, at 12c. to 12c. for
middling. Sugar firm, at sc. to 6c. for fair to fully fair.
Freights—Cotton to Liverpool, ed.

MOBILE; APRIL 13.
Cott m unsettled and nominal.
CINCINNATI, Arum 13.
Money market unsettled. Sight exchange on New York
at 1 per cent. prem. Exchange on New Orleans, 3 per cent.
discount. Flour unchanged. Whisky, 131 c. Lard, 91c.

BALTIMORE, APRIL 13.

Flour dull; Howard-street and Ohio and City Mills is
held at 5 dols. 37c.; no sales have been made. Wheat firm ;
red, 1 dol. 30c. to 1 dol. 36c.; white, 1 dol. 40c. to 1 dol.
65c. Corn firm ; mixed, 57c. to 53c. ; yellow, 60c. to 61c.
Pork advanced 50c. Lard, 91c. Coffee firm, at 121 c. to
take- W4isky dull, at 171 c. to 171 c.

TIIE INLIA N CouNcll, AND TILE
BANK OF EYOLAIVD.

(E•om the Money Illa eket Review.)
We are enabled to state with certainty that an
arrangement has been come to between the Bank of
England and the Council of India, whereby the
former agree to take of the latter Indian Five per
Cent. Stock to the extent of upwards of £750,000.
It may be asked—how have the Indian Govern-
ment power to create so large an amount of stock ?
The answer is simply that they do possess that
power by Act of Parliament. The Act in question
proviapo that against aiiph annnutit of lodic. Bona.
or India Debentures as may fall due, and be sent in
for payment, or be presented for conversion, the
Government shall be authorised to issue an equiva-
lent amount of Five per Cent. Stock. A large
amount of India Bonds having been sent in for
payment, the Council have paid the holders off
in due course, and have created a like amount
of new Five per Cent. Stock, which the Bank of
England have agreed to take. It is by this
means that the Indian Government have been
enabled to contract for the whole of the amount of
silver bullion (in round numbers, £850,000) lying
in the Bank of England, and. which will be sent to
India by instalments,

The fact of that very cautious corporation, the
Bank of England, having invested so large a sum
in Indian Securities, is calculated to give increased
confidence to the holders. It also confirms the
view that the course of public investments this year
will in all probability be in Indian securities to an
unusual extent.

It may be interesting to place before our readers
the exact amount of Indian Government Stock and
Debentures placed in this country, and at present
in existence. The statement, which is perfectly
authentic, is as follows :

Indian Five per Cent, Stock £8,079,200
Ditto, created in 1861..

Total of Indian Five per Cent. Si irk. 11,079,200
Debenture Debt 13,017,003
India Bond Debt ... 5,873,800

---
Grand Total £30,000,000
The Indian Government, as already stated, have
power to convert the whole of their Bonded and
Debenture Debt into Five per Cent. Stock, and
will doubtless continue to do so whenever the
opportunity occurs. No addition is thereby made
to the general account of their debt. Of course, as
the whole of the Indian Bonds and Debentures
authorised are issued and actually in possession of
the public, the Indian Government cannot convert
them until the holders demand payment, or make
application to convert their Bonds into Stock. As
either contingency arises, the Council have full
power to issue Stock. This policy of funding the
floating debt into one general stock is perfectly
0011114 And laudable.

THE WEST INDIA AND PACIFIC

HAILS.

SOUTHAMPTON`, SUNDAY.
The Royal Mail Company's steam ship Seine,
Capt Revett, with the above mails, has arrived. She
brings 218 passengers, amongst whom are Lieut.
Governor Walker, Lady Pine, and Mr. W. L. Yan-
cey, Mr. Rost, and Mr. Fearn, commissioners from
the Southern States of America. The Seine brings
specie value 2,438,215 dole., of which 1,872,270 dole.
are from the Mexican ports.
The principal and all atsorbing news from
Jamaica is the accounts of the reception of H.R.H.
Prince Alfred, who arrived on the morning of the
2d inst., and landed amidst every conceivable de-
monstration of rejoicings. The festivities and ex-
citement are described as having driven the city
prince mad, and was looked upon as one of the
greatest events. in the history of Jamaica ; but the
arrival of the Seine with the intelligence of the
death of the Duchess of Kent, suddenly put an end
to all subsequent entertainments, and the prince
privately embarked on board the Styx on the 6th,
which immediately steamed down to Port Royal.
His Royal Highness was to leave Port Royal for
Portsmouth on the 10th. De Cordova says :—There
have been but few arrivals, and stocks continue
light, and business in no way improved. Freights
—sss. for sugar, and 70s. for coffee, for London, are
the rates for charters. Exchange on London, Colo-
nial, and Jamaica banks, 90 days', 1 per cent. pm. ;
60 days', 1 per cent. pm. ; 30 days', 11 per cent. pm.
The weather at Barbadoes has been very unfa-
vourable for sugar making since the sailing of the
last mail. The produce shipped to date amounted
to—Sugar, 7.212 hhds. 404 tierces 744 brls.;
molasses, 1,603 puns. 58 hhds. 369 brls.; rum, 8
puns. 4 hhds. Fxchange on London—Bank bills
were quoted at 30 days, dole. 490; 60 days, dole.
4871 ; 90 days, doll. 485 ; private bills at 90 days,
dole. 580 ; bank bills on New York at 30 days, 5
per cent. prem.

The combined Court of Demerara met on the 3d.
It was agreed that applications should ue made for
5,000 Indian immigrants and 3,100 Chinese for the
next session. Beyond this the bus,ness transacted
was unimportant. The Sebastopol, of Hong Kong,
had arrived with 328 Chinese immigrants ; only
three deaths occurred during the voyage. The steam
transport Avon arrived on the 24th ult. with 600 of
the Ist West India Regiment, but having scarlet
fever on board was put into quarantine for three
weeks.