The Sun.
London, England, 1857-04-02 00:00:00

INDIA.

The following is the letter of the Times' Bombay
correspondent, dated March 5 :
" The Madras Exhibition of Arts and Manufac-
tures, was opened by Lord Harris on the Bth of
February. The Governor-General of the French
settlements in India was present on the cocasion.
In the course of his speech Lord Harris referred to
the success that had attended the Exhibition of
1855, as encouraging the committee to attempt a re-
petition. It was true that, on a former occasion,
they were greatly indebted to a fine collection pre-
pared for the museum in Leadenhall-strcet, which
they exhibited on its way to England ; and they
had for many relsons been disposed to doubt Whe-
ther any farther attempts of a similar nature could
be made with success. Feeling, however, that to
produce permanent good effects their efforts ought
to be continued, they determined to persevere,
directing their attention mainly to procuring
specimens of raw products and models of articles
likely to be useful to the natives of the coun-
try ; and the result is, that The collection of raw
far superior to that of 1855, and the
specimens
implements and of articles of use in
industrypoduets is
and art are much more numerous, while
at the same time the exhibition is not wanting in
fabrics equalling in richness any displayed on the
previous occasion.'
" From Pegu, so long tranquil, we hear of a
comthotion, to which the imposing appellation
of rebellion has been affixed. A robber chief,
by 'Janie Min Loung, of the Kareen tribe,
had got together a party of desperadoes to
the number of several hundreds, at the head of
whom he infested a whole district, robbing and
murdering travellers, and rendering life and pro-
pei ty generally insecure. His culminating offence
was the torture and murder of a party of seven
native merchants, followed by the burning of a
village. A detachment, consisting of three compa-
nies of her Majesty's 35th and a company of the
48th Native Infantry, were sent to capture or extir-
pate him. The robber was found to have stockaded
himself in a jungle. An attack by the troops took
place, and according to one account Min Loung
was driven from his lair, while another report
avers that the assailants were repulEed. At any
rate, it appears certain that whatever may have
been the loss among his men, the chief himself was
not taken or otherwise disposed of. The 35th had
two serjeantg, the 18th two privates, shot dead,
and in each detachment these were a considerable
number of w.ouwed. Farther arrangenaents, of
esul;;, I /nay be able to tell you in
my ilex', were beir.g made to crush the rebel be-
fore his proceedings should Lave time to prove cc 1.
tagious.

l'ne establishment of a university at Bombay,
under instructions from the Supreme Government,
has been notified in the Government Gazette. The
Govemor of :Bombay is appointed Chancellor; Sir

W. Yardley, Chief Justice of the Supreme Court,
Vice-Chancellor; the members of Council, the
Bishop, the Director of Public Instruction, and
-other functionaries connect"d with the educational
department, are ex-officio fellows. Associated with
them appear some 20 names, English and native,
well selected for the most part.
" The export market, in cotton especially, is very
active, consequent upon favourable accounts by
the last mail from England: The money-market
continues easy, and a decline of 1 per cent. in the
Bank rates is expected in the course of next week.
In Calcutta a similar reduction has already taken
place. Exchange on London, 2s. lid."

The following is the letter of the Times Calcutta
correspondent, dated Feb. 23 ;
"The Five per Cent. Loan has failed. The sub-
scriptions were from the first few and far between,
and the conduct of the Bank of Bengal has brought
them to a close. On the sth inst. it raised its rate
of interest on deposit of Government securities to
14 per cent., a rate it has maintained, and which
—even in India—is without a precedent. It was
at first imagined that the Bank directors, all
largely interested in compelling Government to
receive four per cent. paper in part subscrip-
tion to the loan, were putting on the . screw with
that end only. I believe, however, that they bad
no option, that money was welling out faster than
the charter permits, and that even the present rate
must soon be raised. The accoupts from Bom-
bay are equally unfavourable. Madras never has
any money, and the Europeans all over India are
waiting in the certainty that the Government
must give way. The native capitalists of Calcutta,
who care nothing'about Bank rates, but act on a
system of their own, are determined that the Fours
shall be taken up, and they have a power of combi-
nation of which Europeans are incapable. Almost
for the first time in this century, therefore, the Go-
vernment of India cannot raise money at 5 per cent.
I have given you the immediate reasons for the
difficulty, but there is one which lies deeper still.
The financial blundering of the last four years has
created a deep feeling of distrust. It is of no use
to tell natives that alt the past operations have been
just and legitimate. They reply that their property-
has been depreciated 20 per cent., while Govern-
ment, by offering to pay them off in full, tacitly
pledged themselves that it should not be depre-
ciated at all. That is their argument ; and right or
wrong, until the Fours are called up, the distrust
will not be removed. Strange to say, at the very
moment when the Government of India is at its
wits' end for money, the Court of Directors keeps
on drawing millions, though its balance will amount
in May to as many millions as the loan was to have
raised. It is -these draughts, even more than the
war, which harass the Calcutta treasury. They
never know when they are coming or how much
they will be. Sometimes the telegraph announces
the approach of bills for half-a-million just when
they are struggling to meet local liabilities. It is a
most careless system. I enclose the figures from
the Friend of India :
Cash balance on the Ist of May, 1854
By bills on India

Railway receipts
Alisceilaneous,

£2, 410, 280

4,081,700
3;418,718
207,088

10,117,786
Disbursements in home charges, payment of
dividend, payments for machinery and
railway interest .

5,350,20

Cash balance, May, 1855
Add investments in English funds

Balance, May, 1855.
By bills on India
Railways
Miscellaneous

Disbursements

Balance, May, 1856 —.
By bill] on India
Railways
Miscellaneous

6,655.604
1,484.040
3,936,878
355,490

Disbursements

11,432,012
7,112,436

4,319,576
4,000,000
3,500,000
191,120

12,010,696
8,254,105

£3,756,591
Nearly 1,000,0001. of which balance is invested hi Go-
Verarnent securities.

COMMERCIAL INTELLIGENCE.
(Front the Englishman.)
THE CALCUTTA MARKET.

SATURDAY, Feb. 21.
The Peninsular and Oriental Company's steamship
Alma, with the London mail of the 10th ult., arrived
here on the 13th instant, and her packets were delivered
the same evening. This morning we received intelli-
gence by electric telegraph of the arrival at Bombay of
the mail steamer.
With regard to our produce market we have hardly
any alteration to notice, operations on the whole having
been to a moderate extent, and the tightness of the
money market interfering in some measure with the
course of business. Of all staple articles silk and hides
only seem to have continued in favour, while some others,
from want of a good demand and larger supplies, have
declined in value.

' A steady improvement has been visible in our import
market, caused by the favourable advices received from
the Upper Provinces and reduced stocks here, which
lave rendered holders firmer and the dealers more anxi-
ous to operate. For British piece goods a good de-
mand has prevailed, though some descriptions of cloths
attract but little attention. Grey goods, such as shirt-
ing; jaconets, and Madapollams, continue selling freely
and at enhanced prices. A steady business has been
!lone in mule twist and value slightly higher. No change
in metals.

Money-market.—During the past fortnight the, pres-
sure, which seemed to have reached its height, has
slightly; moderated, and a better feeling prevails at this
moment, combined with expectation of a speedy improve-
ment. The unprecedented advance in the rates of interest
and discount charged by the Bank of Bengal, which we
noticed in our last, could not have been taken as an indi-
cation of the actual state of our money-market, the
directors having been driven to the measure by the large
loans given to their constituents and the gradual de-
crease of silver in the Bank's coffers. There has been
no change-in the Bank's rates since the sth inst., owing,
no doubt, to the falling off in the demand for loans by
the public, who are enabled to get their requirements
satisfied in the Bazaar on more favourable terms than
those allowed by the Bank of 'Bengal. With respect to
the Government Five per Cent. Loan there seems now
more probability of its being filled up, though not
speedily, as some of the native Rajahs, it is said, have
come forward with liberal subscriptions.
government Securities.—We are glad to observe a
gradual improvement in foe value of the 4 per Cents.,
though the 5 per Cents, continue unaltered. A large
business has been done in Company's Fours at 19r. to
19r. Ba., and some siccas have changed hands at 20r. to
20r. Ba. A small amount of the 34 per Cents. has been
taken at 33 per cent. discount. We quote the Public
Works Loan paper at 1 per cent., and the New Fives
at -Ba. discount.
Exchange on London.--We have had a very steady
mail this time first class credits ruling at 2s. 2d., and
documents at ,2s. 21d. to 2s. 2ad. per rupee; Treasury-
bills are nominally quoted at 2s. id.
On China.—Sixty days' sight bills were negotiated to
a fair extent at 205 r. to 206 r., but the rates have since
assumed an upward tendency, and we now quote 208 r.
per $lOO.
Freights.—Our rates are 3/. 10s. for London, and 31.
Elia for Liverpool.

AUSTRALIA.
LIVERPOOL, APRIL 1.
The clipper ship White Star, Captain Brown, has
arrived with advises from Melbourne to the 10th
of January, and 20,000 ounces of gold and a con-
siderably quantity of wool and tallow.
The White Star did not, it is reported, leave
Port Philip Heads until the 16th. During the
Passage she has- experienced very light winds and
calms.

The clipper ship Tiptree arrived out the day the
White Star left. •
The screw steamship Simla arrived at Melbourne
on the 6th of January, having made the passage in
65 days.
The Donald Maay bad arrived in 85 days ; and
the Tiptree, from Liverpool, had arrived.
The Parliament re-aesembled on the 6th of Janu-
ary The Governor-General, in his address, stated
that there was a net increase on the general re-
venue of 317,447/. A Bill introduced by Mr.
Duffy for abolishing the property qualification of
members of the Assembly was read a second time
;,witha majority of seven against the Government.
he Government had also suffered other defeats on
blinor subjects.
4., The Melbourne Age 9f the Ist of January states
that in the previous week a larger quantity of gold
d been received by escort than in any previous
Week during the year, owing, probably, to the high
price consequent upon the increased demand for
BLllPtnent. The returns from Dunolly, Sandhurst,
. uryborough, Beechworth, and Ballarat were
targer than usual. New diggings were reported to
have been discovered on the Buffalo. A large
number of people had left the Ovens for the new
goldfield on the Murray. Nuggets weighing' re-
aPectively 441 ounces, 180 ounces, and 112 ounces
are reported to have been picked up at Amherst.
At Dunolly one of 156 ounces had 'been found.
l'he Melbourne Argus of January 10 states that
there was an active demand for gold for shipment.
he escort which arrived on the previous day
Drought 51,589 ounces,
Price of gold, 775. to 78s. 6d. per oz. Good
811PP1Y, and demand brisk.
Prices of wool hardly so good. A good demand
for hides.
The summer weather had created a great demand
for light wines.
There Was a great demand for all Aorti of labour,

The commercial advices are of the most meagre
description, but we gather the fact that the import
market was, if anything, changed for the better.
Arrived at Melbourne the Roxburgh Castle, the
Rock City, the Stuart Wortley, an the, Francis
Henty, from London; the Abbott Lawrence, from
Cardiff; the Acadie, the Star of the Ea 4, and the
Conway, from Liverpool—the former with damage.
Arrived at Hobart Town, the Woodcote, from Lon-
don ; at Auckland, the Conference, from Liverpool.
Sailed from Melbourne—The Orwell, the Dunbar,
and- the Austral. 'Arrived at Launceston—The
Talentire, fr()E2 London ; the Kate Kearney and
the • Alice Walton, from Liverpool. Arrived at
Adelaide--The Nabob, from Liverpool ; and the
°tient, from London.

Projected departures from Melbourne —The
Oneida, .for Southarapton, the, 27th ; the Marco
Polo and the Royal Charter, for Liverpool, about
the 15th ;. the Copenhagen, with 50,000 ounces of
gold, 25,000 sovereigns, and a large cargo of wool,
tallow, sand, ho., and the Augral, about the 10th;
and the Angleiey, the 31it Jan. ; the Escort, the
Ist ; the George Marshall, the 7th ; and the Med-
way, the 10,h Feb. ; the Walmer Castle, the Ist
March. The amount of gold intended to be de-
spatched by these vessels is not stated, but some of
them would have considerable quantities.