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

COMMERCIAL INTELLIGENCE.

The following is from the city article of the _Neu, 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 13 ing 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 for bankers' bills on
London, and 1052 to 10G4 for commercial bills; for francs,
sf. 271 c. to sf. 30c. We hear of a sale of 1,000,000 of francs
by one 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 crop. 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 bill& will rise.
If, on the other hand, the progress of hostilities does
nit interfere with the cultivation of cotton, there is reason
to suppose that the curtailment in our imports ntay 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, APRIL 13.
Cotton—Sales to-day, 1,700 bales, at 12c. to 121 c. for
middling. Sugar firm, at sc. to 6c, for fair to fully fair.
Freights—Cotton to Liverpool, id.

MOBILE, APRIL 13.
Cotton unsettled and nominal.
CINCINNATI, APRIL 13.
Money:market unsettled. Sight exchange on New York
at 1 por cent. prem. Exchange on New Orleans, 3 per &tit.
discount. Flour unchanged. Whisky, nic. Lard, 91c.

BALTIMORE, APRIL 13.
Flour dull; Howard-street and Ohio and City Mills is
held at 5 doll. 37c. ; no sales have been made. Wheat firm ;
red, 1 dol. 30c. to 1 dol. 3Ge. ; whit°, 1 dol. 40c. to 1 dol.
65c. Corn firm ; mixed, 57c. to 58c. ; yellow, 60c. to 61c.
Pork advanced 50c. Lard, 9/c. Coffee firm, at 121 c. to
131 c. Whisky dull, at 171 c. to 171 c.

2'lii INDIAN COUNCIL AND THE
BARE'OB ENGLAND.

(Etoin the Money Market 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
provides that against such amount of India Bonds
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 a follows:

Indian Five par Cent. Stock £8,079,200
Ditto, cr6ated:in 1861 ' 3,000,000

Total of Indian Five per Cent. Stock. 11,079,200
Debenture Debt ............ 13,047,000
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 DAt into Five per Cent. Stock, and
will doubtless continue to do so whenever the
opportunity occurs. No addition is thereby made
to the general amount 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
sound and laudable.