The Sun.
London, England, 1857-10-16 00:00:00

1857

pany's steamship Hindosfan arrived hero, bringi-g
1.4,,n,f0n advic,i4 to flit:, 26th of July last. The corawer-
c:al int-A,ig:-:cf i, riot o: a riatt:ro to cao.,e itop:ortroen:
in our trade, which has continued t,) xufler from the
effec.ts Of the great-exLis through which this country i,
1 no,w pasr,inp,-.
1 13. Y the Fiery CCOAS v:o have been in rec.-tipt of ad-
i vices from Kong Kong to the 14th ult. Beyond the
blockading of the Canton river by the En.c.l;sli Admiral
nothing
QI consequet co had occurred there. Opium had
advanced, and last quotations were $592 fo Patna, $535
' to $590 La-- ILnares, and $605 to $6lO for Ma: Wa
Bengal cotton $l2 to $l3, and Bombay $l3 to $l4 per
picul. Rice had unproved, and Bengal was worth $2-SO
to $3. Saltpetre, $94 to $lll ; copper cash, $l5 t 3
$l6 ; cassia, $l4 to $25. Exchange on London, 4i. 111.,
and on Calcutta 224&.r. to 225 r. per $lOO.
Since our last report we have experienced increas#d
tightness, and the refusal of the Bank of Bengal to ad-
vance
further loans on deposit of Government securities,
except to approved customers, and that, too, not to a
large extent, has caused much embarrassment in com-
mercial (porters. It is evident the bank has been forced
t..) adopt such a course, the state of its finances and the
gradual reduction of the amount of cash not permitting
Indiscriminate advances. How long matters,are to con-
tinue in their present state it is difficult to foresee.
The Bank of Bengal rates have been fxid at the last
. ..

meeting of the direc.in-s as follows ;—Discouet,— Private
bits and nutes at or within 3 months, 11 per cent ; Go-
vernment acceptances, nut having more than 30 days to
run, 9 do. ; Mint certificates, 5 do. ; Ditto, ditto, having
less than 7 days to run, par. Interest charged,—Ou
fix d loans and cash credits not exceeding 90 days, on
dep ;sit of Company's paper, 10 per cent. ; On deposit
of goods, 11 do.
Rates of Advance.-4 per cent, stock receipts, Sa. ru-
pees 100, Company's rupees 80 advance ; 4 per cent
Compavy's paper, Sa. rupees 100, Company,'s rupees 80
advance ; 4 per cent. Company's paper, Company's ru-
pees 100, 75 advance ; 5 per cent. Company's paper,
Company's rupees 100, 85 advance.
Government Securities—We regret to o'ostrve that
the increased tightness of the money market and the
ref tkal of the Bank of Bengal to grant accommodation
on deposit of Government securities unless the parties
be approved by the directors, have combined to depre-
ciate further the value of all securities. There are very
fere purchasers iu the market, and as no large salts'
can be effected under the existing circurnstauces, un-
less at a heavy sacrifice, holders are prevented from
offering frtely, and this has helped to check a greater
fall in the rates. Oa the whole, the position of this
market could not have been wore unsatisfactory, and
it is difficult to foresee what changes will take place
10 future. %V 0 quote Four per Cents. at 25r. and
Five per Cents. at 11r to 12r. per cent. discount. No-
thing doing in Four-and-a-Hall per Cents., which com-
mand a nominal value.

Exchange—On LondJn—The market for the mail
opened at 2s 2jd to 2s 21d for American and other first
class credits ; some bank bills were also sold at the same
figure, %ben the rata advanced rapidly to 2s 3J, and
latterly 2s 3,(,d, which is to-day's quotation for first-class
six mouths' sight paper, and even at this high figure it
wou.d be difficult to place a large arn,unt, owing to the
scarcity of money. Document bills have been cold at
About .I,d to id over credit rates. On China—Some
transactions took place at 215 r. for $lOO, but owin:f to
the limited dern.ind for bills the rate declined to 210 e.,
at which abJut.the last transaction took place.