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

INDIA.

The following is the letter of the Times' Bombay
correspondent, dated March :
"The Madras Exhibition of Arts and Manufac-
tures was opened by Lord Harris on the Bth of
February. The Governor-General of the French
seAlemetits in India was present on the occasion.
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 tine that, on a former occasion,
they were greatly indebted to a fine collection pre-
pared for the museum in Leadenhall-street, which
they exhibited on its way to England ; and they
had for many relsons been disposed to doubt whe-
ther any further 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
l'kely to be useful to the natives of the coun-
try ; and the result is, that The collection of raw
products is far superior to that of 1855, and the
specimens of implements and of articles of use in
industry and art are much me re 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
commotion, to which the imposing appellation
of rebellion has been affixed. A robber chief,
by name Min Loung, of the Kareen tribe,
had got together a patty of desperadoes to
the number of several huudrels, at the head of
whom he infested a whole district, robbing and
murdering travellers, and rendering life and:pro-
perty 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 iCtaclr 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 repulied. At any
rate, it appears certain that whatever may have
been the loss among his men, the chief himself was
not taken or otherwise dispiisel of. The -.35th had
two serjeants, the 18th two privates,- shut dead,
and in each detachment there wt re a considerable
number of wourvied. Further arrangements, of
the results of which I may be able to tell you in
my next, were, being made to crush the rebel be-
fore his proceedings should have time to prove an.,
tagious.

" file establishment of a university at Bombay,
under instructions from the Supreme Government,
has been notified in the Governtuent Gazette. The
Governor of Bombay is ap oiuted Chancelltm .

W. Yardley, Chief Justice of the Supreme Court,
Vice-Chancellor ; the members of Council, the
Bishop, the Director of Public Instruction, and
other functionaries connected 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 cot,on 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. 1/d."

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 Bengllhas 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
roceive 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 had
no option; that money was welling out faster than
the charter permits, and that evep the present rate
must soon be raised. The accounts !rem 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 rase 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 all 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
•n diawing 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, 1354 £2,410,280
By bills on India
Railway receipts 3,418,718 .
Misceilaneous. 207,088

Disbursements in home charges, payment of
dividend, payments for machinery and
railway interest

10,117,756

5,350,204

Cash balance, &lay, 1855
Add investments in English funds

ltala'nce, May, 1855 .
By bills on India
Railways
Misdellaneous

.... 5,655,604
.... 1,484,040
.... 3,036,878
~... 355,490

11,432,012
7,112.436

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

12,010,696
8,254,105