INDIAN COMMERCIAL.

Southland Times, Volume I, Issue 24, 26 July 1864, Page 2

INDIAN COMMERCIAL.

On the state of- the-money market at Bombay, we find tbe following observations hi the Times of India of the 28tbl_May 7— '}<> -ffiWe. have^ho^tho' slightest change to npte^frpmj -the* general feature of^improvemeht wliich r charac- j Iterised" bui/mark'et'-ia'.fortnight^ ago.; Mori'ey ! "is ; s»bundant,iand tlieidemanal-very moderate. Bbni- ; bay, as usuah'has taken the initiative 'to' cheapen j acconm_.odatioh)by/ a-rre'duction during the fort-| night of-fbur)peE-cent/.by the Bank of Bombay^ on its rates {oiloMß:X'3^^Kiiik-of-rlß'eS^il i hM \

not yet followad suit, although it was generally anticipated the directors would havo done so. The position of the European money .inarkefc is undoubtedly such as to excifo caution j' but the tentative measures adopted by the*Bahk of England i -arise, it "Would appear, .moro from precaution than • actual necessity. They will, however, tend to diminish tlie specie movement eastward for a time. We ai-e again undoubtedly approachinjsr.the period,, when extreme caution will be needed rn our money market, but for a time it is ) generally felt thttt'th'e f position of the Bank of 'Bengal 5 admits of- orfr rates of iiiterest and.- discount. ., being „ .cheapened. , Theldif eetors," 011 Saturday last, reduced the l'ates of interest and klisebuht-'orie 'per' cent." It is now generally felt that the question of an extension of our currency depends, :for any practicaLr^solutipn, on v England. The'lateadvices.mdic'ate thai some measmres will shortly' be taken. It is only hoped by commercial men here that those may not be delayed." .■^■■. : ■::<\y : } .:.-■■'/?'. '.' The Sdrkaru (Calcutta)' of the 'Bth June reports as follows : — "Freights and Rice.— Little change has taken place, inv this market ; slujm ents. continue mode-; rate, and our last quotations are f liardly maintained. ' The last steamer from 1 China' brought 'rather more ; favorable accounts, and -there was for a time a; good demand for tonnages, but a serious, advance in- the /price of 'rice- iii the' bazaar prevents -any further engagements, being entered into." v The Calcutta Englishman of the.. 22nd May says ': — •';' Money has been in more demand . during ' the past' week, but' the reported greater ease at. Bombay, has 'i prevented any tightness being 'felt' here. In bank shares there has been ' some "■ ex- • .citemenfc, Agra bank Laving risen considerably.! ■Sales are/reported at I.SOOrs. Bank of-Bengal at; 14,500.?' ,. Freight, , to London. had advanced' ss.' per ton for sugar, but the busines doing hi freights was very limited. '' "" r YWo Bonihay-Gazette of the Bth ult. says : — .-f ■ " i Two more new banks,/ the Alliance 'and Boni•bay City Bank, have been started at Bombay in the last week. The 'Alliance calls for a capital of one million sterling. . Sacculation has been as active as ever in the Bombay share market since the departure of the last overland mail; and now that the produce market is closed for the season, it is likely to ; continue at fever heat for 'the next three months." Tlie latest information concerning the Persian Gulf telegraphic cable is' contained in the following paragraph from the Scindian (Kurrachce) of tho 21sfc JVlay :-^- --" To-day the' Cospatrick begins to discharge the spare cable she has on board into the tank prepared for that purpose at Munora. On the following morning' the Coroniandel proceeded to Bombay with several of the artificers, on thoir return to England." At Singapore a commercial crisis has occurred. The Free Press -of 17th May reports on the state of matters as follows •' — " The erisis which began some months ago appears to have now' reached its height. The failure of two firms with liabilities of over a million of dollars, and largely indebted to Chinese traders of all kinds, has naturally reacted upon the latter, and they are now almost daily suspending payment. No doubt some are taking advantage of the opportunity to etlect a composition with their creditors, when there is probably no necessity that they should do so, but the greater part have been bona fide 'cleaned out." This is not -the first erisis of the kind we have had in Singapore, although it is probably the most severe, owing to the greater facilities which now exist for obtaining discount, and wliich has naturally led to overtrading amongst tlie native dealers. The. system on winch business is conducted" here — the sale of goods on three montiis' credit — has been frequently blamed as the cause of these disasters, but we think the system is not so much to blame as the manner in wliich it is applied."