From ow Commercial Correspondent.
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NEw-YoRK, May 16, 1SI1 Yesterday was packet day for the steamer which

 leaves Boston to-day. The amount of bills reunited by this conveyance was much smaller than anti cipated Of late it has been the practice of remitters to buy their bills two three days before the sailing of steamer, under the impression that towards the

 last the price would improve. There having been small business done through the week, holdees ex- pected active demand for Saturday, in which they were partly disappointed. The rate, of bills did however materially vary at the close. On England 7a "A per cent, or ss4 77 $4 zs the l on France 5E 2Si.

 The market remains without material alteration. Friday the national fast day, and all business was suspended Yesterday fancy stocks generally improved, but state stocks declined The state of Pennsylvania has issued proposals for new loan of

 950 000, the proceeds oi which pay the inte- falling due in July. The principal of the loan to the amount of $90O,OOO falling due in June it is expected will be renewed. Whether the new loan will be taken in the present prospects of that State is very doubtful. The Banks are yet undeci- ded in relation to the relief law of the c- ty banks have rejected, and of the country in- stitutions have accepted the provisions, and the bills have made their appearance in the Philadelphia ket, but to small amount only as soon as any quantity is issued great depreciation in the cy must take place. The new Commissioner of I- nos, Col. Whtesdes, is sangune that he shall be able to make out the July interest, depending upon the ability of the canal provide for the bonds s sued for its benefit. Ex-Governor Noble, the India na Commissioner has recently been here endeavoring to squeeze as much from the $$S,O0O,0O0 suspended debt as will pa, the interest. The debt is due prin- cipally from the North American Trust & Banking and the Morris Canal. He has hitherto been en- trely unsuccessful and has returned home, in hopes to make other provision for the payment of the July interest All these events tend to prevent any improvement in the stock, the depression in which is the chief cause of the inactive state of most of Banks. In this state the two branches of the Legis lature have not yet agreed upon the new loan. The Senate bill is $4,OOO, 900 at 6 per cent, and the House bill is 5000 900 at per cent. commit- tee of conference finally agreeing upon Ss,O0o 900, it is thought will be the result. This will in all pro- bablty be readily taken by the banks, they have great difficulty in employing their funds. d

 In the Cotton market fair business is doing for export at prices which have been steadily maintained On Friday no business was done. The transactions for the week, including yesterday were as follows:

 5000 Upland & Florida. ....98 llA

 $50 Mobile.. ,9t a.l2t

 1000 New Orleans. ...94 l2t

 The arrivals have been about l75O bales, of which ls5 are Mobile

 The domestic exchange market retains the same