The Express.
London, England, 1855-01-25 00:00:00

AUSTRALIA.

The screw steamship Great Britain, Captain Grey,
arrived in the Mersey on Tuesday morning.
MONEY AND TRADE.
(From the Melbourne dritstat of Oct. 27j
Oar report of the present state of this market may b
summed up as follows: In consequence of the improvement
in the roads, by the advent of the dry season, there is a
little more demand for goods; bat so many failures have
taken place, that there is a en-calculi want of confidence, and
even the wealthy retailers will not at present increase their
stocks. There is no improvement whatever in prices since
our last summary, and stooks in first hands remain very
heavy.
The facts connected with the trade of Melbourne during
the put ewe years demonstrate the utter impossibility of
regulating supplies from distant markets with the p t
detective system of oommunication. Our principal imports
have been from three sourees—from the neighbouring
colonies, from America (North and South), and from the
British Islaiyhs. Our trans with the Australian colonies
has been Iterative to all concerned. Almost invariably
such goods only have bees ordered and transmitted as were
is demand, and a fair, and in many cases a splendid prifit,
has been realised. Next, in reference to the American
trade, it was at first almost entirely in the hands of inez•
perieneed persons. Their first ventures were trial ship•
meats, and many of them as a matter of course were unpro-
fitable. But with that remarkable aptitude for business
which is a characteristic of Americans, the branches of
boom from America established here have become tho-
roughly " posted," and now we believe that no trade in the
world is established on sounder or safer principles than that
between Victoria and the United States.
In reference to the trade with the United Kingdom the
contrast is so marked, the over•trading—the madness, we
may say—has been so great and so suicidal, that, to persons
who do not know the facts, the most plain and prosaic re-
cital will be deemed 'itineration. At this risk, however,
we shag detail a few facts.

About the middle of 1863, it became evident that sup.
plies fer beyond our requirements were pouring into Mel-
bourne. Of this due notice wu given, and we can vouch
that for many months nothing but the most gloomy com-
mercial accounts have gone periodically to England. Let
us examine what effect these have had. We shall speak
ettiefiy of the trade of Melbourne, but in order that our
readers may utidentand its relative proportion to that of
the whole enlocy, we may mention that In 1853, when the
imports of Victoria were valued at 15,842,6371., thou of
Melbourne were 14,098,351. We have anted that is the
middle of 1863, it was discovered that shipments were en.
outlive. The canna was in the first quarter of 1851, when
the value of imports at Melbourne was 5,303,1811.
But the subsequent imports were ea follows :
Second quarter A:3,262,384
Third quarter
And we cannot estimate the fourth
quarter at less than 3,000,000
Acid for first quarter, ea above 5,303,184

£16,418,418
Bo that, notwithstanding the untinised atatementa for a
year pest of over supplies, the value of goods imported in
1864 will extseed the enormous amount in 1853 by 1,312,1671.
Our last summary would show the effect of the glut in
1863 ; namely, that British msnufactures contl not be sold
at a profit. We cannot in the present summary hold out
any better hors. It is certainly reported that the ship•
meats hate fallen off is Britain, and during the last three
weeks the arrivals have been lets; hat even supposing that
there has been a eetsation of shipments, many months,
probably a year, mat elapse before a healthy or legitimate
elate of trade can be established in reference to very many
articles of British manufacture.

The continued depression has bad a d;sistrons effect on
many minor traders particularly those (and their name is
legion) who are paying high rents. The banks for a long
time continued liberal in their discount*, and, having locked
up their funds, they are now scarcely able to meet the de-
maids of legitimate trade. It is • remarkable fact, that
among the numerous icsolveneits that have taken place
there is scarcely one in which landed property is pert of the
assets. It was generally considered that the 4th inst., when
very heavy liabilities became due, wee • test of the siund-
nos of our mercantile body, and the engagements laving
been all but universally met, there is now greater confi-
dence, and there is no feu of any commercial crisis. The
outriders will be gradually weeded out, and trade in the
end will be placed on a more legitimate basis.