The Express.
London, England, 1860-04-05 00:00:00

AUSTRALIA.

We have received files of papers from Melbourne,
dated February 17 ; Sydney (by electric telegraph),
February 17 ; and Adelaide, February 16.
At Melbourne the previous month had been un-
marked by any political incident of an unusual
kind. The Nicholson cabinet still keep their
places. The parliamentary session holds on its
course—the Assembly being engaged upon the
estimates, and the Upper House being occupied in
dealing with measures which are either of minor
interest, or which will require to be entirely recon-
sidered in the Assembly. "Thin country, in point
of fact," says one of the journals, " never seemed
further from a political crisis."
The following is from the Melbourw Commercial
Report :

Melbourne, February 16.

The trade of the colony, which, for the past five months,
bas been in so depressed and gloomy a state, has received
but • mere shadow of relief since our last. The little im-
provement shown has been more in feeling than in fact.
Credit, which had during the present month fallen to •
state almost amounting to a panic, has in some measure re-
vived, but the greatest caution is still exercised, and the
banks are exceedingly chary of diecounting any but first-
clams bills. The unaccountable influx of all kiwis of mer-
chandise continues on as great a wale as ever, and the ad-
vice+ are still of continued heavy shipments miming forward.
While this continues no improvement in business can pos-
sibly take place. There is a fair average oonsumptiou going
on throughout the colony, but the dealers purchase as spar-
ingly as possible, naturally supposing that our large and
daily-increasing stocks must soon have the effect of still
further lowering prime.
There have been some attempts made to raise the value
of a few articles, such as oats, butter, brandy, candles,
sugar, and tea, by introducing a speculative inquiry, but,
except for Martell's brandy, Belmont candles, and butter,
there were no actual transactions on speculation, and, even
in these articles, the purchases made were very limited.
The stocks generally are too extensive for much impression
being made except by purchases of such magnitude as no
one in this market is at all disposed to make. The trade up-
country is exceedingly quiet, and, in consequence of the
gold production greatly &Magog, from the want of water,
the demand for goods by the diggers has been very limited.
The gold returns for December were 190,726 oz. 10 darts.,
and January 160,415 oz. 10 dais., showing a decrease of
30,311 oz. This is partly to be attributed to the yield
falling off from the great scarcity of water, and partly to
the combination amongst the diggers not to sell to the
banks at the low rates offered.

The R. M.S. Columbian sailed from Port Philip Beads at
9.20 a.m., 18th ult.
On the 20th, a meeting of the creditors of Messrs. N. and
R. Outheridge took place. The suspension of this firm
(who are deeply interested in the Geelong and Ballarat
government railway contract) tended greatly to increase the
depression and want of confidence prevailing. On the 22nd
there were rumours of many impending failures of conse-
quence, but which, we are happy to say, have not beau
verified.

Fmm the 24th to the present time the arrivak of goods
have beau unusually heavy. On the 30th ult., eight ships
arrived from various port. whore kr,,rreguto tonnage was

2nd, 3rd, and 4th Feb. were half-holidays, and little or
nu attention wee paid to business, from the excitement
reused by the great interoulouial cricket matches.

sth Feb.—The Great Britain, screw steamer, arrived
after the extraordinary passage of 55 days. Oa the same
day a telegram announced the arrival of the Northam,
RAILS., at Nepean Bay, bringing the English December
mails. She arrived in Nepean Bay on Saturday, 4th Met.,
at 3.30 p.m., and in Hobson's Bay on the morning of the
6th inst. The effect of the mail's news was to throw •
still greater shade of depression upon the markets, rn hope*
were strongly entertained that shippers would have at least
seen the absurdity of following the blind eoune hitherto
pursued, and that advice* as regards shipments would h►ve
been favourable. The firmness of the wool nuuket and
the assurances of peace are the only redeemable features in
the advice's.

The number of letters and newspapers received per
R.M.S. Northam, 6th inst., were—letters, 49,499 (including
977 registered letters); newspapers, 77,242. The Sydney
people have refused, to assist in the poporeil fortnightly
mails via Sues, and are again agitating for the Panama
route.

The number of iimolvencies amongst traders and small
dealers occurring in this colony is greatly on the increase.
Since the arrival of the mai: business has been perfectly
quiet, and, beyond email orders for immediate consumption,
nothing has been doing. The money market is abundantly
supplied, and money upon undoubted security is readily
obtainable at 10 per cent. for trade purpoaes ; the tightness
is very little relaxed.
The amount of goods offered for sale by auction has been
unusually large, but the indispositkie of buyers to come
forward has enabled the auctioneers to dispose of but com-
paratively small quantities of the goods offered. Within the
last few days there hsa been a little more doing in business,
and holders of prime butter are asking 15d. Candles are
also more in demand. Flour and wheat are dull, owing to
arrivals.

The program made by many of the uew gold mining corn-
ponies towanla completion is very satisfactory, and, with
good management, there is but little doubt that most of
them will give very large returns. It is estimated that half
an ounce, or 10 diets. to the ton of quartz, will, with econo-
mical nianagement, give 100 per cent, per annum.
Should the operation of these couipenies prove suc-
cessful it will give a new leans of prosperity to
the colony, but other% iqe the lose and disappointment will
be severely felt. Thu Nelson Reef Mining Company had

their first crushing lately, and the result was 1,014 oz.. of
gold from 20 ton,, of quartz, or over 50 ozs. of gold to the
ton. There are also several other instances of noes, extra.
ordinary results. Amongst thew, at Bendigo, in les, tun
five days, Messrs. Wittscheibe and Co., of the Vi.-toris
Reef, obtained 1,150 ors. from u lot of stone raised ;
again, at the end of January, a few days' worfrigo.
duced 1,401 ozu. ; the following week produced :PC,
and the last week 501 ozs. --the whole crushed at a .mall
etearweeeine. The beabank Company last week ebtained•
161 ounces from 15 tons ; and at Reedy Creek, from Doyle's
Reef, 1,644 were obtained from 115 tons of quartz. Them
is all unlimited field for profitable investment in the reefs
of this colony, and we are surprised, with the vast amount
of unemploged capital lying idle in England, that EN:lid%
capitalists have not availed the naelves of so favourable an
opportunity. We, however, expect at no distant pei to
see a great development of our gold fields by Uo :to, of
capital from home.

The exchange.. stand thus :—To England, 60 days'
par; 30 days' eight, 3 per cent. ; sight, I per cent. To
Madras, Calcutta, or Bombay, 2s. Id. ; Ceylon, 31 per cent ;
China, 5 dohs ; Mauritius, 3 dole. ; New Zealand, I per
cent. ; Sydney, per cent.

NEW SOUTH WALES.
SYDNEY, B. 17.

Mr. Forster's Bill for the abolition of State aid to
religion meets with great opposition from the
Roman catholic party, and it is thought likely that
the government will either resign or dissolve the
house upon the question.
Bills were introduced yesterday for the regula.
tion of the sale of laud, and for the taxing of laud.
They were read a hrst time, and the second read-
ings were fixed for that day month.
Considerable interest is excited by the discovery
of new goldfields 26 miles from Bathurst.

The accounts from the Snowy River—where
another discovery has been made—are now very
favourable.

Fearful ravages have arisen from the late tlooqls.
Whole families were drowued at Arabian and
Shoalhaveu.

Wool is dull. Mr. Mort has just sold lad bales
at a reduction of from Id. to list. upon the prices
which were ruling before the arrival of the last
English mail. It is generally quoted at a retitice
thin of 2d. per pound.
The Castilian brings 600 Chinese.