The Northern Daily Times.
Liverpool, Merseyside, England, 1857-04-07 00:00:00

VICTORIA.

The political intelligence is not of much moment.
Several bills of a purely beeal character had been
passed in the legislative assembly, without much
trouble. Others, however, had met with a
determined opposition. After a careful considera-
tion of the Government Banking Scheme, which
comprehended the establishment of a bank of
issue, superseding the present issue of notes by
the local banks, the Chamber of Commerce
of Melbourne had passed a unanimous resolution
disapproving of the scheme, and the government
had for the present withdrawn the proposal they
had made, and were to refer the subject generally,
including their scheme for abank of issue, to a select
committee of the Legislative Assembly. At the
meetings of the Chamber of Commerce severe
comments had been made with reference to the
policy of the banks in purchasing raw gold, and
keeping up a high rate of Exchange. The Chamber
had recommended the enactment of a ge-
neral banking law, which should place the
banks on an uniform basis, by which also the
public interest should be adequately protected. In
reference, however, to the colonial paper currency,
there was general confidence that it is safe and
well regulated, and unless the advantages of any
change by which the issue of notes should be
exclusively entrusted to the government, were
shown much more clearly than had yet been done,
their scheme would not meet with anything like
general approval.
The Melbourne Prices Current and Shipping List
contains a variety of interesting news, from which
we extract the following items :
" With the exception of the banking scheme, the
measures of Government, especially those which
they have introduced for settling the vexed ques-
tions respecting the sale and occupation of public
lands, for promoting immigration, and for the
formation of railways, have been generally
approved of, and now that these great questions
have been virtually settled, there is no doubt
that increased confidenc must arise, and that the
value of all colonial property must be enhanced.
One remarkable phasis of colonial business must
not be omitted; immigration has of late greatly
increased, and partly from this cause, and partly
from others above alluded to, the value of real
property throughout the colony is at present
rising At most of the gold fields and inland
townships, building operations have received a
surprising impetus. This has partly been caused
by the sale of our lands, but the chief causes are
the increasing wealth of the miners, their more
domestic habits, and their anxiety to procure the
comforts of a home. At no former period was
there such a demand for imported timber, and
the majority of the purchases are made for trans•
mission to the interior.

" Our last report of the markets was forwarded by
the Oneida on the 27th Jan. We regret to state that
there is no improvement in the condition or pros-
pects of mercantile affairs here. At this season,
of course, considerable supplies are forwarded to
the gold fields, and the country trade alone gives
any appearance of life to the market. But even
this trade has been seriously affected by a want of
confidence arising from the failure of houses on or
connected with the gold fields, and the discovery of
a system of reckless over trading, and even worse
practices, by parties who have at once been igno-
rant of business, and who have been unscrupulous
in the means adopted to maintain credit. There
seems now to be a determination on the part of
the banks and of the principal importers, to check
the system of credit which has been for some time
in operation, and to discriminate more carefully
between parties possessing capital, knowledge, and
character, and those deficient in these essentials.
The effect of this will be to a certain extent a
diminution of transactions, but the advantage will
h. all the greater to the legitimate traders, and we
are glad to be able to say that the bulk of the
business is in the hands of this latter class. In-
deed we can safely affirm that at no former period
was the financial condition of the inhabitants,
generally, more satisfactory and more hopeful.
"We have spoken of the circumstances which
affect the country trade Those which affect the
town trade are of a still more serious character.
St is an universal subject of complaint that this
.market is overstocked with nearly every description
of imports, and the over supply is now of a different
,character from that of former years. Formerly the
market was overstocked with unsuitable goods, and
while the ignorant outsider suffered, the skilful
merchant made profits. Now, all engaged in the
trade are well acquainted with our wants. They
have only been too sanguine as to the quantity we
can consume. The market is now overstocked
with suitable goods Not only is it at present
over supplied, but there is an uneasy feeling that
the over supplies will continue, and the consequence
is that the local traders will only purchase from
hand to mouth. Such are the chief causes of the
present comparative stagnation, and of the very
low, and, in many cases, unremunerative prices
which are obtained. Indeed we ought also to
remark, that many importers, in consequence of
the uneasy feeling as to credit, and the poor prosy,
pect of an improvement in prices, prefer selling
from the ship for a cash price which barely covers
cost.