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

ENING, JANUARY 25, 1855.

the ringleaders, arrest thorn, and bring them to
trial. He at 011C3 sent up a force—police and mili-
tary—for the purpose, and it is to be hoped, and I
think it is *probable, that his Excellency will suc-
ceed in restoring order, and preventing a re-
currence of a similar outrage. I should observe
that those who will be his fierce and uncompromis-
ing opponents on the Convicts Bill, the squatting
question, and so forth, will ba the first to give him
what Lord John called a " disinterested support"
is favour tf order.

You must have seen a good deal about the " un-
employed." In plain English, this is a species of
strike, not, as is often the case in England, to ob-
tain corns slight advance, or a better mode of com-
puting wages, but to resist an inevitable, and, I
will add, necessary and salutary decline. As to
the numbers of voluntary unemployed, it is really
insignificant—not more than a few hundreds.
Everything has declined—the price (the fancy price
it may be called) of land, the prices of building
materials, rent, as far as I can learn, in the pro_
portion of 8 to 5, food, and more especially all
imported articles. Mow, then, can the labourers,
in the face of a not very active demand, expect to
maintain the fever-heat prices of 1853 ? Yet car-
penters get 20s. to 255. a-day ; labourers are adver-
tised as "wanted, at 10s. a-day ;" policemen have
125., and are found ; in the country stockmen get
&i5l. a-year, with food besides ; while every article
on which their wages are expended is lower. Even
now a very good gardener can get 41. 4s. a-week,
and all domestic servants get Well paid. lam very
sure that, with even more than the actual reduc-
tion of wages, the industrious labourer and me-
chanic is better off than he Was in 1853, with a
higher nominal remuneration. Then he had to
pay 1001. a-year for a hovel; now there are far bet-
ter dwellings at one-half the price. Everything is
declining in a greater ratio than wages, so that
the condition of the labourer is really improving.
The true test is, what is his power to save ? and
I am very certain that the industrious man's
power to save in one year is greater than a whole
life's power in England. Ido most sincerely hope
that the industrious owner of a good wholesome lot
of bone and muscle and sinew will not be deterred
from coming here by the complaints and meetings
of the " unemployed."
I intend to address you by the Calcutta, to sail
about the 15th, or the overland mail, at the end of
November, with some care on the present com-
mercial condition of the colony. At present I must
content myself with a slight sketch. The enormous
prices of 1852-3 encouraged great exportation from
England, and the result has been a glut of most im-
ported goods. It is almost unnecessary to add that
low prices prevail. Some 9f the small dealers,
under engagement to pay high rents, have suc-
cumbed. More will follow. But Ido not think
there will be any extensive failures, for the following
reasons :—firstly, the low prices will accelerate con-
sumption
conspicuous in all colonies
will run riot at very low prices. Ithink, therefore,
te
which
cihiseck very importation ; and, secondly,
the zts
that the process of restoration will be rapid, and
that those merchants who begin to import at the
lowest point will do well, as those who are excited
to trade at the culminating point of prices are
often ruined.

There has been another large bank robbery—that
of the Ballarat branch of the -Victoria Bank. It was
one of those masked " sticking up " cases that ex-
cite the Council of this country to pass Convicts
Prevention Bills, and afford the strongest argument
!against the " prerogative of mercy," of which we
hear so much. Some villains, with crape over
their faces, entered the bank in the daytime,
and, having secured the door against intruders,
" stuck up" the manager and his clerk. They then
got possession of 10,000/. worth of notes—mostly
of 101. each—and about 2,0001. worth of golddust.
The papers will afford your readers further particu-
lars, but nothing has transpired to lead. to the de-
tection of the culprits. I cannot avoid coming to
the conclusion that we have, in all these colonies,
been too hasty in taking off the punishment of death
ix cases where the law has been relaxed, and very
properly relaxed, in England. But look at the
dreadful evils that these colonies are now suffering
from Sir -William Denison's last measure of letting
loose the Norfolk Island incorrigibles upon these
colonies I The man hanged the other day for the
murder of one Marcus, a year ago, is known to
have bees, concerned in 13 deteoted and undetected
murders. Two other men, implicated in several,
were tried the other day and got off—to commit
more murders boforo they do one so clumsily as to
lot in evidence. Many of the old convicts now at '
large have had sentence of death " recorded" against
them in England for murderous assaults, and other
crimes of violence. They have since been scourged
out of all humanity, sentenced to transportation
for life three times in succession ; so that :flow
every punishment short of death merges in the
punishment they are under. At last, under some
freak of tie Colonial-office, or some villanous pro-
vincial " dodge," they are conditionally pardoned,
come over hero, and commit numerous crimes be-
fore detection. In such cases is there any remedy
but hanging ? Ido not mean to say it is a good
punishment, but what punishment is good to de-
ter the old offender ? The Lse of death punishment
will be to cut off from the face of the earth a class
of wretches that have lost all traces of humanity.
There have been a good many fires lately here
and at Geelong. The insurance-offices are on the
q;t vivo,
or some of them, to be not
quite
te accibedelv
nietaling . he,
It
proposed to give the co-
roners jurisdiction to inquire into tho causes of
fires.

Your readers, or such of them as see a Melbourne
paper, will observe that there are several insol-
vencies, but they are all very small. I cannot
learn that we are likely to have any of consequence.
The people are about to raise a sum of money as
a testimonial to Mrs. Chisholm for her services in
promoting family emigration. They intend to sub-
scribe 2,8001., and ask the Legislature for 5,0001.
to purchase a house. There has been a meeting
and some speech-making about it, and it seems
likely to succeed, at least as far as the voluntary
part is concerned.
Geld continues to be produced steadily, chiefly
new by the old hands, who make it a systema-
tic business. The production continues to range
from about 32,000 to 40,000 ounces per week,
Ipp. erri
zweosue, nbcue making an export of
seldomthe earnings generally
now hear of large
are remunerative.
nnw euoagrrtglhye t asBb, ooorNu gt Cl°4e
bt

MONEY. AND TRADE.
(From the Melbourne Argos of Oct. 27.)
Our report of the present state of this market may be
summed up as follows :—ln consequence of the improve-
ment in the roads, by the advent of the dry season,
there is a little more demand for goods ; but so-many
failures have taken place that there is a prevalent want
of confidence, and even the wealthy retailers will not at
present increase their stocks. There is no improvemeat
whatever in prices since our last IbutuniarY., and stocks in
first hands remain very heavy.
The facts connected with the trade of Melbourne dur-
ing the past two years demonstrate the utter impossibi-
lity of regulating supplies from distant markets with the
present defective system of communication. Our prin-
cipal imports have been frJta three sources—from the
neighbouring colonies, from America (North and South),
and from the British Islands. Our trade with the Aus-
tralian colonies has been lucrative to all concerned.
Almost invariably such goods only have been ordered
andman
many
transmittedcases
a splendid a s
profitdemand,
persons.
Their first ventures were trial shipments, and many
ahllmroesftereenntcierelytointitlb ands of inexperienced
the American
Ahmericantnreadee it was at first
rienced
of them, as a matter of course, were unprofitable. But
with that remarkable aptitude for business, which
is a characteristic of Americans, the branches of
houses 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 mad.
ness, we may say—has been so great and so suicidal,
that, to persons who do not know the facts, the most
plain and prosaic recital will be deemed exaggeration.
At this risk, however, we shall detail a few facts.
About the middle of 1853, it became evident that sup-
plies far beyond our requirements were pouring into Mel-
bourne. Of this due notice WAS given, and we can vouch
that for many months nothing but the most gloomy cons.
mercial accounts have gone periodically to England. Let
us examine what effect these have had. We shall speak
chiefly of the trade of
eMmealbyomurennetcobnutthiant oinrdle:st3h,awt
when
readers may understand its relative proportion to that
of the whole colony,
the imparts of Victoria were valued at 15,842,637/.,
those of Melbourne were 14,093,35:1. We have stated
that in the middle of 1853 it was discovered that ship-
mente were excessive. The climax was in the first quar-
ter of 1354, when the value of imports at Melbourne
was 5,303,1841.
But the subsequent imports were as follow :
Second quarter ........................ £3,252,884
Third quarter ........................... 3,854,350
And we cannot estimate the fourth
quarter at less than ............... 3,000,000
Add for first quarter, as above ...... 5,303,184

£15,418,418
So that, notwithstanding ths continued statements

for a year past of over supplies, the value of goods im-
ported in 1854 will exceed the enormous amount in 1853
by 1,312,167/.

Our last summary would show the effect of the glut in
1853 ; namely, that British manufactures could not be
sold at a profit. We cannot in the present summary
hold out any better hopes. It is certainly reported that
the skipments have fallen off in Britain, and during the
last thrie weeks the arrivals have been less ; but even
supposing that there has been a cessation of shipments,
many months, probably a year, must elapse before a
healthy or legitimate state of trade can be established in
reference to very many articles of British manufacture.
The continued depression has had a disastrous 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 discounts, and,
having locked up their funds, they are now scarcely able
to meet the demands of legitimate trade. It is a remark-
able fact, that among the numerous insolvencies that
have taken place there is scarcely one in which landed
property is part of the assets. It was generally con-
sidered that the 4th inst., when ♦ery heavy liabilities
became this, was a test of the soundness of our mercan-
tile body, and the engagements having been all but uni-
♦ersally met, there is now greater confidence, and there
is no fear of any commercial crisis. The outsiders will
be gradually weeded out, and trade in the end will be
placed en a more legitimate basis.
MELBOURNE WHOLESALE PRICE CURRENT.

This is the season in which annual supplies of bread-
stuffs are sent to the interior, and a great impetus has
been given to the trade ; but it was all anticipated, and
has only tended to Blake our market a little firmer. The
harvest in New South Wales and in South Australia
commences in the end of November. From all accounts,
a great additional breadth of land has been. sown in all
the Australian colonies; and as yet there is no reason to
believe that the crop will be under an average.
About 800 tons trop Chili flour hlvo been received
from San Francisco, part of which have been sold at 241.
to 251. per toi. The remainder is held for a higher
figure.

Dry or Soft Goods.—ln our last summary we stated
that holdcra would sell generally this description of
goods at original invoice price. We have new to state
that if offered at that price it can hardly be got. Our
reports to the trade are to the following effect :—ln
consequence of the number of failures large quantities
are daily forced at auction, where they do not realise
more than a third discount. At this moment there is a
full stock of summer goods, and a very large stock of
winter goods is waiting for the ensuing season. There
is not the slightest expectation of an improvement till
next season.

Bags are all lower. The stocks are very heavy.
Boots and shoes, if semonable, realise about 25 per
cent. on invoice.

Candles.—The high price of tallow and tallow can-
dles has caused a demand for sperm, composition, and
stearin° candles, which aro now saleable at improved

prices.
Coal and Fuel.—This article is greatly reduced, in
consequence of thb settlement of the strike in New South
Wales.

Cordage is in good demand, and it is probable that
ere long prices will be remunerative to the importer.
Earthenware, &c.—There is a little more inquiry for
chinaware, earthenware, and glassware, but at prices
that do not cover cost and freight.
Furniture, at present, ha•dly pays cost and charges.
Glue is scarce.

Hops.—This article is tolerably firm. It appears
that this season English hops have not arrived in good
condition.

Ironmongery and llaraware.—Assortcd invoices of
American hardware are -worth about 20 per cent. ad-
vance on invoice. The hardware market is at present
exceedingly dull, except for Collins's and similar makers'
axes, iron of all kinds has declined.
Lead,—Shot is still wanted. There is no improvement
in sheet lead. Pipe lead is not so well supplied.
Milt.—English is unsaleable.
Malt Liquors.--The stooks of bottled are very heavy,
and considerable sacrifices at auction are reported ; still
a fair price for a really good article is realised. The
prices for stout in bulk are ruinous. Ale also is
lower.

Suap.—Windsor soap and fancies are unsaleable.
Stocks are heavy.
Spirits.—We are inclined to think that spirits have
fallen to their lowest limit. In the last week tho stocks
hare ceased to increase. The recklessness in this trade
is demonstrated by the fact that brandy hero is lower
than in London. Shippers in Britain shoild bear mind
that we hare now a ♦ery large trade direct with ports
on the continent, from wlhich the genuine articles are
supplied. The recent inczease of stocks is in a great
measure attributable to a lessened demand, in con-
sequence of improved habits of sobriety of the popu-
lation.