The Sun.
London, England, 1864-12-23 00:00:00

SOUTH AMERICA.

By the French mail steamer Navarre we have
received adviees from Buenos Ayres to Nov. 11th.
The Standard of that date, in its "Review for Eu-
rope," says :

There is but little to chronicle since the sailing of the last
English packet. The state of affairs in the Argentine Re.
public being unaltered, everything is going on well, and if
the revolution in the Banda Oriental could only be brought
to a termination the prosperity of the. River Plate would be
without alloy. Advicea from the interior are of the most
cheering nature. The news respecting the gold discoveries
in San Juan have been fully confirmed, and people from all
quarters are rushing to the diggings. Unfortunately a most
vexatious litigation has arisen as to the ownership of the
mines, which will ultimately result in riot and disorder
should the authorities persevere in the attempt to keep all•
the gold for themselves. The last daft we have from San
Juan state that a party has extracted 1000 ez of gold out of
a c,,,j na, or two tors of rock or quartz, and that all that are
required to make San Juan another Californ'a are hands,
pickaxes, and shovels. We hope to see some intelligent
miners arriving soon, as it is now beyond all doubt that
gold in immense quantities exists at the foot of the Cordil-
lera.

The past eeason has been so extremely favourable that for
many years we have not had such a plethora of fat cattle es
at present. In the province of Corrientes the homed cattle
are so abundant, that the estancieros are obliged to export
them on their own account. In Buenos Ayres, Entre Rios,
Santa Fe, and Banda Oriental, the, prolific increase of sheep
is unprecedented, and both producers and consumers admit
that the clip of 1864 is the finest, cleanest, and best is every
respect ever known in the River Plate.
The long-talked of bill for the redemption of the paper
dollar has at last passed both houses, and is now the law of
,the land, but few believe that it will ever effect the object
for which it was framed. The news from Europe which
the Chilian steamer Payta brought us had a most un-
favourable effect on our market; gold hss suddenly risen
and produce fallen. As yet, we are happy to say, no failures
of importance have occurred, but the greatest fears are en-
tertained that a commercial crisis is at hand, which it is
thought, however, will be limited to native shopkeepers who
have been trading on a rather extended credit.
_ _

The several railways were proceding with undi-
minished vigour. The rails of the Groat Southern
were laid a couple of mike beyond theLonias de Z
more, on which the locomotive runs to and fro daily,
and the contractors hoped to have the road open to
Sin Vicente in February. The Northern Railroad
was being extended to the Tigre, Mr Mills taking
charge of the work. The Western Railway was al
most finished to Mercedes, and will be extended to
Chivilcoy, for the Government account, unless prep
viously 531 d. The Boca Railroad was steadily pro-
gressing ; and the Argentine Central, under the
management of Mr Wheelwright, was pushing
ahead with She greatest activity.
The Standard of the 11th says t--

The Flores revolution, which still continues in the ad-
joining republic, is causing the most serious complications
in the River Plate. The Brazilian squadron has at last left
Buenos Ayres for the River Uruguay, for the purpose of
blockading some of the river ports. The Brazilian invasion
has caused great excitement in many parts of the Argentine
Republic, and if permitted to continue will it is feared lead
to a fearful revolution in some of our provinces. President
Mitre's non-intervention policy is regarded by all impartial
persons with the greatest distrust, and the national securi-
ties of the Argentine Republic are selling at a discount of
60 per cent., which can only be accounted for by the gene-
ral want of confidence in the actual Administration.

The following are the latest reports of the Buenos
Ayres markets:— _ .

Nov. 10—Paper price of ounces, 4661 doll—ditto sove-
reigns, 14.1 dole—first price of patacons. 29 35—last
ditto, 39 15—cash sales, 8,270-2,0'00 National Bonds,
44i, with coupons-8,200 ditto, 411, deliver January
10, 1865. The decline in the price of specie to-day was attri.
buted to the burning of nine millions of paper money which
will take place on Monday. Paper money is in great deman 1,
and, notwithstanding the alarming inews brought by the
packet, merchants and brokers consider that the withdrawal
of so large a sum from the market must have a very serious
effect on the value of our circulating medium. The wool
markets were rather dud to-day. The highest price obtained
in the place that we could hear of was 86do1. Owing to the
unfavourable news received from Europe, the buyers have
nearly all left the market awaiting the arrival of the Mersey,
which will bring the merchants their regular letters. The
best wool at present may be quoted at from 85 to 95, and the
market is very weak. In exchange we remark that rates
have receded, and to-day several bills for large amounts were
passed at 491 and 491. Takers are beginning to be very
particular, owing to the gloomy prospects respecting River
Plate produce. The total amount drawn for the packet is
under the usual average, and it is said on 'Change that some
specie would be shipped. in the Saintonge. The Oriental
loan weft not known on 'Change, although we have been in-
formed that some of the bonds are at present in this city.
The National Government amortised 21 bonds of I,ooodol
each on the Ist inst. These securities have improved a
little to-day ; the Finance Minister deserves every praise
for the great regularity with which he pays the interest and
principal instalments of the national debt. If the coupons
could only be paid inEngland we doubt not that these bonds
won d find a ready sale abroad. There were no charters, and
as importers dread that the prices at home are giving way,
it is thought that both hides and wool will go into deposit.
At Montevideo business was dull, but money was
very cheap. Second-class bills were discounted at 9
per cent. The Montevidian Government had ne-
gotiated a loan with the merchants in Montevideo
through the brokers Lavelle and Co. for the sum
of 400,000 national dollars: The Government had
issued bonds at 87/ per cent., bearing 12 per cent.
interest, secured by the Custom-hduse building. The
fortifications were being carried on with the greatest
vigour, particularly down at the bay side and
ehevaux de frise at each of the barricades. The
National Guard were on duty every night. At the
Paso Molino there was stationed a regiment of
soldiers, and two piects of cannon commanded the
bridge,