The Sun.
London, England, 1853-09-29 00:00:00

AUSTRALIA.

The Typhoon, from Port Philip, has brought
7,373 ounces of gold, valued at 29,4001. The Marl-
borough has also arrived with 72,000 ounces, valued
at 288,0001. The Essex is likewise reported, but
her amount of gold is not yet ascertained. It is
believed, however, that she has at least brought
about 10,000 ounces.
The dates brought by the Marlborough (Allen
W. Young) from Port Philip reach to the 4th of
July, this vessel having arrived off the Lizard in
83 days. Her advices, therefore, are nearly a
month later than those previously to hand, and,
together with those of a rather earlier date, which
have also been received to-day by other vessels,
are of an important character, since they will
increase the serious anticipations expressed re-
garding the- probable fate of the consignments
lately made from this country to the colony.
The import market for goods was already over-
stocked, and a vast proportion of those which
consisted of unsuitable articles were apparently
being sacrificed at auction at little more than
nominal prices. With respect to provisions, a simi-
lar state of affairs seems to have approached.
Sales that had been made of malt liquors to
arrive had been disowned by the purchasers
on various pretexts, while, as regards flour,
it is said there were 50,000 barrels in the port, a
great portion of which, according to some accounts,
would be shipped to England. The Eagle, which
was to sail about the beginning of July, is said to
be bringing over 6,000 barrels, at a freight of about
Bs. per barrel. Three hundred ships, with cargoes
on board, were lying in the harbour, and mean-
while the charge for lighterage was becoming more
exorbitant, 355. per ton being demanded for free,
and 40s. to 455. for bonded goods. An impression
seems to have prevailed in the colony that after the
present arrivals future supplies might probably be
only moderate, and that hence some recovery in
prices might be looked for when the roads to the
mines, which had for some time been impassable,
should again be opened, more especially as the
accounts of the gold production were very favour-
able, and it was understood that goods were wanted
there. These hopes of a more satisfactory state
of affairs cannot, however, be trusted to the
same extent on . this side, where the consign-
ments sent out are known to _have increased
week by week uninterruptedly for more than
six months since the sailing of the latest vessels
that had yet reached the colony. The revenue of
Victoria for the quarter just ended again showed
an extraordinary augmentation, and the amount of
gold shipped from Port Philip alone from the Ist
of January to the 27th of June, valued at 41. per
oz., was 4,400,0001. The price of gold was 775. Gd.
per oz., and the rate of exchange on London was
2 premium, with an expectation that fib might ad-
vance to 4 premium. In the latter case it would
be more profitable to send sovereigns than bills.
At the same time, large quantities of gold dust
were in course of transmission. Just before the
departure of the Marlborough, the Union Bank of
Australia had given notice of a robbery, which had
caused great excitement. It appears that a case of
note-forms belonging to the bank had been stolen
from a vessel in Hobson's-bay, and put into circu-
lation with false signatures. The forms comprised
12,000 of 11. each, 4,000 of 51., 1,000 of 50/., and
an unspecified number of 101. and 201. each. The
Cleopatra steamer was to leave Port Philip for
Liverpool on the 27th of July, and the Great
Britain some time during the same month. The
Marlborough has brought 60 passengers and a
heavy mail.
The subjoined letter by the Typhoon furnishes a
full and practical description of the general state
of business at Port Philip up to the 13th of Juue,
subsequently to which date the markets continued
to give way :

"The importations into this port from England and
America during the past few weeks have been unprece-
dentedly large, and have already begun to tell upon the
market. Most of the warehouses are crammed with
goods, provisions, &c., and the lack of storage is daily
forcing vast quantities of merchandise to hurried dis-
posal—generally by the hammer. By this means, how-
ever, the market is being gradually relieved of many
trumpery and unsuitable articles sent hither by
`dabblers' or inexperienced beginners,' under the mis-
taken and too prevalent notion that 'anything will
do for the colonies'—a notion of which, it is to be
hoped, their present experience will rid them. None
but genuine and really useful articles are wanted
here. Meanwhile, the presents of the contrary has
an injurious influence upon the market. The very
large importation of American flour and breadstuffs,
and the accounts of large quantities yet to arrive, have
caused a very considerable decline in the prices of those
articles. Grain has been gradually falling for some time,
and a downward tendency is still manifest, though
oats are slightly recovering. In colonial flour the de-
cline is not so perceptible as in foreign, and with our
continually increasing population it is not probable that
in any article of general consumption any serious depres-
sion can long rule. Almost all the flour from England,
and very much of that from America, arrives soured ;
from what cause it is not easy- to determine, but
very often it is attributable to bad packing and de-
ficiency of ventilation in the holds of the vessels. Several
large parcels have recently arrived in 501 b. tins, and all
in beautiful condition. American may be quoted at 181.
to 201. (tins), and colonial at 271. to 30/. per ton. Pro-
visions are rather lower. Manufactured goods suitable
for the season find purchasers at fairly remunerative
rates, as also ale, porter, and spirits. Building mate-
rials continue in great demand ; but the profits of im-
porters are most materially lessened by the heavy ex-
penses to which their goods are subject. Besides the
high rates of freight and insurance, they have to sub-
mit to the charges of lighterage from the bay, at
the rate of 355. to 40s. per ton, and it is difficult
to obtain lighters even at these rates, and several ship
agents have recently publicly intimated that they
could not get them, and that consignees must engage
them themselves, and be prepared to pay the 10/. per
day demurrage after the first ten days, of cartage in the
town at 7s. per one-horse load, and, those who have not
stores of their own, of storage at 2s. 6d. per ton per
week. In addition to all this, their goods, if not care-
fully looked after, are most unceremoniously precipitated
into a sea of mud, which is almost the chief constituent
part of `the Queen's wharf.' New houses are springing
up every day, and the Americans are establishing them-
selves here in considerable numbers. Adams and Co.,
the great American carriers, have opened a branch here.
They carry' to every part of the world. Their opera-
tions in this quarter are likely to be very large. The
wool season is, strictly speaking, over' here, but a few
lots which have been delayed by the difficulty (still
existing) of obtaining carriage,' keep dribbling in from
distant stations, where it is probable, parts of some few
clips' will be detained till after the winter. But, even
after all has been brought down and shipped, it is the
almost universal opinion that the export of last clip'
will show an actual decrease as compared with that of
the previous one, instead of what the English manu-
facturers require,—a positive increase. A very large
proportion, too, of the wool this year is sent home in
the grease. Prices are higher here than those which
ruled at the last February sales in London.
" There is little doing in tallow.
" Gold is very firm at 775. per ounce, and is only to
be obtained in small quantities even at that price. The
various diggings' continue to yield largely, but appa-
rently not more than the colony requires for remittance
in return for imports of goods and specie.
" The banks are charging 2 per cent. premium for
bills on London. They purchase draught against hypo-
thecated gold or produce at par.
" Rents are very high. A moderate-sized store lets
readily at 2,0001. per annum, a respectable family house
at 7001., a four-roomed cottage at 1501. to 2001.
" The cry is still for emigrants, but only for such as

SEIREWSBETRY AND CHESTER.
The half-yearly meeting of this company was held
yesterday at Chester. The meeting was also summoned
specially for the purpose of authorising the directors to
raise 76,140/. (being the balance remaining unissued of
the 173,400/. ?preference stock authorised by the act of
1851) by the creation of new shares to be apportioned
pro rata among the present shareholders. The chair
was occupied by Mr. John Williams.
The report, which was read by Mr. Nicholls, the
secretary, announced a considerable and regular increase
of traffic in the half-year ending the 30th of June over
that of preceding half-years, notwithstanding the pres-
sure of the competition which had been for a long time
weighing upon the property. The number of passengers
carried in the half-year had been 215,646, and the goods
269,099 tons; the receipts from both being 50,4281.
In the corresponding half of the last year the number of
passengers carried was 184,986, and the goods 230,277
tons, producing in receipts, 43,486/. Though the gross
receipts had thus increased, the amount received on the
through traffic had considerably diminished, partly in
consequence of the London and North-Western Com-
pany having practically reduced their passenger fares to
a lower rate than was charged on this line, and partly
from this company having declined, during some part
of the half-year, to continue carrying a certain de-
scription of the through traffic at the existing very
low and inadequate rates. By this means, however,
they had been enabled to increase their accomino
1l i rolling
one direc-
tors
this
through traffic until the Great Western Company was
dation for the local traffic, which, although paying
considerably higher rates than the through traffic, was
profitableofro
completed for through working. The rise in the price
of labour and materials had increased the working ex-
-Buffedirindgn from
not anticipate defieieanneyy
ex-
penses of the line, and the directors expressed regret
that so large a proportion of the revenue should be ab-
sorbed in such expenses. The expenditure in the loco-
motive department would be reduced under new ar-
rangements made in this department. The locomotive
stock, which had been examined by Mr. Boyer, locomo-
tive engineer of Liverpool, was reported by that gentle-
mad to be in excellent condition. The line from New-
port to Abergavenny would be opened in the course of
the present half-year, and a considerable increase of
traffic was expected from that line, which would connect
the iron districts of South Wales with Liverpool. The
local mineral traffic of the Shrewsbury and Chester line,
which was only limited by the amount of the facilities
for its transmission had considerably increased, and, with
such arrangements at Birkenhead as would improve the
shipping accommodation, the trade might still be doubled.
The directors added that they were now negotiating for
the required additional accommodation with every pro•
spect of success. The Parliamentary proceedings of the
half-year had been confined to the opposition made to
hostile lines. A bill for a line from Oswestry to Newtown,
which had been encouraged by the directors, but had
been thrown out, they recommended should be taken up
and prosecuted in a future session as being of essential
importance to this company.. An eminent contractor had
offered to make that line, and to guarantee for a term of
years 4 per cent. on the capital. They also recom-
mended a new project for a line from Wrexham to
Ruthin, and another for a short line from the Dee via-
duct to Llangollen. The directors next adverted, in
terms of congratulation, to the state of the protracted
negotiation with the Great Western, and intimated that
they had prepared an agreement for carrying out the
amalgamation on the terms proposed—viz., 3i per cent.
and half profits from the Ist of January next. To raise
the capital for which the special meeting was called, the
directors proposed to issue 7,614 shares of 101. each, in
the proportion of one share to each 1501. of stock, bear-
ing interest at the rate of 5 per cent, per annum from
the 29th of October next, on the sums from time to time
paid up, and redeemable on the same date as the for-
mer issue of preference shares, with a bonus of 10 per
cent. The report concluded by recommending a divi-
dend of 1 per cent. per annum on the ordinary share
capital of the company, besides the dividends on the pre-
ference shares.

The statement of accounts was taken as read.
The agreement with the Great Western for carrying
out the terms of amalgamation, as agreed. to at the meet-
ing on the .13th inst., and embracing the offer of al per
cent. and half profits, was next read.

The CHAIRMAN, in moving the adoption of the report,
observed, that it referred generally rather to matters of
internal management than anything else, and therefore
was fitted to be explained, if explanation was required,
in reply to questions from the proprietors, and any such
questibns he should be happy to answer.
The resolution that the report be adopted was put
and carried unanimously. as were also the formal reso-
lutions
authorizing the dividend.

It was then —proposed that the retiring directors,
Messrs. J. Williams, John Royle, James Haswell, and
J. P. Gubbins, be re-elected.
Mr. MUNROE objected that the three first-named
directors ought, by the terms of the statute, to have re-
tired a year ago, and, it being required that four should
go out annually, the board ought now to place eight
seats in the direction at the disposable of the pro-
prietors.

The CHAIRMAN moved that Mr. James Haswell be
re-elected a director, whereupon
Mr. MUNROE moved, as an amendment, that Mr.
Kennedy be elected instead.

The amendment having been put, was lost by a large
majority, and Mr. Haswell was re-elected. The chair-
man and Mr. Royle were next elected, and Mr. Samuel
Holme, the Mayor of Liverpool, was elected, on the
motion of the chairman, in the room of Mr. Gubbins.
The auditors were then appointed, and the appoint-
ment of Mr. John Nicholl as secretary, in the room of
Mr. Darkin, who had resigned, was confirmed.
Mr. MUNROE proposed a resolution requiring four
other directors to retire, and nominating four other gen-
tlemen in their stead.

The CHAIRMAN stated that they had the opinions of
Sir F. Kelly and Mr. Butt, Q.C., to the effect that four
directors only were required to go out at the present
meeting ; he must, therefore, decline to put the motion.
Mr. MUNROE protested against the chairman's decision
and intimated his intention to resort to the remedy which
the law gave him.
The special business having been called on,
Sir W. JOHNSTONE stated, that he and those with
whom he acted did not intend to press for the investiga-
tion as to the shares and transfers, considering that the
results would not justify the expense. He, however,
intended to move an amendment to the motion for con-
firming the terms offered by, the Great Western Com-
pany, to the effect that the meeting disapproved of the
appointment of directors pledged to give effect to that
offer, inasmuch as it precluded the board from consider-
ing any amended offer from the North-Western Company,
and that the meeting declined to entertain an offer from
any company short of 4 per cent, and half-profits. He
was quite confident that by holding on, the Great-
Western would come forward with still better terms.
The CHAIRMAN put Sir W. Johnstone's proposition as
a substantive motion, it having been first seconded and
spoken to by several proprietors.
Mr. THORNTON contended that the London and North-
Western Company were not in a position to make any
offer to the Shrewsbury and Chester Company so long
as the agreements which bad been entered lath existed.
He concluded with an amendment declaring the entire
confidence of the meeting in the directors, and approv-
ing of the course they had taken in endeavouring to give
effect to the alliance with the Great Western on the
terms proposed.
Mr. WATHEN seconded the amendment.
Mr. ROY warmly defended the directors, and contended
that to repudiate the proposed terms of amalgamation
with the Great Western, after all that had taken place,
would be a breach of mercantile faith.
After a lengthened discussion, which frequently became
angry and personal, and called forth numerous explana-
tions, Sir W. JOHNSTONE replied, and the question was
put from the chair, when Mr. Thornton's amendment
was carried by a considerable majority.
Captain BULKELEY, a Great Western director, who had
voted for the amendment, demanded a poll, in order to
show that the large majority of the proprietors were in
favour of the Great Western amalgamation.
The CHAIRMAN appointed the polling for the end of
the meeting, after the other business.
Resolutions for raising the additional capital were
next proposed and passed, and the meeting adjourned till
this day at 12 o'clock, to receive the report of the scru-
tineers of the poll on Mr. Thornton's amendment.