The Sun.
London, England, 1854-12-26 00:00:00

CALIFORN lA.

SAN' FRANCISCO, Nov. 16.—Her Majesty's
steamer Virago, Captain Marshall, arrived in this
port on the 28th ult., in six days from Victoria,
Vancouver's Island. On the same day the dis-
covery ship Plover, Captain M'Guire, arrived from
a cruise in search of the Franklin expedition. On
the clay following (the 29th) the frigates President
and Pique, Captains Burridge and Sir F. Nichol-
son, arrived in 13 days sail, also from Victoria ;
and the Amphitrite, Captain Conolly, arrived on
ill. 7th of this month; .in 17 days, from Honolulu,
Sandwich Islands. The President now bears the
flag of Commodore Frederick (late of the Amphi-
trite), promoted by the death of Admiral Price.
The Plover has been condemned as unseaworthy,
and is to be sold here. Her officers and crew are
to be transferred to the Russian prize ship Sitka,
which was taken at Petropaulovski, and which they
are about to take to England, with the Russian
prisoners, for condemnation, dm.
The Presiclentand the Amphitrite sail to-morrow
for Valparaiso, I believe ; and the Virago leaves
the following day for San Bias, coast of Mexico.
Of course nothing more can be done in the North
Sea against the Russians at this late season. ,
The last mail was brought from New York in 23
days and 13 hours, via Panama—an unusually
qaick time.
The French squadron, composed of the frigates
Forte and Eurydice and brig Obligado, have been
here since the 3d of October taking in supplies• and
repairing damages sustained in the attack upon
Petropaulovski, until a few clays - ago, when the
Obligado sailed for Guaymas, coast of Mexico. The
Forte and the Eurydice are to sail in a few clays.
their destination not yet given out. The French
Admiral has been very unwell since his arrival at
San Francisco, and is still feeble.
The United States' steam frigate Susquehanna,
Capt. Buchannan, arrived on the 11th inst., from
Japan, via Honolulu. She brings no later news
from Japan than has been published already ; her
dates from the Sandwich Islands are to the 28th of
October. _ _

Proposals to dredge out the harbor" of Honolulu
and to deepen the channel have been advertised
fer by the Government, and an appropriation made
by. the Legislature to pay for the work, but no con-
tract offered for it • so it is reported that the Go-
vernment will undertake this desirable job itself
without delay. The American steamers Seabird
and West Point, both from San Francisco, belong-
ing to the Hawaiian Steam Navigation Company,
have been put into the inter-island trade with
every prospect of success. The islands are making
great progress in the rearing of stock and in the
rearing of agricultural products. The number of
visitors from San Francisco is large and increasing.
The question of annexation seems to sleep for the
present.
By a combination between the Pacific Mail Com-
pany vid Panama, and the Nicaragua Company,
via San Juan, we have a weekly mail now to and
from the Atlantic States. An enterprising attempt
has been lately made by the express house of Adams
and Co., of San Francisco and others to run an
overland " express" across Mexico from Acapulco
to Vera Cruz. From these points the trip is to be
made by relays of horses in 66 hours, which will
bring intelligence and postal matters eight or ten
days in advance of the mails, and reduce the period
of transmission of letters, &e., to 16 days from.
New Orleans to St. Francisco. The project is fea-
sible, and its execution is only delayed by the pre-
sent disturbed state of Mexico.
Since I last wrote mercantile business has been
quite brisk. The merchants have done a very good
fall trade, and a great quantity of goods has been
cleared off at advanced rates. Shippers should,
however, avoid sending over supplies as usual, in
the expectation of their meeting an equally good
spring trade, for the stocks in the interior are un-
precedentedly large, and Sacramento, Maryville,
and Stockton, the great depots of the mining coun-
try, aLS well as the more remote trading posts, are
largely supplied. If the arrivals during the winter
do not again overstock San Francisco, a rcmime.
rative spring trade may be expected.
The credit system is gradually being adopted in
mercantile dealings, in spite of the efforts of the
morolianto to cliscounteutwoo it, !Alio ix the effect

of the keen competition caused by the enormous
influx of merchandise pouring into the market over
and above the actual wants of the population, and
which forces the merchants to grant facilities to the
buyers. The bankers even are obliged to give a
short credit to the merchants for their bills of ex-
change—a course not adopted in countries where
the credit system in commerce is established. The
introduction of this system will lead to serious
losses ; in fact, its evil effects are already felt.
Credit is, of course, essential to the success of
commercial enterprise in general and on a great
scale ; but our traders are too speculative and have
too little capital to justify its extension here.
In consequence of tke absence of speculation in
real estate, which continues dull, and of the influx
of foreign capital beyond the wants of the country,
money has accumulated to an extent which has
lowered the rate of interest to 2/. per cent. per
month. Money is quite abundant, and there is
more than sufficient for all the profitable and safo
investments that offer. In fact, the money busi-
ness has been overdone.

The supply of gold dust has been limited of late,
owing to the continued drought, which restricts the
labours of the miners in the " dry diggings." The
ruling price is $l7 40c. per ounce. Exdhange—
London, sight, 46id. to 47d. ; Paris, 41. 85c. to
4f. 90c. and 4f. 950. ; Atlantic, sight, 3 *per cent.
premium.