The Sun.
London, England, 1854-07-28 00:00:00

THE COLONY OF VICTORIA.

The following more specific items of intelligence are
abridged from the Melbourne Argus, of May 26 :
Since our last no new gold fields have been discovered,
and the full value of the new diggings at Tarrengower and
Omeo, of which we have previously spoken, has not been
ascertained. It appears that the climate and country
at Tarrengower are naturally very dry, and the diggers
have not, at the date of our last intelligence, been able
to make much progress with their accumulated washing-
stuff. At Oflleo, in Gipps' Land, on the other band, the
country is so extremely wet, that comparatively little
can be done till the height of summer. As a favourable
circumstance we may mention, however, that . a nugget
weighieg 196 ounces has been recently discovered at this
new locality, ,ffording another instance of the great dif-
fusion of the precious metal throughout the colony. All
the old-established gold fields continue their supplies
with considerable regularity, as will be seen by the sub-
joined copy of the escort returns :—Mount Alexander,
Bendigo, and Tarrengower—Week ending March 25,
18,244 ; April 1, 18,571 ; April 8, 20,596 ; April 15,
16,815 ; April 22, 19,363 ; April 29, 18,275 ; May 6,
21,391 ; May 13, 17,198 ; and May 20, 19,307 ounces.
Tue return from Ball.rat for the same weeks were
respectively-19,860; 12,607; 17,476; 14,410; 11,297;
9,538 ; 14,875 ; and 18,002 ounces.
From the Ovens the receipts for escort during the same
period were 25,110/. ; and from Goulburne and M`lvor,
2,361/.
The above table indicates the relative produce which
the different fields aro yie,ding ; but in order to show
more clearly the condition of our great golden interest,
we exhibit below at a glance a comparison of the amounts
respectively received by escort, and shipped in similar
periods, in 1853 and 1854
Gold received by escort. Gold shipped.
1853 1854 1853 1854
oz. oz. oz. oz.
January 186,695 154,119 266,868 166,420
February 172,32 J 136,579
March 169,654 153,431
April . 170,427 182,807

639,023 626,966 724,649 713,230
It will be observed that in the first period the
amount brought by escort is very little less than
the amount shipped, while in the latter period the
difference is no lets than 86,000 ounces. The in-
creased amount which must have been conveyed
privately doubtless arises from the greater com-
parative s,cui ity of the roads. Another remarkable fact
is the nearly equal amount produced in each year, as
islo.vn by ilia shipments in the respective periods. Like
those of C difornia, it. now seems apparent that the gold
fi Ails of Australia ill bear wcrking without exhaustion
for a long period of years ; and we would remind our
distant readers that, up to this very time, the modes of
extracting the precious' metal from the earth are
of tie rudest character, and that it is difficult
t r predict what may be the reAults when such rich de-
p 'sits are entered upon with all the aids of scientific
kn ,wledge arid mechanical ingenuity.
A new coal field has been di,,covered on the Barrabool
Hills, abut five miles from Geelong, by Mr. Thomas,
an innkeeper, who has sunk to the depth of 340 feet on
his property and found coal, after expending upwards of
3 000 L. IL is not well adapted for the manufacture of
gas, but produces an excellent coke, which burns with
c iwparAtively little ashes and no perceptible sulphurous
fumes, and i., heating power is equal to the best samples.
If previously dried this coal would yield about 63 per
Len. of coke.

We have for months been proclaiming a glutted mar-
ket, but all on a sudden it has been discovered that in
many articles, instead of a glut, there is an actual scar-
city. The truth seems to be that a great number of
very inexperienced and thoughtless people have rushed
into trade with the new gold country, and in making
their purchases have not been sufficiently careful in
reference to the quality of the goods and the mode of
packing ; the result has been that the accumulated old
stocks of the old world have been sent to Melbourne.
This did not operate so prejudicially in reference to
dry goods. They remain on hand. But a large pro-
portion of the goods were perishable. Provisions, pre-
serves, oilmen's stores, ac., &c., were rotting, and bills
against shipment were coming to maturity. The only
resource was the auction, and a sacrifice. Soft
goods of course have also been sacrificed at auc-
tion ; but we believe the most seiSous losses that have
bten sustained have been caused by the putrefaction of
perishable articles, originally unsound. The consequence
is that at this moment, afr,er shipments that would have
glutted fur years any country with a similar population,
this market is now bare of provisions, preserves, and
other perishable goods in sound condition ; and at this
moment, and for many mouths past, prime butter, ham,
bacon, and similar articles have realised a handsome
profit.

In fact, it may be laid down as a general rule that an
original invoice of sound good articles, of every descrip-
tion except soft goods, will conanand.a, fair price in this
market. The tables in our last summary showed that
up to the end of the first quarter of 1854 our imports,
excessive as they bad been, had gone on increasing ; and
fur the year ending sth April the declared value of im-
ports at the port of Melbourne alone had reached the
enormous sum of 17,675,4721., as follows :
Quarters ending. Value.
sth July, 1853 £4,115,233
10th October
sth July, 1854 4,153,527
sth April, 1854 5,070,421

£17,675,472
Within the last two weeks, however, it appears from
the Custom returns that imports have very materially
decreased. In the week ending 6th May instant the
amount was 416,763/. In the week ending May 13, the
amount was 270,173/. ; and in the week ending 20th
May. the amount was 232.6581. The latter amount for
the year would give 12,000,0001. The chief items in
which the diminution has taken place are, haberdashery,
slops, blankets, woollens, cottons, building materials,
iron houses, hardware, stationery, beer, - spirits, and
wine (.lightly). This relief to our market has not come
a minute too soon, for the stocks of all these, except
the last, are immense.
Notwithstanding the immense amount of ready money
in the hands of the colonists, the demand for , money
capital continues greater than the supply. The rate of
interest has been very moderate, and for this we must
short-dated
very
r y large g anh.
thank the banks, which have judicious.lymsaukpipnlied tihi;
demand that has arisen. In the first quarter of 1853
is found in the bills)
debts due to the banks amounted to 1,295,6511.•,
the first quarter of 1854 to 5,028,472/.
whollyo
of this
is discounting
amount
creased circulation and deposits, but a y
, ofcre 3a,57e32(a,81°111°18.t l'ar t
por-
tion has been expended on houses, fences,
and permanent improvements. The circulationces, cultivation,
de-
posits amount to 8,076,1661.,
which, and
amounting, in the first quarter t for a population
250,000, would give upwards of°this year, to about
woman, and child in the colon 321. for every man,
Scot-
land, the birthplace of model banks,y.Comparing with
country the circulation of notes we find that in that
for a population of 2,900 00 in
1851 was 3,350,0001.
while in Victoria the , 0, or about is. 3d. per head ;
population of circulation is 2,089,911/. for a
250,000, or more than 81. per head.