The Sun.
London, England, 1860-04-05 00:00:00

COMMERCIAL.

BOMBAY, MARCH 12.
Money continues in good demand, at the rates last advised
of 9 per cent. for advance on cash credits with Government
securities, and 10 per cent discount for three months' pri-
vate paper.

We have again to report great languor in the inquiry for
cotton piece goods, chiefly caused by the tightness of money
in the bazaar.

Exchange has not materially varied, and the whole of the
business has been done at or about last rates. We quote
2s. lid. to 2s. led. for first class, and 2s. lid. for document
paper.

CALCUTTA, MARCH 22.
Government Securities-44 per Cents., 18 to 151 (?) dis.;
5 per Cents., 5 to 51 dis. ; and 51- per Cents., at par.
Exchange—On London for first-class credits, at six
months' sight, 2s. lid. to 2s. lid. ; on Bombay, 99.
Freights unaltered.

AUSTRALIA.

MELBOURNE.

We extract the following summary from the
Melbourne Herald of Feb. 17 :
The past month has been unmarked by any
political incident of an unusual kind. The Nichol-
son Cabinet still keep their places, without any
immediate prospect of their being compelled to
vacate them. The parliamentary session holds on
its course ; the Assembly being still engaged upon
the estimates ; and the Upper House being casually
occupied in dealing with measures which are either
of minor interest, or which will require to be en-
tirely reconsidered in the Assembly. This country,
in point of fact, never seemed further from a poli-
tical " crisis" than it does at present.
To us Australians it is a perpetual source of
amusement to note the ludicrous blunders which
even the best informed people at home sometimes
fall into, when they are speaking or writing of our
affairs. Thus, we find that the Times has been
recently discoursing at large on the political course
of Victoria, in a style that proves, at all events,
that the clever journalist who penned the article
has never been in Melbourne. He actually com-
mits the gross error of confounding the Legis-
lature of Victoria with that of New South
Wales, as if they were one and the same
body ! He might just as rationally suppose
that Melbourne is in Sydney ; which geo-
graphical anomaly, indeed, appears to be pretty
generally accepted in England ! The Times credits
this colony with having made a patriotic demon-
stration of loyalty to the mother-country, on the
occasion of Dr. Lang's motion for an " amicable
separation" being brought forward. Will the lead-
ing journal, then, be kind enough to take notice
that Dr. Lang is a member of the New South Wales
Assembly, and has no political connection whatso-
ever with Victoria ; and that he never did, there-
fore, propose any such motion to our representatives ?
The differencebetween us and our immediate neigh-
bours amounts to this,—that in Victoria not even
one man could be found foolish enough to propose a
separation from the mother country under any cir-
cumstances.
A proposal to establish a plan of federative unity
of action among these colonies, for purposes of mutual
fiscal advantage, and defence against external ag-
gression, has been under consideration here at inter-
vals for the last two or three years. It would long
since have been actually realised but for the selfish
jealousy of the New South Wales Government,
which threw imaginary obstacles in its way. The
project has just been revived in our Legislature ;
and there isgood reason to believe that the existing
Administration in the neighbouring colony will
heartily co-operate in furthering it. If so, the Fede-
ration idea may be considered as in a fair way to its
speedy realisation. When accomplished, it will be
at once a mutual bond of friendship between the
colonies themselves, and a pledge of their united
and perpetual loyalty to the British Crown.
In a fit of prodigality the Assembly have, in one
night, voted £50,000 for providing a system of
water supply to the gold fields, and £30,000 for
prospecting. Both votes were carried against
Ministers, through a combination of the mining
members with the Corner' and Mr. O'Shanassy's
following.
An effort was made by Mr. O'Shanassy, in the
Assembly, to obtain a grant of £50,000 this year
in aid of assisted female immigration. We regret
to say the proposition was defeated, partly through
the opposition of the Government, but chiefly
through the selfishness of the ultra-democratic sec-
tion of the house. This party, which affects to be,
par excellence, the guardian of the working man's
rights and interests, was furiously opposed to the
idea of helping deserving members of the working
classes at home to emigrate to this country. There
was no charity amongst its members even for
females to whom a gratuitous passage, to
a land where easy work and good wages
are courting their acceptance would be
a boon. Yet it is a fact that the males
in our population outnumber the females by no less
than 150,000. Of course, good female servants are
scarce, and in demand, at rates of wages varying
from £3O to .£4O a year. The want of a con-
tinuous flow of immigration into our territory is
one of the main causes of those occasional periods
of stagnation in trade and commerce, of which the
mercantile community both here and at home have
reason to complain. It really seems at present to
be hopeless to expect anything like generous,
public spirited and far-sighted legislation from our
Assembly. This is one of the penalties which
must everywhere be sometimes set against the en-
joyment of perfect popular freedom.
The same extreme party in the Assembly has
been making a desperate effort to vote itself pay-
ment for its public services, out of the public trea-
sury. Several acrimonious debates have taken place
on the ciucotion, but es yet with a very limited share
of success. It is probable enough that a general
proposition, to remunerate hon. members for their
services, would be affirmed by a large majority
within the house, and be looked upon favourably
by the mass of the people " out of doors." But
public taste and public decency alike revolt against
the naked motion for immediate self-payment.
Hence the ultra-democrats have failed signally of
their object. After a fierce struggle of eight or ten
hours the other night they barely succeeded in carry-
ing a resolution, affirming the expediency of indem-
nifying those country representatives who are
obliged, at considerable expense to themselves, to
live in Melbourne during the Parliamentary session.
This half proposal is so distinctly a virtual defeat
that it is generally supposed the eager expectants
of a Treasury gratuity will withdraw their motion
for the present at least. Certainly, this whole
affair has tended materially to help the reaction
against ultra-democracy which has been steadily
working in the minds of this community ever since
the last general election.
The financial sfate and prospects of tho colony
continue to be of a perfectly satisfactory kind.
Complaints there are of dulness in trade, and there
is also a perceptible decline in the weekly returns
from the gold fields as compared with those of last
year. This is greatly owing to the unusually long
drought, and want of water, as well as to the de•
!nand for labour on our public works having called
off large numbers from mining. But these are
evidently only temporary recessions of the tidal
wave of prosperity which set in with the gold discc-
vevies. What country is the world free from them?
In any case, these transient fluctuations of prospe-
rity do not in any way affect the general financial
position of the country. The revenue is always
secure, and is amply sufficient to meet all our
liabilities, including the annual interest

on our railway loan. Even when people
here complain most loudly of stagnation
in trade, and of " bad times" generally, there i*