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

AUSTRALIA.

By this arrival we have advices from Melbourne
to March 17, Adelaide to March 19, and Sydney,
by telegram, to March 16. At Melbourne the
Land Bill was still under discussion. All the other
legislative business that had been transacted had
been of a merely local character. Respecting the
gold-fields, the Melbourne _Herald says:—
Since the departure of the last mail there have
been complaints of a want of water all over the
gold-fields; and our accounts are, therefore, not so
encouraging as formerly. We have, in fact, to
note a decline for the past month in the gold re-
ceived by escort of 30,413 ounces, as compared with
the coresponding month of 1859, and of 34,015
ounces as compared with the corresponding month
of 1858. The shipments of the last month show a
falling off of 32,518 ounces as compared with the
corresponding month in 1859, and of 113,617 ounces
as compared with the corresponding month of 1858.

MELBOURNE COMMERCIAL INTELLI-
GENCE.
(From the Melbourne Herald.)

The circumstance of the mail steamer having
failed to arrive at her contract time has somewhat
interfered with business. Since the commencement
of the present month very few transactions of any
magnitude have been completed. There has been
another and more powerful reason why our mar-
kets have been reduced to a condition which has
been the subject of general complaint, for confidence
has been greatly shaken in consequence of three
respectable firms having found it necessary to con-
vene meetings of their creditors. These suspen-
sions have, as usual, given rise to exaggerated ap-
prehensions regarding the unsoundness of trade in
this colony ; and mischievous reports affecting the
credit of other houses have been freely circulated,
with the customary result.
The position of the stock and share market dur-
ing the month is summed up as follows by Messrs.
E. Khull and Co.: " The business of the stock and
share market during the past month has been very
unsettled, and, on the whole, of comparatively
limited extent. At intervals dividend-paying stocks
have been in some demand, and previous to the
departure of the Great Britain such shares trans-
ferable to London were bought at high rates.
Mining shares, with few exceptions, have been in
bad odour, and while freely offered for sale have not
met with any purchasers.
A meeting of the creditors of Messrs. W. M.
Bell and Co. was held on the 7th March. The
liabilities (unsecured) were stated to amount to
£48,000 and the total assets to £23,000, showing a
deficiency of £25,000. To meet this it was pro-
posed to pay a composition of ss. in the pound in
two instalments. This offer was favourably received.
It vast stated at the meeting that the firm had been
involved in grave difficulties since the year 1854.
The creditors assembled appeared disposed to dis-
cuss the subject of their deliberations in a very
liberal spirit ; and it would seem to be understood
that the proposition to which we have referred will
be accepted, always provided that it is not repudi-
ated by the creditors in the United Kingdom.
A circular was issued on the 12th instant, con-
vening a meeting of the creditors of Messrs. Alex-
ander Wilson, Nephew, and Co., merchants, of this
city. The suspension of Messrs. E. J. Wheeler, of
London, is said to have rendered this step necessary.
Messrs. Taylor and H. S. Smith were appointed at
the meeting to wind up the estate.
According to announcement, a meeting of the
creditors of Messrs. Henriques Brothers was held
or the 14th inst , at the offices, Lonsdale-street
West. A statement was submitted by the firm, by
which it was shown that the present difficulties
were of a temporary character, and that 20s. in the
pound would be paid if the creditors would consent
to receive instalments of their full claims, with in-
terest, at three, six, and nine months. The offer
was accepted without hesitation by the assembled
creditors.

From Adelaide we learn that the elections were
still taking place, 16 out of 36 members having
been returned.

The following is from Messrs. Elder and Stir-
ling's commercial report :

Adelaide, March 17.

The long-continued and disastrous drought to
which we have during many past months been com-
pelled periodically to allude has at length been
broken by several welcome and heavy falls of rain.
-Whether these rains have extended to the far
north, where the greatest sufferings from drought
have been experienced, remains, however, to be
ascertained. The news •f the loss of the Blervie
Castle, speedily followed by that of the John
Sugars, however distressing in other respects,
is not likely to affect our markets appre-
ciably. Consignees by the former vessels
have already, in some instances, received ad-
vices of the indemnification for losses by the under-
writers and the re-shipment of consignments; and
in all probability this will be the case with respect
to a large portion of the goods shipped by both ves-
sels—a circumstance which can hardly be deemed
matter for congratulation during the continuance
of present overshipments for Australia. From
Victoria we are at present almost daily in the re-
ceipt of intelligence of the stoppages of consider-
able and long-established firms. It fortunately
happens, however, that this colony is little in-
volved in the chief insolvencies that have lately
been declared in Melbourne. News of another
kind from among our eastern neighbours is likely
to affect us more largely, The recently opened
Snowy River Diggings, near Twofold Bay, are in-
creasing in reputation and popularity, and unless
unfavourable news should arrive, or counteracting
zireumstances occur, are likely to cause a consider-
able drain of our adult male population in spring.
For the present, however, the general knowledge
of the climate of the newly-discovered gold dis-
trict—coupled, perhaps, with the salutary influence
of its name—has sufficed to avert a considerable
emigration, although one or two minor shipping
houses have succeeded in findino.°
.less-informed pas-
sengers enough to fill a few small vessels for Two-
f'o'ld Bay. It is generally known that, however,
brilliant the prospects of the new diggings may be
operations must within a few weeks be altogether
suspended there until the return of the warm wea-
ther. We have to report generally that the events
of the past. month have caused trade in South
Australia to be even somewhat duller than at the
date of our last.
Wool—Growers are firm, and are for the most
part their own exporters. Very little is offering in
the general market, the chance of rise or fall being
in the majority of cases taken by producers them-
selves.

Exchange—The banks issue bills on England at
following rates :-60 days, 1 per cent, premium ;
30 days, 4 do. ; 3 days, 2 do. Buj ing rates, 60
days, 1 per cent. discount ;39 days, do.
The following telegram was received at Mel-
bourne from Sydney on March 16 :
" Buyers and Learmonth's liabilities are £44,000,
and their assets £33,000. The gold fever has now
reached an extraordinary height. Another field,
said to be of surpassing richness, has been disco-
vered on the Tumut River, only ten miles from the
Snowy River, Nuggets have been found i❑ profu-
sion, one weighing 131bs. There are already 1,400
persons on the ground, and people are rushing in
crowds from Snowy River."

The committee of shareholders appointed at the
last meeting of the Great Western Railway of Canada
have, assisted by Messrs. Coleman, Turquand, Youngs,
and Co., the accountants, been occupied in examining the
books and documents kept in the London office. The con-
tracts, vouchers, and accounts relating to the cost of con-
struction, rolling stock and plant, and the working of the
&e., being kept in Canada, the committee have de-
cided that the investigation shall be continued there, and
have arranged with the accountants that two of their firm
(Mr. John Young and Mr. Alexander Young) shall at
once proceed to the colony to conduct the inquiry.
ANOTHER NINE HOURS' AGITATION.—On Wed-
nesday a meeting of journeymen carpenters was held at the
White Hart, Drury-lane, for the purpose of further agita-
tion on this vexed question. Mr. Booth was moved to take
the chair, and briefly explained the object of the meeting,
which he unhesitatingly affirmed to be to take such measures
as would secure the object by which so many had suffered
in endeavouring to obtain. Mr. Osman, a plasterer, then
pointed out the measures adopted by them as a body ; they
had long been amalgamated. and now steps were being
taken to amalgamate throughout the country; as that was
the only security the labourer had against the growing
tyranny of his employer. On Tuesday 150 men had struck,
of whom 45 were non-society men, in the employment of
Messrs. Myers, and who were engaged on the Palace Hotel.
These men had "turned out" principally because of the
treatment they had received front the men who had signed
the "odious document." These men were continually
taunting those belonging to the society about the late strike.
A deputation had waited on Messrs. Myers, at first without
success ; but the previous day a disinterested party further
waited on Messrs Myers, and the quarrel was arranged by
the non-society men being placed at the basement of the
building (which is considered the worst part), with an inti •
mation that on any further cffending, the offender, on being
pointed out, should be instantly dismissed. Other speakers
addressed the m,etirg, which was by no means a numerous
one, calling on those who had met to give their names with-
out delay in support of the short-time movement, and ulti-
mate success would follow.

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