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London, England, 1860-11-13 00:00:00

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PRICE 41). STAMPED, SD.

regarditig the general's return with such a force at
his command, without attacking King's stronghold
(Mataitava) in the bush, and leaving the field to
the enemy. The natives will, no doubt, construe
the affair of Tuesday into a victory on their part,
for we did not dislodge them from the bush, and
we left our dead in their lie.nds. The General may
have his own reasons, and it Play be best, perhaps-,
not to find fault.
" The en emy were supposed to be about 150
strong, as they were only King simmediate fol-
lowers, the IVaikatos having returned to their

homes.
" You will see in the Herald that the southern
rebels have returned to their pahs on the .coast, and
to their homes. We hear that the majt.rity are
prostrated with I,`,he influenza.
" As things are At present, I do not see any pro-
spect of a speedy conclusion of the war. If we are
afraid to follow the enemy into the forest, t hey
will remain there and defy us, and continue to scnd
out small parties to murder and pillage, and ta..ke
good care not to come out And meet us in the op©n
field.

AUSTRALIAN COMMERCIAL INTELLIGENCE.
((From the Melbourne Itera
For many months past we have had to repeat our tale of
depression and dulness, but this month we Are fortunately
justified in taking a more cheering and hopeful tone.
Things are undeniably looking better, and though it would
be premature to say that the tide of revived prosperity has
set in, we may, at any rate, express our assurance that the
ebb tide has reached its lowest mark. There has beer) more
spirit in all departments of trade during the month past, and
everybody is disposed •to anticipate the future with more
buoyant sentiments. Wiihout entering further into the
details of our import business, we need only remark that,
as our capacity for consumption iincreases, the excessive
stocks under which the markets have groaned for months
past will be gradually reduced ; and if shipments diminish
in a corresponding ratio, our importers may hope soon to be
about the most flourishing class in the community.
Of the flour and grain market Mr. W. Lawrance supplies
the following review for the four weeks ending the 22d
September :—" At the departure of the last English moil
the market for breadstuffs was passing through ono of those
panics not usual to it, colonial grown wheat on the Ist
August being Bs. 6d. per bushel, while on the Ist current
it was only worth 6s. 6d., and flour having receded in
same period about £5 per ton. This was followed by a
sudden reaction ; and an advance on the minimum rates
having been established is well maintained to the extent of
£2 to £3 per ton ; the same result has been experienced in
wheat, and the closing quotations are firm at an advance of
6d. to 9d. per bushel. In horse-feeding grain a slight im-
proved feeling is noticeable. The absence of grain and
feeding barley having influenced an increased consumption
of oats, transactions of a more extensive nature have re-
sulted, and some descriptions are more ready of sale for
actual consumption, the best feature illustrated for a long
period, and should no speculation interfere, so as to run up
prices and cheek sales, there is a prospect of a considerable
quantity going into consumption before the new crop is
reaped, it being now pretty evident that stocks in consumers'
hands are run out in town as well as upon the various
goldfields. The weather has been favourable of late for the
growing crops, and the reports from all parts of this, and ,
from the neighbouring colonies, are of a favourable nature,
and an early and abundant harvest is in promise.
The rates of exchange remain without alteration. Drafts
on England at 60 days' sight are issued at par. Drafts
against gold, &c., are purchased at 1 per cent. discount.
Freights on gold, per sailing vessels, 21,(1. per ounce ; per
overland mail steamers, 1 per cent., deliverable at the Bul-
lion-office, Bank of England, including insurance and duty,
2 per cent. To Mauritius, Ceylon, or Indian ports, per
cent. ;to Hong Kong, per cent. Insurance, lf per cent. ;
and overland, 11 per cent.
The official returns of the imports and exports since the
beginning of the current year, as compared with the returns
of 1859, show the following results :—Decrease in esti-
mated value of imports to Sept. 15, £225,405 ; decrease in
exports, £1,590,686. In 1859 the balance against the
colony was £972,795 ; at present it is £2,338,031.
During the last fow weeks a decided improvement has
taken place in the stock and share market, and while older
stocks have rather declined in public favour, the shares of
recently established mining companies have been steadily
advancing in value. So marked has been the change during
the last month, that at a rough calculation we may esti-
mate the improved value of mining stocks alone at £lOO,OOO.
Of railway and bank stocks, little need be said. Hobson
Bays have been done at £5O to £53, and now it is not easy
to find buyers at the latter rate. Gas shares at one time
were a favourite investment, but they declined to 22i per
cent. Debentures are out of the market altogether. In-
surance shares aro only moderately inquired for, as the
feeling in favour of mining enterprises is every day gaining
ground.