The Sun.
London, England, 1858-05-04 00:00:00

THE GOLD FIELDS.

As was the case last year, the gold returns for
the first two months of this year exhibit a serious
falling-off from the quantity produced in the cor-
responding period of 1856. There is also a decrease
in the quantity raised since the opening of the
current year, as compared with 1857. In the pre-
sent
condition of mining in this colony, fluctuations
in the quantities of gold produced are to be looked
for, the cause being attributable less to any deft•
ciency in the natural wealth of our gold fields then
to the unsettled habits of the miners, and the very
wasteful manner in which they work. New dis-
coveries of auriferous deposits are constantly being
made, and, if none of them equals in richness the
gold-fields which were first worked, the proofs
welch they furnish of the dispersion of our mineral
treasures over almost the entire colony are highly
sati-factory, as indicating an illimitable field for
the present and future employment of c,ipital and
lab cur. Indeed, there is already ample evi-
dence to show that the generations which exist
will all be exhausted long before the gold
deposits of Victoria have cease,l to yield a profitable
investment for the labour of the working man. But
that labour must be more economised than it is at
pre en% Now, it would scarcely b 3 au exaggera-
tion of fact to tate, that of the thousands who live
by gold digging a very large proportion waste their
time and what money they may have in joining in
mattes, and iu the idle and unproductive habit of
"shepherding."
The close of the year saw the colony, with regard
to its gold produce for the previous twelve months,
at a great disadvantage as compared with its poi=
tion at the end of 1856. There was, in fact, a fall-
ing off on the year to the extent of 274,750 oz. We
began the next year badly, the escort, returns for
January showing an adverse balance against the
month, at compared with the corresponding period
of 1857, of 42,698 oz. Last month's returns also
exhibi•ed a comparative decrease of 12,016 oz. We
will now proceed to compare the quantities received
at Melbourne and exported during the last four
weeks, with the produce and shipments of thQ cor-
responding weeks of 1857.

The escort returns for the two periods showed
the following results :

1857. 1858.
oz. oz:
Week ended Feb. 20

Feb. 27
PP March 6 57,124 ... 47,854
PP March 13

169,686 168,871
168,871

D creae

815

The shipments during the two mon•hs, when
compared, are considerably in favour of this year.
The customs returns of geld exported, for the four
weeks ended the 131 Mamb, w,re-
-1857. 1858.
Week ended Feb. 20
)9 Feb. 27
ft March 6 67,069 ... 32,731
ft March 13

192,434 .- 209,212
192,434

Increase..,

16,778

The following ships have sailed with gold friegh's
since our last summary :—Feb. 15, Simla, for Suez,
33,514 ozs. ; Feb. 16. Invinc:blo, for Liverpool,
16,191 OZ3. ; Feb. 24. Swiftsure, for Loudon,
80,050 oze. ; March 1. Medway, for London,
9,593 ozs. ; March 4. Hebe, for Hong' Kong,
5,546 ozs. ; March 4. Oithona, for Hong Kong,
5,076 ozs. ; March 5. Indemnity, for Loudon'
11,130 oze. ; March 9. Red Jacket, for Liverpool,
40,234 ozs. ; March 11. Pericles, for Calcutta,
1,359 ozs. ; March 11. Jupiter, for Hong Kong,
5,407 ozs. ; steamers for Sydney, 1,026 ozs. ; small
shipments, 36 ozs.-209,212 OZ3. Amount shipped
from Jan. to Feb. 15, 302,207 ozs.—total amount,
511,419.
A rise has taken place in the rates of exchange on
London, consequent on the advance in the price of
gold. In presence of an inadequate supply of the
precious metal, it was found itnposs.ble to keep the
t
price down, as the urgent demands for shipmz.
placed buyers in active competition with each ohow.
Should the yield of gold continue to increase,
ever, ever, we may expect to learn that a rektuurnowt
issue
pre-
vious rates will take place. The banat-
drafts on England, at 60 days'
Drafts
sighetbi
juscal.per cent
premium ; ditto, 30 days,
1.14
Freight on gold,
against gold purchased at p
per sailing vessels, 3d. per ounce ; per overland
mail steamers, per cent.,e deliverable to the bul-
lion-office, Bank of England. Insurance, 1i per
cent. ; and overland, 1f per cent. Bank rates of
discount : 8 per cent. onLbills having less than 95
days to run, and 9 per cent, beyond 95 days' cur-
rency. Over 125 days, 10 per cent. The charge
on overdrafts is 12 per cent. Freight on gold trans-
mitted by the overland route, tpercent. Insurance
lf to 1i per cent.