The Sun.
London, England, 1858-06-14 00:00:00

AUSTRALIA.

VICTORIA.

:We hay.) received a copy of the Melbourne Argus
of April 15, being a month later than the dates of
our previous intelligence.

Much activity prevailed in the gold market, the
demand for shipment being considerable. It is
stated :

The banks have been buying at prices calculated on
the basis of 3/, 13=. 3d. per °lnca for standard, which
briniti the c:st delivered in England to from 31, 17e.
51d. to 3/ 17e. 80., according to the route by which it
is conveyed, and taking into account the chances of
saving of interest by the shorter one.
The Norfolk sailed on the Ist inst. with 82,570 ounces
and the Royal Charter on the 11th inst., with 93,732
ounces. These are the largest shipments that have been
made since that by the Suffolk, in October last of 112,446
ounces.

The escort returns have fully maintained the increase
which followed the termination of the long period of
drought which prevailed during the summer. The
quantities from all the districts will bear comparison
with those oflastyear. The total cf last week's returns
is above the average of the pa,t three mouths, although
still below that of the year 1857.
Total for the year, 699,021 oz., or 29 tons 2 cwt.s.
2 qre. 1 lb. 9 oz., the value of which at 4/. per ounce,
amounts to the sum of 2,796,084/.

The non-arrival of the Columbian had created
very great dissatisfaction, and the Legislative As-
sembly of Victoria had unanimously passed a re-
solution calling on the imperial government to
cancel the contract. The publication of the re-
venue returns had tended greatly to keep up the
buoyancy of the money market. The total revenue
for the year ended 31st March was 3,402,0001.
against 2,982,0001. in 1857. The customs revenue
showed a large increase, but imports continued
greatly in excess of consumption.
The tenders for thereat railway works had been
opened with the following results :—There welt)
three tenders for the whole works ; one from
Messrs. Randle and Holmes, for 7,010,324/.2 pay-
ment to be made in cash ; one from Messrs. John
Musson and Co., for 5,826,2231., payment to be
made in cash, or in 6 per cent. debentures at par;
and another from Messrs. Cornish and Co., for
5,419,2021., payment to be made in cash, or in 6
per cent. debentures at par. The whole of the ten-
ders were subsequently handed over to a committee
composed of the professional head of the Public
Works Department, the engineer-in-chief, and the
professional head of the Survey Department, to be
analysed previously to the Government being called
on to decide on their reception or rejection. Mr.
Gabrieili gave in a tender in conjunction with Sir
S. 111 o! tin Poto, but in consequence of informality
it was not received.

While a grand scheme of railways was under con-
sideration, the electric telegraph was rapidly con-
necting the Australian colonies. The Argus states :
We are in correspondence by the electric wire with all
our gold fiolde and with all the principal towns of the
interior. Our telegraphic system has penetrated the
northern colony of New South Wales, and reached the
boundary of South Australia. In the course of a fow
weeks, the submarine cable will place us in communica-
tion with the neighbouring island of Tasmania.
The Congregationalists of Victoria had deter-
mined, under the advice of Mr. Binney, to depute
the Rev. Mr. Poore to England for 13 ministers.

MELBOURNE COMMERCIAL INTELLI-

GENCE.

APRIL M.

In the local money-market there is little now to
remark. Capital is plentiful, and it is believed that
the power to absorb the Government debentures for
the railway loan has been under-estimated. Large
sums are continually offering for mortgage ongood
property, but in commercial circles the continued
check livento the credit system is causing some
tightness, The banks charge for bills under 95
days' currency, 8 per cent. ; from 95 to 125 days,
9 per cent. ; over 120 days, 10 per cent. ; and on
overdrawn accounts, 10 per cent.
Exchange on England is, at all the banks, at 1
per cent. for 69 days' sight ; for amounts under 501.
at 11 per cent. premium for 30 days' sight. Freight
on gold, by direct stcainers or sailing vessels, 3d.
per ounce, deliverable in London ; insurance, 14
per cent.; by the overland route, per cent.—that
is, .7d.
per ounce, as nearly as possible.
The import trade was as dull as it well could be,
and transactions in the maul unprofitable. Gold
mining by machinery offered such prospects of suc-
cess that Mr. Gabrielli had originated a scheme of a
Company with a capital of one million, the objects
of which will be "to give the miners the opportu-
nity of obtaining capital at a moderate interest, to
purchase the cheapest and mo,t effective machinery,
and of iro ccutinz their work upon the most eco-