The Sun.
London, England, 1859-03-17 00:00:00

CALIFORNIA.

(From the Correspondent of the Times)
SAN FRANCISCO, FEB. 5.
Business of every kind in San Francisco has re-
ceived a decided impulse from the discovery of gold
in British Columbia, which has induced an immi-
gration to that country.
Of the total value of goods exported in January
last, estimated at 435,468 dols., as much as 112,493
dols. was for Victoria alone, and shipments con-
tinue to be made to the British possessions in the
North with increased briskness as the spring ad-
vances.
The treasure exported from San Francisco in
January, as manifested, amounted to 3,737,542
dols.

The operations of the Mint furnrish, to a certain
extent, a criterion of the business of the place. The
deposits of gold in 1858 were in value 17,814,694
dols , and of silver 227,223 dols.— together,
18,041,917 ; and the coinage amounted to 17,432,450
dols. The quality of the gold varied in fineness
rather curiously in different seasons. For instance,
in the first quarter of the year the fineness was
888-I,oooths fine, the second quarter 904, in the
third 886, and 870 in the 4th quarter, the average
fineness being 887. In the gold deposits given
above are included about 18,000 ounces of
Fraser River gold, which overage only 853 fine, an
inferiority in quality which makes a considerable
difference in value.
The deposits at the Mint for the month of
January of this year were :—Ounces, 36,240, of the
value of 660,710 dols. 38c. Coinage, 600,000
double eagles.
This winter has been unfavourable for mining—
dry, cold, and frosty—and consequently a smaller
quantity than usual of " dust" has come in, and
" bars' are scarce and in brisk dethand at 880 par.
A good deal of rain fell in the early part of this
week, which will revive mining adventure.
Money is abundant and interest low; 1 and 11
per cent. per month on good security.
Mexican dollars are in great demand, and would
bring 12 per cent. premium if there were any for
sale, but there are none in the market. On the
whole, San Francisco is at present in a better state
in all respects than it has been for four years.
On the Ist of the present month State Bonds to
the amount of 28,000 dols. were redeemed at
the following rates :-2,500 dols. at 93 cents., 5,000
dols. at 921, 5,000 dols. at 921, 10,000 dols. at 93,
5,000 dols. at 931,, at 500 dols. at 92.

The finances of the State are in a good condition,
there being about 800,000 dols. in the Treasury,
from which, after paying current expenses, it is
expected a surplus will remain to redeem more of
her bonds. These bonds are now fetching 90 to 92
here for investment.

When the debt of the State was funded last year
the indebtedness was found to exceed by about
142,000 dols. the amount appropriated, or rather
the amount voted by the people to be funded. It is
now proposed to pay this balance in cash at 60c. on
the dollar, this being about the value of the scrip
in the market.

It is doubtful that holders will accept so small a
dividend as 60c. to the 100 c. unless they are forced
to it. But no doubt the indebtedness will be soon
settled somehow.

The Legislature passed a law for the funding of a
portion of the debt of the city of San Francisco,
due now some four to six years ; but, with the
fatality attaching to all the transactions of life in
this country, the funding or non-funding became
the subject of litigation. Finally, the courts of law
decided in favour of the legality of the debt, and
that it should be funded ; but now the city official
whose duty it is to issue the bonds refuses to sign
them, and another lawsuit has been commenced to
compel him. Pity the scripholders !
Miners and others begin to leave for Vancouver's
Island in small numbers. Every vessel carries
away more or less.
The San Francisco Bulletin published the follow-
ing letter from Victoria a few days ago
VICTORIA, V. 1., ,Tan. 22.
" The weather on the Fraser is milder, and the
river is no longer frozen over at Langley. There
is some floating ice on the upper portion of the
stream. I see that some of the California papers
still talk of the climate here as if we lived in
Siberia—about snow-storms, quicksilver, freezing,
and similar stuff. The fact is, there is hardly any
difference between the climate here and that of San
Francisco, only we are rather abundantly supplied
With heavenly moisture. With only a few of the
rincipal streets paved, this makes the town look
worse than it really is. Many people do not wear
overcoats during the day, so that the cold cannot be
so very terrific. Passengers by the Pacific told me
h hear, rs
thr
Matters gales
that they had the mosta pleasant trip imaginable,
there being hardly breath of wind during the
whole trip, htwich was made in three days and six
iusn
coasti n g spmo ek.
Thisof
in Io record,o oans
withyo u
ever-
lastingoten
aarnedstseinwilsythrraprO•gressing here, and I
hardly ever hear any one desponding, either in re-

gard to the mines or the general prosperity of the
colonies. Buildings are going up in all directions,
and very little property is offered for sale. Real
estate, in fact, has advanced from 30 to 50 per cent.
during the last two months.
" Business generally is dull in consequence of the
scanty population. in the mines, and the difficulty in
supplying the remoter parts. This will be mended
before long. By next winter things will have
quite another aspect, Government being already now
busy laying out roads and making other improve-
ments.

" Two law-suits were desterday decided—one
Nelson v. Truett—defendant having ejected plain-
tiff from property leased, The jury gave him 1,500
dols. damages ; 10,000 was asked. The other law-
suit was against the Sierra Nevada for three horses
washed overboard. The amount claimed was 1,700
dols., which was given by the jury against the
steamer.

" Several ships are now due with cargoes from
England, and parties in San Francisco who ship for
here ought to be cautious and bear this in mind.
Many goods, no doubt, will be brought here for re-
shipment to San Francisco and other places.
" We have had an arrival of 90 passengers from
Australia. Most of them are old experienced
miners, and are very orderly and respectable look-
ing people. I have conversed with several, and
all are pleased with the prospects for mining and
other pursuits in these colonies. None think
of returning, but very few, if any, are leaving for
California. It seems, according to the statement
of these miners, that mining is not at all remunera-
tive in Australia for the individual miner; and a
large emigration may be looked for from there so
soon as the true state of affairs is made known by
this late arrival to their friends in Australia."
The Bulletin is the only California newspaper
which has had the honesty to publish the truth on
the subject of the new gold country. All the other
papers publish the most barefaced and palpable
falsehoods knowingly, or distort facts to serve a
purpose. The people are now tired of all this
misrepresentation, and pay no regard to what the
papers publish.
From private letters to the end of January I learn
that business was improving in Victoria, and that
the accounts from the mines inspired ardent hopes
of a rich harvest of gold in the incoming season.