The Sun.
London, England, 1859-11-08 00:00:00

rHE SUN, LONDON TUESDAY EVENING, NOVEMBER 8, 1859.

MELBOURNE.

A letter from Melbourne, dated Aug 17, says :
There are some features in the state of trade here
which demand special notice as being Kegnant with
future consequences. For some time past the im-
ports havo been gradually creeping up from week to
week as compared with the exports, and eyery mail
brings further accounts of large shipments to the
colony. The excess of imports over exports is now
£1,286,488, the imports amounting to £10,221,834,
and the exports to £8,935,316 ; at the same
time last year the exports exceeded the im-
ports by £151,886. It is, however, very difficult
to estimate the effect of the present excess of
imports with precision. Our railway bonds are
undoubtedly an export. The export and import
of coined money ought also to be taken into account,
and if this could be done with accuracy and the
invoice valuations be corrected it would probably
turn out that the imports and exports are more
nearly balanced than they appear to be ; and this
is in some measure rendered probable by the recent
reduction of the premium of exchange. Still we
have this very patent fact—namely, that stocks of
almost every kind of imported goods have accumu-
lated in first hands, and sales are extremely dull.
No country buyer buys more than he can dispose of
in a short time. Though goods sre cheap, the ac-
counts of heavier shipments lead him to anticipate
that they will be cheaper, and he is indisposed to
fill his warehouse or his shop with more than his
actual demand. Unless, therefore, the threatened
shipments are checked the shippers will burn their
fingers. The evil of excessive imports is not
generally brought about by our traders, but by the
English consigners. The other feature to which I
desire to direct the attention of your commercial
readers is the active speculation that is now going
on in mining companies. There are about 38
mining companies now in the market, of which 25
have attained the position of being quoted in some-
thing equivalent to the Stock Exchange list. They
will be found enumerated in the Argus. Most of
these are in £5 shares, with 10s. or £1 paid up.
Some are divided into smaller shares, and only two
or three have the whole capital paid up. Nearly
all of these are at a premium, and there is very
great traffic in shares. This species of industrie, as
the French call it, is very likely to lead to disaster.
All the quartz-crushing companies require ma-
chinery, and the machine makers have now so
many orders on hand for private persons who are
engaged in quartz-reefiug and crushing that they
are unable to enter into other engagements. The
companies must, therefore, be delayed, Many of
these companies have obtained reefs, and will no
doubt make money; but I fear some are of the
Glenmutchkin Railway class—got up for no other
purpose than the industrie in shares. If the ex-
cessive shipments continue, the trading classes will
find their resources somewhat crippled, and the
mining companies' calls will not be met.
I have lately been a good deal among the quartz
reefs, and am impressed with the perfectly inex-
haustible nature of that great resource of the colony.
On the greas roads leading from Melbourne in three
directions to the goldfields, long lines of waggons
loaded with steam-engines and machinery are daily
encountered. I met one nine-ton boiler drawn by
18 horses. It is among the private owners of rich
reefs—some crushing out four, six, ten, and even
more ounces to the ton—that this great activity
prevails. I expect it to manifest itself in our pro-
duction and export for 1860.

A MONSTER RIVER TROOP 'STEAMER.

Messrs. Pierce and Company, Stockton, have on
the stocks for the Government an Indian river
steamer of immense proportions. Her water line
is 350 feet ; over all, 375 feet ; and breadth, 46
feet. She is by far the largest river steamer in the
world. Her engines are 200-horse power. She
has to be impelled with paddles, and is hoped to
attain in the Indian river 13 miles an hour.
Sleeping berths and every suitable and sanitary
arrangement for about 800 soldiers. Iron beds
with galvanised bottoms. Venetian ventilation all
along the sides, and to this the plan of artificial
ventilation by tubes and fanned air, as in the
General Post-office. The fan will be wrought by
the engine, and keep every birth in a thoroughly
sanitary condition. The decks are to be covered
with teak. The vessel will also be under about four
tons of canvas. An awning is also to be provided
for the whole length of the deck. The vessel will
have two houses, American steamer fashion, on the
deck, each about 100 feet long; also two hospitals
on board. She will be guided along by two large
patent steering blades. The most wonderful thing
of all is, she will only take two feet of water with
all her stores, fuel, &c., on board, and 800 passen-
gers. She is flat-bottomed, made for a shallow
river. This leviathan will weigh only about 370
tons. She is a steel vessel. The plates weigh
about 51b. per superficial foot. Her keel stroke
and girder stroke plates 71b. and 151 b. per foot, all
others 51b. per foot. The vessel is supported by
two girders running nearly the whole length of the
boat, 300 feet, and from them upright and diagonal
supporters. Her entire framework will be com-
pleted in about a month ; she will then be taken to
pieces and fitted up entirely on the Thames, and
perform two experimental trips on the river. She
will then be taken entirely into sectional parts, put
aboard of a vessel, and sent off to India. She is
designed by T. B. Wilson, of London. She is the
first experiment of this kind, in length nearly the
size of the Himalaya, the largest river steamer in the
world ; and if she is a success it is thought a num-
ber of vessels of this kind will be built for the
transnort of troops and other purposes in India.—
Sunderland Times.

The Rydney herald complains that there is no
ladies' gallery *in the enlarged Legislative Assembly .
" Had such accommodation been provided we have no
doubt there would have been many fair listeners to the war
of words which is nightly waged in this hall, and their pre-
sence would have done much towards softening the acri-
mony of debate."