The Sun.
London, England, 1857-12-07 00:00:00

NEW SQUTH WALES.

SYDNEY, OCT. 12.

The new ministers, Messrs. Cowper, Jones, Mur-
ray, and Martin, have been selected without oppo-
sition, and the Parliamentary campaign will shortly
commence. The electoral reform question seems
likely to be shelved for a time, but the land bill
will almost immediately be introduced. So far as
the ministerial plan has been ascertained, it ap-
pears that the upset price of our waste lands is to
be reduced from 11. to ss. per acre, sales to be
effected at public auction, and no block to be put
up exceeding 640 acres in extent.
As may be conceived, there exists considerable
diversity of opinion as to the policy of altering the
minimum price of the crown lands, which has also
been fixed at 11. in Victoria, South Australia, and
Tasmania. Many are convinced it would give rise
to unhealthy speculation, create a land mania, and
be acting unfairly towards the creditors of the
colony, to whom the lands have been pledged as
security for the debt, now amounting to two mil-
lions and a half sterling.
On the other hand, it is urged that the value of
the security would in no way be impaired, that the
system would simply facilitate the disposal of infe-
rior lands unsaleable at the present price, whilst
those of good quality would always fetch what they
were worth ; at the same time greater inducements
would be held out to immigrants, and the territorial
revenue largely increased.

In my humble judgment, the upset price might
advantageously be reduced were a tax imposed on
all lands sold. The system to be adopted should be
one of local taxation, and the amounts raised should
be applied to the improvement of roads and con-
struction of public works in the districts wherein
they were levied. This arrangement could readily
be effected on the introduction of the municipal
system, which will net long be withheld from the
country. The proceeds of the land sales would be
paid into the public treasury, a portion devoted to
the extinction of our debt, and the remainder spent
on works of utility, partly on the trunk lines of com-
munication which would remain under the supervi-
sion of the central government, partly in grants in
aid to the municipalities of the poorer or more
sparsely populated districts. Such is a brief outline
of the scheme I would propose.
There are but few events to record since the de-
pariure of the September mails.
On the 17th ult. Sir W. Denison sailed from Syd-
ney in her Majesty's ship Iris on a visit to Norfolk
Island, to which the Pitcairn islanders were re-
moved on the breaking up of the penal establish-
ment there. On his return I trust to be able to
furnish somo account of this interesting community.
Colonel Bloomfield, of the 11th Regiment, the Hon.
J. H. Plunkett, President of the Legislative Coun-
cil, and the Hon. C. Cowper, chief secretary, were,
appointed by proclamation administrators of govern-
ment during his Excellency's absence.
On the 27th ult. the Palmerston and Orwell
transports arrived with the 77th Regiment, which
comes out to relieve the 11th. These troops were
disembarked, but their baggage has not yet been
landed, as the regiment will probably be sent to
India at once, should their services unfortunately
be required there.

The Indian government having notified their in-
tention of sending an officer to Australia for the
purpose of obtaining horses for the dragoon regi-
ments on their way to India, a public meeting of
horsebreeders and stockholders was held recently in
Sydney with a view to facilitate this object.
The friends of the late Captain Green, cf the ill-
fated Dunbar, are taking steps to erect a tablet to
his memory.

The Hon. G. R. Nichols, an old public servant
died on the 12th Sept. last.

Although traffic with the country districts is re-
opened and considerable supplies have gone up, our
market has shown little animation since the de-
parture of the last mail. Excessive rates continue
to rule for Eastern produce, and this has no doubt
contributed to restrict transactions on the part of
the dealers, who only buy for their immediate re-
quirements.

In the money market a certain degree of tight-
ness prevails and in the face of the large demand
for accommodation, arising partly from the extreme
rates at which Eastern produce is maintained, and
the demands of the dealers--whose clients have in-
curred losses and require extended credit, owing to
the floods—it is not improbable that an advance in
the rates of discount will take place ere the close of
the yer, though this will depend greatly on the
state of the money market at home, and the result
of the wool sales. Exchange on London remains
at 2 per cent. premium for 60 days Bank bills.
The Centurion, Electra, and Maid of Judah have
sailed since the 10th September ' • they convey 3,021
bales of wool, 971 casks of tallow, and 17,099
hides.

The shipments of gold from Ist of January
amount to 39,249 oz., and 482,637 sow,. This does
not include the shipments per Simla this month.
Great dissatisfaction is felt at the proposal of the
European and Australian Company to run their
large steamers n 0.1...2.44n Siin7, employing
smaller ones on the Australian line to Galle. The
scheme will meet with the opposition of these
colonies.

AMERICA.

LIVERPOOL, DEC. 6.
The Arabia has arrived, with advices from New
York to the 25th ult. and the following amount of
specie :—For Loudon, 131,082 dols. ; for Liver-
pool, 750,664 dols. and 114,738/. ; for Havre,
120,754 dols. ; total amount, about 320,000/.
sterling.
The Vanderbilt, which took out the news of the
suspension of the Bank Act, landed advices at
Cape Race on the afternoon of the 22d ; but, owing
to a break in the telegraph wires, they did not
reach New York until the night of the 24th.
Alluding hurriedly to the advices, the .New York
Herald says :
"The present suspension is far more than a simple
bank failure ; it is the failure of the whole monetary and
currency system of the empire, and will produce the
widest spread and most lasting effect. Much of the
supremacy of England's merchant-princes will now pass
by from them and pass into the hands of their younger
rivals on this side of the Atlantic. Her merchants have
not the recuperative energy possessed by our own, and,
though the measure she has now adopted as a palliative
for the present disaster may afford relief for a time, she
must go through the struggles of a resumption of specie
payments, which may produce effects as permanent,
though less immediately evident, as those of the panic.
For these struggles she has not those vast resources that
exist with us iu our surplus crops of cotton wheat, and
other productions of our vast fields and varied climates.
Any speculations as to the effect of a recurrence to an
unlimited paper issue in England upon trade would be
premature. It will be seen from our advices that the im-
mediate effect was to cause a reaction in the declining ten-
dency of cotton and other staples, as also in the public
funds. Exchanges between Europe and America have
now become utterly deranged, and what may ha their
course and their effect upon trade can only be known
when we learn the result of the license to issue paper
now given to the Bank of England.
The Government purpose sending reinforcements
for the Utah expedition, both by way of Oregon
and California. It isgravely stated that S. F. Slat-
ter, of New Orleans, has been appointed Minister
to England from Nicaragua by Gen. Walker, and
that lie has accepted the appointment.
A despatch from Buffalo mentions a heavy fall of
snow. The canal was not yet closed. From Albany
we learn that the canal was still open, though ice
had formed. The Welland Canal was obstructed
by ice.
The steamship Rainbow had been destroyed by
fire near Arkansas, and 75 persons lost their lives.
Sir W. Gore Ouseley had been twice received by
the President.
About 100
during b
liinveslaical weather,
The on the Mississippi
and Ohio
The New York Courier and Inquirer of the 25th
says :
" There are no especial chases in the money market
esreceiranls
rteov
übl
igo enn ei
nra lEt
uo r wo
paei
isu nktni lo twh
no
result
t o note.
ef hhee dc eosmi rme
definitively. Whatever this result may be, our financial
affairs will not be materially affected; at present we are
more dependent in a comme. cial than in a financial point
of view upon Europe. Money is abundant, and can be
obtained at 6 to 7 per cent, on unquestionable security.
New enterprises are, however, out of the question for
the present. The banks discounts all the good paper
offered by their customers, but it will be some time
before they will be willing to enter into me v engag,
clients. The Metropolitan Bank threw out this raori.•
ing, the notes of the Addison Bank, and Steuben
County and Elmira, both of this State. We noticed
some time ago the changes taking place in the
trade of Charleston. Until this year Charleston has been
a large importer of wheat and flour, but since the open-
ing of the Charleston and Memphis Railroad Charleston
has Exported wheat to a considerable amount,"
The Philadelphia Ledger of this morning says :
" We were informed yesterday that letters have been
received from Mr. Alibone, in which he expresses a de-
termination to return immediately home to meet the
serious accusations against him as President of the Bank
of Pennsylvania, The Philadelphia Board of Trade
last evening had under discussion a proposition com-
mending to the consideration of the Legislature the
prtj.,Tt of a single department of issue. to which shall
belong exclusively the privilege of issuing notes t the
entire S ate, upon the dt-posit of o... Aged securities and
to
from issuing notes under 20 dols Stockholders incur
specie in proportion. Tee department to bo prohibited
and condition of the department to be
unlimited liability, and statements of tbhleisthreadn.sactions
publish
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