The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-09-02


Jan 1884, 2, per cent pm. from to per cent dis
/" lS4S. 2is :. per c.. dis. to pm.
:" $780, par to 3 pm.
q 1850. par par to 3 pm
q 1859. 8 per cen, dis " ii pcrct dis to1 j: pm
The rate Of wages to operatives was rginuner;s-
tive Inc demand for labor vas no greater than the
steady prosperity of the colony would warrant, and
With slow bus sure steps the Australian colonies
wer5 taking their rank among the most prosperous
Communities Of the empire. Towards the end Of May,
1851. it was discovered that New South Wales pos
sessed Iimitabe gold fields, the quality Of the pre-
cous metal being fir superior to that Of California;
and IN October the Port Phillip diggings were dis.
covered, being, if anything, more productive than
New South Wales. The consequence OF these dis
coverics has been drain upon the working classes
Of the population Of New South Wales and Victoria
ofnsary 90 600 souls, who arc digging for gold. 1t
would appear that the weekly yield Of the seekers
is abOu. 5000 ounces, which quantity is likely to
be increased By 30 per cent. quartz crush
ing comes into operation.
Let us Cow review the immediate effects of the
circumstances We have detailed above. Up to the
present moment the pastoral interests have net ma
terialIy suffered, timely supply Of Chinese labor
having in some measure aided them. BUTT is much
to De feared, that goldeds increase in value and
extent, the settlers will End it impossible to keep the
shepherds to monotorous employ, yielding in COM
psrison {t25 year and ratons, such scanty ldvan-
tages. There has been great and universal feel
ing Of disappointment at the slight attention that
our mineral wealth has created in Europe and the
ing the last four months; indeed, we do not trace
any extraordinary increaSease Of population beyond
former years, and it is most certain that unless the
mother country affords to us the peaceable aid Of
which We stand in need, Australia will in few
years cease 70 be wool producing coan.ry 1t is
moi imagined that the export of our staplo will fall
short this yoar Of what 1t was in 1851, but many
flock owners have ceased to increase their stock not
pcrcci7ipg to what quarter they con look for in
creaec Of labor. The exports OF .alow will also
certainly decline, and we look forward but goomily
to the prospects Of healthy industry. Our balance
of trade is entirely derangcd. While our popula-
ton has scarcely increased, imports poured in
upon us, and y th cir value is TAR exceeded by that
Of exports, FOR is not the cos. of imports
which form the criterion OF comparison, but the
quantity OF such imports that be disposed OF in
o liraited community II has, of course, been
imagined by shippers, that our gold diggers would
in their requirements nnc extravaganza. equal those
Of California. This. however, is far from being The
case for where the latter wasted their earnings az
the gaming table. the former put them by, rs to
purchase house and plot Of land. Indeed, we con-
sider that, with the exception Of few staple arti-
oes the discovery Of gold has decreased rathe- than
.nc.eased our consumption. The towns have been
error. and yet the high rate Of carriage (Gl2t to
lii per tom hos prevented their being supplied with
the same quantity Of imports that they would have
consumed IN Sydney Any heavy discount Of ex-
ttTest Of the Hocknester, and at the present mo-
nsnt che baaks selling their drsughts Mt 81 per
cent discount. and are buying bills against the hy-
p0tbecation Of produce ut per cent discount Il
is quite clear that this ruinou5 rate Of exchange
must continue for some nsi2erabe time for money
being nm article VI commerce. can only be worth its
value upon the spot where it is sold thus, Bank
Of England nete for el00 is in Sydney, at This pre-
cent moment, worth only ESQ. Unfortunately, we
SEQ no Immediate prospect of remedy 10 this state
o. affairs; for no quantity OF goods that could be
poured into or markets could restore the balance
Of trade because there would not be the consumers
tor such excess OF imports. Nor could the exchange
be altered by capitalists coming into the markets
TO pnrchare gold, since credits that they could
furnish would be equal TO that of bank potes, and
sovereicns alone would buy the gotd without q
loss, but ii is absurd to imagine that 5,OOO,oVU
or 5000 900 sovercigns would leave England to
purchase the precious metal. We must own that We
see but one node by which the state OF Affairs may
be Temporarily remedied, which is by the estob-
lisb,nent in the colony of government assay Office
which should assay and lend its stamp to tho bars
OF rold, say OF FIVE to ten ounces, which ingots
should pass as currency in the colony for only Just
as rsuc6 as they were worth Of the moment. j his
would allow trade to aow in It's regular course
without any compulsory edict that might impose
upon coin value ii dill not ntrinsically possese
and yet ct The same time would be affofdibg o
circulating medium to the colony. Still, rs wo
before observed, we lock to such q step as only O
temporary mode Of relief, for no permanent case
csn be found until by extensive imm grafton we
torrn . popuintion whose iona Hde wants may
create balance OF trndo As a,lnnttsr Of course
wages are now excessively high, varying in 81 dpoy