The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-26

Four Weeks later Irs,a Australia.
lriom .ne Panama star, Nov. II
sv ed rom Csso, which port she iers
gn me 4n lp' a At first it was supposed 70 be the
- -. r;s thens from Cilfonis, and me discovery
=, :.e abe was in full accordance with her name,
.sv = = not generally known that she was on the
u. - Surprise IL new boat. built expressly FOR
- Sacramento river trade. She LETT Ne YORK In
June last, and her passage has been along one, or
ng 70 the Aecessity Of stopping frequently 70 pro-
She brings about thirtv-fve passengers, princi-
pally perfons returning from Australia.
TIE Gates from Melbourne are to the 18th OF Sep
TENDER.
There is no political news. We are informed BY
apassepger from Melbourne that crime IL the mines
IL s.n too f,equsnt: that the yield Of gold Is falling
camille world. Many failures hsd taken place, and
others were daily looked for.
The following il from Adams & Co.'S Price Cur.
rent -
At the date Of our last circular July 2lst We held
prospect improvement in market in about
months should the rate of importation, which had been
considerably reduced continue TO decrease But
greet 10 that the decrease has not been maintained
upwards Of twenty millions sterling in the fret quarter
OF the year. TO Melbourne alone to little more than ten
millions per annum for the I've weeks ending Sth July.
We have prefaced and prefix statement, showing the
declared value of imports into Melbourne during the
months Of July and August respectively, from which
it win appear that they have increased to fl,2ooooo
per month, or nearly fourteen millions and a
ban per annum. Aiding couple Of millions
for the other ports, which was about the pro-
portion last year. have annual importation valued
at sixteen millions and half for the whole colony. The
smallest consideration must show that nothing but ruin
to parties making such reckless consgn-
ments as these figures indicate The population OF Vic
terra during the present year viii certainly not average
Of importation would be upwards of ESQ per head.
Now the very highest rate before known in Austria
lin in 1870 just before the great crisis which des
troyed the commercial community OF these colonies.
IN that year the imports into New South Wales amount
ed TO about f20 per head but the for series
years has been than f1o to sl2 per head;
that the imports at this moment double the high
est rate ever known, and quadruple the average At
the time would be absurd to place the present
rate OF consumption higher than double that Of
the period previous 10 the discovery Of gold that
our present importation must he double the amount
Of consumption. OF articles which perisablc such
provisions onan stores furniture glass and earth
enware vast quantities have become unsound or have
been destroyed through careessness Sc but as no in
surance can be recovered in such case the losses to
shippers have been great by the depreciation by
the glut Of goods that are not rerishat!e:
From the remarks we have made, shippers Of goods
must clearly that the very greatest caution ard dis
elimination will in future be necessary in making con-
senments to this market In fact this observ alton APP
plies TO all the Australian Colonies for the markets in
sydney Adelaide and Hobart Town similarly gutted
and supplies poured in here from all these places the
moment margin Of profit Is indicated by the temporary
demands FOR goods of any description. 1t is remarka
bic and dscouraging fact that the markets of California
discovery,
helmed and therefore it appears that oversup
ply Of merchandise in gold countries must be chronic
disease.
From the San Francisco Herald Oct 29]
There is one feature ia the late news from Aus
tralia, we have recently published, which is cslcu
lated to arrest attention. 1t Is the very high price
on England. Gold dust was selling freely in Mel
bourne at $40 "a to $40 SO per ounce, while SIT GO
is the highest paid in this city for CaliforDia gold
This large difference in the price Of Australia aud
OF the former and to an equal extent from the ope
rations Of the colonial banks. These institutions
issue paper money to any amount, and send agents
all through the mines to buy up the gold dust with
riety Of reasons First, because they thus obtain
circulation for their issues, securing thereby tne use
OF the money, and give in exchange only their credit
which costs them nothing; secondly, because, in
passing through SO many hands HI q rough country,
there is chance that some Of the notes will be
lost or destroyed, which will be direct gain
of so much to them; and thirdly, because the
ea ed
monopoly Of the shipments to EDRl and, and by con-
sequence enables them to exact Of the people the
most enormous, and what would here be considered
the most uiDous rates of ex haDRe upon England.
Thee and half per cent for drafts on the Atlantic
States il corsic very onerous tax by the people
Of San Fnncisco, but the Australians compelled
by the bsLks to pay five per cent on England, which
equivalent to one dollar for the transportation
ond insurance Of every ounce. This Is beautiful
financial operation on the part OF the Australian
baLhs, end is just wat we should see in California
I rag money were once tolerated here. Sixty-fve
millions Of dollars in gold dust are annually ex-
ported from Australis, almost exclusively by the
hanks, and against it they draw at least fifty mil
cIs ir exchange. which gives them at five per cent,
The tnug sum Of two and half millions per anuum
in the shape of premium. OF curse they cannot
make anything on the sale or coinage Of the dos. in
England because every ounce costs them in Austria.
lie, say $40 90, fieight to England cents, and
insurance so CENTS making the total cost landed in
England $40 40 per ounce, which no gold, no sever
pure, will net after coinage. Trey make all their
profits by selling exchange snd with their credit,
in the shape Of paper money as their capital con-
troll business amounting to fifty or sixty million
dollars per annum. 1t used to be considered safe
banking ii the paper issued did not bear greater
ratio to the specie on hand than five to one. On
this basis the Australian banks may purchase five
million dollars worth OF gold dust, with an actual
cash capital of only one million. Such state of
things must necessarily beget wild spirit Of ,ecu
laton, and ultima ely result in 1aucal CT ssh. We
may thank our starr and the trainers Of our const-
tuition ttat such things impossible in California;
and from This may learn hos important. 1t is to
H. g.: lad 5x~an