The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-07-16

oommercSsl, Social, and Political Condition
or the Great Gold Colony OF tho south

or the Great Gold Colony OF tho south
IRON the Mslbourns Age March lol
COMMERCIAL CONDITION.
y b long since all fears about the permansncy o.
eur gold fields have been dssipe sed and 1t is al
most unnecessary, therefore, TO inform our Euro.
pean readers that our reputaton a. the first gold
country Of the word remains unimpaired: The
esisina copjcctore to tho geographical extent OF
surfer0us territory continues 70 receive daily con-
RsDatien. From Lale Omeo, on the eastern side
Of The coogy TO the Portland district on the west,
She yellow patches which used to indicate the gold
On localities On the map are Low becoming Q con-
tipuous lne. Tho old fields are stil drawing q
large population, while the new ones, by multiply
eoScentration which dninishes the chances Of sue.
sess, and encourages the idea prevalent among the
old djgeers, who used to have more elbow room for
their operations than they have had lAtteriy,
there were IN the palmy days Of Bendigo and Mount
Alexander. The idea, however, 10 proved to be err
reneous even BY statistical computation, though
gregate accumulation Of gold in the hands of the
atggers practical refutation has also been lately
given to another current error on the gold felds,
Hanely, that ell the bsst fields were first discovered.
THIS Was very puzzling theory to new chums,"
who could not understand Why Providence, after
Keeping her secret 80 long, should have dtvulged her
choicest treasures to the first explorers. This was
net by tho assertion thai "al the country had been
"pruf pected" without effect; but 1t has now bacome
evident that the labors Of few man are insufficient
10 TEST the aurler0us resources OF district, aud
shking wbih is necessary TO strike upon those ar
teyia lines which are now found to rsmuy the whole
eolndy.
In addition to the unlimited extent Of our aluvia
deposits, our quartz ranges promise to be source
q wealth. equally, II not more, prolific. ynsidera-
BILE attention has beeu paid Of aJe to quartz mining
end the results have been very gratifying. We b.
Ne dsesaey e Il the msehne1s Of through de-
hsHesty Of the companies, or through ell these
causes combined, quartz mining has proved q COM
..ys .u,s in but LIKELY to
quartz Is promo uoced by experienced niaers to be
decidedly richer than that OF California; and II the
reports which We have heard respecting its value
3 anything Ike the truth, quartz mioing will prove
he redemption Of the colony. In fact nov that
AAd j0bbiDg il knocked on the head, aud as spscu
lation can only change It's object not it's nature
he quartz mania will take it's place. We can only
Aepe-as, indeed, we are sure-that IL Wil be at.
tended with better results.
There could not be q more conclusive proof of the
enormous wealth which has been flowing from the
sold fields than the fact thai tho commercial crash
which was generally predicted 80 months ago has
heen averted. That crash was probable, few at
sbat time ventu'ed TO dispute. TRe cause of this
was not to be sought merely in the fact that Ina
ports had been excessive and Ill adapted to our
wants. It is not 30 much by direct
lesses- though these in many cases have been g..
y getting. their capital Cooked up" CHATS the
DAIase) in land speculasions and building opera
sa, . Tne land %.s. came s and ne build
DUlIOl0Q
hspt up the excitement and maintained tie vaiae
Of the Land, till Melbourne was crow led with cub
saantal stores and comfortable dwellings, sufficient
TO held Al the goods and to accommodate all the
reached it Was discovered that such auot-
nents as were not occupied with buildings
that they would not be wanted, it was found that
they could Iot be sold. Down went the paper
townships! Down went the paper millionaire |!
No. wavAkp n<o howrn a. ~vU1-~ - u
SusSs The cry yas 81 So
pkyed" then arose, and has, wiia more or ess dis.
tActness, continued to mako itsaH heard. Many
sssaiSie to the mere sbosei; for the govenm mt
Land o stem remains unslt4red, and the land. in
private hands has not yet deprecated to 81 h
tsnt e 70 be sold below the government price, Tnta
been worse with our NOR eyed men. We4havs NOT
seen the worst yet, however, as regards the dcpre
caation in landed property, while an improvement
especially II immigration maintairs the same rate
this year that It did during the Last.
There ", perhaps, no one itsm 10 the commercial
list which has been subjected to greater dep recla
taoA IN money value in this port, within tie les,
year, than that Of shipping property. TO great
extent, the same causes have acted herein as nave
ssrvsd to lessen the worth Of general imporsatons
NV class, offered "fol SALE" which have been seut
% this port from England. In the belief that they
would ":sll well lis.s, II any, attention being
They were suited to TIE requirements and circum
stances Of the port. The result has bsen that when
lach vessels were thrown on the market, they
Of moro suitable aud better cfaft-th, demand
being by them supplied-the low figure having in.
dneed buyers TO purchase the inferior article.
could ssy It's ae'
wharf sold quickly ut Q large profit often at from
100 TO 800 per cent on its English value. In fact
hing wa: thought good en- ,ush for Is market
high, and steamboats, few; but not SO now.
One sctive cause leading TO this reduction Ia
value Ia the great falling cff in the demand for
parativey low rates OF late, and nov, obtained tor
The carriage CT goods on the river.
There Is one other cause which has, more THAI
value Of shipping properly below its air v.lus, and
sat 10 Tor ing the market by sales ct auction than
which there could be hardly anything m IRE iDju
rous 10 the interests Of the shpown the ultima
enect being bad IN many ways; but II has now nearly
worked its own cu'e.
It is not wonderful that under SUCH ~ pres
surt, shipping, property in this eort should have
declined in value as 1t has done. Tns reaction may
net be In proportion TO the fall, but it has now set
tn, and promisfs to continue. Darug the season
nor shipping wool to Europe q considerable and
star vessels, ever 200 tons register to load here OF
NJ out ports; but very few were offered, aud the
Demand was not nearly supplied. This demaad Is
likely to occur again.
Within the last two months there has been a
nsnifest improvement. in the demand for vessels of
Tho better descriptions. Several vessels of fcom 100
- $50 tens register have changed owners ct an sd-
vance in price of from 10 to rs per cent on the
amount they woud have realized If disposed Of two
o. three months since. This applies chiefly TO YES
ees OF the better SOFT. or such as have some pecu
lia1 good quality TO recommt nd them.
6sesmship property has suffered ito share Of
decline In value, though not 70 tue same extent "a
that above referred &c. There can be bat little
doubt that In another year We shall have employ.
ment for an additional number Of steam VESSELS,
ssted to the coast and inter colonial trade Taeir
boilers and furnaces should be calculated, while
burning colonial coal, to produce the same Ste Am
pressure as when using English stesm COAL and to
oOsain this, greater consu mp.ion Of fuel Il
cary: An steam vessels coming here for sale should
b fitted with new boilers.
This, In fact, "a no y the prevailing aympton in ALI