The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-11

@~--ss-S
The Gold s. H..y nS:,TR and Export. Of
Correspondence Of the London nmesl
h1BoUkSE, March ID, 1853.
We have been for come time without mails from Eng
Nv late letters have dwc upon the increased supply
Of gold by the several escorts, and although that
crease may not be the exact measure Of the Increase OF
production there can doubt that the production has
greatly increased on all the gold fields
yssa ssss
fret twelve weeks Of the present year has been
ounces.
sent year rs as follows
Ounces.
Weekly average Of four weeks in February.... 74a
Weekly average Of four weeks in March II 699
Inc escor.s cr .ne %een pe'ose & hc,uan ~ me me
ounces those for the last week. without the Ovens escort
brought down 6lelo ounces, the average Of the two
being PA.
Ii the average of the last twelve weeks be merely
maintained our export of gold will be 292 sS ounces,
value eli 500 1872 But have no doubt the production
and exports will considerably exceed that amount You
viii remember that in the carly part Of this year judging
from the progressive increase in the quantity brought
down, and from the determination of labor and capital
towards the of machinery quartz crushing, ven
nred TO predict that towards the middle Of the year the
averages would rise 70 co. 0c0 per week now
feel very certain that the average OF the whole year will
exceed that that Victoria will export certainly not less
than 900 900 OF ounces; and believe very confidently
that the export OF this year viii approach and perhaps,
reach 500, 900 ounces.
From the table which sha give presently !. will be
that the old goldfelds Of Baarat and Mount Alex
ander Castlemane), with Bendgo (sandhursD still
hbit increase though they reported 70 be nearly
worked put 1853. The newer goldheld of the Ovens
(Becchworth) exhibited very steady increase and
s great measure, remote from the influences which
produce temporary nuctuaon to DO noticed presently.
During the first six months Of last year the weekly ave-
rage production of the Ovens indicated by the fort
nightly escort, did not much exceed 1900 ounces The
quantity increased during the last six months Of the year.
and the average OF the whole year was brought up TO
1897 ounces This year the averages hare rapidly in
creased, follows in January, 4ISl ounces in Feb
ruary, 5. 994 ounces; in March, 9l4 ounces.
has been said that the general increase is not all pro-
ducton that part OF is owing TO the fact that while the
price low in Melbourne stocks are kept back and that
when the price riscs has lately DONE IT'S 3D. per
ounce holders send down their stocks for SALE and that
part owing the fact that the price Barat having
been for short time higher by some 15d. lSd per
oudce than at Melbourne some cunning fellow took mp
gold from Melbourne by the stage and sold IL to the banks
at profit Now have no doubt that the FIRST cause has
been in operation for the last four five weeks and tina
il has 10 extent swollen the figures which the re-
nnr,oe 90 @ e'er 81 & %
of any other week. for the itself did exist
for as long as fortnight and, moreover, has before
existed and operated 10 some extent Now If we should
take the supply OF the last two weeks average
be relied on and from that predicted that the years pro-
ducton would be 1000 900 o., kl6 600 0o0 then
deed il might be said that no allowance had been made
for temporary and accidental but 10 anticipating
that the years supply viii certainly be 3,o0o0 900 o.,
have stated, and perhaps approach even reach,
500, 600 make ample allowance for OF in
crease that merely temporary.
increase apparent, and are, moreover ample To
account for the steady increase In the supply
that has taken place. and 10 warrant anticipation
further increase; mean the application OF machinery,
and the consequent cooperation Of capital and labor IN
the pursuits OF mningcauses which did exist In the
first second years OF golden age and only
coming into operation partially and slowly, having had
10 encounter much prejudice all such expcdents
have, besides all the difficulties in the way Of applying
what and untried. Even the laborng digger ad.
its tho usefulness Of some sort OF machinery He
the great advantage CT padding machine, driven by
horse, (ke the brckmaker's pug nil) the cradle
and the tin pan. lie deny that for emp.yipg his
hole amer rain, pump IS far better than bucket
pump, worked by small steam engine, Is bvious
Improvement and he only dislikes the quartz crusher
because he sees that the capitalist in for share
OF the produce but he will learn he is fast
ne) that his share Is increasing and shall
NO more Of "a difference Of ornion about machinery
prevailing Al the digglngs.n
As am dcsirous that the Tina should be the means Of
establishing in the mimi Of tae Chancellor OF the Exche
quer-be he whom he maya well founded confidence in
the continued suppy Of gold with all It's consequences in
maintaining demand FOR British manufactures, and in
supplying the sinews Of war let me again beg you and
him TO bear in mind that California produces an annual
average OF about 20, 600, 900 WORTH and that no
reason why improved methods Of working should not
produce effects there similar 10 those which they
undoubtedly producing here close this statement with
the following table Of the weekly supply from each and
every gold ned during the present year. with compari.
son OF the weekly totals With those Of last year