vinced that the philosopher's stone is more likely to be met with on Victorian soil.  Notwithstanding the unfavourable reports from these diggings, however, many are preparing to try their luck on the approach of fine weather. Still the anticipation of a monster rush to the Snowy River has pretty well subsided.
Another monster nugget has been found at Ballaarat [Ballarat] within the last day or two.  The Ballaarat Star gives the following description of the discovery of the prize: - On Friday afternoon considerable excitement was manifested amonst [amongst] the miners on the Golden Point Lead, when it became known that the Koh-i-noor Company had discovered a nugget of considerable size.  The news ran through the town like wildfire, and it turned out to be perfectly correct.   From information supplied by one of the company, we learn that the nugget, which weighs 834 ounces, was discovered between one and two o'clock on Friday afternoon, about 400 feet from the surface.   At first it was taken for a quartz boulder, but a touch of a pick dispelled the illusion and exhibited to view the glittering material.   In shape it resembles a leg of mutton, is fourteen inches long, and nearly two feet in
girth.  The nugget is remarkably free from quartz or dirt, and is very pure.  About three o'clock one of  the members of the company placed the treasure on his
shoulder, and, surrounded by about a dozen of his mates, carried it in triumph to the Bank of Australasia, followed by a crowd of persons, where he deposited it.


The import markets this month have assumed a firmer aspect, and although no great speculation has been carried on, business has been progressing steadily.  The flour market remains firm, and good Adelaide sorts meet with ready sale.  Two or three arrivals from foreign ports with wheat and flour will not make any material alterations in the present prices.  For ales and porter the demand has been light, and sales of the former, best brands are quoted at £7, and even lower.  Butter has been in good demand at 1s. to 1s.1d., and candles have met with ready sale.  Very little has been doing in bacon and cheese, and prices remain the same  In the market for Eastern produce, rice has been sold at £19 to £20, and a parcel of grain realised £17 per ton.  Sugars and teas have not materially altered in price.  The wine and spirit market has been extremely quiet, and the prices remain without change.
There has been a moderate amount of business done in the share market during the month at generally reduced rates.  Bank of Victorias, £25 paid, are quoted as £32.10s.; Colonial, £5, at £6.2s.6d.; National £4, at £2 15s.; Melbourne and Hobson's Bay, £50, at £58; St Kilda and Brighton, £25, at £12.10s.; while in mining shares there are few transactions to report, persons obliged to sell being compelled to submit to a considerable sacrifice.  The banks now issue drafts on England at 60 days' sight at par.  Drafts against gold, etc., are purchased at 1 per cent. discount.  Freight on gold, per sailing vessels, 2½d. pre ounce; per overland mail steamers, one per cent. deliverable at the Bullion office, Bank of England.  Insurance, 1½ per cent; and overland 1¼ per cent. Interest on current accounts and deposits at call is allowed by the banks doing business in this city as follows.  The rates adopted by the National Bank are as follow:-  On deposits at call, 3 per cent per annum, on sums deposited,  subject to six months' notice, 5½; on do., subject to twelve months' notice, 6 do. do.
The Banks of Australasia, New South Wales, Victoria, the London Chartered and Union Banks of Australia, allow interest on the monthly minimum balance of current accounts of not less than £200, at the rate of 3 per cent, per annum.  The English, Scottish, and Australian Chartered Bank, the Oriental, and the Colonial Banks, allow 3s per cent interest on the daily balance of current accounts.  The Oriental also allows 3½ per cent interest on sums repayable on fifteen days' notice.  The English, Scottish, and Australian allows 4 per cent. on deposits at three days' call, and the Colonial allows 3 per cent, on deposits at call.  Discounts at all the banks - under 95 days, 8 per cent. per annum was declared.
The quarterly meeting of the Chamber of Commerce was held on the 9th ult.  The report of the committee was presented, and unanimously adopted.  Six vacancies in the committee were filled up, and a resolution passed, reducing the entrance fee from three guineas to one guinea.
The annual meeting of the Melbourne Gas Company was held on the 26th.  The report was adopted, and the retiring directors re-elected.
The Victorian Life Insurance and Savings' Institute held their annual meeting on the 28th.  A very satisfactory report was presented and adopted.  Two directors were appointed in the place of two retired.
A meeting of wool-buyers has been held for the purpose of obtaining certain modifications in the present conditions of sale, more especially as regards the delivery charges, which they have succeeded in arranging.
The following gold ships have sailed for England during the month.  The Orwell on the 11th, with 37,877 ounces; the Red Jacket on the 17th, with 28,448 ounces; the Norfolk on the 25th, with 35,201 ounces; and the Ottawa mail steamer on the 26th, with 22,586 ounces.
The following vessels have arrived from British and foreign ports the month:- July 2 _- Mary Pleasant, from Calcutta; Young America, from Liverpool. 4 - Wilhelmina, from Puget Sound,  De Stad Gouda, from Amsterdam.
5 - William Kirk, from Liverpool; Emily, from Copenhagen; Penguin, from San Francisco, 6 - Salsette (s), from Suez; Nazarine, from Puget Sound.  9 - Cote D'Or, from Bordeaux.  10 -  Rapid, from London, 11 - Fairlight, from Calcutta; Ina Russell, from Liverpool; Anglesey from London.  12 - North, from London; Wild Wave, from St. John's, N.B.; Victoria from Manilla. 13 - Water Nymph, from London; Hindostan, from San Francisco.  14 - Venus, from Liverpool.  15 - Ella A. Badger, from London.  16 -  Britannia, from Liverpool;  Anna Krell, from Puget Sound; Wallace from Greenock. 18 - Magdalena, from Hamburg.  19 - Wild Gazelle, from New York.  26 - Denmark, from San Francisco.  27 - LOrenza, from Leith.  28 - Windward, from New York; Lord Palmerston, from Sweden.
The following are the departures for the same period: - July 3 - L.A. Bang, for Callao.  7 - Carntyne, for Point de Galle.  9 - Peru, for Guam; Carl for Mauritius.  11 - Orwell, for London.  13 - Atlanta, for Guam.  17 - Red Jacket, for Liverpool.  20 - Hound, for Singapore; Lew Chew, for Callao.  21 - Giant's Causeway, for Guam. 22 - S. Curling, for Callao, 24 - Lafayette, for Callao;  Hope. for Callao. 25 - Lucknow, for Guam.  26 - Neptune, for Manilla; Ottawa, (s.), for Ceylon; Norfolk, for London.  28 - Phoenix, for Callao.
The Peninsular and Oriental Company's steamship Salsette arrived punctually in Hobson;s bay on the 6th, with the May mails, and also the intelligence of the alteration in the mail contract, in accordance with which the steamship Ottawa, which left Hobson's Bay on the 26th. will only proceed as far as Point de Galle.


On the 23rd June a reconnoitering party of the 40th was fired upon by the natives in Paketakanere pah, where upon an attack was resolved upon.  Before republishing the extracts from the New Zealand papers, we will give a brief narrative of the campaign up to the latest advices.  Taranaki is on an open roadstead, and the Waitara River runs into the sea a few miles from the town.  The stream has a bar mouth, but is accessible, to small steamers of
not more than 50 tons.  On the 27th ult., an expedition left the town for the pah, the attacking party consisting of about 350 men, including two companies of the 40th under Major Nelson, the Naval Brigade, under Captain Seymour, the Artillery and Engineers, besides a few friendly natives to act as guides.  A reserve of some 300 men, under Colonel Gold,  accompanied the expedition.  After the pah had been breached by the Artillery, the British attempted to take it by storm, but after a desperate struggle, were repulsed with a loss of thirty-two killed and twenty-nine wounded, including Lieut. Brooke killed, and Captain Seymour wounded.  The covering party, under Colonel Gold, retreated without firing a shot.  Since then we have no news from the seat of war, and the only intelligence from New Zealand relates to conferences between the various chiefs.  The conduct of Colonel Gold has been very severely commented upon, the general opinion being that he is a most unfit commander.  The intelligence of the repulse at Waitara was first brought to these colonies on the 10 inst., and the Major-General commanding the troops at once decided upon sending all the assistance in his power.  In pursuance of this determination, one major, two captains, three subalterns, four sergeants, one drummer, and a hundred rank and file of the 12th, were despatched [dispatched] from Sydney, on the 15th inst., on board the H.M.S. Fawn; the head quarters of the 40th regiment, consisting of Colonel Leslie, two captains, five subalterns, four staff-officers, fourteen sergeants, nine corporals, one hundred and eighty-eight rank and file, and twenty-five bandsmen, left Melbourne on the 18th, by the City of Hobart;  the Major-General Pratt, Colonel Carey, Deputy- Adjutant-General, the medical and other staff-officers, one subaltern, and fifty rank and file of the
40th following yesterday in H.M. Colonial steam-sloop Victoria.  This colony is now denuded of troops, excepting a few invalids; and the garrison duty has devolved upon the volunteers, who are behaving with great zeal.  The government taking advantage of the strong military and national feeling recently evoked, has passed a measure authorising them to increase the volunteer force to 10,000 men, so that come what may, the colony will be prepared.  The detachments of the 12th and 40th, stationed in New South Wales, South Australia, and Tasmania, have received orders to hold themselves in readiness to march at an hour's notice.
The correspondent of the Nelson Examiner writes: - About daybreak on Wednesday, 27th June, a force of 200 men in all, from the 40th and Naval Brigade, set out from the camp with the big guns, and took up position on
the side of the pah next [to] the camp.  These men had with them Major Nelson, Captain Richards, of the 40th, Captain Seymour and first Lieutenant Batiscombe of the Pelorus, and LIeutenant Mc Naughten of artillery. Another party of 150 men was sent round between the pah and the river, and, leaving a detachment in the flat, came up in the rear of the pah, on the inland side.  The pah was thus surrounded so that none coming out could escape from one force or another,
The main force in front opened fire with artillery at seven a.m., after some firing, effected a small breach.  But the ground was known to be furrowed with old intrenchments, and a gully intervened between the artillery and left wing, and the pah.  The natives came boldly out on the opp-


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