oiled), and all such necessaries, were thus secured of the very best description. We are not sure whether the water bags and buckets were made at the stockade, but they appeared to be all that was desired.
JOURNALS OF THE GOLD-FIELDS
Since our last News Letter, published on the 1st August, the escorts have brought to town : 38,772 ozs of gold, while in the same period of the preceding year the quantity of the precious metal received in Melbourne was 261,017 ozs. The yield up to 8th September 1860 was only 1,394,332 ozs, but up to the same rate of the preceding year, it was 1,555,935 ozs. It will be thus seen that the falling off in our yield of gold is very considerable. The quantity shipped is 1,415,056 ozs. as compared with 1,635,111 ozs. It might be urged, that a much larger quantity of the precious metal is brought down by private hands than heretofore, as the roads are perfectly safe, and that the produce of the diggers in the escort returns. This cause will not nearly account for the deficiency. The mining companies, from which so much was hoped, have not turned out at all equal to the expectations they excited, for although some half dozen are highly profitable, and paying dividends at the rate of from 25 to 60 percent, per annum, several are being now wound up, as hopelessly bad, and the prospects of a large proportion are more than doubtful. The comparative failure of these enterprises arises atm at entirely from mismanagement, In the majority of cases large sums were paid for claims which might have been purchased for a few pounds ; and enormous amounts were expended on brokerage incidental expenses, and for costly but useless machinery. We have had to pay very dearly for our experience, but there is no doubt that our experiment in mining companies will be conducted on a much sounder basis than the last. Our proof of this is, that while the majority of the companies formed in Melbourne are in a most unsatisfactory condition, many of the small enterprises initiated and owned on the mines are paying well, and the Snowy River bubble, which has for some months past excited such hopes and fears amongst our mining community may be said to have burst at last, except in the minds of those who prefer castle building to being guided in their affairs by common sense. The great Kiandra, which has been placarded in Liverpool by ship agents as the greatest and richest of Australian gold-fields, has dwindled into a small patch of auriferous ground of no extraordinary richness, while the hardships which have to be endured by the digger, and the dearness of provisions, are almost unparalleled even in the history of new rushes. All fears of an extensive immigration from Victoria have now subsided, even in the minds of the most timid. As an instance of the state of affairs at the "Great Kiandra" we make the following extract from the letter of a correspondent to a Sydney paper: - Men are going away in long strings. They are thoroughly frightened. A week ago, people laughed at the prediction of severe weather, now they tell a very different tale, and run madly into the extreme. Half the digger will leave. Today's break in the weather - frost, sunshine, and little or no wind - is not trusted, and off they go, especially new arrivals and those unlucky few who have nothing to fall back upon when out of work. Again, the Sydney Herald says - " One poor man is now lying in a tent, under the cars of the authorities, with his legs, feet and hands so frightfully frost-bitten that little hopes are entertained of his recovery. We fear that man deaths and missing soon will have to be chronicled before the spring." The last escort from Kiandra took 2456 ounces of gold to Sydney, and nugget weighing 311 ounces has been found at Surface Hill.
The Government prospecting parties in Gipps Land have discovered large tracts of auriferous land,but cannot be said to have hitherto found a payable gold-field.
A large nugget in the claim of the Koh-i-noor Company, Golden Point Lead, Ballaarat, deserve special notice. This lump of pure gold, called the Koh-i-noor nugget, was found on the 27th July, in the gutter at a depth of some 10 feet from the surface. It measured about 14 inches in length, and nearly 24 inches in girth, weighing 834 ozs, and was brought by the Bank of Australasia at the full current rate per oz. this splendid discovery thus turning in about £3335 to the company, exclusive of the value of other gold found at the same time. This discovery laid two specialities about it. In the first place, the nugget was found in the gutter, and in the next place it was at a distance of more than a mile from the starting point of the lead ; whereas all other nuggets of any consequence have been found on the reef or sloping ground adjoining the gutter, and nearer to the source of the lead. From this finding of Ko-i-poor nugget, therefore, it may be inferred that for the future, similar discoveries may be expected, no matter how far from the original source of the gutter.
The new rush at the head of the Goulbourn has been visited by a considerable number of miners. it affords great facilities to men who have enough capital to commence sluice washing, but is not calculated to afford employment to a large copulation.
JOURNAL OF COMMERCE AND INDUSTRY.
We have had another month of depression and general business inactivity, with no signs of immediate improvement, inconsequence of the large stock of goods on hand, and with which in the stores are filled.
There is very little to report in the markets this month, and prices are nominal. In the grain market a moderate amount of business has been done: breadstuffs have slightly receded in value, the quotations for flour being £16 to £17 per ton. Oats are quoted as 7s. for colonial, and 6s. 3d. to 6s. 9d. for Californian. Very little has been done in the spirit market, and prices remain nominally the same as they have been for months past. In the market for western provine, coffee and tea are kept up their value and have been inquired for Mauritius sugars are in fair demand. Butter has considerably declined in value, 10d. to 11d. being the ruling rates. Oilmen's stores have been very dull and slow of sale.
In the stock and share market little has been done. Those mining companies which have been able to weather the storm and push through, have had their usual bi-monthly meetings, and laid their reports of proceedings before the shareholders. Among the most successful of these companies are the Beehive, the Nelson Reef, and the United Brown's Company. Out of all the mining companies whose shares are on the Melbourne market, only eight have declared dividends.
The half-yearly meeting of Suburban Railway Company was held in the middle of the month. A report was submitted, and a dividend of 3 per cent, declared out of the profits, but it has been determined not to pay the dividend. Authority was given to the directors to borrow £400,000 on debentures, and also to issue 2000 new shares within the next three months.
The fifth half-yearly of the Melbourne Fire Insurance Company was held on the 25th. The receipts for the past year were set down as £8013 7s 3d, being an increase upon former transactions ; a dividend of 8 per cent, was declared.
The half-yearly meeting of the Bank of Victoria was held on the 7th. The balance-sheet, which was presented, showed the profits for the half-year to be £33,014 3s. 10d., out of which sum a dividend, at the rate of 10 per cent., was declared, and the surplus placed to the credit of the reserve fund and profit and loss account..
On Friday the 7th inst., a meeting of merchants engaged in the import proviso in trade was held in the Exchange Building. Mr Siebel acted as chief spokesman, and laid his views before the meeting in reference to the establishment of a regular change hour, so that merchants might meet and exchange their views on the business of the day. A resolution appointing a committee to bring about this object was carried, and the proceedings terminated.
The following vessels have arrived from British and foreign ports during the month: - August 1 - Lord Palmerston, from Copenhagen; Der Nord, from London ; Dorothy Jobson, from Manilla. 2 - Bonaventure, from London. 6 - St. Helens, from Swansea. 9 - Suffolk, from London ; Canoe, from San Francisco. 10 - Ocean Eagle, from London ; Allies, from Mauritius ; Hannah Nicholson, from Calcutta. 12 - Jeddo (s.), from Point de Galle. 14 - Admiral, from Cape Town ; Commodore Perry, from Liverpool ; Great Tasmania, from Liverpool. 15 - Roxburgh Castle, from London. 16 - Strathdon, from London. 18 - David Sharp, from Boston ; Midnight, from San Francisco ; Evangeline, from New York. 20 -Ocean Home, from Liverpool ; Joseph Hall, from London. 24 - Star of Peace, from Bristol. 29 -Saidanhah, from Liverpool ; Queen of India, from Liverpool. 31 - Champion of the Seas, from Liverpool.
The following are the arrivals in September : 1- Alice Gaunce, from Greenock. 2 - Almatis, from San Francisco. 5 - Elizabeth Kimball, from Liverpool. 6 - Gosport, from Liverpool; Hebe, from San Francisco. 7 - Linda, from London ; Andromache, from Shields ; Amazon, from Mauritius ; Sultan, from Callao. 8 - Beverly, from Calcutta ; Y'dale, from Hong Kong ; Samaritan, from Liverpool. 9 - Criterion, from London ; Balolutha (s.) from Greenock. 10 - Adelicia, from London ; Fades, from Hong Kong ; Elizabeth Ann Bright, from Liverpool ; Arabella, from Mauritius ; Bunker Hill, from London ; Bebar (s.), from Point de Galle. 11 - Jeanie Oswald, from Mauritius ; E. Ward, from Colombo.
The following are the departures for the same period:-August 2 - Young America, for Callao.. 3 - Penguin for Guam. 4 - Mary Pleasants for Callao ; Persian, for Callao ; Chrysolite for Gua. 5 - Malvina Vidal, for Guam. 7 - Eagle for Hong Kong ; Winfield Scott, for Callao. 10 - Jemmy, for Guam. 14- Swiftsure for London. 14 - Britannia, for Callao ; Chensurah, for Kurrachee ; Victoria, for Batavia. 17 - Dollart, for Mauritius. 20 - Wallace for Callao ; Ella A. Badger, for Callao. 21 - Magarine, for Guam. 23 - Water Nymph, for London ; Emily for Guam. 24 - Wild Gazelle, for Guam. 25 - Der Nord, for Callao. 26 - Ina Russell, for Callao. 27 - Hinjostan, for Guam. 28 -Sussex, for London. 29- North, for Guam..
The following vessels have cleared out with gold as freight during the month :-
August 7, Eagle, for Hong Kong, 9920 ozs. 11 - Swiftsure, for London, 70,62 ozs. 23 - Water Nymph, for London, 80,452 ozs. 27 - Salsette (s.) for Point de Galle, 13,752 ozs. 28 - Sussex, for London, 62,161 ozs.
The following are the departures in September. 4 - Fairlight, for Calcutta. 6 - Commodore Perry, for Auckland. 7 - Hannah Nicholson , for Point de Galle. 8 - Canoe, for Guam ; Lord Palmerston, for Guam.
On the 10th of September, the Jupiter cleared out for Hong Kong with 5462 ounces of gold ; and on the 11th inst., the Anglesey sailed for London with 57, 598 ounces of gold.
NEW SOUTH WALES - Little intelligence of a novel character has been received from Kiandra ; all accounts from there agree in stating that the horrible inclemency of the weather, and the impossibility of procuring provisions, at a reasonable rate, militate against the further development of the cast gold-field