LATEST AUSTRALIAN NEWS.

Evening Star, Volume VIII, Issue 2098, 26 January 1870, Page 2

LATEST AUSTRALIAN NEWS.

In a speech delivered by the Mayor of Ballarat, Mr Thomas Cowan, in laying the foun-dation-stone of the new town hall, he said that seventeen j ears since there were only a few wooden buildings on the plateau on which Ballarat West stands, and now the town contained five thousand .assessed properties, and had a civic income of L 35,000 a year. During the time that elapsed since then a magnificent city had grown up around the spot where he stood, with finely-formed streets' stretching but in every direction as far as the eye could reachUnless Ballarat looks well to itself, it will lose its laurels, and Bendigo will become the metropolitan gold mining district. The Bendigo Advertiser reckons that the decrease in the production of gold" will be found to have frpm a falling-off in other districts. Ballarat is especially fixed on as a failing field. For the last six months the yield of gold on Bendigo hae averaged 5,000 ounces per week, and during the twelvemonth there has been a slight increase in the value of the machinery at work. In the Eaglehawk district, specially, mining matters seem to be looking up. The New Moon Company led

the way, and on the same line of reef other companies are coming upon first-rate stone. As an instance of what some of the Bendigo mines yield, the Advertiser gives the Argus Company (Registered). This company, since it was formed five years ago, has never made a call, and has paid, up to the present time, twenty-five sixpenny and two shilling dividends on a capital of 20,000 shares. The reef was struck at the 211 feet level, and has been worked down to the 360 feet level, while in the new level at 420 feet the stone appears as good as ever. The challenge lately issued by J. G. Harris, the champion runner of the Australian colonies, has been accepted by Frank Hewitt, champion of England, at the follow* ing distances, viz.:—lo9 yards, 150 yards, 200 yards, 300 yards, and 440 yards, for LIOO a side for each event. The races ar® to come off on the Melbourne Cricket-ground on Saturday and Monday, the sth and 7th of March. A recent failure in Auckland has been the subject of some talk in the city, as showing the necessity of some change being adopted in the manner in which business has hitherto been done here. This, in fact, appears to be the latest of several “ little games” all conducted on the same principle —or rather, want of principle. The trader comes to thii market from another colony, buys on credit as much as he can, raises money on the goods so bought, then buys again at half cash, and three months’ credit for the balance ; hypothecates the goods so obtained, and with the cash buys afresh, until a good haul is made. Then comes the usual meeting of creditors before the bills are due, and at the meeting it is found that there is little or nothing left for these who sold the goods to divide. In the case just alluded to, the Melbourne creditors were thus “done” out of L 4.015, and the Sydney men out of L 3,754, the chance of a good dividend being small. The remedy for this state of affairs seems to be in the'hands of the merchants themselves. With less competition there would be more caution. — Age.