NEW SOUTH WALES.

Evening Star, Issue 3280, 25 August 1873, Page 3

NEW SOUTH WALES.

The Sydney correspondent of the Argus writesNotwitlistmding our recent exultation about the development of our auriferous resources, the half-yearly statistics of the escort returns show that less gold by 12,000 oz. has been brought down than in the first six months of last year. The explanation given of this is that considerable quantities must have come by ptivatc hand. As there is no bushranging going on just now, private persons may not be very apprehensive about carrying gold with them. Still the explanation is not quite satisfactory, because the banks will give on the goldfields quite as much as the gold is worth—in fact, they can afford to give a little more than any other buyer, because they have an exceptionally favorable arrangement with the Peninsular and Oriental Company for the transmission of specie to India and England, and can afford therefore, if necessary, to suit render part of that advantage to overbid any rival purchasers. No gold mine is just now yielding any large dividend. Fevers and Holteymau’s claim, that once divided 16s a share,' has come down to a dividend of 9d ; aiid as for the progressive mines, they are still progressive, 'I bis is the period for halfyearly nice: mgs, and very few of them are likely to be of a satisfactory character. A great many companies are being wound up, an 1 in many others the operations are tempo? arily suspended. Copper-mining ia scarcely more prosperous than gold-mining. Several of the supposed mines have turned out to be mere surface blows, while with respect to others the difficulties and delays are greater than were anticipated, and dividends are only dimly discernible on the distant horizon. Peak Down shares, which at thin time last year were saleable atLS &J, are now to be had at LI, and this tremendous decline has made copper sharek of every description almost unsaleable. Nothing but i dividends will restore the ton© of the market

and they must be patiently waited for. Under these circumstances the run is still upon coal. There is every appearance at present of coal-mining being overdone, although the price cannot be reduced to the former figure of 7s, unless the miners will consent to a reduction in their wages, or unless coal-getting machinery can be employed to an effective extent. It must be remembered that the present glut of vessels in Newcastle is to be attributed more to the defective shipping facilities of the port than to the inability of tbe existing collsries to supply the demand, and as all these collieries are increasing their appliances, they will be able to increase their output before .'iuy entirely new mines can be ready to supply the market with any considerable quantity. ”