THE SYDNEY MARKETS. [From the "Sydney Herald,"May 20.]

New Zealander, Volume 7, Issue 538, 11 June 1851, Page 3

T HE SYDNEY MARK E TS. [From the "Sydney Herald,"May 20.]

This speculations iit every drsciiption of consumable nrlii le mice the discovery of our auriferous icgions liuvc bern reckleiiß and unwmranted ; :ind it will re quire very little argument lo show that the state of our mailcets docs not admit of the present extraordinary high price*. Because gold was found >n California, and horn (he tide of emigration that fid in tlntiier goods rose to an (Xtravu^unt price, is it to be mippohed that the same sot of ciirnmstHnccß will produce a Bimilar I'lleot in this colony ? Let us calmly look at Hit; icliilivo eondiliuu of San Fiamißoo and Sydney under the firiit news of the discovery of gold. When it wna promulgated and became known Unit California abounded in cold, a general eini^riilinn immcdiatelyTollowed the publication of the into li^inci. A lush to California fioui every putt of the globe wuu th** immediate result. The United SluU-R an-l Canada on tlie north and cunt, Mexico on the south, Tahiti, New Zealand mid Australasia on the •cntli-west, contributed numbers to a rapidly increasing population. The steam mercantile maiiiiH of A inerr'a uuhid deinaud, and tlioiisiiftd' urn) leim at i)ionhiinils wire litmiporicd Irom Now Yoik to Punuiint n'iih a ui|iidity vihiiii kucli iri( ,uih of < ominnituation only afFoicl. Wliii' win (lie Htntc of Sun Krancisi i> before iliu disrovuy of gold in Cuhforniii ? —a nn-ciabh' und lußi^nih'ciiiit village ; •md which, but tot sue It discovery, would nev< r li.jvi; li^cn into iinpoi (nine. When the iimshch <if people at rived at Sun Fiancisco, not in huiulrcilh but in thousandn, very muny of whom Ctiinc t>puringly pfjuipiicd, San Fianeiico was not rcudy to receive tln in, au'om ntoilation w»» deficient, in id supplies of every di'hCiiption wure source, and ai emigrants could l)u moic rapidly tiuiisporlcd lo California oveilund 01 by I'unama than invruliaudihr, they arrived in San l^nncisro befnr» the (nod which wni to feed them could " louml the Il<irn.'' Fnmine jiriccH for a time weie (he 'fleet of u rent inilux of population into the countiy, and it is not thuM'foie a milter of -.urprihc that thu lew which were, ul tin; tune of the discovery of gold, in ( alitornta, bhnuld have commanded a puce nmcli bcjoinl vvhut thuii holders onguiully expected. But

hen wlion gonds poured info California from foreign murkctß mi opposite state of things occurred. The supply in a few niontlin became not only equal to the demand, but wan even greatly in excesß, and nolwithftuiding the destination of bales of goods from the <X|)»i!iirr to the weather for want o| htore room, the icuuiining goods which could he stored were rood so i educed in price ns to alToid n very tri/lintr, if any, profit to (lie consignor or importer — niiy, it will be remembered Ih'it goods wliich had been sent from Sydney found tlieir way Im< k in consequence of the depressed state of Hie California!) tnaikcl, ami even KOine goods were, on account of their low price, purchased there for export to thi« colony. Tbi) preßcnt clubs of speculators no doubt arc of opinion that the discovery ol' gold here will lie attended with Kimilar results to th» discovery of gold in Cnliloimn. The cirenmilariees of this colony, howevci, are so (lillci'ent that they do notf onn a j mallei. Let us, therefoie H"o liow the di'UMvciy of gold will immcdiiiicly iiflcct the market of New Smith Wales Six months have bmely elapsed since tho first wool tea mR with last BiMMon's clip deposited their loads in Sydney. The wool teams took buck with them their twelvemonth's loading of supplies for their lesptctive sta'tons ; and it will be iidmittcd Unit generally, the supplies nt stations tire sufficii nt until the ix,xr wool season ifturiib. Until the dKrovery of go>d we hcaril no complainfß of the umrkctM of Sydney being mmi qnately supplied ; taking one net ol goo'ls with (mother the maikcis may be Hiiid to have been steady, w.th the exception of flout , which, in eoiiicquenec of n dufioienl, harvest in thu Austialian colonies had risen to .#2O a ton. Thu diflcovory of gold and the amount of unemployed capital in the colony, have caused Mieculution in every kind ol merchand'iHe, without speculators considering where will be their outlet of sale. As n consequence o( tho discovery there mubt and will be an extensive etnigiiiti'in lo New hou h Wales, but, it "ill be. of a totally diflVient diameter to the emigration to California. When tho news thai gold in to be picked up here has reached New Zealand, Yicoiiu arid bouth Ausiralia, we nuiy rxpect from thwse colonies a large increase, to our population. But though the haivest foiled this year, tlieie i» generally an avciage supply of eoiisnmabh; goods in those maikcU, and when emigration sets in from thence hither those markets will tall, und the nvrcham tlwre will take ndvantngc of the nsini^ iiiaiKet here, and send Inn goods after t tie population wh> have emigrated. In oilier words, assuming that the murkeia of New Zculnnd, Victoria, and South Australia, are uveia^odly sujipliiid, so soon as ppople leave those coloniis goods wili fall in va'uc, Midihe merchant' will send his goods hero, where he will find a more ready B<ilc and greulcr deinninl. It is fiointho"o colonies thatjlhe firt,t streams of ciiiigiution will (low, and, as u consequence, food and goods will acoompnny or follow the <■ migrant*. This, therefore, will have the cflVct of causing prices to fall here as rapidly as they liavo riien. The more extenhive emigra' lion will eventually be from Great IJritnin, Ameiica, and other parts of. the world, and by aml-liy we shall, like Ciilifoi nia have thousands und tens of thousunds of people emigrating at their own exnensc. Jsut this will not occur tor leu or twelve months. We are here dost'tuie of oci an steum navjgution, and have no tneuni of coinmuniCHUng our golden news to ot'ior cnixntiii"-, except those iipui us, with rapidity. And it can hardly be expected thut we nhull have any large jidiliiions to our popnliinon (rom ony country (the Au tralins expected) before the beginning of next year, By tint time, it our faimcrsare prudent, und take nilvitntniru ol the |>risi % ni hcuboii for bowing, we shall have wheat pioduced which will go a long way, with whntwe may fairly calculate upon being imported from toe Hunoumiing colonies, to muet the demand. Our merchants will loose no time in willing to their conespomients for goods which will then be icquired, and which will arrive about Ihesume lime as the emigrants. We hiive stoics ready to receive goods, and consignnipn's will not sull. ror prns i (V>ni exposure. W ith tlicfce facts before our ejo-i wliy should the Syduey market be in such fcvurnh state of excitement nn it is ? There is no one Mtiglo ciicumstance to wan ant it. The news of gold has not yet icuched our neighbouring colonies, and the mci eased puce in pioViMons uud goods does nut Liiubf an actual demand. Our coiihurnptinn is not greater than it was a month ago, the only ditteieuoe in thu consumption being ili.it it bus been partially transferred from Sydney to the miney.