WHAT WILL AUSTRALIAN GOLD DO FOR NEW ZEALAND ?

New Zealander, Volume 8, Issue 626, 14 April 1852, Page 3

WHAT WILL AUSTRALIAN GOLD DO FOR NEW ZEALAND ?

[From the " New Zealand Journal."] Let the quantity of gold found in California and Australia be as great as the most sanguine anticipate, we do not believe it can in the slightest degree affect the permanent value of gold in the market of the worid. The supply of gold of late years has been no more than sufficient to meet the demands of commerce. We are on the eve of an immense extension of the field of civilized commerce. New communities are rising into existence in the islands and on the continental shores of the Pacific : the immense and hitherto isolated populations of further Asia are being dragged into the vortex of international intercourse. e ° But for the discovery of new gold regions the quantity of gold would soon have become inadequate to meet the wants of trade. But in the countries where gold is found — at least in such as are free— the first discovery is productive of a derangement in the ordinary course of industry. All throw themselves into the alluring pursuit; adventurers flock infrom all nations ; an exaggerated spirit of gambling is developed; other pursuits are neglected^ There has been enough of over-speculation in Australia, but it has been as nothing with the feverish spirit which at present pervades California, and the first vague hints and surmises of gold at Bathurst appear to have already converted Sydney, in this respect, into a San Francisco on a small scale. W the gold deposit in New South Wales prove rich and inexhaustible it wil be lucky for New Zealand that it has already had a smart touch of the California fever. Many have emigrated to the "diggings" who have returned with battered constitutions and baffled hopes. The remainder will not, with this warning before them, be in such a hurry to flock to the El Dorado in New South Wales as they otherwise might have been. In their sobered mood they^ will be more disposed to profit by the frenzy which is making so many Australians desert their ploughs and stations to go gold-hunting. The more people withdraw froin'the growth of corn and the rearing of cattle in New South Wales by the gold mania, the better market will the husbandmen and flockmasters of New Zealand find for their produce. The first demand will be greater than can be maintained. Sheer necessity will drive not a few back from the gold country to pastoral and agricultural pursuits in New South Wales. The New Zealanders will do well to "make hay while the sun shines," remembering that the sunshine cannot last for ever. But the first burst will be succeeded by a period of steady inci'eased demand. Large mining districts require to draw their supplies of food from a distance. The " diggings." may afford a good permanent market for the agricultural produce of New Zealand m addition to that of Australia. If the New Zealanders remain at home, steadily industrious, muchof the gold of New South Wales (and of California too) will necessarily overflow into their islands.