GOLD CIRCULAR.

New Zealander, Volume 8, Issue 654, 21 July 1852, Page 2

GOLD CIRCULAR.

The weather has been so unfavourable thi»week that we have had little or no communication with our mines. A very valuanle quartz vein has been discovered about 20 miles below Sofala : the specimens brought into town are studded with gold in every direction, and) the tortunate possessor of the claim place a high value upon it. It is leported that a poition of the quaitz yielded gold to the extent of 38 oz. per lon, We have no doubt that when* proper machinery can be biought to work, onr qnartz veins will piove even richer than the alluvial deposits. Gold has been discovered in a stone qnanj m the neighbourhood of Gouluum, but whether it will pay for working is yet unknown. Our northern gold fields give evidence of gieat richness, and the men employed seem peitectly satisfied. A considciable number of mmeis have returned from Mount Alexander on their way to oui v.n ions diggings, having found that aftei paying expenses they can do better here than them. Some very important letters have just been published from theRev. W. B. Claike to the Colonial Seciotary, giving an account of his researches finre he left Coonia. Ue has prospected if our localities on noit-east side of the grc.it basaltic plateau of M<meroo, and eigbjeen localities on the south-west side, in none of Jhe foimcrdld he detect the piesence of gold but in several of the latter he found the precious metal, principally in gianite rocks of a certain class while the schists and quartzilcs, so prolific in the basin of the Macquaine, appeared to be bairen in that part of the [colony— fiom -which Mr. Clarke infeis that no gold will be found except that of a very fine description, On the Mitta he concluded that men might earn from 7s. to 9s. per day, and states his opinion that gold is distributed in dust and flakes for 30 or 40 miles across an extensive river basin — he anticipates the discoveiy of gold in the river channels and ranges running norlhwestei.'y between the Murray and Munumbidgee. Mr. Clakke has also pioved the existence ot gold in the neighbourhood of Bobundara Cieek, but does not augur -very favourably fiom the peculiarity of the matrix. He found it in small quantities m Punchbowl Cieek, d tributary of the M'Loughlin, on the river* Kybean and JEmtibaialla, and indications of its piesence at Cooconcnamulla; but consider! the horizon of these rocks toeelevated to allow of the visible existence of much gold. Mr. Claike also found extensive indications of gold in the valley of the Brogo, but conceives it difficult to woik, from the dangerous desriiption ot countiy and its unhealthiness. At Slaugierhouse Creek and its junction with the Delegate River, Mi. Claike found gold, lead, iron, copper, with abundance of limestone and plenty of water. He also found gold in Maharatta Creek, buth above and below Calkin, at Boiongonia, on the Brndoc RiVer, and indications of itt piesence on the Banks of the upper souices of the Genoa River, in the county of Auckland, between Bondi and Nangutta.and above the wafeifall of Dilganea The gold in the Bendoc is bright and fine, and occurs in some abundance in particular patches of the alluvium. His impression is that its source is in Delegate-hill. The descending order is, Ist, detritus of schist and quaitz cemented by clay and sand, containing gold. (2). Clay, like pipe clay. (3). Boulders and pebbles ot quaitz, with gold. (4). Bedrock. Mr. Claile concludes a very valuable seiies of papers (which he wott/d stiongly recommend to tlie attentive peiusal of all) by declaiing Ins opinion that gold exists over a region which may be said to embiace an aiea of 10,000 squaie miles. The colony is under consideiable obligations to Mi. Claike for the trouble he has taken, and the talent displayed in opening up the hilhei to unknown formation of this wonderful land. We spent tlnce day* at the diggings, which quite satisfied us, and leaves an |impres sion in our mind that Mr. Clarke must have endured hardships in this journey of no ordinary description. Well, indeed, may we exclaim, Hail Australia! land of p'enty and independence! Would that the tax-ridden sons of our fathei-land, who eke out a miserable existence by intense and incessant labour, would come to thee, and find a home overflowing %\ ith milk and honey— thou requires! the hand of man to iin bosom thy wealth, and wouldst repay lum richly with. thy treasures— thou offeicst .employment to hundreds, nay thousands of honest haidy labourers— to the mechanic and the artizan a rapid road ot fortune, to the farmer of small means a homestead of his own, and to every man of energy, vntue, and mtclUct, > rich field of enterpi ise for his cxci tlons. ' > We rejoice to'heai that the subscriptions to the testimonial intended to be piesented to Mr. E. Hargreaves, are incieas-ing, and we tiustthat before the list is closed an oppoitunity.will be afforded to the country districti and to the inhabitants of Victoria to testify their sense of the obligations under which they he to him. We are not awaie whether the Committee have yet decided what shape the testimonial shall take ; but we would suggest that a silver salver would peihaps be most appropriate, on which might be engraved a map of the colony, with a gold line running thiough those districts were gold has been discoveied, together with a lespectable quantity of gold dust, in the shape of samples, from each of the mines. Such a testimonial ai this would be very valuable on hi* visit to England, where we believe he intend* to lecture on the resources ot the colony, and might prove the means of promoting emigration to a laigc extent. The price opened tins week at 60*., but important intelligence from England respecting the increased value of Vicious gold cieated a lise in that desciiption, and several laige parcels have been token to arrive perShamiock and Waratah at 665. 6d., which may now be consideied the cuircnt price of the day. Ihe Bank of New South Wales has commenced advancing again on its hypothecation, which may tend to advance the price, by the competition aiising fiom the incieaied facilities thus attoided to their cuslonieis. The news tiorn home is highly encouraging with respect to the value of out gold, and in the case of Victoua exceeds our most saDgnine e\pectalions, while the Braidwood turns cut not ncaily so good as we were led to believe. The wiitei received account sales of 4300 oz , which left heie per Phoenician ; ana fiom 25 asstijs, the following result is obtained : — Victoiia gold pioves C£ to 7± grains better than standard or equal to 23$ carat gold. Onhir 2 » better than standard 1 " or equal to 22 £ carat gold. Tnron „ Of to lj „ better than standard or eqnnl to M£ carat gold. Bi aid wood „ 1 „ worse than standard or equal to 21$ caiatgold. Wentworth „ 7$ „ woise than standaid or equal to 20j carat gold. So that between the Wentworth and the Victoria gold theie i» a diffcience in quality amounting to IT per cent. Ihe Bank of England had slightly modified the decision they lccently came to on the subject of receiving bullion, and aie now willing to accept any gold not below 21 carats line, deducting or adding of comse in the piopoition it beais |to slandaid. The Insurance Offices had put a clause in their policies " not liable for captnie or seizure," but weie willing to take this risk at an increased premium. 3A long lettei appears in the J/o.imy Post of the 7lh Feb.uary, addiessed to Lord John Russell, recommending that all ou. mineis be tinned off to their culinary occupation, the mines taken possession of by the Butisk Government, and worked with Government funds, and the proceeds employed m the paj ment of the National Debt or the reduction of poor rates by which it is attempted to show that every individual Englishman \ull be bencfitted by the discoveiy, and not a mere handful of n»ople cm iclied, as will be the case by our woikmg them. It is gutifying to observe among the " Imports of hpecie into London," Australia taKmg a prominent place. Total gold expoi ted to this date £1,522,701 7 4 Exchange on London— drafts against gold, 10 pei cent discount Fieight, % pei cent. Geokge A, Lloyd. 74, Geoige-street, Sydney, June 26.

Owing to the inclemency of the weathei, seaicely any business in the gold maiket has been clone dm ins; thu week; ami no gold of importance has been leceived. The he.ivy rams have interrupted the mail communication with neaily all gold districts. The Western escort, which should have ai lived yesterday is not yet to hand. Fiom Victona, theie has been no later communication since my last circular. In tins state o\ things, when alloneiations are suspended, it will be best to lelrainfiom meie matters of comment. The diggers have all been washed out, and the bnyeis have all beon shut in, for the past week. Prices however, lemain fitm at my last quotation*. Late arrivals put us in possession of some facts of inteiest in relation to other communiles. ... , » n ~ The total value of the gold deposited in the Assay Office, Adelaide, «p to tbe 4th instant inclusive, was £439,017 12s. 7d. The amount deposited on that day was ,0089 ozs. 14 dwts. 4 grs., Which valued at 715., was worth £18,008 9s. 4d. By the Appaiation, advices fiom San Francisco have been received to the end of March. I notice fiom J. Coats'i "Piice Current" that gold was coming down from the' mines more freely as the winter broke. Good clean dust was commanding 17 dollars 37£ cents to 17 dollars 50 cents per ounce. Money was vciy abundant, and could be easily obtained at two and three per cent per month, with fair security. The contract price for the conveyance of gold dust via Panama to New Yoik was five per cent, .all contingent chaiges cleaied. This was only for quantity over 1000 dollars. The latest intelligence fiom England tends to confirm previous information, as to the excitement bcgiuning to agitate the public mind, in reference to the Austiahan discovcucs of gold. There was a great inciease in the number of applicants, at all the porti, for passages to Avislialia. In consequence ot ihegieat influx of gold, the Bank of England had leduced the price of foreign coins. The E onoynist, Feb. 14th, says on the subject: —"When gold is flowing in so very lapidly, the Bank has fouud it piudent not to encotuage it by giving so high a pi ice as it was accustomed to give for Russian, Amencan, and I'iench coins. The piactice.was to give the full value as bullion, because it ha* geneially been the case that, after a short peuod.a demand for (lie coins arose for expoitation, and they weie preferred to bullion, and le-puichased at a pront to ihe Bank. It lias now, by a public notice, reduced the price it will give foi these coins, but, of couise, still pin chases bullion at the piice ordained by law. On bar gold it makes no other reduction than a sufficient sum, when it is alloyed, to cover the expense of bringing it to that standard. The Bank has no power whatever to alter thatstandaid, oi to lefuse to buy all gold biought to it at rti« price settled by the Legislature : yet it has been broadly asserted and circulated through the country, that the Bank has reduced the late at which it will purchase standaid gold lid. below the sum fixed by the Actot Parliament." John G. Cohen, 400, George-street, June 28.

The Burgess Roll.— ln the report of the Revision of the Burgess Roll which appeared in our last, we intended to notice as one evidence that there had been no pcti tia lily on the part of the Police in preparing the Lints, the circumstance that the name of one of the policemen themselves had been left out ; but by an accidental omission of the little but all-important word " no," we seemed 10 say directly the reverse. The connexion of the sentence must have made the true roeaniug obvious to everj attentive reader ; we think it right, notwithstanding, thus to point out and correct the error.