[From the Polynesian's Correspondent.] Bernicia City, August 16, 1848.

New Zealand Spectator and Cook's Strait Guardian, Volume V, Issue 365, 31 January 1849, Page 4

[ From the Polynesian's Correspondent.] Bernicia City, August 16, 1848.

The discovery of the gold mines in this region has given a new interest to California, and I have no doubt that any information in relation to it would be read with much interest by your patrons. You will have heard, before this time, the manner of its discovery and the time. I will therefore only speak of the progress of the work, and the probable effect it will have on California and other countries. As to the extent of the mines, there seems to be but one opinion, and that is, that the amount of gol-i will not be materially diminished in the present generation from the fact that the gold region covers a vast extent of country, and so far as examined is so universal that almost the entire country must be dug up before the precious metal will be exhausted. The people of California now look upon this region as a bank upon which they have only to present a check to draw what amount they wish, the acquisition is so rapid. There are now, say three thousand persons at work, many of them gathering from four to eight ounces a day, yet even allowing that the general average is not more than one ounce, this gives three thousand ounces a day, 48,000 dollars, which w ould be 1 ,248,000 dollars a month. This is a tremendous amount of the precious metal to be picked up by three thousand persons in one month. It is hard for a stranger to believe this, but I have made the estimate from the amount which I have seen in possession of the miners on their return to their farms, and from the statements of those who are at work. I shall not, however, complain of your readers, if they serve me as I did others, when the mines were first opened — believe only half of my statement. Allowing even one half to be true, it will give to California invaluable resources,, and must turn an immense tide of emigration in this direction, 1 and open a field for commerce not inferior to any port im the Pacific. . . • - The Bay of San Francisco, initead of being occupied by one or two 'Mde'drogers,' and a 'few launches, as heretofore, will soon have a commerce suited v ,to the wants of mtny thousands, with i .great abundance of gold to 'pay with, instead of hides and tallow.

Id 'addition to tbe flood of, white population which will be attracted here by the wonderful riches of its mines, there are about fifteen thousand Indians who live in and near the gold region, who have heretofore not consumed to the amountof fifty dollars a year, who are now used in tbe* mines, and as fast as they can lie induced to gather the dust, will become the most extravagant and profitable consumers of goods and provisions ; so that we may safely estimate the increase of consumers at abont 200 per cent. Four months ago we had a white population of about ten thousand ; now about ten thousand Indians, and the emigration from all quarters for the present year cannot fall short of ten thousand more* While the original ten thousand had the means of paying at the rate of twenty dollars a head, which was about the amount of goods sold, (200,000), the present thirty thousand will be able to pay an average of near three hundred dollars, which will make a total of thirty millions a year. I have no idea that - such an amount of goods will be sold, but the means of paying will exist to that extent, arising alonf from the mines. The export of hides will probably diminish, only by neglect and waste which must happen, for no man will stopto take care of a,hide for one dollar, when he can gather six times this amount of gold in the same length of time. Little ean 1 be done in agriculture, while labour is so amply rewarded at the mines ; but it is to be hoped that many persons, after having gathered large sums of gold, will purchase lands and return to farms, to enjoy that comfort, ease, and luxury, which the farmer may acquire here, with so little labour. The next important question is, at what point will the trade be concentrated. Certainly in the Bay of San Francisco. The town of San Francisco, situated at the mouth of the Bay, has a good harbour, a number of commodious warehouses and storehouses, and at present all the merchants reside there, it being the only town on the bay of any size, it is situated on the peninsula at the mouth of the bay. To reach the mining district by land, you must compass the bay of San Clara, one hundred and ten miles to the Straits of Carguiney, and then across the bay, and travel about one hundred miles up the north side. By water, you cross tbe Bays of San Raphael and San Publo, a distance of thirty-five miles, to tbe Straits of Carguiney, where you enter the Suiguin Bay and the Sacramento. The next point, which is now attracting attention, is Benicia City, situated at the Straits of Carguiney. This place was laid oat last summer, and has now only fifteen houses. It is the head of ship navigation, with an anchorage and harbour equal in point of convenience and safety to any in the world, and a wide and straight channel of five fathoms water, to the Pacific. There is a narrow channel above the city, where small boats are well protected by a number of islands which afford a shelter. This is the point at which the seagoing vessel and the river craft can exchange cargoes, with the least expense and the greatest safety. It is only two days' ride from this place to the mining district, with an excellent road for waggons or horses. The town is located on an inclined plane, aboutone mile wide, backed by low hills and valleys, with abold shore, very convenient for the construction of wharves and warehouses. The climate' is equal to any part of California, being sufficiently distant from the Pacific to be out ' of the reach of the cold wind and fogs, and yet sufficiently v/ithin the reach of the sea breezes to make it pleasant. The proprietors of the town, with an eye to the encouragement of general education, have given the entire receipts of the ferry, which has paid about fifteen hundred dollars a month to the school fund. From the fact that there is no other point at which the bay and rivers can be crossed in safety for near 180 miles, this must continue to be the crossing place. From the fact that trade always seeks to get as near the market' as possible, with all the natural advantages which Beuicia possesses, there can be no doubt that the-, entire trade of California will be done here in ft very short time. It must, of necessity, become tbe great commercial emporium of the Pacific, and in all probability the seat of government. The advance of California is destined to be more rapid than any other country on earth, and I have no doubt that many who are fortunate enough to reach here within the pre-, sent year, will, arrive at a point. of wealth and honour far beyond their most sanguine expectations. '. . .r/ .