[From the Empire, Dec. 4.]

New Zealand Spectator and Cook's Strait Guardian, Volume IX, Issue 776, 8 January 1853, Page 3

[From the Empire, Dec. 4.]

Advices from Melbourne by the overland mail yesterday inform us of a new phase of the perilous transition through which that community is tortuously passing. Our intelligence is to the 23rd November, and consists only ofj a few naked facts ; but those facts are in themselves more important than anything received from that colony for months past. During the past week only 40,000 ounces of gold had been received from all the mining districts, while the importation of flour comprised 6900 bags from die neighbouring colonies, and a consi derable quantity from America. This great falling off in the production of those rich and extensive gold fields which, a little while ago, seemed inexhaustible, had produced a state of things which is described as approximating to a perfect panic. Flour receded on the appearance of this new supply to a point entailing ruin on speculators, who, on the spot or at the distance of a few hundred miles, were looking for inordinate profits ; and the shock of this sudden fall was so sensibly felt that sales were almost impossible. Flour in barrels of SOOlbs. had been sold at 355., and the price understood to be nominal, quoted at mills, was £25 per ton. Extract of a letter from a merchant at Melbourne, dated the 28rd ultimo : — " The flour market continues still falling, and sales are effected with difficulty, and only in small parcels, at £ 28 to £30. The arrivals the last four days have been 6900 bags, which has created quite a panic. There is a decided panic in the market, arising from the heavy importations, and likewise the disinclination on the part of the dealers to increase their stock, owing to the small quantity of gold dust brought down last week, only 40,000 ounces — not more than one-half the usual supply. 400 barrels ex Rip Van Winkle, from Liverpool, only realised 355. per barrel ; the quality not good." Gold at Melboubxe. — The last quotation is £B 9s. ]Oi per ounce.