MELBOURNE

Press, Volume IV, Issue 489, 24 May 1864, Page 2

MELBOURNE

The following- is from the agricultural report of the 'Ar-ius' of Hay 11 :— The transactions and movements consequent on the rrceipt last w«cU ..ti-.stelliyeiK-eol the ii>e i" 1 breadstuilsat San V mnoisco, have of course I ecu made the m<;.-t or o\ spe,-ul:it<-rs. and pries liavo at length, thmuni rather tardily, ri« v here. For a while !>-• reason for tue suddeii nso at Adelaide was not wry intelligible, nor did I lie statements with regard to the lanre purchases tor -Ne* /•''iluiul rec.hv much credi-nci.-; but :t appear* tlmt a spech hit or from New Zealrud was actually in that niaiki. purchasing largely. inconsequence of the news lrom California, and this is" of course sufficient to account lor the excitement there. The supply, on hand at >eir /ea and is doubtless small, but on carefully analysis the intelligence from California, there appears to be no reason to anticipate famine prices, as seems to be the -Kioe with the over-eager purchaser who has caused such * scn*ition among thegoou people ot "Adelaide. As mentioned before, the Consllhice was nearly loaded for New Zealand when the first vessel from iSvdnev with news of the failure of the crops here and orders for bread- stutte arrived at San Francisco, and this arrival was the immediate cause of a speculative demand tor both wheat and flour, and a rapid advance in price ; but from South Australia we art- told that the rise was in eou*iiiucnce of a failure in the crops, whirh statement is simply absurd, a< all this took place early in March, at least four months before the commencement of harvest, lime. There is some mention of a drought r.ear the s< aeoasf. but we have no (tin-rt iniiiuatioii that tinvoung craps wire supposed to have MtltWvd severely, and i! Is clear that Die rise only took place after the receipt ot iiisellkrence. from these coiouies. I'rices at San r'niuci-xo hav<-ilouhtless trone as hfch as ivn< compuiil-le with Improbability of profit on shipments hit herward, but this dues not: alter the fact.that there was a large surplus on hand, which, before the rise, was actually being sent to Knglnud. low as prices are there, ninl the knowledge ot the state ot aHairs in there colonies has to a certainty caused every available vessel to be filled with breadstuil's for our markets, so that there will be few purchasers of large qnaniities here o;i spcculaiiuM, whatever may be the fooling in >cw Zealand, pending the receipt of more full and complete informal ion. Horse corn remains without chaise, but prices have si iil rather an upward tendency in New South \Vah<. Tin- hay market has been a little over-supplied this week, the demand being slack, but not sufficiently so as to cause any reduction iv price. An abstract of the South Australian agricultural returns for the pas; year shows that there was a great inma-c in the iiuaiiiity'of wheat produced in that colony. The year before the average was twelve bushels an acre, while la>t year it was fourteen bushels, and the increase in the number of acre* under this crop was lf>,'.i:>s. Tin.- total yield in i.-c,3 was 3.811,*24, and during the twelvemonth ending in 186-1. 4,G:i1,1>19 bushels—an incri-a*e ot SSO.t .'.».">. This was a large increase f«T one year, and. Kith the improvement 111 price, the South Australian fanners are as much better oil than usual a? our fanners are worse oil". Oilier crops in South Australia are of comparatively little importance, so we need nor cuter into any details in regard to them. An approximate absiract of* the reiurns for this colony ought lobe published very shortly, and it will be curious, although not at r.ll satisfactory, to notice what the alterations ia our averages have been.

The Panama, New Zealand, and Australian Itoyal 31nil Company (I-imiredi—hitherto known as the Intercolonial Koya'l .Mail Steam Packet Company—have formally issued their new prospectus, inviiiiig applications lor the new capital rendered necussaiv by the proposed important extension ot the. company's operations. The new capital consists of A':i7f>.uoo, in :i7.sim ordinary shares of .i'lo each, and its issue was authorised by the special nutting h-l'l on the 3rd of .March. It may be useful t<; mention that tinoliject is to enable The company to perform tin: conir.-.ct recent ly entered into wish the general government of New Zealand for a monthly niail service between Sydney, Zealand, and Pnnaniu, in eonvspomli-nce with the lloyal (West India! Mail Company's steamers between Southampton and Aspinwnll (Isthmus of Panama.) 3liieh iniporfance is attached :o theproposid scheme «>foperaii«Mis in conjunction with the laet that the Koyal -Mail Steam Packet Company and the Pacific Steam Navigation Company have a>Teed to enter into working arrangements lor through traffic; and that their tlects, with those of the three other steam lines converging on the new route, will operate as ••feeders" to this company's bliips. From the couuiu-nce-nient of the Panama line, in May, lses, the minimum subsidies payable to the company for the oceanic ami inter provincial services will amount to .£Di;.uO!> per annum. The contract will continue until 1870, and will not then terminate unless two years , previous notice in writing be given The old shares of. the company are now at £1 preui.. and it is stated that a considerable number of the new shares have already been applied for.— Nome Xeias.