VICTORIA,

Otago Witness, Issue 195, 14 July 1855, Page 4

VICTORIA,

Mr. Humes, the Colonial Secretary of Victoria, has estimated the deficit in the public expenditure of that colony for the present year, with the deficit of last year brought forward, to be £600,000; and he has laid before the Legislative Council a scheme by which the Government proposes to discharge this debt. The matter has created considerable interest. The proposed financial scheme of the Victoria Government seeks to clear away the public debt of the colony thus :—lst,: — Ist, by a new duty of 10 per cent, on nil imported articles not now subjected to taxation ; 2nd, by the establishment of a system of stamp duties ; 3rd, by increasing the rent of Crown Lands.

In reference to the commercial feeling of Melbourne on these important financial changes, the Argus of June 2, at the close of its remarks, says —

"Notwithstanding the general opposition to the tax, there seems to be a healthy determination abroad to submit to taxation of some sort rather than to incur further debt. The prevailing feeling is, that the fiscal charges should be permanently settled on some basis that will ensure them from any further change than that of a gradual reduction.

" With respect to the Stamp Bill, and the Assessment of Stock Bill, there appears to be little opinion elicited. They are looked for chiefly with a feeling of curiosity to see whether the burdens are evenly or unevenly divided among the various classes of tax-payers."

A most destructive fire broke out on the morning of the 29th May, on the premises of Messrs. Palmer Ball, and Co., warehousemen, Collins-street west. The value of the property destroyed by this calamity is estimated at little short of £40,000. Fortunately the greater part of the goods and buildings were insured, principally with Colonial Offices.

Gold Digging. — A decided improvement is reported in gold mining. The diggers on the Mount

Blackwood, Mount William, Hard Hill, and Black Man's Lead Diggings " are all doing well ;" large quantities of gold of a coarse nuggety quality have been found. At Kingower Diggings, on the 27th May, four masses of gold had been discovered within a few inches of each other, weighing respectively 227, 167, 204, and 127 ounces. From the same claims, subsequently, 82 ounces were taken, making a total of 807 ounces. The hole was only five feet deep, and the ground had been previously worked. Kingower is some 25 miles from Maryborough, in the direction of Mount Korong.

The escorts from Mount Alexander and Ballaarat brought to Melbourne, on the Ist June, 32,613 ozs. of gold, and £53,430 in cash.

The addition to the population from January 1855 to May 26, is 22,455. The export of gold for the same period amounts to 37 tons 12 cwt. 20 lbs. 10 ozs., at 80s., £3,610,600.

The prices of produce in Melbourne are not quoted in the papers before us, but the Argus, in reference to breadstuffs, says — " Flour is firm at last week's prices (£45). The demand has fallen off, but the arrivals have been very limited. The millers have advanced their price, and the bakers have raised their bread. It is likely that we shall have a very firm, if not an advancing, market for some months. 7 '