BOOKS.

WA.THEN'S VICTORIA IN 1854.° THIS volume is not only the last but about the best view of " the Golden Colony " that has appeared. The matter is the result of actual observation; the author's remarks apply to the present con- dition of affairs ; he brings more scientific knowledge to his task, as well as a somewhat higher range of thought, than is often found in books about colonies. The general picture of the country's physical features is classed and tersely presented by the eye of a geologist, instead of the " school geography" manner that characterizes most books attempting to describe a colony. The statistics are well selected to illustrate the living state of things, instead of being cut out bodily from Colonial blue-books or similar publications. So also of the social pictures. The personal narrative, and the descriptions drawn from what the author saw on his various excursions, are the weakest part of the book. In any country that has been much traversed, the everyday details of travel become familiar and commonplace, unless relieved by ad- ventures, or by information the result of peculiar knowledge. Mr. Wathen's accounts of his actual journies are too much occupied with insignificant details, while the occurrences beyond the natural difficulties of rugged unsettled districts were slight. His general pictures convey an idea of the Bush, the Diggings, and the various characters found there ; but they have hardly breadth or spirit enough for fiction, yet in a literary sense they have passed beyond matter of fact. There have been better " sketches " in the Golden Colony than by Mr. Wathen, with the advantage of coming first.

The author's geological knowledge has naturally turned his at- tention to the subordinate subject of roads. It appears that the Crimea is not the only place where the communications are very bad ; though the Victorians had more time than Lord Raglan's soldiers to mend their ways, and more gold if not more lei- sure. The distance between the port of Melbourne and the city is very much less than that from Balaklava to the camp ; yet till very lately the road was worse. The plight of the capital itself, while Mr. Wathen was there, was not any better than Balaklava. " Melbourne is still wholly without sewers or gas. During the heavy storms, the surface-water rashes down the central street like a river, which you must cross as you can, by wading or by a temporary bridge. Outside the town, these torrents have scooped out deep channels and ravines, which embarrass the traffic, and can only be passed by bridges." The communications with the interior were till very lately in a state of nature, that nature being of the worst kind so far as regards roads,--clay that rapidly be- comes stiff mud, watercourses with steep banks crossing the line, while a river or a marsh occasionally varies the scene. This is part of the way to the Bendigo Diggings.

"They talk of corduroy roads in America, but I should like to show them a mile or two of this road. Imagine a stony plain, the surface entirely covered with large swampy holes filled with water, slush, and glutinous mud ; then throw into these hollows a number of angular blocks of stone, half-concealed by the muddy water, and you have a very faint conception of our road. Now one wheel is lifted high over one of these rocks, then plump it goes down into the hole. The trial was too severe for the wheels of my spring-cart, and while plunging into one very deep hole two of the spokes snapped. After washing off the clotted mud from the spokes to discover the extent of the damage, we had then and there to unload the cart, heavily laden, all in the mud, and to splice the spokes; then to reload one-half, convey it to the further end of this dreadful bog, return again for the other half, and, finally, convey our ill-fated baggage, in three portions, down a steep hill to the brink of the swollen river--,the Campaspe, or, as the carriers call it, the Campacity.' Here we pitched our tent, and camped for the night, close to the stream, and near some other tents whose owners were also waiting to cross the river."

The newspapers have lately abounded with paragraphs on the value of land in the heart of London city, and, as a consequence, of house-rent. It is enormous ; but it is the result of a geographical position highly favourable for commerce, and improved by the labours of nearly two thousand years. The Roman, the Saxon, the Dane, the Norman, and the amalgamation of all into the Englishman-the thoughtful toils of kings and statesmen, from Alfred to Peel-the enterprise of merchants, the skill of artisans, the growth of population and civilization at home and abroad- with the long list of men of action, genius, wit, or accomplish. ments, who have thrown a halo over almost every spot in the older parts of "town "-have each and all contributed to the value of house and land in London, though the lucky fellows of landlords only reap the profit. Victoria is not yet out of her teens; she is surrounded by no wealthy or refined neighbours; is certainly not distinguished in letters, arts, or science ; yet see what the Dig- gings have done for her oapital.

"The increase in the value of land and houses in the towns, and particu- larly in Melbourne, and the rents now paid, are scarcely credible. Land, with old buildings upon it, in Elizabeth Street, has been sold for 3001. per foot frontage. An ironmonger's business in Collins Street, with the pre- mises and stock, sold for 35,0001. In the principal streets, WOOL per an- num is not an extraordinary rent for a house and shop ; 1500/., and even 20001. a year and upwards, is sometimes paid. A shop and dwelling near the Post-office, in Bourke Street, is let for 2500/. per annum. Rents are al- ways paid in advance, either for the week, month, or quarter,-a very salu- tary check on the recklessness of adventurers without capital. * * • "In the year 1852, at a Government land-sale, a certain plot at Sand- ridge [the port of Melbourne] was knocked down at what was then deemed the extravagant price of 7001. As usual at these sales, a deposit of 10 per

• The Golden Colony, or Victoria in ISM. With Remarks on the Geology of the Australian Gold-Fields. By George Henry Wathen, Author of " Arts, Antiquities, and Chronology of Ancient Egypt." Illustrated from Original Sketches by the Author. with Map, &c. Published by Longman and Co. cent was paid down, and the remainder of the purchase-money was to be handed over to the Treasury within one month. The purchaser, however thinking that he had been induced to bid more than the land was worth, determined to give up his purchase, and sacrifice the amount already paid. He did so; and in October 1853 the same lot was brought forward at an- other Government land-sale ; but eo greatly had the value of property at Sandridge advanced during this interval, that the very same person who had refused to complete his purchase for 7001. now bid for the same lot no less than 34001. This sum was paid for one quarter of an acre, on a sandy beach."

The rise of prices in consequence of the gold-discoveries furnish, as Mr. Wathen observes, remarkable facts for the political econo- mist, especially in reference to the important practical question of price as influenced by a sudden increase of the precious metals. The facts in reference to Victoria might on the first glance seem to support the idea of the influx of gold causing the increase of prices by increasing the circulating medium. The rise was un- doubtedly caused by the gold, but not by an " action on the currency." If the gold could all have been kept in the country, no doubt that effect would have been produced : just as we see m insolvent despotic states, or in the American democracies with a free trade in money, the price is very different according as you pay in metal or in paper money which cannot be exported. The enormous rise described in the following extracts was owing pri- marily to demand. The more immediate causes were the bold speculation, the judicious enterprise, the vast immigration, and the necessity for supplying food, clothes, and means of transport to every one, and of luxuries to the successful whether in digging or other pursuits. "In Victoria, previous to the gold sera, almost all articles, except garden produce, were sold at very moderate prices. But thenceforward everything rapidly rose until it had attained an increase often of two or three hundred per cent above the original price. In most cases this rise was progressive through the first twelve or eighteen months ; till at last, at Melbourne, hay was sold for 401. a ton. Meat rose from 2d. a pound to 8d.; butter from Is. to 4s. ; potatoes from ld. to 6d. a pound. Eggs were sold 6s. a dozen ' - milk at Is. a quart ; cabbages, 2s. 6d. each. Fire-wood rose from 10s. to 3/. a load ; 1/. was and is the common charge for shoeing a horse, and the same for a night's stabling. At the Diggings prices were much higher. During the winter of 1852, when the roads were well nigh impassable, the cost of carriage to Bendigo (about 100 miles) rose to 1201. per ton ; and for a short time flour was sold there at the rate of upwards of 2001. per ton, or 2s. a pound. The charge for shoeing a horse was 308. or 40s. Salt was 18. a pound ; potatoes 18. 6d. a pound. I have paid at Bendigo 21. for one night's stabling for my horse in a rude shed. Now, however, thanks to increased competition, the mines are well supplied, and the retail prices of most of the necessaries of life are scarcely higher than at Melbourne."

Here is a significant fact further showing the importance of de- mand in reference to price ; that is, of price measured by pay- ment, not by promises to pay. "In 1852, many kinds of merchandise sold at Melbourne at 1000 per cent above the European price. In 1854, some goods were sold considerably under the English prices." A currency doctor may say that but for the gold such prices could not have been paid : to which it may be answered, that but for the enterprises connected with the gold there would have been no un- usual demand, and no unusual rise. Carriage to the Diggings, for example, would not have been wanted at all. It is not, however, to be denied that the enormous amount of gold must have had an influence on the currency of Victoria : but demand was the pre- dominating influence. How extensively that demand must have increased may be seen from the following table. The population in three years had increased threefold ; internal agricultural pro- duction probably having rather fallen off than otherwise. Money, however, had increased in a more than threefold proportion to the increased population. The people were as three, the deposits as ten.

For the Quarter ending Deposits and Balances. Number of Depositors. Total Population in Colony.

September 30, 1851 .. £644,484 - .. about 79,000 December 31, 18.51 .. 823,709 .. 6,000 ..

- „ 95,000 June 30, 1852 2,002,873

.. 20,000 ..

.. -

-

173,000

-

December 31, 1852 .. 4,880,940 „ June 30, 1853 .. 5,953,289 ,, .. 30,000 235,000 December 31, 1853 ..6,316,810 „ The exports and imports kept pace with other matters, or rather distanced them all. The final increase of imports over exports explains the fall in the price of European goods just quoted.

In 1850. In 1852. In 1853.

Exports .... 1,042,000/. .... 7,451,540/. .... 9,080,5741.

Melbourne only,

Imports .... 745,0001. .... 4,067,742/. .... 15,842,6371.

"The total imports for 1853 amount to upwards of 15,842,0001. This to a population of 200,000 gives an average of no less than 791. per head; being nearly twice that of the year preceding, or eight times as much as in ordi- nary times."

The revenue did not stand still amid all these increases.

In 1850. In 1851. In 1852. In 1853.

Revenue... 261,3211. .. 379,8241. .. 1,576,801/. .. 3,202,2491.

What the Americans call " indebtedness " is the feature of the age. The richer people are, the more they owe. It is the uni- versal fashion to outrun the constable ; the very test, indeed, of respectability, since nobody will trust the poor. Victoria not- withstanding her twelvefold increase of income cannot make both ends meet.

"Official returns of the actual produce of the revenue during the first nine months of 1854 had been published when the last mails left Melbourne. From these we may calculate approximately that the total revenue of that year available by the Government (including one-half of the land-fund) will amount to 2,392,0001. With such an immense sum to a population of 250,000, it might be thought that the Government, if not borne down by the 'embarras des richesses,' would at least have ample funds for the most liberal expenditure. But the almost incredible fact is, that with these un- paralleled resources, the Government and Legislature of Victoria have en- tailed on themselves, at the end of the year 1851, a deficit of one million two hundred and eighty-five thousand pounds:"

" In much riches there is much trouble," and some expense. The "speculative lot" congregated in the Golden Colony induce an expenditure of 700,0001. per annum for justice, police, &c. This is a sum per head, for protection, as large as is paid at home for the interest of the Debt, the whole expenses of the State, and fighting Russia to boot.