The Melbourne Leader of a recent date contains a very interesting article on the nee in the price of wool. Ow* content- Porary calculates that the advance meant a gain of five millions sterling to Austra lia and New Zealand, the total output beiug set down at 1.400.000 bales and the increased value at 4'3 10s per bale. The estimate is based on Melbourne values last year and tke prices ruling thin season. The Ixieder takes a very sanguine view of the future of the market, as will be seen from tho following extract :—“ There are fair expectations that the present nee in values is founded on more than passing influences, and hence may prove of e permanent character. The reasons for arriving at this conclusion are uumeroue ; the tuoel important, ja-rhsps, is the fact

that the demands for consumption have a', length touched the point of supply, no in -rease being shown this year in the world's production, whilst from all manu facturing centres demands lor the staple are expanding rather than contra, ti-ig. Again, anothsr cause for the immediate advance tnay to some extent he attributed to the large reduction this season in the River Plate wools, owing to the heavy loss of slirsp during tlie last few month in the Argentine Republic. Our specie. London correspondent states that the cup in some of the Plate districts will show a falling off of no less than 25 per cont.”

Ths first horse race that was ever held in New Zealand took place on Te Aro flat at Wellington. There was only one horse, •he first that was lanJed in the future capital of the colony, but the presence of a horse suggested a race. A course was laid out, and hurdles put up, and six men to start at different points so a* to take up ths running, entered against the horse ; slakes. 4540. The horse lost through re fusing the last jump, and the men divided the stakes—jEs each. * * * —Napier Telegraph. At a meeting in Edinburgh (says an Exchange!. Dr Rainy said :—“ He had been struck by the press in ths colonies and. Speaking of it generally, he would say that the colonists had a very able prsas, and that among thnir newspapers were journals of very high degree of efficiency. 