NEW SOUTH WALES.

Lyttelton Times, Volume VII, Issue 451, 28 February 1857, Page 4

NEW SOUTH WALES.

We have Sydney papers to February 4. In the political world things seem steady; both the government and the opposition in the House of Assembly remaining much as they were. No new ■ question has been started of sufficient importance to create a readjustment of parties. The question of a postal - route to England, via Panama,, was mooted in the Legislative Assembly on the 23rd of January, in a series of resolutions declaring that it was essential for the colony that steam communication should be established between Sydney and Panama as soon as possible, and that the house was prepared to vote an annual subsidy of not less than I £20,000 forfour years to any company thatshoukl deliver the mail. either, way within fifty days.

An interesting debate' was taken on the first resolution that Sydney should be the first port of arrival and the last'of departure. The motion was finally withdrawn by leave chiefly on the around taken by the Government that, a contract already existing for five years, it would be unwise to contemplate at present any subsequent arrangement or to' interfere with the existing engagement. Mr. Parkes, the proprietor of' the 'Empire' newspaper, having resigned his seat in the Assembly, a number of his friends conceived the idea of starting- a subscription on a-large scale to purchase an estate to be presented to him as a public testimonial of the services rendered by him in the House and through his newspaper. Mr. Parkes was unwillin"1 to receive.such a testimonial, and stated his objections so strongly that, at a public mesting held to carry the proposal into effect, the idea was abandoned, and an'expressive address substituted. News had arrived in Sydney by the Simla, that Sydney mint sovereigns had been declared, by ro.yal proclamation, a legal tender in the islands of Hong-Kong, Ceylon and Mauritius. Victoria and South .Australia still refuse to admit this" coinage. In the Commercial Summary of the ' Em-.' pire' for the Onexda's mail, the grand total of the exports from Sydney for the year 1856 is stated at £3,169,751. 'The present state of the wool market is thus described : —The wool clip, which has in great part arrived, comes to hand in good condition, and on account of the favourable advices from England commands high prices. The rates of exchange on London (being at a premium) induce parties to purchase for remittance ; and we understand other' buyers are operating.under unlimited instructions from home. Again, we notice that there are several buyers of wool for the Continent, suitable to those particular, markets; the wools so purchased are generally of the finest description, and well washed, for these they bid very briskly, and enter into a full spirit of competition with the purchasers for the English markets. It is generally understood that the continental buyers have arranged for vessels to load direct; consequently they buy to fill their ships, as there are but few shippers on freight." Possibly prices may fall a little, when no chance exists of the wools reaching their destination in time for the May sales. The anxiety to ship early has perhaps been another reason for keeping up if .not advancing prices to an extent that even late London rates ■ would scarcely justify. Indeed buyers must look for an advance in the home market to secure a margin. . In the labour market it is said that the demand for agricultural hands is so extensive, that an almost unlimited number could'find employment at the current prices (£3O to £40, with rations); and that good serviceable mechanics are in fair demand. In the Sydney share lists New Zealand Government Debentures, bearing 8 . and 10 per cent interest, are quoted at 5 and 10 per cent, premium. Wellington Provincial Government Debentures, bearing 8 per cent, interest, at par, and Auckland Provincial Debentui'es, bearing interest at' 10 per cent, are quoted at 10 per cent: premium.