VICTORIA.

Lyttelton Times, Volume VIII, Issue 488, 8 July 1857, Page 5

VICTORIA.

Oar latest advices from Melbourne contain little important news from that colony. We take from an article in the ' Prices Current' of the 20bh May, a few remarks on the non«ompletion of the Mail contract by the European Company, which involve charges of a graver character than we have yet heard alleged. We add from the same article some speculations which in their general sense are applicable to all colonial commerce. The mercantile community, in common with, but of course more keenly than, the general population, have felt mortified and disappointed with the disastrous commencement of the contract for steam communication via Suez, by the European Company. The accident to the Oneida delayed the European mail, for a fortnight. Next, the mail per Simla was delayed nearly the same period, and to complete the series of calamities we are to have no overland mail for the month of May. It is fortunate for the commercial community, and for the colonists generally, that the famous and magnificent steamer Great Britain was appointed to sail at this time, as she will carry the mail which the European Company have declared their inability to despatch overland; and it is hoped and believed that the Great Britain will not be far short in her time .of that which, unfortunately for the new^company, seems to be requisite for the conveyance of mails by the vessels they have employed. We trust the new steam company will take a hint from what has occurred, and henceforth avoid the rocks upon which their noble enterprise has been all but wrecked. The causes of failure are well understood here. They have not had the men nor the sliips. We have no wish to say anything to hurt individuals, but we nevertheless think it a duty to point out the causes of failure in an enterprise which is of such vital consequence to Australia. Let the company make a thorough investigation and they will find that the causes of failure are those which we have named.

In conseqneuce of the bad success of the new company, public attention here has been forcibly directed to the establishment of a mail steam line via Panama. A meeting of the Chamber of Cornmei'ce was held a few days ago, which passed a resolution to support an approved line by this route, and at this moment Mr. Wetton, an agent of the Eoyal West India Mail Company, is in Sydney, endeavouring to secure the co-operation and aid of the New South "Wales Government to a proposal by that Company. He has already secured the promise of a contribution from the- New Zealand Government, and Sir William Denison, the Governor-General of Australia, has expressed himself in favour of the scheme.

In previous reports- .we mentioned the frequent failures of houses here connected with the gold fields, the general want of confidence in country traders, and the stagnation and depression which has ensued. The prices of,most imports had fallen below a remunerative value; latterly the principal importers were afraid to sell, except for cash, and were unwilling, even then, to part with them at the prices offered. Within the last month, most of the holders had •withdrawn from the market, and were .waiting the effect of the gloomy advices forwarded in January last. In consequence also of restricted credits, the country storekeepers had been purchasing only from hand to mouth. Stocks therefore in the hands of middlemen and of storekeepers are not, by any means, large, and the_ importers now will receive the benefit of their cautious policy. At the present moment there is a. great reaction in prices, but, as yet, the trade have not completely accepted the rise, and _ increased value of merchandise does not originate so much from transactions as from the universal feeling of firmness on the part of holders. In all, probability, this firmness, if not carried, to extreme, will be justified by the event, as it seems certain that the gloomy accounts transmitted by the last four mails niust strongly confirm .the feeling of distrust in the Australian markets which prevailed in Europe and America at the date of our last advices. ;

While giving full allowance for the effect of the intelligence of a diminution of shipments, we cannot omit to notice the very great elasticity of our colonial commerce and finance. It was only a short month ago that failures were daily occurring, that confidence was all but extinct, that trade was paralysed, and prices universally unremunerative; yet, during the brief interval that has elapsed, the mercantile community has righted itself. At this moment a steady and lucrative trade is prosecuted, confidence is completely re-established, a nd the prospecfs of importers are, on the whole, as favourable as at any time within the last three years. We attribute this remarkable ?hange to four causes.—lst. To our large immigration, which is about 1,000 net per week, ■and. To the highly energetic and industrious character of our population. 3rd. To the "abita in which they have been trained, leading

them to desire and to consume a rery large amount of the products of other countries. 4th. To the abounding and increasing resources of this country, which, as regards every natural advantage, is probably the most highly favoured of any on the face of the eai-th.