NEW SOUTH WALES.

Lyttelton Times, Volume IX, Issue 554, 24 February 1858, Page 4

NEW SOUTH WALES.

Our Sydney files extend to the 15th January with the addition of the journals of the 30th ult., intervening dates being on board the Ocean Queen. The elections for the Assemblywere creating great excitement throughout the colony, so much so as to form an important reason among others for the dulness of commerce. On the 30th January twenty-three members had been elected, including aIL those for constituencies in the neighbourhood of Sydney. The excitement was consequently subsiding. There.is no other important news; but the following paragraph from the ' Empire' relating to the Panama route question will be read with interest, even allowing for inaccuracy:— . A gentleman in London well acquainted with Sydney affairs writes to us on the 16th of November, in reference to the project submitted to the colony some months back for establishing steam communication between this port and Panama. We think Mr. Wetton, who has returned to the colony by the Simla, will have some difficulty in satisfying his former friends that he has dealt with lis fairly. Our correspondent says:—. - * " On reading the report of the meeting of the Royal Mail Steam Packet Company, I was surprised, after what had passed in Sydney in connexion with air. Wetton's visit, to find that the directors had suspended for the present any arrangements for running steamers between Panama and Sydney. I had an interview yesterday with the Secretary to the Company, and from what he said I presume you must have heard before this of the matter. It will be—or perhaps has been—a great disappointment to the mercantile public of Sydney to find that the opening up of the Panama route is indefinitely postponed, especially after the anxious interest they took in it some months ago in responsetothe offers of Mr. Wetton, who is certainly responsible for their belief that their assent to his terms would bring the line into operation without further delay. It now appears that all Mr. Wetton was authorised to do was to invite offers from the Colonial Governments for subsidies for the service, which offers would have to be submitted to the directors, to be approved or rejected. The Secretary told me distinctly that, the directors never entertained the proposal to start the line upon an j annual subsidy of £50,000, as twice that amount I would be required to make' the service profitable. He further said* that under any conditions, the service could not for the present be undertaken, for the reason tliat the company x-ompany.; and thA-ft«-^<«-*"~~"*----having determined on the Suez route for the Australian postal service, the company could not start what would be va rival line. The directors did, however, anticipate action in this matter at some future time, but certainly not until the existing line (which, as you are aware, they are now working) was thoroughly and successfully established: I suppose, however, these facts have been communicated by Mr. Wetton himself, and that his mistake has been severely commented upon."— Empire, Jan. 12.