NEW SOUTH WALES.

Lyttelton Times, Volume XII, Issue 720, 1 October 1859, Page 3

NEW SOUTH WALES.

0 The 'Sydney Morning Herald ' has the following article giving information on the

CONTRACTS FOE. THE PANAMA EOUTE

An important telegram will be found in another column, giving the names of the seven parties who /tendered for the Panama route, with the_amounts of their several tenders, and the number of days in which they'respertively offer to perform the service. An -inspection of this telegram will shW that the information .which has been forwarded to us on previous days has been, to some extent, erroneous, and. has awakened anticipations that are not likely to be realised. Thus, we were told that the Peninsular and Oriental Company, the Cunard Company, and the Royal Mail Company, were all among the competitors, and from this fact we were disposed to augur the best results. But it will be seen thit these anticipations were altogether too sanguine. The Peninsular and Oriental.. Company did not, tender. The Greek and Oriental Company, which figures in the list, ia not much known to fame, its operations being confined to the trade between England' and 'the Mediterranean. They have tin vessels adopted to the Panama service, and would be obliged, therefore, to build or go into the market and buy any that are for sale. The tender, •'therefore, can only be regarded,as a speculation entered into in.the hopes'of building1 up a great company, or in the expectation of getting a bonus for the contract. : • ■ ■ The "Cimnrd Company" turns out to be only Mr.. Joseph Cunard, who, though a brother of Sir Samuel Cunard, is not a co-proprietor with him in his steam vessels, and has none of his own, so far as we are aw,ire. He has certainly a powerful name to trade with, but a name unbacked by capital is of very little use in an enterprise of this kind. It may be thought, perhaps that Mr. Joseph Curisrd has been put forward to represent his brother's firm, but we see no good reason ; to adopt this hypothesis/as if Sir- Samuel Cunard..intended to tender, he would have done so openly. It has not been his habit to manoeuvre through the mfdium of other parties. ; Miv Lever, the cheapest of all the tenderers, has lately achieved fame by his dashing attempt to open iip the Galway route to America. This enterprise

;i3 hardly consolidaied yet, and jwe should imagine j would be quite enough to absorb all his energies '(•and resources', Especially as it is in competition with' ] lines 'already well established, and powerfully siip- ] ported."- He was in gi-eiit favour with the' Derby I'Government, whosouglit to strengthen their .influence in.lroltmd by ; ; e very means in I heir power, and | whrt gm'nted.him a subsidy of" £72 000 a-yearias a ! gteat "sti-oWe in the way of'JJrish', conciliation. 'But- ! it'is'ybVy.'dbubtful'wlietliei^MiCLev.er will find so i much favour with the party at present in power, •Usiiice they v/hert in Opposition denounced the ;'! Lever Contract'a& a-nishjobv Tire strongest 1 argument in favour;of Mr. Lever having the con- ■ tract is. that he has Vessels at his command which ! ,c!?^! d .Plat!e on the line at once, and so open, the \ service, without, delay.. These vessels are the 'fleet ' of' the'-late General Screw Co'riipany,. and, have | mosti of the'nl been' Seen" in Australian, Waters. We ; doubt very much! whether; they are quite adapted to; ; perform the'service'within1 the specified time. They ■ were: built .for a different sort bf trade^ in.which \ continuous, ■,- jiigh •, ■ speed : wast of Jess ; importance ; thair a;combination- of carrying .capacity with a i fair average of sailing powers.,' It is possible, how- » ever, that by^,;the : superaddition-ofsome,of the, most j modem ' imprdvemerits -in steatnboat mwhinery, = their power^could'be increased; and in 'that case the • Ai-go, the Hydaspesi and tlie Queen of-the South might be adapted to' the trade,- though they: would ihayclly suitdtsd \yellas vessels: expreifdy; built: to ; suit'its.requirements. .The'comparative smallness \of tlne^ subsidy for .by Mr. {Lever, is vei-y : tempting iiodbu.bt, but.iexpenenoe has shpvyn that! dow .tenders are not always based on practical. ; knowledge^ and that in the hands of inexperienced' ; persons agi-eat undertaking is pretty sure to break- ' d'>wn. Wehave howish tosee such a break-down/ for its effect would only be to discreditthe route for; ■ several years to : cqine. Mr. Lever's offer is £21,000: : cheaper than .that which comes'neaie.-t; to him, and ; £10l J ooocheapi'r than that of the' Royal Mail Com-, /paiiy,: A: difference so enormous : must show either j that'he liaV greatly undei-calcuiated the cost oil" the : or that the-ltoyal Mail Gompimy '(which certainly is welMtnown to have a niost in-' J satiable ,ma\V,- for subsidies).; has ;most: egregiously iexaggerated it. .- , ; .. : .

Mr. Lever,is understood to have : bought his boats cheaply, as they, had been for some time on. the market,;waiting for purchasers. But it is in the working that the money runs away, as the late European, and Australian Mail Companyjbiitrd out, through whose hands nearly halt" a million1 sterling dribbled in less than two years. Before giving the contract to Mr. Lever, the British Government will, doubtless,,[nake due enquiry as to. the amount of bong, fide ' capital he can bring into the.field, find as to the pfessht capabilities of the vessels he proposes to put on tlie line.

Messrs. Croskey and; Co., whose tender stands second oh'the list, have been the acting agents and managers fo'r:the European and American Company, in whose -hands the working Of the fleet which Messrs. Howard and Lever have biughtjhas re&tecl. But the results h;ive not been such as greatly to raise their reputation, for the Company has, been'forced to take refuge under the Windingup Act. This would not be apromis'ng augury for success in: the Panama service.

The. Australian and Pacific Company exists only on paper. If we are not mistaken in the name, it is the.same ..as .that the prospectus of which we published more' than, six" mouths ago, and which was drawn up evidently in ignorance of the prac-. tical characteristics of the proposed service. This to; do,the work in the short space of forty-five days,.'6r ten days less, than the Government asked,for, or than, the other parties -promise. If this speed; could,;be really.achieved,, itAyou^nofcjbe--.o.ye^ but!all experience shows that it could iribfc, be clone except'atari,enormous; expanse;; for very large and powerful boats. ;;: - . jr.: - ;_;;; B- ] '..7: ,- j. i■ ,

Messrs. Pearson'; ancLCp.-are-the gentienieh who have obtained the contract/oP the ititer-colonial steam ■.service^^ "betweenivS-^nsyCand New, Zealand, and. who .are/appai^njlyyanxioajj^to expand'this into an i; undertaj|mg. G£i|§sger, proportigns, but of which \it, really .-forms a branch. But they give no amount, 'as^equire'd for sub-idy, and it is therefore rather an offer to negptiate-4hai,)^a Ij6g.^gr< Y j. \ : The Royal;';|^aliri^lfn^aiiylAreljio{'doubt' able ■ enough to, uiideftakeith&.aejiticl^fiffchey are willing. But the,.enor,m.ojuSj§u"bsidyijthey askfloqks as if they .rather^j_sh'ed;./tpr : .djscovira^ ; p,aadipoStp i one..the und.ertaking.vthan^othe^W'j&es;! We < ..<knpw|of no good reason! 'why .the, require -a; ■ larger subsidy"tliW'the-Suez..rput|j though several reasons might bVmeiitio^'epJwhy'^t sh()uVd- require less. ■The:'.aifl.ou trit-yaftked'',fpr standsiin singular contrast to. thei modest £50,00(j[.' whichjjMr. Wetton first came~out;here:to propose for colonial acceptance. The when they sent ihim out- to ■make that offerjmust. either have very.deluded themselves, or .must purposely have been playing with the colonies,Veither hypothesis being much to their credit-. ■' ; '