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New Zealand Times, Volume XXXI, Issue 4816, 29 August 1876, Page 2

A telegram from Napier, which was received last evening, is exceedingly interesting, and furnishes a very complete answer to the complaints continually being levelled against Sir Donald McLean and his department. In the face of such gratifying proofs of the success of the present Native policy, Sir Donald can quite afford to treat with contempt the attacks of nincompoops and disappointed politicians, for he will always find the taxpayers and truehearted colonists readily pay for sugar and blankets, if colonisation progresses thereby.

The information in our English telegrams this morning is of an exceedingly satisfactory nature. The sale of Napier Harbor Board bonds must be regarded as satisfactory to not only that Harbor Trust but to other bodies of a similar character ; while the intelligence of the large quantity of wool taken for the continental manufactories seems to point to a relieved, consequently firmer, market for our staple export. Humors of war find no place in the telegram, so that it may be assumed the excitement and causes for fearing hostilities are subsiding.

In another column this morning appears the prospectus of the Australian and New Zealand Steam Shipping '.'Company, and we would bespeak for this new venture every consideration from capitalists of Wellington. Tor a considerable time past the intercolonial trade has been increasing in value, and extending its ramifications to every colony ; and though Messrs. McMeckan and Blackwood have done very well in coping with the demands for tonnage and accommodation, and have had their reward, there can be no doubt that better could be done by a company with a large capital, which, being raised in all the colonies, would divest the undertaking of anything of a merely local character, and enlist for it the sympathy and support of the mercantile community in each of the colonies. This larger organisation the Australian and New Zealand company should supply. • Glancing at the prospectus, we find the names of gentlemen who occupy very high positions in Sydney, Melbourne, Tasmania, and New Zealand Some of these hold largely. Tor instance, the chairman of the provisional directors, Mr. Clark, one of the wealthiest men in the colonies, has taken up shares to the amount of £15,000, and others have invested from £SOOO to £2000; and it is to be noticed that these gentlemen represent not only capital but mercantile influence and mercantile interest in the several cities to which they belong. Their presence on the. directory therefore imparts to the concern stability and everyprospect of great success. It is the intention of the company, we learn, to commence by building three or four large and powerful steamer of about 1200 tons register, with all the latest improvements in machinery and passenger accommodation, and of i a speed of not less than 12 knots. With such steamers of course the voyage will be considerably shortened, and the company thereby enabled to carry out their idea of reducing freight and passage at least twenty-five per cent.—the increased facilities in due course increasing the at present largo trade.

The terms ( upon winch shares are. to be taken will. be found ini the prospectus, and it 'is to be hoped New Zealand‘ .will be well ow the’ share register, for-qp qplony will: more benefit by ■ the' estsbyshment of • the' proposed line by being brought into frequent and speedy communication with the mainland of ‘Australia.