VICTORIA,

Otago Daily Times, Issue 111, 25 March 1862, Page 6

VICTORIA,

(From our own Correspondent.) Melbourne, "Friday, March 14, 1862,

The arrival of the January mails punctual to time has been very cheering, imd the news on the •whole is favorable. Imports are diminished and merchants are thankful. There is to be no war, for the present at all events, and everyone is approvingly satisfied with this confirmation of the turn affairs have taken. Our credit at home is of the very best. Our agents advertised tenders for a trifle over one million and a half of railway debentures, and received offers for no less an nmount than six millions sterling, or within n fourth of the entire loan ! There is one drawback •which causes some apprehension. Tho Bombay sailed from Galle with the December mails and we have no further tidings of her. It is suggested she must have been disabled and put into some port whence we shall early hear of her. It is well known that she broke down in one of her recent voyages to China, and that she was not one of the best boats on the line, although she had recently been jrefitted. Tho way in which we have been treated by the P. and O. Company in sending inferior boats to Australia has prepared the public mind to favorably consider a project of direct steam navigation. This matter is now being thoroughly ventilated. A company is proposed with a capital of two millions. 'They propose to build eight large steamers, twice the size, of the Great Britain. These vessels would monthly sail from England carrying mails and passengers to Melbourne in forty-six days. An influential deputation has laid the matter before the Government to see how far " the i'Cabinet would be willing to assist in the matter of a subsidy. The Chief Secretary favorably considered the scheme, and held out a hope that if the Company could succeed in doing what they thought, they might expect that an arrangement would be entered into whereby they would receive as large a.subsidy as the P. and.O.; Company now do. This was highly satisfactory, and the prompters of the scheme are actively engaged in furthering the objects they have in view. Some imagine they are altogether too sanguine, and that large steamera cannot be built with sufficient power to make the direct passage via the Cape in the time specified. Time will show. 1 We have received some interesting particulars of the' -wreck of the Firefly. A letter to the Government was read in the Assembly last night, from Commander Norman, of the yictoria, giving full particulars. It was dated Booby Island, September 24th, and had been left at a place of call there popularly known amongst seamen as the Post-office. The captain of any ship calling there takes up any letters, and forwards them to the nearest port. In this case Capt. Norman's letter was picked up by Capt. Penny, of the Man galore, and taken round to Calcutta, whence it was forwarded by the English mail to Galle, and thence by the Northam, which has just arrived. The letter states:— .

The Victoria, with the transport Firefly in company, lost each other in a heavy gale from S.S.B. to 5.8., on the night of September 1. The gale continued very strong until the sth, when the Victoria bore up and entered by Raine island Passage, anchoring on the Great Detached Eeef for the night, and under the Ashmore Banks the next day, to ascertain if any notice was left of the Firefly having passed in. On the 7th, when proceeding on towards Cockburn Reefs, sighted two wrecks on north, Sir Charles Hardys lslaiid—one oh the east, and the other sunk on the west side; also an ensign, union down, on the highest peak of the island. Hauled up immediately, and anchored under the south island. The wreck on

the east or weather side proved to be the Firefly on shore, onareefof rocks, withmasts cut away. Theother on the lee side, was the Lady Kinnaird, sunk in six fathoms. The crew of the former all safe on shore, and the latter, judging from the remains of their camp, had only been gone some few weeks.

The Victoria took the hull of the vessel in tow, and* although some of the stores were lost, 25 horses were saved, and there is every probability that we shall soon hear of the safe return of these explorers. . Mr. Service has had great difficulties to contend with in his attempts to introduce and carry Torrens' Act.- -When the second reading came on, it was found necessary to withdraw it, as no message from the Government had been received asking for an appropriation to provide for the necessary machinery to carry out the Act. Itis asserted the message was actually on the table, but that the law officers, who are deadly opposed to this measure, had delayed presenting it. The bill was again re-introduced last.night, and its second reading, made an order of the day for next Thursday week. ;.,,.:. ... - • The election for Grenville is a very hollow affair. Casey has withdrawn from defending his seat for Sandhurst, and Howard will be declared the sitting member; In the meantime Mr. Casey puts up for Grenville, and is associated with gentlemen that leads to the belief he will be a supporter b'f Mr. O'Shanassy. It is even alleged that Mr. O'Shanassy promised him his support for Grenville if he would pave the way for Howard getting the seat, without any further trouble, and that the Constitution would pay his expenses. The other candidates are ministerial, and the election is therefore devoid of excitement, being all on one side. Some slight interest has been caused by the fact that Dr. Barry, whose mysterious disappearance caused so much annoyance to his creditors sometime ago, has returned from Ceylon. It is alleged that he could not face his creditors at first, but having seen allthe worst that could be said about him he has thought he might venture back aDam, and he has done so. His creditors will now have to pursue a different course. Several old and well-known colonists are in financial difficulties, Messrs. Eyan and Hammond halve called; a meeting of their creditors. Mr. William Perry, auctioneer, formerly of Sympns and Perry, a firm of the pre-auriferous period, known at one time to coin money as it is called, jand to have been in affluent circumstances, has succumbed to the altered condition of the times, «ad filed his schedule. , .

The All-England have had a successful tour on IBendigo, where they beat twenty-two in one innings, with sixty-three runs over, the respective scores being— ■ All-England, first innings..; 246 IBeridigo, „ 81 :„ second innings 102 ... —— 183 Majority in favor of All-England) gg first innings - >. J "' The Melbourne markets hawe been quiet lately, and the' English news has toad scarcely time to develop its effect, but merchants generally consider the news favorable, and most articles of ordinary consumption are likely to be slightly increased, owing to the; advices ot diminished exportation from home. Flour is dull at £12 to 10s. Wheat is, 4s. 9d. to 55.; some parcels, ,ss, 2d". Sugars are easier. Brandies and spirits jure firm.