The Southland Times. Monday, December 28,1868.

Southland Times, Issue 1080, 28 December 1868, Page 2

The Southland Times. Monday, December 28,1868.

We believe few of our readers read the announcement of the suspension of the Panama Mail service without regret, and they will with satisfaction receive the intelligence that it is not to be discontinued. The advantages likely to arise from this route — connecting the colonies with America and other foreign ports — hjave not yet been fully realised, still sufficient has been accomplished to prove that it must ultimately become of great importance. It was not reasonable to expect during the short time the Panama New Zealand, and Australian Company has been in existence, that it could have succeeded in doing all that its sanguine promoters anticipated, but the news that it had suspended operations was an unexpected item of unwelcome intelligence. . From advices by the last mail, however, we learn that it is now settled that the service : is to be carried on as usual. The regret expressed by the Australian press, at the prospect of it being dispensed with justifies the conclusion that at the forthcoming intercolonial Conference; the subject will be fully dis- ; cussed, and such assistance given to New Zealand as will lighten her burden in the effort to establish this line, and secure for the Panama Company the success ' which its past efforts and enterprise justly merit. The following extract from the \ •Home News' will' show the position J in which the company now stands, and » the subjoined telegram, taken from the i ' Daily Times,* 22nd October, gives the ' pleasing intelligence that matters have ! been finally arranged. The * Home ( News^,. isaysW*' The affairs of the ( Panama, New Zealand, and Australian - Royal Mail Company are passing through ' a crisis, and the country has been as nearly, as possible losing the advantages of direct steam mail communication. t For along time the undertaking had been ?

in a languishing condition, meeting its en* gagements with difficulty, yet gallantly struggling on in a spirit'worthy of all com* roeiidatkm, in ;he hope tft prosperous times. #ut creditoVs demanded 'their rights, Jiad ttis impossibiiUy of providing for thiem under extreme pressure, induced the board to convene a meeting for the purpose of procuring the sanction of the shareholders to a voluntary liquidation. The- meeting was held, but the satire, holders, less desponding than tire diroctors, took more hopeful Views, and they have since practically assumed the management of affairs. We have no intention to dwell upon the circumstances which led to the ultimate snpercession of i the old board, who have given the exist- i ' ing provisional management every assist- i ance in tlteir power, jtt is sufficient to' S say that the company, by the assistance of < its shareholders arid the forbearance of its creditors, has su 1 passed i the most important crisis in its history, and that the strongest efforts are being made to place the service, not only j upon a remunerative footing, but to 5 improve it in point of management. "While ' economies of no invaa ord6r are to be effected on this side^ the same principle will be carried out on i)-e other, where it is said there is much in- r room for them than here : and at the same time the public will be invited tc assist the ever- ; gies that are being exerted on their j behalf. It would I)els6methirtg equivalent to a national disgrace if at a moment when ! •France is. extending her steam mail services everywhere, and especially in the Pacific, the onfy special service between New Zealand arid Great Britain, should ! be permitted to die for Want d£ silpport. Thereis thß more Reason for deprecating such a calamity — for it would be a | calamity, seeing that the movement for a fortnightly Australian mail is not -\ unlikely to be attended with very speedy I success. "Whether the New Zealand service will be absorbed in or engrafted ! upon the movement for this improvement ; we are unable to say ; but we may state that many events much more improbable have come to pass in the history of colonial mail communications. At all events it is satisfactory to know that to the crisis . through which the Panama, New Zealand, and Australian Company has so far- passed safely, we are indebted for the probable acceleration tif a satisfactory settlement of the fortnightly mail service to and from our Australian dependencies." The following telegrams, says the ' Daily Times ' of the 22nd Dec. were received this morning too late for publication, announcing that Captain Benson had received what the Americans term a " cablegram," stating that most favorable arrangements had been made in London for the continuance of the Panama Service. Mr Marshall, also, had been written to afford every possible aid to the Company by allowing the Mataura to remain in the service. Strenuous efforts were therefore being made at Wellington to enable the Kaikoura to get off this morning, so as to reach Sydney in time to prevent the Mataura from sailing for England. .