THE PANAMA SERVICE.

West Coast Times, Issue 174, 10 April 1866, Page 3

THE PANAMA SERVICE.

We take the following extract from the London correspondent's letter of the " Wellington Independent." " Those of your readers who nre interested in the business of the Panama Company will be glad to learn that the shares of this Company have risen and are now nearly at par — the £10 shares, £9 paid up, being quoted at from £8 to £9 ; and the £5 shares, with £5 paid up, at from £4 to £5. Considerable changes are likely to take place in the arrangements of the Panama Company. Their local manager in the colony, Mr Vino Hall, comes home (at his own request), and will be succeeded by Capt. H. B. Benson, late of the s.s. Argo. Mr Vine Hall will still occupy a high position in the practical management of the Company's vessels, only it will be in London instead of the Colony. Captain Benson is exected to leave here in the Ruahine. This vessel arrived here on Christmas Day, and is now undergoing a thorough overhaul. She answers admiiablv to expectations that had been formed, and has beaten in speed all the ■vessels she came in contact with on the West India Station. It has been ascertained by actual weighing that she consumes on an average no more thau 30 tons of coal in the 24 hours. She carries ?50 tons of coal in her bunkers, and- 440 in her hold. She can run her t\v6lvo knots in an hour, with all her coal on board, and eight knots with only one engine going As the next vessel, the Kaikoras will not leave here till early in April. Captain Wheeler will take command of the Ruahine. which will start late in February: Captain Bird, her late commander is retained for the commaud of the largest steamer in the Company's fleet, named the Mntaura which has been fixed to leave here for Sydney in the month of may. The Rakaia, building in Glasgow, is intended to sail about the middle or end of April. She is to go direct to the Panama station. As far as can be seen and arranged at present the Panama line will commence at both ends in June next, when the doubts of those who did not believe in the success of this line will bo finally set at mt The Royal Mail Company arc willing to start once a month v special service from Southampton for the Panama line, and instead of going to St. Thomas's thence to Jamaica, and so on to Colon, their steamers will proceed to the latter port direct from St. Thomas's, which will be the means of saving twenty-four hours on the outward, and thirty-six hours on the homeward passage. I believe, if agreeable to the Sydney and New Zealand Governments the. line will start from both ends on the 2nd of each mouth. I understand that by this last mail a proposal from tho Tahitian Government was received by the Directors of the Panama-

Company, offering the latldr L4;,OQ/0 per annum if they would allow! tfioir Steamers to call at Tahiti. The directors, however", I am told, are decidedly opposed to the oft'er, on account of the detention and serious loss of time' (at least four days) which must ensue. Moreover, the sum offered is so ridiculously small, tbah this would in itself, in the interests of the Company, preclude Ihein from entertaining the proposition. Had tho offer been L30,()00 or L 40,000, it would have been a tempting one, but not otherwise. lam given to xtnderstand that the directors feel that tlie entire fiufecoss of the scheme depends on their line be'iug made the quickest, the safest, and cheapest steam route to Australia and Now Zealand, and in order to accomplish this object it is not desirable to make other ports of call than thoso already determined rtrtd agreed upon. There arc peoplo in this great 6it^ sanguine enough to beliovo that before (lie neit five- years arc over they will be able to roach Sydney in seven weeks and New Zealand in six, via Panama ; a feat, I apprehend, 'which is next to impossible to be accomplished with regularity by way of Suez. TJic; Panama Company's steamship Kaikofas will be commanded by Captain Bedl ; the ttakaia is to be commanded by Captain White, who hns had eighteen months experience in Pacific Ocean navigation, and who will take his fine now vessel out direct, passing through tho Straits of Magellan, instead of round the Horn. A steam launch, 60 feet in length and 12 feet in width, is being built, and will shortly be sent out to Panama 1 , •\YhoYo it will be used by the Company to land and lake on board passengers. The Company arc using extraordinary exertions to commence the service at once, so that tho* colony may fully reckon upon the date already fixed.