THE PANAMA COMPANY.

Westport Times, Volume III, Issue 457, 26 January 1869, Page 2

THE PANAMA COMPANY.

The following is from the Melbourne Argus,oi the 4th inst: —" The news received by the last mail for some time left it doubtful whether the Panama, New Zealand, and Australian Royal Mail Company had ceased operations or not; but the action that has been taken by the managers of the company at Sydney has since decided the question, and has shown us tint the Panama mail service is at an end. Prior to the receipt of letters by the Bombay, a writ of foreign attachment for over £3OOO was issued at Sydney against the property of the company, and about the same time it was announced that the, Sydney Government was not likely to continue the subsidy. Subsequent to the arrival of the mail, we learned by telegram from Sydney, that Messrs. M'Meckan, Blackwood, and Co., the well-known ship-owners of this city, have purchased the steamers Tararua, Rangitoto, and Claud Hamilton, from the representatives of the Panama Co., and the agent of the mortgagees at Sydney. These fine vessels will be continued in the New Zealand trade. It has also been notified that the s.s. Mataura would be dispatched to England from Melbourne, via the Straits of Magellan, calling at Rio Janeiro for coals, to be followed at monthly intervals by the Kaikoura, Ruahine, and the Rakaia, thus sending all of the ocean steamers out of these waters. This magnificent fleet of steamers, which cost some £320,000, are now offered for sale for £IBO,OOO. The fleet consists of the Mataura, of 1,756 tons burden, and 450 horse-power; the Kaikoura, of 1,501 tons, and 400 horse-power ; the Ruahine, of 1,503 tons, and 350 horsepower ; the Rakaha, of 1,456 tons, and 320 horse-power; and the Prince Alfred, the spare ship at Panama, of 900 tons, and ISO horse-power. The fact of such a fleet of vessels being for dispossl has suggested the idea here that a good opening is presented for this colony at once to initiate a fortnightly mail via Galle, with the advantage of making Melbourne the principal port. It is said that if this Government would guarantee a subsidy of very considerably less than fifty per cent, more than is now paid for the four-weekly mail via Galle, a company, with the necessary funds, could be easily formed who could purchase the vessels, and contract to carry on a fortnightly mail with the same punctuality which recently characterised the Peninsular and Oriental Company's service. ■ The Chief Secretary has been communicated with on the subject, and he has promised to take the matter into consideration."