JOURNAL OF THE WEEK.

Lyttelton Times, Volume I, Issue 5, 8 February 1851, Page 5

JOURNAL OF THE WEEK.

Our Journal of the past "Week must celebrate the commencement of the " Fashionable Movements" at Lyttelton. We have given in another column a lull notice of the first ball in the colon}-. It is only for us to add, that Lyttelton appears to have commenced in the department of gaiety and amusement with the same success as in the more substantial duties of colonizing. Notwithstanding the arrivals of shipping, and the great activity which prevails in many respects, there has been slackness in business during the past week. It is not easy to account for this. Articles which are fetching high prices when purchased in small quantities for daily consumption, fail to rind purchasers when offered in considerable quantities, at even more moderate rates. Cattle have not found that ready sale which was anticipated by the importer.', and persons are beginning to express uneasiness at this state of the market. The real secret, however, appears to be, that there is a great indisposition on the part of the colonists to invest any money in temporary arrangements. Until" the land-purchasers get upon their land, all their buildings and arrangements must be considered to be temporary, and so far, the capital invested in them to be wasted. Every one appears anxious to reserve his means till he can commence upon his own land, and can expend his capital upon his own property in permanent improvements.

If this be the case, the symptom to which we allude, is a peculiarly healthy one, and the absence of extravagant speculation at the starting of the colony, will prove a solid benefit at a later period. So much so, that, we may hope to avoid those violent periods of depression which have often followed the establishment of new settlements.

No one, for example, will lay put his ready money in farming stock, till 'he'has finally located himself, and lias proper means of looking after cattle. No one will buy sheep until something more is settled as to the pasturage runs. There is, however, no want of capital, and these temporary difficulties over, by the selection of the land,the demand ior cat He and sheep will commence in earnest.

Our latest news from Christ church contains nothing of importance beyond the fire, which, vre regret to say, is si ill burning: in Riccarton Bush. Yesterday it had burnt to the edge of the bush, and some trees were on fire in Mr. Dean's paddock. It was thought at one time that Mr. Cass's house would have been destroyed. It is hard to overrate the importance of guarding against so great a misfortune as the destruction of this bush, when there is so great a want of fire, and building wood, for immediate use.

The '■ Castle Eden" arrived, ju.st as we were going to press,at four o'clock yesterday. She brings Dr. Jacksox, the Bishop designate of this settlement, with his family, au'd 200 passengers. She left the Bth of Oct. We understand the unusual length of her passage is owing to her having touched at the Cape. We hear that the " Isabella Hajrcut" whs to have left London a few days after, and four other ships had been chartered by the Canterbury Association, to sail this season. The " Castle Eden"' brings.

besides her own mails, English news to the 18th of October, which she obtained at the Cape from a vessel which had made a rapid passage to that port.

William Fletcher. Esq., the Inspector of the Union Bank of Australia at Sydney, has arrived here in the '" Torrington,"' and undertaken the direction of the Branch Bank to he established in this town. Thisgentleman's arrival at once puts an end to the difficulties which had arisen in the; management of the affairs of the bank, in consequence of the temporary illness of the gen r tiemau who had been sent out from London to act as its Local Manager.