THE RUMOURED WAR.

Lyttelton Times, Volume XVII, Issue 965, 8 February 1862, Page 5

THE RUMOURED WAR.

(FJtOM TUB ' OTAGO DAILY TIMES.')

We make the subjoined extracts from the MclIwiriK! papers, by which it will be seen that the apprehensions entertained there arc rather in excess what was anticipated. The paragraph concerning tlifi war insurance significantly bears out the tenor ()f remarks lately made in these columns. The Melbourne offices consider the two per cent, risk was ()"ly to apply to the 31st December, and ask four l'fr cent, additional for war-risk on cargoes to Europe, and one per cent, additional to New Zealand. I'lie alteration in the route of the Great Britain— which steamer, in consequence of the war rumours, I s going home by way of the Cape of Good Hope Nistead of Cape IJorne—is a noticeable circumstance. "The danger now is the presence of a single privateer among our bay shipping, or the visit of a J/I'iadron, whose cannon-might exact a contribution ironi the denizens of the Australian metropolis. It ls ridiculous to say that such an incident won't "al>pen. If we are at war—and it is quite possible that we arc—what is there improbable in such a contingency ? Privateering has not gone out of 'iishion, notwithstanding the Conference of Paris, "ml we all know that San Francisco is full of bold spirits, whose thirst for gain and adventure would j^sire .nothing better than an expedition of this und. Jt would take no great time, trouble, or publlcity, to equip a small but powerfully armed fleet

for buccaneering descent on the other gold country. Look at the secresy and rapidity with which some of the flllibustering flotillas were despatched .from the American sou ports, which have always an abundance of suitable vessels—always an abundant-o-of suitable men. But it is superfluous to talk of the power of socrooy on the present occasion. Perhaps before the .friends or agents of our Government within the Union could transmit warning of such a project to these colonies—nay, even as soon as the announcement of a declaration of war could reach us, those hostile interlopers might drop anchor in llobson's liny. The telegraph lias superseded the pony express in the desert which divides the Atlaiftic and Pacific States ; four days will now bear a message from Washington or New York to San Francisco, and it is only a two months' voyage from Sun Frnncisco hither in. a sailing vessel, and less than a month by steam. Matters might be got ready beforehand, and orders for a squadron to sail, whether on the Government or on a private account, might promptly follow in California, the news of war. We may or may not have such a visit, and we may have it any moment ; and the question is, are we ready to receive it with all proper honors ? The Russian frigate, the Swetlana, came in the other day, and she was abreast of our shore, and in the centre of our shipping, before anybody knew anything about it, and then there was not even a gun at hand to return her salute. Our Victorian Volunteers, curious to inspect the Swetlana, have been treated by her gallant crew to cigars and sherry, not to canister and round shot ; but if it had been an enemy's vessel and an enemy's vessel might enter as.easiiy—how exceedingly foolish we should have looked I—Age. "The news brought by the last mail of the seizure of the Confederate commissioners on board the West India mail steamer, coupled with a report tiiat friendly relations between England and the United States had actually been suspended, caused considerable excitement, which was not lessened by the reception by the Bank of Australasia of the following telegram from the head office in London:— 'London, 3rd December, 1861.—Probability of war with Federal States of America. War premium of insurance; vessels already sailed from Australia, one per cent.; to sail before 31st December, two per cent.' All this has given an additional interest to the question of our defences, which has been brought before the House more than once; and on Wednesday, Mr. Haines said—'He had that day been in communication with the engineer officer in charge of the defensive works, and he was able to say that it was the opinion of the military authorities that no large body of troops would ever be sent here by an enemy. The danger was from a small force or privateer, and when the works in Hobson's Bay were completed—which would be the case within ten or twelve weeks—no privateer or small force would venture into the bay.' On the same evening, a vote of £42,850 for these and other military works was agreed to."— Argus.

"The war risk on marine insurance has been asked in this colony—four per cent additional for cargoes to Europe, and one per cent additional for New Zealand. The several companies taking the marine risks are for the present awaiting further advices. We do not hear of any war risks having been taken, but in the event of insurance, the extra premium would be required. Some of the insurance offices, it is understood, have entered into special arrangements, which place them on the same footing as the English underwriters with regard to the price of the war risk, and to the date of its imposition." Ibid.

" The Great Britain, which sails in the course of the following week, proceeds by way of the Cape of Good Hope on this voyage, the alteration of her .route having been occasioned by the supposed probability of hostilities with the Federal States of America."