THE NELSON EXAMINER. Wednesday, January 27, 1869.

Nelson Examiner and New Zealand Chronicle, Volume XXVII, Issue 8, 27 January 1869, Page 2

THE NELSON EXAMINER. Wednesday, January 27, 1869.

Journals become more necessary sis men become more equal and individualism mure to be feitred. It would be to underrate their importiiuue to suppose that they serve only to secure IHiurty ; they maintain civilization. DIS ToCQOBVILfcB, Of Democracy iv America, vol. 5, 280. A more pitiful collapse of a great trading body has rarely been witnessed, than is exhibited by the Panama, IS T ew Zealand, and Australian Royal Mail Company. Two months ago, previous to the arrival of the Mataura at Wellington with the English October mail, the Company was supposed to be possessed of four remarkably fine ocean-going steamers of large tonnage, a fleet of ten highly serviceable boats ranging

from between 300 and 1,000 tons, property of other kinds in several New Zealand ports, and stores sufficient to supply all their vessels for two or threo years to come. Here were what must have appeared, to the shareholders tangible assets for their subscribed capital — They counted them at break of day, But when the sun set where were they ? And where are they ? Alas, foreclosed mortgages have disposed of all the Company's fleet of steamers, and the stores now on hand or on their way out — the invoice cost of which may be some £25,000, but tho real value twenty-five to thirty per cent, less — with other shreds of property, will go some way towards satisfying the general body of creditors. Should this property prove sufficient to pay outstanding debts, the shareholders will have the proud satisfaction of knowing that they are the sole victims. But it is highly probable the subscribed capital of the shareholders will not represent the whole loss sustained. We regard it as certain that no shareholder will see back one farthing of his investment; in many cases this will not interfere with the pleasures or enjoyment of the losers ; in others it will be different, for the hard earnings of years and what was intended as a provision for old age by being thus swept away will create great wretchedness. That mauy cases of a painful nature will be found among those who invested their money in the Panama Company is too certain ; yet while simple trusting people will be heavy losers, there are schemers who will come out unBcathed, nnd probably possessed of large gains. The reckless shipment of stores to Wellington, charged at exorbitant rates, were made we may be sure that some one on the Directory might profit by the transactions. By loss of interest on excessive Htock, by warehouse rent and depreciation of goods, £2,000 a-year at least has been sacrificed; while the profits made out of bad wines and spirits charged at high rates, and supplied in immoderate quantities, must represent a sum we can hardly venture to name. When these disclosures, and others we have heard of, come to be made public in London, it will be seen what rich pickings have been obtained, and we hope a rigid inquiry will disclose the names of the shameless and unprincipled men who have sacrificed the interests of the shareholders to serve their own private ends. We learn from Wellington that the steamers Airedale and Lord Ashley have been sold to a shipping firm in Auckland, and that the same parties were negotiating for the purchase of the Phoebe, which had been taken possession of by the Boyal Mail Company. The Auckland and Egtnont had been sold to the Australian Steam Navigation Company in Sydney ; the Tararua, Kangitoto, and Claud Hamilton, in Melbourne, and the Otago was sold at home. All these vessels, we believe, have been sold on behalf of the mortgagees who had possession of them at the time. The Mataura and Kaikoura are in the hands of the Eoyal Mail Company, and although not acquainted with the fact, the liuahiue and Eakaia will be "Avanted," we may bo sure, as soon as they return to New Zealand or to Sydney. Even in the old Prince Alfred, lying in the tranquil waters of Panama Bay, some one will possess an interest, which not unlikely may extend to the coal-hulks anchored in the various ports. If the pocuniary loss falls principally on English capitalists, the colony will sufter something in credit. The name of New Zealand will be associated with an enterprise which returned nil to those who embarked money in it, while those who are answerable for its mismanagement will endeavour to cast the blame of failure on persons at a distance who will not be present to defend themselves. The Wellington Independent, writing on the break-up of the Panama Company, expresses an opinion that if the subject of the Panama line were well considered it would probably be found capable of restoration. Our contemporary observes :—: — Tho activo support and co-operation of the Eoyal Mail Company would bo tho first necessity. Next would bo tho undertaking of the service by New Zealand, without tho co-opemtion of New South Wales, but with that of Great Britain. Tho service, in that case, would necessarily stop here ; thereby saving tho use of ono large steamer which was required when tho main lino went to Sydney. The Australian colonies would require to send for their own mails, and wo should bo in a position to exact terms. The lato subsidy to the lino was £110,000, of which £55,0C0 was contributed by New Zealand. If Great Britain took tho place of Now South Wales, tho contribution of New Zealand would remain as it was. The company would receive tho same subsidy ns before ; it would bo relieved of the expense of ono boat, costing perhaps £40,000 to £50,000 annually, and it would have but few establishments to keep up. Although the British Government has hitherto been opposed to the establishment of the Panama line, yet we think we can perceive symptoms that, if the subject is again fairly brought forward and supported in a vigorous way by the directors of tho Royal Mail Company, tho application for support might receive favourablo consideration. On tho whole, wo are of opinion that if tho question were gone into by a committee of business men, with a view to consider tho restoration of an eflieient servico combined with duo economy, wo should probably soon bo in possession of a definito and worknblo schomo. The Independent seems willing to catch at straws in order to lessen the fall the port of Wellington will sustain by the breaking-up of the service. But it is idle to talk of what might be done when we know that nothing of the kind will be done. There is not the slightest chance of the British Government taking the place of the Government of New South Wales, and contributing £55,000 a year as a subsidy to the service. But supposing this difficulty overcome, it has been shown too clearly that a subsidy of £110,000 a year is far too little, aud no second company would engage in the undertaking on the same terms. Before any company would look at the service, the subsidy would have to be considerably increased, and where is this additional amount to come from ? Besides, whero is the dock in New Zealand to receive vessels of the class of the Mataura ? Nothing of the kind exists, aud it must be quite clear to all who will look at the subject dispassionately, that the costly experiment was made too soon, so far as New Zealand waa concerned. The colony of New

South Wales appears, according to the Sydney papers, to have been the sole gainer by the arrangement.

Our latest intelligence from Wanganui speaks of preparations for the speedy attack of Tito Kowaru, who occupies a remarkably strong position at Te Ngutuotenaanu, and. we may at any moment hear of an engagement. From the Times, of the 21st, we learn that Colonel Whitmore had moved his force from Westmere towards Kai Iwi, which it was his intention to cross. Several of the newly-raised men had exhibited a disinclination for fighting, and endeavoured to escape ; but although some were captured, others succeeded in eluding the search, while one man, a Swede, had gone over to the enemy. The fortifications of Te Ngutuotemanu are described as most formidably and ingeniously constructed. An account given by a native states that there are three tiers of rifle-pits within the palisading of the pah, so constructed as to enable the occupants to go freely from one to the other through un-der-ground passages, which will afford accommodation for hundreds of men who could keep up a raking fire upon their assailants without the possibility of being either stormed or injured by them. The defences of the entire position and the approaches to it, together with the barriers by which nature has surrounded it, render it a place that can only be taken by a large force, and probably at a great sacrifice of life. The Wangauui journals recommend the cutting of tracks both in front and rear of Tito Kowaru's position, and although this may prove a dilatory process, it is thought in the end it will prove the most effectual method of ensuring his defeat, while it will save an unnecessary sacrifice of life. We have the fullest confidence in Colonel Whitmore's judgment, and believe he will act in the manner best calculated to ensure the object he has in view.

A very temperate and well-written address to the electors of Dunedin, by Mr. J. Paterson, on the occasion of his resigning his seat for that city, appears in our present columns. Mr. Paterson was a supporter of Mr. Stafford's Government, and the reasons given for the course pursued by him should be read with attention. No man in the House was more respected than Mr. Paterson for his uprightness of character, independence, and general good sense ; and although scarcely fitted for the ministerial oflice he once lilled, the councils of the colony would gain if more men of his stamp had seats in Parliament.

We call especial attention to an article in our fourth page, from The Engineer, on " Thompson's Koad-steamer," an invention calculated to be of immense importance. A letter from an able correspondent, Dr. Irvine, discusses the feasibilty of making use of the invention in this province.