OTAGO.

Wellington Independent, Volume XV, Issue 1403, 3 February 1860, Page 5

OTAGO.

By the Lord Wonlcy y we have received Otago papers up to the 27th instant. We extract the following from the Colonist of that date : —

Commercial affairs have been rather stagnant of late, and this state of things has not been improved by the occurrence, for the first time here, of a failure to a rather serious amount. With the increase of our business transactions, we cannot expect to be altogether free from such casualties ; still, we hope it will prove a lesson to those whose who may feel inclined to purchase largely, upon credit, iv the perhaps vain hops of a ready market at an advance, but who are altogether unprepared to meet their liabilities in the event of tbeir expectations turning out to be fallacious. There is now no danger oi our market continuing bare of any class of goods for a lengthened period, and the holders of large quantities can therefore hope to dispose of them only at moderate prices, if compelled to realise \vitltin a limited time.

The shipping business in connection with this port displays considerable activity. The departure of three such steamers, probably within 48 hours of each other, as the Royal Bride, the Pirate, and the Lord Worsley, for England, Australia, anl the sister provinces, must give rise to some curious reflections on the part of of those who remember that, within a comparatively recent period, a ship eveiy two or three months was about -au average. The Pirate is doing her wori with great speed and regularity, the Geelong and Oberon are traversing the coast north and south, and the name of our small craft is Legion ; while, but for the want of labour, there is iittfe doubt but that our means of internal communication would during the present year have been brought into a yery satisfactory state of completion. 'JDhe aspect of the town of Dunedin is improving every day. Many existing buildings hare received additions and renovations, and been raised to the proper level of the streets, and new ones are being erected of a more attractive and altogether superior description. We may notice particularly a section belonging to the municipal estate, in the very centre of the town, which was for years an unsightly nuisance, but is now being covered on both frouti ages with stylish shops. The naw Court House

is approaching completion ; and contracts have this week been entered into for the erection of the Athenaeum, which will be a very handsome stone building, on a commanding site, and will form the chief ornament of the town. It is to be completed in twelve months, at a cost, in round numbers, of about £5,600. The prospects of the harvest throughout the country are said to be very favouiable, notwithstanding the want of rain which has been felt in some localities.

We are authorised to state that his Honor the Superintendent, finding his .official duties require his exclusive attention, has sold his steamers Pirate and Pride of the Yarra, to- 1 gether with the barge Bon Accord, to the owuer of the steamer Oberon, Mr. Frederic Greer, under whose working we have no doubt the steam service of this Province will be carried out with energy and punctuality. The hulk William Hyde, has also been leased to the same party, and the contract for the service between this port and Melbourne transferred. A number of gentlemen were on Friday afforded an opportunity of inspecting the Royal Bride. The party were most hospitably entertained by Gapt. Newlands, and expressed their high gratification at the appearance of this noble steamer. She leaver Port Chalmers to-morrow, with about lgOfl^Dales of wool, proceeding to LytteltonTo fill up, and thence to London, at which port she is under contract to arrive in May. We heartily wish Capt. Newlands bon voyage. The Gtelong arrived from Invercargill on Tuesday evening last. Captain Boyd reports having experienced a most terrific gale on the previous day, while lying at the Bluff, during which he was compelled to get up the steam in order to keep the vessel at her anchors. The tide has alse been extraordinarily high at Invercargill, and a quantity of wool, with other produce and stores, which were ready for shipment, were destroyed or seriously damaged by the overflow. A farewell- dinner was given to Mr. G. Duncan, (who $s about to pay a visit to the home country,) oji Friday evening, At his old hostelry, the Commercial Hotel. There was a goodly number of Mr. D."s friends present, Mr. D. Scott occupying the chair. The dinner, which was served in first-rate-style by Mr. Cantrell, having been disposed of, toast and sentiment succeeded ; and if the good wishes on behalf of My. Duncan are fulfilled, he will certainty have a prosperous and pleasant voyage, which we trust may be the case. Among the passengers per Pirate, to Melbourne, are M. Klaer aud his clever troupe. This company has spent about eight months in a tour through all the provinces of New Zealand, and has, we understand, been everywhere well received and well supported. We feel pleasure in recording this fact, because the entertainment furnished is both amusing and unobjectionable, and the general conduct of the professionals affoids a maiked and pleasing contrast to that of many of those whose business it is to cater for the gratification of the sight-seeing public.