There is nothing new to he said on the subject of the advantage which these colonies are likely to gain by the opening of a regular steam communi cation across the Pacific. The gain in postal intercourse with Great Britain, important as it iB, is by no means the only or the principal advantage to be derived from the Panama service. Panama is the centre of con verging lines of tralc uniting both coasts of both the continents of America, where are situated some of the richest countries in the world. The United States, Mexico, the Canadas, California, British Columbia, in North America, Peru, Chili, Brazil, TTruquay, and the other republics in South America,—the most remote countries from Australia as the world is at present divided,—will all be brought close to ub by the opening of the Panama route. It is impossible that countries of such wealth, and so freely open to the enterprise of the Anglo-Saxon race, can be brought into frequent communication with the group of countries termed Australasia, without a mutually profitable and always expanding intercourse being opened up between them. These pro bable gains to the world at large, no less than to our own part of it, with many other advantages direct and in cidental likely to arise from the same cause, have been repeatedly pointed out. The task of prognosticating has indeed been the one task moßt con stantly performed in support of the Panama service. "We have now to look upon the preliminaries as complete, and to judge how far they will answer their purpose and achieve the expected ends. The commencement of a steam ser vice ou a new sea and under new con ditions of navigation must be some what hazardous. The most accurate calculation and careful foresight may fail to anticipate all the difficulties which arise in practice. "We need not hope that the Panuma company's un dertaking will be a single exception to the general rule. There is a double hazard in the ease. Should any diffi culty of great magnitude arise, and should the service fail to be punctually performed several times at the outset of the service, public confidence will be lost, and the line will be doomed to neglect until time and good manage ment shall restore it to favour. 