A good deal of unnecessary discussion appears to have recently arisen out' of the Panama contract, partly perhaps in the absence of other exciting suhjects to talk about, and partly in sotrre quarters from a desire to get up a little agitation and noisy declamation in the vague hope of being able to turn it to political ac count. The contract as a whole> \rith Wel lington as the New Zealand terminus of- the line, is generally approved of here, that is to say, if it were jut to the vote to-morrow, whether the contract should be carried out as it stands or be cancelled, we believe the deci sion would be unanimously in favor of confirm ing the contract. Neither would the result of any public meeting here "strengthen the hands" of the General Government as has been asserted, inasmuch as the General Govern ment will have made their decision and Capt. Haix will be en route for England before the result of a meeting could reach Auckland. Nor is it at all likely that the General Government would set aside theoontract, as such astep would be fraught with too serious pecuniary consequent cesto be unadvisedly resorted to. Captain Vine Hall has no reason to complain of the reception he met with from the Provincial Government here, which was most cordial and friendly, all his suggestions have been received with attention, and the Superintendent, as the head of the Executive, has promised with all convenient despatch to have a patent slip con structed, to lengthen the public wharf so as to allow the Panama steamers to cdme alongside, and to execute other public works required for their accommodation, t>r.to afford them additional facilities, which, may probably in volve an outlay of £20,000. Surely there is nothing to complain of here. Oh! but it is said, the New Zealand Steam Company and the Chamber of Commerce have shewn the most decided hostility to the contract, and the burden of Capt.HAM/8 letter whichwe published last Saturday is a complaint of the jealous hos tility and opposition of the N.Z.S.N. Company to that which he represents. 