Barque TIME AND TRUTH TOTAL WRECK OF THE TIME AND TRUTH. By the arrival of the steamship Prince Alfred, and by the attention of Mr White, purser of that vessel, we are put in possession of the particulars of the total wreck at the Bluff, of the barque Time and Truth, with the loss of over 2,000 sheep, with a cargo of which she had just arrived from Melbourne after a most satisfactory passage. According to the particulars furnished, the Time and Truth left Melbourne on Christmas morning, with 2,600 sheep, the property of her owner, Mr Monroe, and made the run down in nine days, having lost but one sheep on the passage. Fine weather was experienced up to the morning of the wreck, when a heavy gale from W.S.W. sprang up. Being then near to her destination, Captain Slater had his choice, either to attempt to take ihe harbor or ran away to the eastward. The latter alternative would in all probability, have involved the loss of the sheep; so it was determined to run for the port. About half-put six a heavy squall struck the ship, and although the captain himself and two hands were at the wheel, the helm was powerless. She struck a rock a few yards from the shore off Stirling Point, and commenced sinking. By strenuous exertions at the pumps she was kept afloat for five hours, during which time the steamer Aphrasia saved 459 out of 2,600 sheep; the remainder were all lost. About eleven o'clock she sank broadside-on to the harbor entrance — her head being S W by S. Throughout the day her masts were all standing, and her bulwarks appeared just above the water. On the following morning (Sunday) the gale still continuing with unabated violence, she was observed to roll heavily. Before noon her mainmast was gone by the board, carrying with it the mizen-topmast and all the gear belonging thereto. On Monday the foremast followed suit, and the unfortunate vessel parted in twain. It is the intention of Captain Thomson, Harbor Master, to have the wreck removed, as soon as practicable, from its present position, where it forms a serious impediment to sailing vessels working into the harbor. The vesel is understood to be fully insured, but it is unknown whether the sheep were or not, the presumption is that they were not covered by insurauce. Capt. Slater being well known and very generally appreciated in the different Australian and New Zealand ports, this misfortune will be heard of with considerable regret, more particularly as his passage down was an exceedingly fortunate one, and promised to be attended with the most perfect success. Transcribed from the Otago Witness, of 9 January 1863, Page 2