Since the colony update, IGG has instituted the short chat text length again. This setting is determined by a file on your hard drive and is easy enough to change.
DISCLAIMER: That said, please back up the file before you edit it. I'm not responsible if this doesn't work and something breaks.
Using Notepad, open the file: C:\program files\Voyage Century Online\voyage\resource\UI\main\dlg\DlgChat.xml
Search for the text, "maxword". It will appear in the file twice. Once with a value of 66, and again with a value of 50. Change both numbers to 255.
Save the file and start up VCO again.
GOOD LUCK!
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Johchan