The Evening Mail WITH WHICH IS INCORPORATED THE NEW ZEALAND AGRICULTURIST. SATURDAY, FEBRUARY 15, 1879.

Oamaru Mail, Volume IV, Issue 885, 15 February 1879, Page 2

The Evening Mail WITH WHICH IS INCORPORATED THE NEW ZEALAND AGRICULTURIST. SATURDAY, FEBRUARY 15, 1879.

Tkk idea at twtoblwU'uMf :> Fire- and Marine Insurance Company here L ?»»t new. If. has i icctij.>ted the minds of m action of the public for some tinw>, but has nft yet ripened into anything practical Hie n-.'unri: t'np this way b« found in, the fao« than, it was MUwd by net !* few than ■.»»•*& r-rv institation would prove beneficial t*> iLis »twtriet. there were- others with whom the i«U» tr« f'»r diver* reasons. ft has been ui't£e'(l J)y the tirst class that the - would having its "*R insurance company, bt<causw ;!'■ wordd keep- the money now devoted to- cn.i «nrielunent »£ numerous companies within «s«;ti. yfutsc the SWmt ck*S* WtHV f>f tilt' opinion tti.vf. 'the time had not arrived when, 'tevtu could aspire t« the possession ot such » tn:.n"nj. Strang tn say that. whilst the advocates f"V it urge** financial re»3"iw why it should bo done, th»s« *■&<> ..s>j»*erl if. urm-'ii the very same P".wa< why it should bo left alone. There is always an alloy of risk in tlitr most j*»hl»>n scheme, and we think that, whilst tha ous of which we are writing was at least moderately feasible before, it has R !| » become 2tw«t • a necessity. There is within ♦ >auu»ru town: a very large amount of property by far tlw» greater portioivt' which is insured.. We neeit not puint out that «>anv»tw risks are about as safe «.» the most careful insurance agent cowMdesir*. Oswuarw stone, of which the town is mainty built, is the of inliaminabte, and it is moreover an effective check against the spread ot tire. The result is that not only do sc enjoyarv immunity from disastrous contfagrations. but. we are almost altogether fm» from tires of any sort; so, that the *i?vy large amount that is paid by Hamiii.ru J!',r insurance may almost be viewed as a giit tir the insurance companies with whwh her vnsu»*» have dealings. It would be interestin.' to know the exact amount that is paid to insurance companies by, and the amount that is re j turned to- pay tosses by tire to. Oatnarw. But this mn oi*ly be left to- «onjeeture. We, however, are »i »Eur opinion that if this information eoutd bo obtained it would show that. Oamacw is a riefc tietd for Insurance Contjwnies. If this is the ease> 'and we think that it cannot W dtspttted, t there n««d be no fear aa to ttw sctetess of j a focal company, the majority of owners I of property must, insure , ami if it will : pay them to- tMurw out of the district is wilt pay them mttcfl to tasUfi? in it. The success of Colonial lnsur»rji;w Companies is wbII known- They pay fjantisonre divi'h'ntis. These are not the result o. : their business ini cities and towtis Witt of wood, and in tshioi flees are of constant 'occurrence. If their business w«- v re confined to- the risks that snch {>i,we» offer, investment in insurance scrip would «.&-■ coxnu much tess fascinating. Tlie tlividttuls are rcainly derived from such places as (Daniarw, wht-'fw tires »►> seldom ocear titat they ace reckoned ♦( a; _t» v a novelty. Theforeijoinp arguments, and others, ntight b*t admitted by the- advocates £>r the cstafeiwfwnent of a local insuraiico company, and yet the question might have 1 allowed to remain in abeyance still lougw isad there not been

a special reason why it should receive attention. Circumstances have lately arisen that must precipitate decisive action. It is no longer a question with O.imaru whether she will, or will not, be her own insurer. A system of persecution has been commenced by the insurance companies. If we will insist upon bringing ships laden here and sending them I away laden, we must pay dearly for the privilege. When we did a small business, it mattered but little. It was known that wc were only struggling, and it was thought by the envious that wc would never do anything more. The sections of the Dttnedin-Oamaru railway were linked ; and, instead of transforming us into a watering place for the delectation of Dttnedin merchants, as was expected by the people of that city, it contributed as much to otir prosperity a3 it did to that of Dimcdin, and since that time our commerce has steadily increased. This natural phenomenon has attracted the attention of the Dunedin merchants, who j act as though they think that they are the only men that should be lienetited by i ptibtie works. Our port, pronounced by competent judges t«» In: uiieof the greatest ; arteeeasest extant, and admired by all, is ! declaimed against a.i unsafe : in the j absence of positive proof to bear out denunciatory assertions, fiction is freely used, and ttnasinary wrecks of vessels that ; b,•»«■»* lung jinre arrived at th»;r rbslinaat the other side of tlit? world an. 1 (•'injured up to affright o-.vnen. who are hntiifaitl of the facts of the case from our i shore. Insurance Companies catch the contagion willingly, and, a keen-edged ! weapon in the hands of the covetous, they evidently intend to attempt to make the t'renwenters of ottr port pay for their companies' fosses wtifcwher.;. r.-r else drive thetn altogether away from us. Are we to attow ourselves to bt> bound hands and . feet without a struggle to effect our retease. It we have not formed a wrong estimate of the pwopteof Caiuant, they will not quietly submit to such an operation whilst the remedy is within reach. That remedy is 3 local Fire and Marine Insurance Compaq. Th>> p»:ot>le of this district hold tarye interests in the .-cvt.rifl ii.sur- . anew Cot«|sMH«>s of the Colony, and we believe that they would willingly transfer their capita! to a local company which would probably pay them just as govt interest for their money, and r ; « ff'i v means of averting serious damage to ,'in! the progress of the diatrv.'t. I,t;t ert,ry n,riii wi,*> in f s r.t, interest in tlte riutrkt eatwiy investigate the matter under •tiseuasion. Ho wtil find that, despite the successful efforts to make this port safe, vessels coming here are handicapped to an extent that would lead one to suppose that the Insurance j *'., i" r "'iUi'S have taken their cue from J | such iueit b» ti-e ;v«:t..r the A«s j < tratian and Xew Aeaiar.d I iiitoi-wrtturs j Association. If compliance with the j demand ef these Insurance Companies j were inevitable. it *.v*>u Ed have been better ; had. the Breakwater never K-oii built. But it is not inevitable : and if Oamaru is | not i'i stEurtti"! in hor growth-'if her j eotumerjiat progress fs n"t t>. lie iei ,'.>.->!y j interfered with—it will W neces.-an- for ( tier people to practically demonstrate the truth of what we assert. The idea is no chimera. Every investor in scrip in a ' focal company would use his endeavors t-> | promote its success. It would be mutually j : m th« interest of all to prevent tiros and I sr;pj>r«d» ifcjs; Xapier has her own Tit-! sttratieo Company, attd, if v»e .;.:-::t;'kv not I the people of Tintarti, that town w;l! suuii | | follow suit. Of eo-urae. it wouhl not be | I afisoftitoly necessary that a local company ; I .should accept unaided and h>%avy | j risk 4. For instance, there are the risk.-, [ i~n *htp> toads of wool. Such as these are I ir^i;i:.lty »»sv;.Jod ;iEuoEEu'~t several ■ ' panie--*. and the it.e.u >.0,i.f.-;;:; v w„uld be j enmpelled to. adopt tisu priiteiplt:, f.t j ("vi'RM in the early days of its existence, t If it, were found that other companies j would not co-operate to eisaol.: it to do ttu*. »« arrangement might be made between the ivapi'T. Tintarn. and Oamnru Insurance Companies t>» render mutual assistance. The suggested Oamatu o.Wpativ would grow wealthy on the income f'rom its tire insurance business, and the comprttUnS of Tiniaru and Napier would be alike enable the companies e.f places to ajijiis t each other. Our opinions regarding the protiable success of tiie tire m*uran.ce «tepaftment of a local company are b'sed upon sttbstaniial grounds. During the past Xl} years not more than about L12.W0 h.--v>' been paid by insurance companies on account of tires in this town. A prosperous tire business woidd place the company in possession of sutli-cier-vt capital to* enable it to prosecute marine business to an extent and in a manner that would be highly beneficial to the town and district. The ouestion may no? meet with a response just How ; the pt-ri id is not favorable. But we are convinced that lie fore long the suggestion must be carried out.