The Waikato Times. "OMNE SOLUM FORTI PATRIA." TUESDAY, DECEMBER 2, 1873.

Waikato Times, Volume IV, Issue 244, 2 December 1873, Page 2

The Waikato Times. "OMNE SOLUM FORTI PATRIA." TUESDAY, DECEMBER 2, 1873.

Those of our population who have money for which they have no immediate use seem (o have a mania for investment in insurance companies. We remember the railway mania of 184G-7 ; and we have also a keen recollection of results to outside investors. The outcrop to the majority was, if not ruii » something very nearly akin- lo ib. One or two companies appeared to be in a fair way of realising large fortunes for the shareholders; the British public in consequence was seize! with the then chronic comphint — railways, and nothing 1 else Insurance companies and nothing 1 else appear to be the disease of those of our population who have money to invest. To prognosticate «s to the probable success of any form of business, the first consideration that occurs to the mind of the initiated is — what opposition is there in the market ? We have no pretension to acquaintance with the business transacted by the companies extant in this colony, but of this we are clear, there is sufficient capital invested to carry on the whole of the legitimate insurance business now offering. Somo of the companies, no doubt, are conducting their business on the basis of foreign capital. So far from this fact being matter for regret, as is urged by those connectel with the new schemes, we say that it is matter for congratulation ; we say so for the reason that there is not yet sufficient capital in the colony to develop its resources ; foreign capital can bo induced to Insurance Companies for the reason that thoir business is universally understood, and as a rule has proved profitable. We should not have called attention to this financial fashion were it not calculated to cheok the flow of money necessary to establish industries, the utility of which can only be appreciated by the settlers in the oolouy. In a colony situated as New Zealand, it should be the work of each of her friends to introduce capital rather than shut it out. It is a short-sighted policy indeed that dictates the exclusion of foreign capital from a country that is compelled to borrow abroad large sums for the prosecution of its public works. The starting of an insurance company from the number of precedents to adduce is comparatively easy, and the task, there.ore, undertaken much more readily than any other by those who ai-e desirous of procuring profitable employment. It is, however, our duty to point out to the public that it is to their interest to invest what spare cipiUl they may be possessed of in promising undertakings not calculated to attract foreign capital. Woollen manufactories are sadly wanted;- we produce the raw material in abundance, ypt considering our population, the value of the imported goods manufactuied from it is almost incredible. Tne capital that is necessaiily invested in one insurance company, if it is to command confidence, would be sufficient to establish on a firm basis at least one suoh manufactory. The excuse that labor is too scarce is only partially founded on fact; wages are almost daily increasing in Europe, and consequently approaching the colonial standard. Build a mill and there is little divination required to fortel plenty of labor at a rate so little higher than that prevailing at home as to leave a good margin for profit after deducting the cost of freight home, and charges on the raw material, and freight charges and duty upon the imported article. We have instanced woollen manufacture, not because it is iho only one to which our remarks will apply, but for the reason that it Was actually the fir&t to suggest itself. Wo call upon ull intending investors in insurance companies and banks to pause before they lock up their capital ; both will, without doubt, if necessary, bo carried on by foreign capital. JVot so, however, the manufacture of our raw material into articles of commerce ; and until the smoke from manufactories hangs like a cloud over, our principle cities, we shall continue* an insignificant people.

By our telegraphic intelligence we learn that a ship has arrived in Napier with immigiants, also Unit several children died on the voyage, some from dysentery and others from scurvy. Very properly, there is to be nn enquiry as to the »iclualling of the vessel. As regards the eases of dysenfery, they may have arisen from causes beyond the control o p the authorities, but we are very much mistaken if scurvy could possibly break out on board any ship properly provisioned. The ship sailed from Christiana, and was 'consequently without the control of our Government or that of Great Britain. Scurvy is always nssooiated with bad living, or at any rate an insufficiency of vegetable diet, and the bidding for immigrants by the different colonies is so keen that it is improbable that tho fact of scurvy having broken out on board a New Zealand immigrant vessel will not be made the most of. It appears to us, that it would bo better to ship all immi-rrnnts fiom a British port. A return show ins; the. value of imports and export* at tho several port* of New Z-aland during the quarter ending September 30, 1873, is published in last Thursday's JV«to Zealand Gazette. The total value of poods imported ha* been £1,473.261. Of this amount the United Kingdom bus contributed ±906,260 ; Victoria. £350,135 ; and New South Wales, £133,028. The value of imports from the United Kingdom wns £99,035 more than during the corresponding quarter of 1872 The imports from Victoria were worth £31,617 less than during the third quarter of the previous year, while those from New South Walei had increased bv the amount of £17,789. Diniedm imported about £90,000 worth of goods more than did Aur-klnnd. r lhe increase for tl c colony wns £77,642 The total value of goods exported wns £800,597, agam-t £667,495 in the correspouding quarter of the previous year. Exports were as follows :— Unifod Kingdom, £476,722 ; Victoria, £258,677; and New South Wales, £30,201. Auckland* exports were valued at £244,500, and Dunedin at £212,775.