PRESS AGENCY TELEGRAMS.

Globe, Volume VIII, Issue 1024, 6 October 1877, Page 2

PRESS AGENCY TELEGRAMS.

To the Editor of the Globe. Sie,—The Christchurch agent of the Press Agency appears to have incurred your displeasure for certain telegrams forwarded by him recently. You take him to task for wiring to Wellington the rumour that Mr Coster, the manager here of the Bank of New Zealand, and Mr A. Wilson were interesting themselves in the promotion of a proposed insurance company, and also for stating that, the principal business houses being already interested in the Union, the projected company was not likely to be warmly supported here. Notwithstanding your strictures, the Press Agent was perfectly correct in his message, as it certainly was rumoured, and very freely, that the gentlemen named were the chief promoters of the concern; and a glance at the prospectus of the Union Insurance Company is an all-sufficient proof that all the best business houses are interested in that institution. It is quite true that it suits some people now to disown Mr Coster's connection with the newly talked of company, but there are a few behind the scenes who have very good reasons for believing that he is still one of the chief wire pullers. Why it is now considered desirable to ostensibly drop the Manager of the "All powerful institution " it is impossible to conceive, as its being publicly known that he is a warm supporter of the concern, would no doubt gain it many friends. With respect to your correspondent "A Shareholder in the Union," there can be no doubt that the Press Agent's message of the 25th September, stating the allotment of shares in the Union Company was made with a very careful regard to the business position of the applicants, was perfectly in accordance with facts, as the promoters, who comprised the leading business men in Christchurch, were undoubtedly quite capable of appreciating the relative value of the respective applications, and treated them accordingly. Possibly one or two oversights may have occurred, but seeing the small number of shares they had available for the large number of applicants, it must have been absolutely necessary to cull out many men who were fairly desirable, but who, unfortunately for themselves, were not quite so desirable as others who had applied. It may, or may not, suit the proprietors of the Press Agency to change the local agent here, but they certainly have no grounds for

complaint with respect to the telegrams you and your correspondent allude to, as it can be unquestionably proved, if need be, that the rumour in the one case was a very public one, and that the allotment was as stated by him in the other. The ridiculous premiums which have been paid for Union Company shares have driven the New Zealand public crazy, and the result is rabid attempts to start new insurance companies in Dunedin, Christchurch, Wellington, and Auckland simultaneously, and these projected companies have had the effect which might have been expected, as the directors of a leading company have held a special meeting, and determined to cut down rates forthwith, the result of which will bring shares of the best companies very speedily down to a discount, while possibly some of the New Companies may soon find they are compelled to liquidate. Yours, &c, A SHAREHOLDER IN THE STANDARD.