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New Zealand Times, Volume XXXIII, Issue 5317, 11 April 1878, Page 2

• 'Phb. business- 01/jfire and marine ..insurance throughout.,the colony 'has'- Keen ‘uniformly ■profitable.; Auckland; has the New Zealand Company,,which lias accumulated, out ' of less .than originally,,inypsjtod,I its present funds, of £300,000/without'taking Snto account its’steady diyidehdsjipon the gradually increasing amount. ■ The South British | Company is also highly successful, a large portion of its capital having been accumulated out of profits; the dividends upon the same aro at the rate of 15 per cent, llimedin has two companies, both successful, viz,, the Standard and the National; the hitter has netted about

£IOO,OOO the last four years; it divides 20) pef cent. 'Finally, Christchurch has . the TTnion I ’Company, and so well is its success understood, that its shares command a value of abont double the amount paid up thereon; "Why has Wellington hitherto remained without any interest in this valuable business;? i There is no question of there being room for such an institution ; it is only necessary to note the rapid growth, both of tne insureable ■ property and of the produce of the colony, to see that the field is open. When the South Brit sh Company was formed it was at first somewhat languidly taken up; but in that ease, as in those of the succeeding local institutions', experience has proved that the wonderful growth of the colony and the natural preference of colonists for local institutions have ensured success. We repeat, why has not Wellington, the capital of the colony, and its natural geographical centre, become the head-quarters of one of these institutions ? At present large sums are auuually sent hence which might be retained amongst us, and it is with some considerable satisfaction that we are at last able to state that the matter has been taken in hand by some of our most prominent and wealthy citizens. Wellington is to be the head-quarters of “The Colonial Insurance Company of New Zealand,” capital two millions: sterling, in 200,000 shares of £lO each, upon which tenshillingspershareisto be paid;up, forming an aggregate cash capital of £IOO,OOO. The board of directors comprises some of the most wealthy, experienced, and enterprising men amongst us. We understand that the chairman is the Hon. O. J. Pharazyn ; the vice-chairman, the Hon. Randall Johnson ; and the remaining directors comprise Jacob Joseph; Esq., E. W. Mills, Esq., - the Hon. M. S. Grace, A. de B. Brandon, Esq., M.H.R., and Walter J. Nathan, Esq. It is scarcely necessary- to, state that this board secur-s enormous wealth and influence, but it is further backed by practically the , whole of the commercial men of the province aud other persons of influence who had not previously formed engagements. This company will be formed in a somewhat different manner to its predecessors.. The directors have taken the matter boldly in hand, have put down a considerable,sum in cash, capital,.and have invited the co-operation of influential persons and firms, asking them to join aud throw in their influence with the association, which is practically a mutual one, in the interests of the insured. In this view the directors have already concluded negotiations with a large number of influential persons, and have secured important business to the association. The directors are negotiating in a [similar manner throughout the colony, and will continue this process until they have placed, to the mutual advantage of all concerned, one-half of the total capital of the association. Having thus secured a large amount of support, and being able to offer to the public the guarantee of a. cash capital of £50,000, which is to be very shortly paid up, together with the further assurance of a strong, wealthy, and influential proprietary, business will be commenced - , the whole of the remaining capital being reserved for allotment in successive issues' to actual. insurers with the company, in proportion to the insurance pfehiiums paid by them. This secures the , following advantages : The company offers undoubted security. Next a large amount :of -hearty, support is considered absolutely certain, aud . finally the interests and • sympathies of the insured will be attached by their being enabled to participate in thfe undertaking,: aud conse- ■ queutly in its profits, in proportion to the business which it is in their power to offer. The association will do business at the current rates of the day ; biit, as the fullest participation will be offered to actual insure's, the whole question will be placed in a different light, and the promoters consider there can be no doubt that when the full capital of the association has been reached it will comprehend a powerful association.of insurers, whose 'interests will -have been attached to the company:' The directors, we hear, have assurances of support "from all parts of the colony, and its principles and the auspices under which the association has been founded will, it is anticipated,secure its successful progress. Bearing in mind the rapidity with which the population and property of the colony increase, and, in fact, how soon they double, there can bo little question about the success of the institution referred to, and it is a matter of congratulation to the inhabitants of this province that this new institution has, been inaugurated with every prospect of success. , .