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Oamaru Mail, Volume II, Issue 442, 27 September 1877, Page 2

Tt will be observed that the letters of allotment of shares in the Union Insurance Company have been issued, and settlement balances mav now be effected at the Uni>n Bank of Australia, where share certificates can be obtained upon the articles of association being signed. In all, applications were received for SOO,OOO shares, whereas the total number to be allotted only amounted to 100,000. In Oaniaru 28,000 shares were applied for, the number allotted being equal to one-eighth, a proportion far higher than those obtained by several large towns. The principle adopted by those entrusted with the allotment seems to have been as a rule to confine the choice of shareholders to business men and those most likely to become insurers as well as shareholders. A large number, who apparently applied for shares for spcculativepurposes, havebeen altogether passed over, and, perhaps, properly so. We can thoroughly appreciate the difficulties of the position of those whose duty it was to allot 100,000 shares out of 800,000 applied for ; but'it has come under our knowledge that the applications of men of position, whose connection with the company would have been productive of beneficial results to the institution, have been entirely ignored through inadvertence or misapprehension. It is°quite true that the position of the company is such, from its being absolutely required, that this circumstance will not operate so prejudicially against it as would have been the case had it been ushered into existence under less favourable circumstances : but we hold that it is nevertheless a mistake.

The prospectus of the Oamaru StoneQuarrying and Export Company (Limited) appears in another column. We observe that half the shares are reserved lor the Melbourne market, and the remainder, lor a limited period only, in this market. Intending speculators should therefore, to prevent disappointment, make early application. One "thing about this Company strikes usasbehig rather novel, viz.—the deposits will be returned in full, without deduction for preliminary expenses, if the Company is not floated, Mr. Brown, the agent, has such faith in the venture, and we think he is quite right, that he assumes the entire responsibility. We have no fear of the result.

■For several clays past, since the advent of sweet- smiling summer, the editorial head has seemed laden with something more than profound ideas and sparkling witticisms. V\ e have felt an aching sensation from the anterior to the posterior portions of the seat of our intellectuality. A chaotic void seems to have usurped the place where we thought we had brains, and created some little doubt about the matter. Sal volatile and other palliatives have been brought into requisition, but without avail. The odorament that issues from the grating in front of the Bank of New Zealand, and which we are

compelled to pass a dozen times at least during the day, would prove too savory for the olfactory nerves of a rhinoceros. We are unable to explain why, from so small an aperture, such potent fragrance should arise, as we had not the courage to engage in minute inspection. Not for one moment would we deprive the Inspector of Nuisances? of the pleasures in which he revels, by interfering with his business. We suppose that it is the duty of the Municipal Council to remedy the evil, -of which we have heard several complaints, as no doubt it arises from some defect in the drain.

At the Resident Magistrate's Court this morning the following persons were fined for allowing their cattle to wander :—John Cogvin, 7s. ; John Barkly,. 3s. 6d. ; Robert M'Donald, 3s. 6d. This constituted the whole of the business.

The property holders in Aln-street met yesterday for the purpose of considering the permanent levels proposed to be adopted by the Municipal Council. The result is that several amendments have been suggested to the Engineer and Public Works Committee, and the following committee was appointed as a deputation to confer with the Public Works Committee :—Messrs. T. Meek, C. Galbraith, John Thomson, John Sinclair, W. Aitken, and R. L. Rule (convener). The Oamaru Public Baths Company's operations seem to have been productive of eminently satisfactory results. At the meeting of directors held yesterday, the Secretary made the announcement that 724 shares had been taken up—a number which assures the success of the project. The baths are fast approaching completion ; and, judging from the interest which seems to be feltby the public, who visit the scene of the Company's operations in crowds on Sundays, Ave think it may be anticipated that at least a fair return will be derived from investment in its shares.

The Harbour Board will meet to-morrow at 10.30 a.m.

The usual meeting of the Municipal Council will he held this evening at 7.15 p.m. Messrs. Gillies, Street, and Hislop will sell to-morrow, at their rooms, Dunedin, 1105 acres land at Otepopo.' Mr. Henry Driver will sell to-morrow, at the Star and Charter Hotel, twelve farms, at Waiho, South Canterbury.