ORIGINAL CORRESPONDENCE.

Otago Daily Times, Issue 110, 24 March 1862, Page 4

ORIGINAL CORRESPONDENCE.

THE DUNEDIN INSURANCE COMPANY. To the Editor of the Otago IXuly Times. Sin, —It was with some degree of pleasure that I rend your leader hi this d::ys issue of the " Times" as in it I perceived a fail- spirit of argument evinced, concerning the proposed Insurance Company. It is quite true that the gentlemen mentioned by you, have intimated their approval of the plans, and the desirability of establishing nn Insurance Company in this city, and have headed the list of provisional directors accordingly. It is also true, that a large number of influential nnd wealthy gentlemen, whose names are not mentioned have attached their signatures to the draft of a prospectus for the above object, whilst numbers of gentlemen of whose influence is great, have signified their determination te give the Company their utmost support. In this matter, the promoters have met with signal success, and which, at present, is some reward for the great exertions they have male. AVitlivregard to your own remarks on the questionable success here of such an institution in a commercial point of view, and to the decided preference you shew for the establishment of a Water Supply Company, I beg to make a short reply. I -would first intimate that if you wait until foreign companies place sufficient capital at your command to cover even a tenth of the risks, which ought to be accepted. You may as well determine that no Insurance of property shall bo undertaken. As the prejudice against Otago in Victoria, and the hopes entertained there of seeing this coimnunily snuffed entirely out, are so widely spread, that no further aid than that at present received, will for a considerable period be lent to you from that quartsr, and fiwn whatever other direction the necessary acsistancc is to come, I know not. Your conclusion as to its being a mistake to establish an Insurance Company here, are, I think, not quite warranted, especially when we have the experience gained in Melbourne to guide us in such matters. There to this day, the extensive districts of North Melbourne both east of Elizabeth-street, and west of the Fieinington road, is comprised almost entirely of wooden buildings, two, three, and four stories high, for no Building Act applies to these districts), ana so densely packed together in the numerous rights of wav, that some years must elapse before you see in Dunedin even an approach to such a compact mass of wooden buildings. Those properties have been insured by the Local Companies from the lime they were built, and that was long before the Van Yean Water reached Melbourne, and which buildings are, to this day a long way out of the reach of that usefnl element. In this, North Melboiirne also, the hot winds blow upon the timber structures in such unmitigated fury as literally to prepare the wood for immediate ignition, from the slightest stray spark of lire. In - fact, it sends . a thrill of .delight to me to think that I am out of the reach of the scorchinor blasts which prevail in that elevated part of the City of .Melbourne. The contrary of all this in Dunedin is what all commercial men must observe as being especially favorable to the safety, profitable working, and consequent success of an Insurance Company, The fact that we have a.coql and genial climate, that can dry the timber used in building to an oxtent only, and that great numbers of detached stores and dwellings surround the city, must tend "to the conviction that much less risk is run in insuring property here than that undertaken by the Victorian Insurance Company in insuring the North Melbourne properties. Besides, any new Insurance company will, I presume, 'take care that hot too large a risk shall be accepted or any particular block of property. And as to the establishment: of a-Water Supply. Company, I mustof necessity again refer you to the experience of VieI oria, and, must at once. intimate that such ■works \

must be expended by the Government, as no cap- | italist will "find it profitable lor many years to come, to encase in such an enterprise. No water companies existed in Melbourne prior to the introduction of the Yau Yean (unless you like to call the proprietors of that miserable pumping apparatus at the bottom ol Elizabeth-strest wata.- Company)'and it was only j when the interest of the shareholders in the local insurance Companies became so great that the want of a proper supply of water endangered their stock, that they bestirred themselves and ngitated until the^Government initiated the grand scheme of the Van Yean water supply. In conclusion I would remark that if the merchants and citizens of Dunedin ever wish to see water pipes brought to their stores and dwellings, the very first step in obtaining so desirable an object must bo made in the direction of the establishment of a local Insurance Company. I beg to remain, Sir, your obedient servant, One ov the Promoters or the Insurance Company. Dunedin, 22nd March, 1002. [Our correspondent does not deal with the arguments employed. His idea that the jealousy felt in Melbourne concerning Otago, would prevent Insurance Offices establishing agencies, is rather farietcbed, such considerations never govern business institutions. The fact of their being a part of Melbourne which is peculiarly subject to danger by fire, is not a parallel case-with Otago, where the danger is general,'not exceptional. Again, the risks in Melbourne are of a most varied nature, besides the opportunities for business in the towns in the interior. Doubtless in time the business in Otago may be equally varied, we write only for the present, when we say that the sameness of the character of the risks, and the intimate relation they bsar to one another, are such as not to make it a safe field for an office to confine its operations to. . An office witli plenty of capital might afford to do a part of its business there, but as we have shown hutbre, a local office would have to eonane its risks to Dunedin, as no business would be open to it elsewhere. The first fire that occurred would cause a fearful panic amongst the \ shareholders. They would see themselves liable to numerous risks, for the sake of premiums which when expenses were deducted, would be quite inconsiderable, It is quite true that the dampness of the climate is a mitigating circumstance in the risk of fire in Dunedin but against it has to be placed the greater usS of fuel owing to the coldness of the weather. Admittedly winter is the most dangerous season for fire, notwithstanding its dampness,. statistics prove that it is so. The argument about Water Companies springing from the pressure exerted by shareholders in local insurance Companies is a lame one. Surely persons uninsured world be more anxious than those who only hold indirect interests in the shape of shares for a water supply, and if these fail, what can one hope from the other. If fipcures be consulted, it will be seen, that supposing there to be a large paid up capital, the business that could be safely done in Dunedin, after payment of expenses, would not yield interest on the money. Unless there be a large paid up capital, men of wealth will not join it, and the company would not command support. Indeed, a large capital would be necessary. Otherwise, seeing that each shareholder would be liable to the last penny be has for the losses of the company, shareholders would transfer their shares to dummy holders, and perhaps when.it came to a call not a single responsible person, would be found liable. The pi-omoteis should bear, these circumstances in mind, otherwise when they try to raise the capital they may find themselves deserted."!

To the Editor of the Otago Dailt Times. Sir, —If, as a relaxation from your arduous duties, you should at times indulge in a country ramble, for heaven's sake do not patronize the road from Dunedin to Half-way Bush, otherwise your olfactory nerves will be sorely tried. On ascending the hill going from town, the first, or, as it might be called, the crowning stench attacks your nostrils, emanating from a slaughter-yard there, aud nicely balanced in intensity by the effluvium arising from the carcases of three dead sheep on the opposite side of the road. From this point until reaching Half-way Bush, the stench is well kept up from the remains of twenty or thirty sheep, which appear to have dropped at pretty regular intervals along the road, making it a most disgusting promenade, especially to one who traverses it twice a day. It is, I think, quite enough to pay, figuratively speaking, through your nose for your mutton, without having literally to do so; and lam surprised some of the more influential proprietors at the Half-way Bush do not move in this matter.

I talk feelingly on this subject, as, on more than one occasion, 1 have nearly lost a good breakfast by it. But, ravenous a nos moutans, could not the owners of the sheep be made bury the carcases of thoae which die on the up-country journey. Trusting you will insert this in your valuable journal, I am, Sir, yours respectfully, Dunodin, March 21, 1562. Wm. Strati.

To the Editor of the Daily Times.

Sir.—My attention has been directed to a letter in to-day's paper, addressed to the Kesident Magistrate, and according to the signature purporting to be written by Mr. Thomas Ayres, and as Mr. Ayres has chosen to rush into print, and in doing so has endeavoured to palm off upon your readers a tissue of gross falsehoods, lam induced to flatly contradict his assertions. That Mr. Ayres' cows (not cow) are a thorough nuisance to the whole neighbourhood, I can bear true testimony, and that they have been allowed systematically, and not only allowed but driven out to stray, wesk after week. ■'Mr. Ayres cannot have forgotten that I entered an action against him for £10 damages done to my garden and premises on four distinct occasions, and which he admitted, and publicly apologised for. And Mr. Ayres cannot have forgotten that upon sending my servant civilly requesting his attention to the continued trespassing, his better-half ! returned the very polite message that I " might go to the devil." Mr. Ayres must also remember that he has on more than one occasion, asked if I had paddocks to let, at the'same time admitting that he had only one J acre to depasture A,wo cows, and even to this they were seldom sent.

If Mr. Ayres is correct in his assertion, that one cow gives twelve quarts of milk daily, the question arises, what will two give ?—say 24. Is not that a more than sufficient reason that Mr. Ayres can well afford paddock accommodation ? Twenty-four quarts at lOd. One gound daily. Oh, my Stars. Lastly, had it not been for the official position held by me, as Clerk to the Bench, I promise Mr. Ayres that some considerable reduction would have had to have been made, ere this, oif his profit of 12 quarts per cow daily. Apologising for troubling you in this matter, I am, be, TnoMAS Caloutt. Pelichet Bay, Dunedin, March 21st, 1862.

To the Editor of the Daily Times. Sir, —I bag to avail myself of the medium of your independent paper, to bring before the public the way in which atlairs are carried on in the colony of Otago The river Clutha is declared a port of entry. An old and experienced officer is sent down by the Government, to place the Customs' department in order,—no doubt, from his position, expecting to be appointed collector ; but no such thing, Knowledge of the duties, and capability in the discharge of them, must give way to interest, and making the most of looking to your friends when in office.

A gentleman is appointed Resident Magistrate and Collector, who is as totally unacquainted with the law of England as the Pope of Home. It is confidently reported that his study of jurisprudence consisted in a month's assistance at the Court of Dunedin. The worthy magistrates who preside there should be awarded a gold medal for their powers of tuition, as also the officers of the Customs, for teaching him to gauge a cask, and reduce into cubic measurement a square case in the same period. This, however, is not the only complaint with respect to the river Molyneux. There are three branches to the river, and the trade is carried on to the whole of them ; but the Collector nnd police are located on the Inch Chitha, near the township of Kaitongata, ten miles from the township of Molyneux, at the mouth of the river. which commands all points. Two days must be lost by the captain' of any vessel up either of the other branches, unless to the one where the Collector is located, for the purpose of entering and olearinjr his craft; that is, if he is fool enough to do so. But should he be acquainted with-British l;.w, an, i is not boarded by a custom house officer, on enuring the river he has no right to go hunting up all the rivers to find where that gentleman has sheltered himself from the ocean's roar, and certainly at the mouth of the Molyneux its sound is anything hut that of the "music of the spheres." The Government will do well to look to the expenditure of any public money on buildings, unless at the mouth of the river, which j must be at the point of trade, direct with the Ferry, j in fact, an offer lias been made to place a steamer on the river, and also for clearing the snags; which offer, no doubt, will be accepted by the Government. A vessel will also be chartered 'to:-load wool next year in the Molyneux Bay, thus effecting a saving to the" wool growers of at least 15s. per bale ;as the steamer { will take them off at about 7s. 6d. per bale. Veritas.

To the Editor of the Daily Otago Times. Siu. —Being a looker-on in.the Police Court on Friday last, when the case of Melburn v. Norton was heard, 1-cannot refrain from expressing my astonishment at the decision of our worthy and respected Resident Magistrate. At the same' time fully sympathising with the passengers, I feel satisfied in my own 'mind'that any business man would-have seen the utter impropriety of saddling Messrs Norton and Co. with the fine tljat was inflicted on them in this case.

The facts of the affair resolved themselves hito a very simple form, \iz., —1? buys n ticket of Cfoiyi passage by a certain vessel to a certain place. C advertises himself agent for the said vessel, clearly shejwing'

hi; is not the principal. The vrwsel don't sail at the np pointed time. Thi> is the gist of the case. Now, In:ri of opinion that it was the iluly of the: -purchaser of the ticket, after he found the vessel <!id not wii! at the appointed time, to ask Messrs Norton am! Co. to disclose their principals. Then if they refiispd to do so I hold they would ho clearly liabiej but otherwise it is monstrous to think Hint commission agents who, at the very most, only receive 5 per cent o.i the transaction, should be held responsible lor the nonfnlfiment of the duty of the captain or owners."' Fearing that I have already trespassed too far upon your valuable space I will for the present -refrain from touching upon other points material to the issue, and trusting1 you will give this a corner in your columns, I am, Sir, SI'ECTATOU. Duuedin, March 22, 18S2. [Our Correspondent seems to be unaware I'.'.nl 'Jm names of Messrs Norton's principals (the o\vnL..-;of the Sophia and the Briton) never transpired throughout the ease, and that Messrs Norton and Co. in tact acted throughout as principals.—Ed. D. T.] ■