THE DUNEDIN INSURANCE COMPANY.

Otago Daily Times, Issue 111, 25 March 1862, Page 5

THE DUNEDIN INSURANCE COMPANY.

To the. Editor of the .Otago Daily Times.

Sir,—l beg to inform you that "when writing my letter of the 22nd inst., I did not attempt to argue the points-set. forth in your leader. I stated that you evinced a fair spirit of argument, and I ventured a simple reply.' The fact 'that all t\e merchants.who have beeis questioned on the subject of establishing an Insurance company having agreed on its desirability, is quite enough to warrant the r .success of the iirideitaking in a commercial; point of view, and therefore needed no argument on my side. You have misunderstood me also when you say in your remarks of t; - day,-"Hitii'-Ua that the jealousy felt in Melbourne concerning Otago would prevent Insurance Offices establishing'agencies, is rather fax- fetched, sucli considerations never govern business institutions." - | am perfectly aware that these considerations do not govern "business institutions, and my words cannot lead to the conclusion that I thought as much. The Vfcjutlipa of which I spoke does not arise from jealousy, hop'do my words1 convey that'idea,-but-it arises from contempt—the, Melbourne people having prophe sied jour: sudden extinction, expected this city to have gone out of notice long before this, and not showing signs of b^ing yet snuffed out, only adds to their ' disgust.1' It is the operation of tliis feeling alone which leads me to the conclusion that no enterprise for the benefit of this city will eminate from the capitalists and companies of Victoria. That this ungenerous feeling will be modified in time, and that Otago will ! ultimately become of great commercial importance to Victoria, Ida not for one moment doubt; but it will be brought about only by enforcing "claims to consideration by the. successful establishment here of local.enterprises of such character as an Insurance Company. . When it is once demonstrated within the colony that such institutions pay, this city will'^soori have' the right hand of fellowship stretched by Victoria across the ocean, and'be -ready to buy tip our valuable land and establish in D.unedin branch offices of her various institutions. The question concerning dummy shareholders whicii you refer to has already been fully discussed at our '- private ' meetings, and such steps will be •taken as effectually to prevent the probability of such an occurrence .as that to which you allude, as is always done in .enterprises of this kind. . And as to your, remarks that " the .argument about water companies springing from the pressure,exerted by shareholders in local Insurance Companies is a lame one," I think are not at all warranted even by by your own experience. For how much have you written, and what trouble have you personally taken to impress the public with the necessity of obtaining a water, supply for, the city, and have met with no success. I am, Sir, your obedient Servant, .. . ( OnE OF THE PIiOIIOTEIIS OP THE. . ■.'■.'" Ibsot.ance Company. Dunedin, 2tth March, 1882.