The times. [volume] (Richmond, Va.) 1890-1903, 1890-10-19
The Equitable In Australia.


The Equitable LifeAssurance Society, hay-
ing, during the past five or six years, made
"a name" IL the Australasian colonies, has
now determined tOprOyide itself with local
habitatiOns" there suitable 10 It's dignity
and importance. II has accordingly made
purchases in Melbourne and sydney Of
suitable building sites, and will soon COM
mence the erection thereon of what will
prove to be two OF the most elegant and sub
stantial building in those countries.
Judging from the utterances Of the local
newspapers, this move, on the part OF a
foreign institution Of the magnitude and i'm
portance OF the Equitable. appears TO have
created the liyelest feelings OF satisfaction
among the business people Of the cities
named, and the third yice-presideni Of the
society, Mr.. +. W. scott, through whom
these transactions were effected, is highly
Omplimeuted for the sagacity and good
judgment displayed in the selection Of the
sites and the moderate prices at which he
was able to obtain them. They are repre-
scented as being in the best business lOcali-
ties and where real estate is most valuable
and progressive, and, no doubt, will prove
excellent investments for the society. In
deed, very satisfactory evidence Of this has
already been manifested in an offer to lease
The Melbourne building by local corpora
ton for period Of thirty years at rental
equal TO five per cent. on the entire cost OF
the property when completed. This offer
has. however, been declined.
The Australian papers which have
reached VS. are unanimous in their express
siOns OF good feeling towards the Equitable
society for this evidence OF its confidence in
the stability Of values and the future pros
perty OF the colonies, to both of which they
feel that these purchases have added an ill.,
crement ofsecurity. No doubt the example
Of the Equitable will soon be followed by
other. foreigners having Interests in these
countries, for il seems to be the fortune Of
that institution to do vast amount Of good
by compelling imitation by others.
That the business Of the Equitable in
Australia and New Zealand fully warrants
the erection Of these buildings, is manifest
from the fact that their entire cost will BE-
deirayed from the sOciety's Australian bust
ness. The business of the society at their
Australian branches is now in the neigh.
bOrhOOd OF ten millions of dollars in insur.
ance written annually, and there can be nc
doubt that these Investments, by adding to
the popularity OF the society, will greatly
Increase il.
There are no less than twelve life assur-
ance companies of native birth in Australia
and New Zealand, the united business OF
which, however, during 1889 did not equal
one-haf that Of the Equitable in income or
one-quarter in amount Of insurance written.
The principal of these companies is the
Australian Mutual Proyident Society OF
sydney, company nearly ten years older
than the Equitable, which has manifested
from the first marked hostility to its foreign
rival, This, we think, was blunder-first,
because the public generally fair-minded)
loes not approve OF preiudlces or feelings
being used as a cats-paw 10 subserye the
business purposes of an individual or a cor.
pOratiOn; and next, because If the man
ayers of the Proyident know anything at all
about the Equitable they must have known
that it was not the company 10 succumt q
hat description OF opposition. They ave
put the Equitable on its mettie, and we look
% see that society. within very short
period, leave its captious rival far behind in
popularity and annual business transacted
IN It's own field.-New York Spectator.