CHAMBER OF COMMERCE.

Press, Volume XLV, Issue 7140, 30 August 1888, Page 5

CHAMBER OF COMMERCE.

The annual general meeting of the members of the above was held at 3 p.m. yesterday. The chair was occupied by Hon. E. w. Parker, Acting-President, and there was a good attendance of members.

The report of the Committee, which was taken as read, was as follows :—

"Your Committee, in presenting the twenty-ninth annual report of the Chamber, would beg the attention of members to those matters which have received consideration during the past twelve months.

"The RabbitPest—Members willrecollect that in December last a Joint Committee of this Chamber and of the Agricultural and Pastoral Association was appointed to consider this question, and to make a report thereon; the report you have all had before you. The Government was also communicated with upon the subject, and the occasion of the Honorable the Minister of Land's presence in Christchurch was seized upon as a good opportunity for a large and influential deputation to interview him, in orderto urge the necessity for the erection of tfie rabbitproof fence in the Tasinan Valley, and the vigorous prosecution of othermeasures for the extermination of the vermin. The Honorable the Minister of Lands subsequently paid a visit personally to the proposed line of fence, and was thus able to form his own opinion as to how extremely necessary the proposed fence was in order to restrain the threatened incursiou of rabbits. The result was that instructions were given to continue the fence, which is now in course of erection. The Government was also addressed on the subject of introducing a disease among the rabbits, and you are aware that they sent Mr Bell to is'ew South Wales as a member of the Commission appointed in that colony to inquire into the various methods for the eradication of the rabbit pest. We have jet to learn the decision of this Com- ' inittee.

" Sectional Committees—Sundry matters have been dealt with by the " Sectional v ommictees" during the course of the year, the mosc important being the Credit System—This matter was most energetically taken up by the Committee appointed to attend to it, aud after numerous meetings and considerable correspondence, a uniform scale of terms of credit and discounts has been agreed upon by the various warehousemen doing business in Christchurch, a bond having been entered into, with a heavy penalty attached for infringement. These terms have also been agreed to and adopted by the warehousemen of Auckland and Dunedini Traders in general cannot but recognise the great advantage accruing to themselves in coming to a mutual agreement to give only reasonable terms of credit and legitimate discounts, aud your Committee sincerely hope that all other merchants, in whatever line of business, will follow the excellent example shown by the warehousemen of this city. This arrangement has also the advantage of protecting the solvent retailer against the reek lees competition of those who trade without capital.

"The Immigration Question—On 17fch October' last a sub-Committee was appointed to collect information and report aa to the advisability, or otherwise", of urging the Government to consider the question of Immigration, in connection with any scheme for any settlement of the waste lauds of the colony. The report demonstrated that New Zealand offers a field to immigrants second to none in the world, thattbe fertility of the soil is unsurpassed, that her many products are annually increasing, and that her mineral deposits are as yet practically untouched. It was also made clear that all that is necessary to* still farther develop the manifold resources of the colony is an increase of population of that class competent and willing to work for their own advancement* and who are determined to succeed. Copies of the report were forwarded to the Government, to all the members of both Houses of Parliament in England, as well as-to most of the leading journals and institutions in Great Britain interested in Colonial affairs. The facts srt forth in the circular were very favorably received, and tended to remore misapprehensions in England respecting the resources of the colony.

"Bankruptcy Act—Asub-Commifcteewas appointed to consider this question, and a copy- of its ' report suggesting various amendments was forwarded to the Honorable the Minister of Justice, who replied that the*recommendations of the Chamber should have! .the best attention of the Government.

V Tariff—A special meeting of the Committea was held to consider the new tariff" as proposed by the Cplouial Treasurer, and a series of resolutions were passed, copies of which were forwarded to the .Colonial Treasurer and the members of both Houses. .The purport of the resolutions was that, in the opinion of the Committee, the tariff and. financial proposals as embodied by the Colonial Treasurer in the Financial Statement were not entirely satisfactory, and that although the Government was to •be congratulated upon the large amount of retrenchment already effected, it was desirable that farther sayings in should be made, iv order to obviate as far as, possible the necessity for increased taxation. The Committee also ■ indicated those departments where sayings might be effected. "saizeofCornsacks —Considerable timeand attention were given to this subject, ami several special meetings and conferences with the, Committee of the Corn Exchange wers Held. In order to teat as thoroughly as possible the opinions of those chiefly interested* lists were placed on the table at the Corn Exchange, for signature by those who were in favor of the sack as at present, in use, the "Cental System,", or an alteration to a sack to contain 2001b of wheat, the result being that nlnety-flve persons interested signed—of these sixtyeight ; were in favor of the; sack as now in use, three were in favor of the "Cental System," and twenty-four in favor of a, saclc to contain 2001b of wheat. Under these circumstances your Committee did not see its way to take any further action in the matter.

"Wool Trade—The last series of sales held in; London and Antwerp show a general- firmness of. rates for all classes of merino-wool, thus demonstrating that the demand is fully .equal to,the supply, and giving us good grounds for hoping that the present level of values will be increased, or at all events maintained, for some time to, come. The Colonial Wool Merchants' Association of London intimated that at a meeting held ou March 7fch laet it was resolved that an alteration be made in clause 3 of the Summary of Regulations, and that on and after the Ist September next; none but vessels reported oft'the British or Irish coasts before four o'clock p.m. on the day fixed for closing the lists will be admitted to any given series of (wool sales.

'?. Mercantile. Marks Act—The London Chamber of Commerce drew the attention of your Committee to the passing in the English Parliament of the Mercantile JVlarksAct; 1887, the- objects of which are to extend further protection to the owners of trade marks, to preserve the community at large from fraudulent misrepresentations, co-counteract the evil effects upon trade of certain practices which have been carried on. to a notorious extent, and to guard, the .honest trader generally from acts 1 o£' piracy. Your. Committee placed itself in communication with this Government on the subject, with a view to getting a similar Act passed here, and was informed that the matter would be dealt with in ■ the • present session of Parliament. : " Ereeboardof Ships—Communications were; received from: the Liverpool Shipowners' Association and the Clyde Steamship.Owners* Association, calling attention to the disadvantage vessels are frequently placed under when loading at this port by not being allowed to load down to the lines recommended by a Committee of Experts appointed at the instance of the Board of Trade, and on which freeboards are assigned by Lloyd's, and pointed out that*- owing to this practice, the smaller class 6f vessels o£ 600 tons and under have almost entirely disappeared from the trade. - The matter was carefully considered, and replies were sent to the eti'ect that in-the opinion of your Committee, the freeboard assigned by Lloyd's, viz., 2Jin for every foot depth of hold, was not sufficient for grain-laden vessels going round Cape Horn in the winter, but that the same rule as to marking should be adopted for vessels-making this voyage as for those making the North Atlantic voyage in the winter months, and that if this suggestion were adopted by the Board of Trade the Chamber would do its best to get charter parties framed on these lines adopted here. " intercolonial Freetrade—A letter was received from the Victorian Chamber of , Manufactures, informing the Committee that it had (Seen arranged through the New South Wales Chamber of Manufactures that a- second Conference would be held at Sydney on June 6th, and asking for the names of;.those members who* would attend thereat as representatives of this Chamber. • The Committee, while realising the importance of the subject, WaS'iinabJe to recommend the sending of aqy delegate at the expense of the Chamber.

# ' Lease of Chamber Rooms—The conditions of this having been satisfactorily arranged, the document was signed on behalf of this Chamber by your Committee. Members are again reminded that the Chamber is available for public meetings at n, moderate cbarpe. " Midland Railway—ln view of the part the Committee of ttiis Chamber has taken in advocating the merits of a railway to connect Canterbury with the West Coast, it muse be a source of congratulation to the Chamber that the contract between the Government and the Midland Railway Company of New Zealand has been finally completed, and your Committee hope that before many weeks have passed the works will be in full swing at each end of the line. " State of Trade—During the past twelve months the estates that have come under theadministration of the Official Assignee in Canterbury have been of comparatively little importance, and trade in general appears to be carried on at present on a far sounder basis than was the case some years apo. The values of our products are all fairly remunerative, and any material rise in prices would giyeamarked impetus to trade and enterprise throughout the colony. The export of frozen meat during the past twelve month's is larger than in any previous year, and the values quoted for meat in London siuce the latter end of July are eminently satisfactory to shippers. Money has beeu plentiful for fixed mortgages where a satisfactory margin of security was available, and for legitimate trade requirements, but no encouragement has been offered to persons desirous to embark In speculative undertakings*; Good agricultural land has been saleable at fair values, but the high prices we have been accustomed to in past years have disappeared, while town and suburban properties are still difficult of sale. In viow of the healthier outlook for the agricultural industry and other favorable conditions, your Committee look forward with conlidence to a steady increase in the prosperity of the Colony. " Resignation of President and VicePresident—The President (Mr Frank Graham) having been called away from the colony by his private affairs, tendered his resignation, which was accepted, but as only a short period would elapse before the dose of the year, your Committee did not consider it advisable to elect another President in his place. The Vice-President (Mr Maitland Gardner) also tendered his resignation, which was accepted. The Hon. B. W. Parker was elected to preside at the meetings of Committee until the close of the year.

"Membership—Daringthe twelve months just elapsed twenty-two new mambers have beeu elected, while the Chamber has lost twenty-one members by resignation. Your Committee also reports, with much regret, the loss of Mr H. A. Watt, a well known and highly respected citizen." The Secretary read the financial statement, which showed the expenditure duriilg the year to have been £070 19e 7d, and the debit balance against the Chamber, including £15S 3s 3d from last year, was £&#> 8s 10d. Messrs A. Clarkson, C. H. Croxton, N. W. Edwards, E. Strange, and A. Sterling were elected as members of the Chamber. The following were the otlice-bearers elected for the year :—President, Mv A. Kaye ; Vice-President, Mr G. Humphries; Committee, Messrs Chrystall, J. Cooke, W. B. Common, C. H. Inglis, W. D. Meares, G. P. Martin, W. Keece, G. G. Stead, and R. Struthers. Messrs J. S. Jameson and F. Waymonth wore elected as Auditors for the ensuing year. j. tic Hon. E. Parker delivered the annual address of the President as follows:—

Gentlemen, —Owing to the resignation of your President, who was called away from the colony, and to the resignation of the Vice-President, it has fallen, to my lot to move the adoption of the annual report and balance-sheet which has been placed in your Lands, and in doing so I will, with your permission, make a few remarks upon the aspect of affairs .in the colony. While doing so, however, I crave your indulgence, because of the comparatively short time I have had at my disposal for collating the figures I wish to lay before you. The report which has been read shows that your Committee has not been idle during the last twelvemonths, and whilst regretting that I cannot congratulate you upon the entire disappearance of the depression which has weighed upon us so heavily for many years past, I ieel every confidence in asserting that we are on the eve of better times. Before dealing with the future, however, it may be interesting to compare the trade of last year with that of the previous twelvemonths, and in doing so it will be seen that the imports decreased from £6,750,013 in 1888 to £0,243,515 in ISS7, whilst the exports increased from £6,672,701 in 1886 to £G,5150,169 in 1887, thus showing the substantial excess of exports over imports during the past year of £620,654 It may here bs noted that 1887 was the first year since 1830 in which the value of our exports j exceeded that of . our imports, and the excess is the more noteworthy when we bear in mind the low price level that was ruling for most of our staple exports. If now we compare the exports and imports for 1878, which were — Imports, dj5,775,C(33; exports, £6,015,700, with those I have quoted for 1837, it will be manifest that the balance of trade is rapidly changing in favor of the colony, as, whilst in 1878 the imports exceeded the exports by j £2,759,963; in 1887 the exports exceeded the imports by £020,654, and although we are undoubtedly living more economically now than hitherto, it will, I think, be admitted that these figures go to prove that many articles are now manufactured locally that were imported in the previous decade. It may here be interesting to examine the position of some of our principal 3 exports, among which wool undoubtedly takes the premier place. The values now' ruling in London for this etaple show an improvement over those of last year, and are very fairly satisfactory to the producer. The demand at the last series of sales was brisk and active, coming not only from English manufacturers, but also from America and the Continent. I think that we may be allowed to hope that before very long, the almost prohibitive duty that is now levied ou foreign wools in the United States of America will be abolished; or at'all events, so reduced as to allow Australian and Hew Zealand wools to compete with the native production. : If this hope is realised it will open up a market for our wool, the absorbing capacity of which it is difficult to estimate. The winter up to the end of July was exceedingly mild and favorable to flock masters, but, unfortunately, there has been a heavy fall of snow and much rain during the past few weeks, which has done considerable damage in the hills; This break in the weather will have a prejudicial effect upon the coming clip. If we turn to the wool exports from the /colony, it will be found that the production has increased some 20,000,0001b weight during the.last five years, or nearly 30 per cent., a rate of increase that has rarely, if ever, been equalled ill ariy other part of the world. wooi. exports. lb. & 18<!3 ~ CS,I«M3O .. of a value 3,014,211 18S4 .. 81.139,028 .. „ 5,a57,5;i7 l<Bs .. 86,507,431 „ „ 3,205,276 I*j6 .. 90;803.744 .. „ 3,072.971 1887 ... 85,82i,382 .. „ 3,321,074 From Canterbury itself the exports up to 1887 showed a marveilous expansion, but in that year the farmers again tamed theh , attention to wheat-growing, and land which had previously carried a large number of sheep was given to the plongh. But despite the decrease in the weight exported, it is most cheering to observe that, owing to the improvement in prices, the total value shows a considerable increase. WOOL EXPORTS FROH CASTKBBtniY. lb. £ sterling. ISW? 17 352.379 _ value 748,032 1884 Z 2W20 - „ 84^304 1537 " 2Si»Stt36 .. „ 1,610,433

I have not yet been able to obtain the number of pounds of wool exported to June, ISBB, but whereas 271,695 bales were exported from the colony in 1887, only 250,419 bales have been shipped up to 30ta June in the present year, Canterbury contribnting the very respectable • share' of 79.43G bales and 77,603 bales respectively, the decrease being accounted for, as I stated above, from the quantity of land that was turned from pasture into arable. The outlook for wool in the future I consider remarkably good, because, although the total production of the world is in-* creasing annually, the demand seems to more than keep pace with it, and will, as far as can. be judged, continue to do so. The fact is, wool is becoming more and more in demand for all kinds of clothing and other materials, and when Dr. Jagers' teachings are more universally admitted, that woollen clothing is far healthier than clothing made from any other material, we may safely predict a still greater demand for it. Taking the values ruling for the raw material last year and this into consideration, it will not be making too high an estimate to assert that wool is worth all round fully one penny per lb more than it was a year ago. Now just think what this means to New Zea--1 and. If we put the export in round numbers atflO.OOQjOttnbs weight, it means that the wool producers of this colony will have £375,QG0sterlingmore income than; they had last year, and surely this points to a brighter

future for the colony. Another reason why we may look forward hopefully is that the numbers of the flocks of other countries are decreasing to a considerable extent: For instance, in the Argentine Republic, the aroa of which is put down at 1,212,000 square miles, there were depastured thereon, in 1880,70,000,000 sheep. Although the rich province of Buenos Ayres contains only 120,000 square miles, yet tho sheep returns for that province show the flocks to comprise 57,000,000 head. It therefore follows that about threefourths of the entire sheep of tho Republic are depastured in the above-named province, which province was visited in July of last year by a terrific storm, the result! of which was most disastrous to the flockowners, the most fortunate of whom, It la calculated, lost at least 10 per cent of their sheep, while some of the mom unfortunate ones lost the'whole of their flocka—the entire loss being estimated atf something over abt millions full-grown sheop, thereby reducing the total number In the Argentine Republic from 70,000,000 to 04,<XX>,000;P^S! 01 **** years :—lα 1840 there were o.llb.irt sheep; 1850. 3453 241*• lKilO •Wi,m ; iß7of b.isiS; iSff i>s m> • «?£ tT™ Alt been'computed that there has been a further decrease 6t aD least 000,000. The reason of thi£ de- • SV , far to seek. Thb State of aew xork is a very populous one, and is gaining daily more inhabitants, who require the land for more profitable purposes than sheep runs, and the will apply to every civilised country where, population' is increasing rapidly. Buft although this largo decrease is apparent In the number of sheep, which we hope to see lead to an appreciable further rfselil the value of wool, still farmers must nob grow careless in the sorting arid getting up of their clips, because it is this very careful sorting and classing that gives confidence to the buyers, who will, of course, act with greater freedom where they are perfectly sure of what thoy Ura buying. I came across a remarkable' example of this the other day, as shown In an American paper, wherein it set forth that American manufacturers were buying Australian wool in preference tb American w ,v . tl l e s " une class (although the coaU ~ per u> of the American wool when scoured is atjeast 5d less than tho Australlaii), am L th , is 1 3 owing , to the fact that the method of sorting and packing Australian wool is the beef in the world, and is consequently of mote value both to the"" producer and manufacturer. I have already spoken of the decrease of sheep in America and elsewhere, and would like to point out that, while this Is going on in other countries, NeW Zealand is more than holding her own. The total number of sheep In the colony during the I^s^ five yeartj was a3 folio 13,306,320 ;1854,13,978,520; 1885,14,546,501T 18SS, 15,17*;a63; 1887, 15,155,026. Canter bury as a province shows a considerable variation in her sheep returns for tho same period. Iα 1883 she possessed 4,010,497 sheep, which was an increase over" the previous yeur of 335,000. In 1884 there waa an increase of 217,5tf0, in 1885 an increase of 331,218, in 1888 an increase of 03,807, but in 1887 a decrease of 301,72 D; and again this year there is a further decrease o£ IiIOjOOO approximately. The decrease during the last twelvemonth is to bo accounted for in a very large degree by the severe snowstorm of the Ist October, which passed right up the coast, killing 7 not only the lambs in thousands, but in many cases the ewes a3 well, thus sweeping away from many farms and runs the whole of the year's increase. There fare, however, other reasons to account for the diminution in the number ot •Mpur llocks, one being the large number of sheep that have been exported frozen and tinned, or else boiled down. The export of mutton in a frozen state continues to increase every year. The following are tho numbers o£ carcases handled at Belfast during the last fpu? years, the dates being up to the 30th Juno* in each year :—IBB3, 113,700; 1880, 155,243; 1887, 197,004; 18S8, 237,463. To arrive afe the number exported from Canterbury, those frozen at Timaru must be added to these. The numbers are—lßß3, none: 1880, 45,188; 1387, 09,859; 1888, 66,907. In addition to which large numbers of sheep luSvo. • gone out of Canterbury to be frozen '* , at Oamaru and Dunedin. Judging from the reports during 1 the first half of tnepreeent year, wo may confidently expect the total export from the colony during-.the next twelve months to exceed a million carcases. The freezing power In the colohy, and the tonnaare available are . amply sufficient to accomplish this, and the requirements of the tinglish market appear able to absorb this quantity ab prices which are proving remunerative to the shippers here. The import of stock into the United Kingdom for the purpose of consumption is something enormous. In 1887 there were imported alive 265,0)1 head of cattle and 971,403 sheep and lambs, while of fresh mutton there were imported 784 ( 841 cwt., equal to 1,465,036 sheep of 601bs weight, and there is no reason to anticipate a falling oil' in the demand. On tho N contrary, with the increase of population and the increase in individual wealth which is undoubtedly taking place, the demand for meat Is every day becoming greater. This progress can be noted all over the European Continent, and there can be no dtaubt that the consumption of meat now is 50 per cent, more than it wss forty years ago. This, pf • course, is partly the result of the rapid increase of the population of towns ifcnd the relative'decline of rural Inhabitants. People living in towns consume twice as much meat as those living in the country, either because their wor£ ig more *iev*ero or their means more ample. The meat: production of Europe and North America • in 1885 was as follows:— "

SuiK Boof. Mutton* Pork, ? dries. Tons. Tone. ' Tons. Tons, United King- , dom .. CGJ.OOO .346,000 145,000 38,000 Continent .. 8,954,000 1,425,000 1,581,0(10 gOO.OOO United States 1,750.000 310,000 1,420,000" 60,000' Canada .. 135,000 36,000 45,000 6,000 6,505,Q00 2,147,000 3,171,000 3G3",000 * • •■ ■; •' Total. UnltedKingdom .. v .. 1,105,000 ■' Continent.. .. .. 7,200,00t> United States .. .. 3,670,000; r Canada .v „ .. 221,000 ■ 12,180^000 ■Thfe average annual, consumption ot meat on'the' Continent of Europe Is GOlbf* pe* inhabitant, in the United Kingdom* lflolbs, and in the United States IMbs, that ot grain being much higher on the Continent] than in the United Kingdom off America. Now the Continent has apparently reached its maximum of meat pro* duction.and will henceforward be compelled either to import largely from other parts of the world, or send away annually soma millions of persons as emigrants, unless I the people are disposed to reduce their consumption of meat which is not lively. The produttiori of the Continent tit 1888 -was 7,200,000 tons, the ' consumption 7,300,000 tons; the deficit of 100,000"tftfas being covered by meat imported tttjin America and Australasia. It 1* very , dent that Australasia and the River Plate Republic must soon become the grazing lands from which Europe, and especially Great Britain will have to draw theii* meat supply. We, in New Zealand, may therefore reasonably expect to flnd an increasing demand for , our shipments of frozen meat so longae the present high standard of quality is maintained; 7 The present value of this staple in London, together with the diminished charges a* this end, leaves a very good pront for shippers. The late rise in London, if it; holds for the next twelve months,, will mean an additional return of some £230,000 sterling to the colony on an export of a million sheep of 001b each. In giving the reason for the dccrtiftse in the number , of sheep in Canterbury I mentioned those tinned and boiled dpwiij, la*6 year these amounted .X Tinned. Boiled Down. 91,800 179,700 . 271,600.;;;-- --<. The next most important article of etpxjrt) is grain in its various forms, of which the chief is wheat. The low prices ruling: for so many months pact for both wheat and oate have had a very depressing effect upon the agricultural interests of the colony, but during the last ifew weeks there has been a rift in the cloud, both wheat and oats showing a marked improvement Iα valtte. The immediate cause of the enhanced price of wheat is the wet weather that occurred during the harvest time in England and France, but apart from thia J incidental circumstance, the following crop report from the ,. United States warrants the opinion that prices during the ensuing cereal year are almost certain to advance:—

"While the wheat situation possesses elements of strength other than .crop damage, that factor again obtrudes itself in connection with the recent Agricultural Bureau reporfe, which has caused unusual discussion, and inspired the for* mulation of estimates of the shortage indicated, many of which confuse rather than enlighten. With a view of intelUgently understanding the report, wpretent what to us seems a logical eolntlon. The December report i* e ce Sefl seeded at from one to «*£ &* 22S

find then what is teaUyrepresented byan average condition of ft, it «riH be necessaiyw first find what a taU»nfMeerop would be on tne acreage eeeded. In taw estimate we use 19k bushels per «re,t h at which wouM fn »« B full crop 325,065,000 bushels, >3per cent, of which be 237,297,000 bushels. As the rcDort α-akes no allowance for acreage we deduct for such loss IfpTSS oT a fall average yield on 1. acres, accepting the o" Messrs Howard, Bartcls, and Oo°n the 10th instant, which amounts to 14,372,000 bushels, to be deducted from bushels, leaving 2£i<i2s 000 bushels as the imucated yield on the general average of 73 or 69,805,000 less than the production of 1887. If the Ist of May condition is maintained until harvest, which, while not impossible, ia unusual, and the spring wheat equals last year's yield, we would, if our deductions ire correct, have a total of winter aud spring wheat of 386,500,000 bushels. As the indicated shortage is almost -wholly east of the Bocky Mountains, and stocks in that territory have been reduced to a Tery low point, with the reserves of a 456,000,000 bushel crop to draw upon, it requires but little credaMty to believe that a crop of bushels "will furnish surplus enough to prevent producers, from being masters of the situation. As the ploughing up process still continues, and the acreage lost is in .States usually large producers, the estimate for loss in that direction is doubtless below the real shortage, and in view of the fact that the department report makes but a moderate allowance for the California deficiency, and reports from the South-west steadily JZTOW worse, we believe an estimated shortage of 85,000,000 bushels is not unreasonable "

Almost incessant rains have fallen ia Great Britain and Western Europe during the whole of July and the latter part of this month, causing what U expected to ' be a poor crop, both in quantity and ■ quality. I; think, therefore, that we may confidently expect a marked increase in vetoes, arid New Zealand will benp'it by this. Increase, as the stocks still tin hand are' considerable. It was estimated at the '*™*ivl^'\' i *t*\*T\k el J til? t.Mr'fl V.-ere stored" aixTnwtiie^'s , %e z a^otvw«r s o^^^g'* fSS *ttl|i»*Mt. I '. j illlHl. • rate taT2£ ta\tsUels per bea'j o f «t population Of eoO,OOU,«stUI leaves about one and a half million boaljels fyv export. The outlook for oate is aJt6 fairly good, the market for these being almost entirely governed by tne demand/In: A astralia and for local consumption, Tne. incessant raine that fell in Southland ?.t the commencement of caused Fjome loss among the crops jn tjiat and as the acreage under crop was less tjian usoaL it is now found that stocksan; verj- ligut, hence. tJne conijnyed steady demand from Australia is affecting prices, which appear likely to improve considerably before the next barTest is garnered. Harraers wnose revenue is derived.from agriculture mast, in order to keep pace with the times, and. to prevent tnemsetvers other coQJatries, work with their heads as well as With their hands. There arc-too many in New Zealand 1 am afraid -who only do the latter. They should take exaanple. by America, because nowhere in the world its*" so ruach i cupro ved machinery ror agrfcultare been iuvented as in that country. In European o juntries, the farm laborers are mostly hinyj, the es'jates being owned by,men whoseTjnK interest is the amoxrn|!oJt mpjjey ti\e estate yields, and who gjre tittle "if any thought to the details Of the work. In J America wvery farm nearly is worfced by its owner, vroo takes a vital interest J v everything about it. He itberefore c* tarally brings, ids best thought to bear upon the autoect of its cultivation* the. , ,-esuit being, the best farm maduneiy In t he world, jferhaps few aealvse the t> J .uey saved by improved Ssuictiingr*. $ c are m - aS ed te it now no ;.give it a thought, yet at ueD eginnin& jf ihisctnt-ury it was conconsidered a day'B work for a man to j turesh with** flail four bushels of wheat, | six of bar 1.-a, aud five of oats, beans or Dens. Ace ,vding to wages tften paid it SosAone-fi/ihof tne value of tne to harvtst H.jid get it to market, saying nolblßg af the previous expenses. As * coutrast.B glance ac the harvesting of today in California, may be of interest. At a j recent yaeeting of farmers in San Francisco it yeas. stated by one large landed prourletOT fchat he had. harvested, threshed, I-Jeatied, and stored 40,318 bushels of grain intiiirty-elx days, including all delays, with twenty-two hands, This is an aver-. ace of -fifty bushels per day per man. Another farm showed an average of 57 bushels par day per man. The cost was 3J cents., or * trilifc over three-halfpence per bushel, not including the board of the men Ou another farm, with a combined harvester and thresher, the average was per day per man, but of course th£* latter system could not be practised in New Zealah'd, the climate not allowing of being threshed immediately ie is cut. The decrease in the cost of harvestink the graiu is but one item. We have luachtnexv for tilling the ground, sowing thegraiaaod euitLvatiag it, all of which pQ to cheapen the product, aud it is only by adopting the newest and most laborsaving- machinery that farmers can hope to kepp pace with their competitors in - Other countries. There is another industry about which I should like to speak, and which *» regards Canterbury chiefly affects farmers owning land on Banks , Peninsula— that is, cocksfoot growing. In past years we had almost the monopoly ■ of this export, winch was chietly in "demand for Scotland and Germany, but lately Germany Ms been producing almost sufficient seed for her owp requirements, •whilst America also is becoming a formidable competitor, as a large quantity of seed was sent from there to London last season. This has naturally had the effect of lowering the price, whether permanently or not remains to be seen, but I am afraid that farmers must be prepared to accept a lower range of values than they have been accustomed to in the past few years. If in future cocksfoot seed is likely to become of stiU less value, it seems to mc that farmers on the Peninsula should take it into consideration whether it would not pay better to produce butter and cheese •instead of shutting up their land for seed. To do this, however, it is imperative that it should be done on a large scale, and by establishing factories to be worked on the cooperative principle. It is pleasant to note that a movement in this direction has been initiated in Christchurch, and it really only remains for the farmers to take the matter up energetically to help themselves r towards obtaining larger profits from their holdings. TLese remarks are ; not intended''to apply to the Peninsula land owners only, but to farmers generally, because the climate and rich pasture ' lands of the whole colony are admirably adapted for carrying on butter-making on a large scale. It is useless each farmer ' producing, his own little lot of butter of ■varying quality, and expecting it to compete with a class of goods which is turned ' otit wholesale, and which the purchaser can depend upon for uniformity of charac- i ter throughout. Factory made butter practically commands 3d per Ib more than the home made article, and . in London there appears to be a ready market for any amount of good fresh butter at from Is to Is 3d per Ib., a price that would give a remunerative return to the producer. It seems perfectly ridiculous that, with, the iuany advantages we possess, the large ocean-gome steamers trading between this .colony and England should actually bring butter from London for the voyage out and back; and, mark you, what they bring is not even English batter, but In raauy cases Danish or Belgian. Surely we are in a position, if the matter Is property attended to, to proTide every pound of butter that may be required for the voyage from here to London and back, and that at a lesser cost ttum they now have to pay. At the last annual meeting our late President referred Tery strongly u> the threatened encroachment of the rabbit pen, and urged in the most impressive way that steps should be taken to keep tbe scourge in check. Fortunately Ms words did not fall on deaf ears, runholders ifeving become fully alive to th« terrible disaster with which they are threatened, and to meet which they in the North and South of Canterbury, formed themselves, iuto Boards, which have had the power voluntarily Kiven them to take all necessary steps to keep beck the attack. This doinjr by erecting rabbit proof fences from the back ranges (beyond which lt » ,"»ought barely possible that a rabbit will live) down to the sea. It will, kowever, be necessary to keep a constant and careful watch over those fence*, and every enbrt made to hold the rabbits in check, aud to destroy any which by accident get over or througn. That the Rabbits are approaching Canterbury is an undoubted feet* because they have already in the Sooth been seen close np to the fence line, and ia the North a few have been killed on this side of the Waiau, along the banks of which the fence is being erected. ■Everyone must have been pleased to notice the result attending Dra. Butcher and Ellis' researches in Hew South Wales in the direction of discovering a disease . Which could be imparted to rabbits without

dinger of affecting other live animals. A powerful Commission, appointed by the Government of New South Wales, after very careful consideration, have almost arrived at the conclusion that the dise.ase discovered—l was almost going to say, invented—by these gentlemen, meets the requirements of the run-holders, because it, as far as their present experience goes, makes an almost clean sweep of the rabbits, and affects them and them alone. It is to be. hoped that, after further enquiry the Commission will see its way to recommend the introduction of this or some similar disease into all the rabbit - infested districts cf these colonies, thereby enabling farmers to exterminate the pest aud regain the fu'l I benefit of the land they occupy, lam intermed that last year the Government of New South Wales expended no less a sum than £400,000 in efforts to keep down and extirpate the vermin—a practical warning to as in Canterbury to meet the danger before it is too late. "We have frequently heard the appreciation of gold assigned as the cause of the depression from which we suffered the last few years. This in a question upon which I am not prepared to give a definite opinion, but the following figures scarcely bear out this contention* For instance, it is shown that last year && various mints were decidedly busy, and, yet the depression in the commerce of, the world was very great. In England, the gold coinage in fesf amounted sterling, whilst in Australia it was. also, larger in 1857 than in the preceding year. The following are the totals' o£ t;he coinage of gold at the Bri,ti,sh, Au9tc&yan ami Indian Mints last year as. compared with 1886, to which I have added the totals of coinage of other countries reduced to sterling:— ISSC. 1887. London Mint nil 1,901.075 Sydney 1.703 OCO. 2.0tW,0U» Jlelb>ume .'. 2.920.&U 2,887,800 Indian .. . 22.i55 nil Otner countries.. 11.128.055. 12,256.112 Totals .. 10,079,110 19,213.017 or'a surplus in 1837 of £3,133,877, and this Kn a year when the depression was much accentuated. It is ditiieult, therefore, to reconcile these figures with the statement that the depression is caused solely by the appreciation of gold. As regards New Zealand the gold mining industry continues to push its way, and the total amount exported" frolfl tllfi COlOu? Iβ fail'lj" »*.Mtw»»iT|oH Up to 31sC jpecetober last, ■• •* '" • ' IJL ■'Ttt'lW' KCerlios. We s-re told by experts that this is only a sample of what New Zealand can do, and that the bulk has not yet been touched. In June last the Government pat upon the London market a loan for dti2,000,000, bearing interest at 4 per cent., which was readily subscribed, and at the fairly satisfactory price of £97 15s. The previous loan of £1,567,800 was floated in October 1886 at £97 ss, so that the loan of this year shows an improvement on the former one. Still, seeing ttaat Mr GosChen'B scheme had just been initiated, we might fairly have expected that a befcter price would nave been realised for our loan. We are now debarred from going upon the market for another loan for two years, a prohibition which meets with the support of most thinking men. (Applause.) The interest on the money already borrowed bears very heavily upon i us, and it is to be hoped that we shall not bo compelled to borrow again until our revenue is in a position to justify it. The alterations in the tariff that passed last session have added considerably to oar aiready heavy taxation, but Government had liabilities to meet, and were wisely determined to meet them out of revenue instead of oat of loan. All who have the true interests of the colony at heart are rejoiced to see that the Government is really making efforts to practise genuine retrenchment, and put a stop to the lavish expenditure that we have been accustomed to see in past years. At the same time, I fear that the heavy taxation to which we are subjected, will be the means of keeping from our shores a number of that class of immigrants of which we are most in need. I refer to farmers bringing with them a certain amount of capital, which they would invest in land to be improved by careful expenditure, and so create for themselves permanent homes in the colony. As a proof of the progression of New Zealand during the last ten years, the figures adduced by the Agent-General in the circular he put forth when inviting tenders for the last loan, are irrefutable, and are worth the careful attention of everyone. The perusal of these figures has gone far to make those, people in England, who constantly decry the colony, reconsider their statements, and it is to be hoped the effect will be to remove the wrong impressions which exist respecting the financial position of N«w Zealand. When members recollect the great amount of interest which has always been displayed since the idea was first mooted of connecting the East and West Coasts of this island by railway, it must be a source of intense congratulation to them that the contract between the Midland Railway Company and the Government is finally signed. This end has not been obtained without a (rreat deal of labor, in which the members of this Chamber have always proved themselves ready to bear their share, as was evidenced when two members of a former Committee were also members of the Committee of the original Railway League, the object of which was to hring about the completion of this connecting line of railway. Some of the credit is due to those members of this Cii-iiaber wao came forward as guarantors for the expenses in connection with sending the delegates to England. We may be permitted to hope that before long we shall see active operations pursued at each

end of the proposed line. These operations should go far to do away with the question of the unemployed, because a large amount of work will have to be done which should give employment to a considerable number of hands. The anxiety shown by the English Company to get the contract signed is strong evidence that they, at all events, have lull faith in the future of the colony. It is gratifying to find that during the year 1887 there was an appreciable diminution in the number of bankruptcies in Canterbury as compared with the previous year. The comparative figures are as follows:—Number of bankruptcies—lßßS, 283; 1887,170: debts proved for—lßS6, £123,749; 1887, £37,792; assets realised—lßß6, £22,089; 1887, £14,332; dividends paid-1886, £17,271; 18S7, £8478; cost of administration—lßS6, £3044; 1887, £1727. This tends to show that business is being conducted on a firmer and more legitimate basis than formerly, and that traders are abandoning the reckless system of credit that obtained a year or two ago. Upon a review of the situation, the conclusion must generally be arrived at that the prospects of the colony are decidedly improving. Our wool ia selling well, and everything points to present values being maintained. Frozen mutton is now realising a price that is remunerative to the sheep farmer. Wheat promises to return to something like the old level, when to grow wheat meant to coin money. The timber industry in the North is for the first time likely to be developed in a systematic and, therefore, profitable - manner.' The output from our coal mines is increasing year by year, and other of our mineral resources, such as gold, and silver, and antimony, are beooinmg developed by the most scientific appliances; and, even now, as we watch what we hope may prove the sunset of our depression, there are indications of a brighter morn. (Applause.) Gentlemen, I beg to move the adoption of the report and balance-sheet. Mr Kate seconded the motion. Mr Stead said there was, little left for anyone to say after the President's exhaustive address. He understood the President to say that the exports of 1887 were in advance, of those of 1886, In looking into some figures! for his own iniformation, he arrived at the conclusion that the exports of ISSB would be in excess of those of 1887 by nearly one million of money. He thought that this was so important that he deemed they should at once it public, as showing that the depression was passing away. He would now briefly put bef re the Chamber how he arrived at the conclusion he had, that there would be a very large increase in the value of the exports from New Zealand to Great Britain for the year 18 8 as compared with 1887. These increases would probably be, in round numbers, as under:—Wool exported 84,000,0001b, at an increased value as compared with last year <£ Id per lb, say £330.000; 7500 tons tallow at an increase of £2 per ton, £15,000. Then there will probably be 1,000,000 frozen sheep shipped in 18», as compared with 750.000 in isfcST. For these it appears almost certain that the net results, owing to the reduction in freight and the rise in price, will give an enhanced return of say •Jβ per bead in excess of last year. Therefore 750,000 at 4s means £150,000, whilst the additional 250,000 shipped should net 12s 6d for the carcases alone, or say £156,250, so that the increased return for frozen sheep in 1838 will probably give us £306,250 in excess of 1887. They had then 1,500,000 bushels more wheat to ship in ISSS than in 1887. which, at 3s per bushel, would give £235,000. The total of these increases came to £896,250, or only a little short of a million sterling more business done in 1888 than in 1887 If to this they added the increased value*

for this year of oar shipments to. Australia, consisting-of butter, potatoes, oate, cheese, hams, bacon, &c, the grand total of the increased vaiue of the, exports .of New Zealand to other countries will almost certainly be not less than a million sterling beyond* the exports of 1887. The prosperity of Australia was very great just now, but a great deal of it appeared due to speculation. He would point out, however, that if our prosperity came, it would be, as he had shown, on a sound basis. He thought that, instead of preaching depression here, they ought to look their position in the face, and see that their dealings with the outside world were rapidly improving. ■ '-• ■ iie report and balance-sheet were then adopted. Tlie President said that the question of the reduction of the bids" at the wool auctions, fnyw one half-penny to one farthing, had been before the Committee, and they had xhoaght it of snch importance that th«.y had referred it to that meeting. It v-as urged at Home that the reduction won Id extend the sales unduly. However, he hoped the members present 1 would discuss the question. i Mr Cooke -said he had given the matter 1 some attention, and he had come to the j conclusion tf.iat the people at Home had become old-fashioooii in their notions. Besides this, he sa r that the buyers were opposed to th reduction," which led him to believe -.:at it was opposed ,to their interest. He thought himself that the reduction was Well worth a trial, particularly as strong representations had gone forth from Australia on the subject, and he thought the Chamber should also express its opinion. He would, to test the fee ling of the meeting, move—" That this mc etingapproves of the reduction of the biddings at the London wool sales from a half penny to a farthing, and that it be an inst. ruction to the Committee to do what th ey can to further the alteration being effei :ted." He thought that the objection as to the extension of the hours of sale mig ht be met somehow, and he would point ov it that In halfpenny bids the advance on a large parcel "wool would be very considerable. Mr Stead seconded the motion, and in doing so said he could not.but notice that the buyers at Home were opposed to the reduction as proposed, -which he tool? it meant that it would be to the. benefit of the sellers. He did not; tfciink the rednofcion wonld increase the 61 tllfi llifrfil?!inr' r£^ then puts and canried. -■..:.. Mr Cooke said he beßieved .tne system of reduction in the tern is of credit spoken of in the annual report would be found to be a benefit to the retai tens as well as. the wholesalers. He thou gnt if it was extended to the other brandies of the

mercantile business it would be a very good thin;;, and he brought it • forward with a view to this being dpne. , He might also call attention to the v eceSfelfcy which existed for dealing -wlttj fcl >elr section ot land. He thought it should i?o forth as an instruction to the Coinmittx* : to dispose of the land as soon as possible. The Chairman said this matter had been considered by the Comn vittee, and it had been thought desirabi c that the section should be sold. Mr Cooke said he would a ove— " That the Committee be instructed to sell the land belonging to the Chaixhbei - as soon as possible." m ■ : Mr Stead, while in favor of ; selling the land, suggested that it would perhaps be better to give notice o£ raotiom for the next quarterly meeting, so as ito give an opportunity for all members to aonaider it. Mr Cooke would have much jileasure in adopting the Suggestion of Mr d tead, and would give notice of motion of hi/s resolution for the next quarterly meetiiig. Mr J. Gouij) said tiiat they could not part that day without doing hon4>r where honor was due, and passing a vote of thanks to their Acting*-President;. Owine to the resignation of the President; and Vice-President the Committee, sintee the last annual meeting, had.to get Mr Parker to take the chair, and consequently he had a good deal of woirk to do; iiL connection with the Chamber. He (Mr.Gould) felt sure that, all present? had listened with, great interest to the very able address of the President, and he h&d? now very much pleasure in moving—"That a .hearty vote of thanks be accorded to the Hon. E. Parker for his services as Acting-Presi-dent." - • The vote was carried by acclamation. Votes of thanks to th<i Committee; and to the Auditors concluded the meeting.