AUCKLAND CHAMBER OF COMMERCE.

Dominion, Volume 2, Issue 442, 26 February 1909, Page 8

AUCKLAND CHAMBER OF COMMERCE.

•;■• RAILWAYS AND; TIGHT ■MONEY. 1 ■ / . w.i TrLiGßirn— rassa ■'■association.) ~/ ;.'.'.,"'•!" r Auckland,; February• 26.V.' '..The annual luncheon ; and, general, meeting of the Auckland Chamber of Commerce.was held: this afternoon. .' ;: ■.'.. ■;'. /;.

; The retiring president (Mr!'L. J. Bagnall), in his address, referred, to various matters that'had'engaged the attention of the chamber during the year.' - In referring to .the subject of management, he said that', one member of- the chambor'. (Mr. £>.'. Vaile) had made a!speciality of this question, and ho had long felt that his arduous, laboursj extending over many'years, had not received the, attention, which their importance deserved. He was' not- going into'the .correctr ness of Mr. Vaile's figures, but : he thought-it; a matter for congratulation by all interested in the welfare of this Dominion that the new Minister for Railways (Hon. J.' A. Millar) had announced tbat as the basis'.of his policy our, railways must be made to pay. He felt that, as commercial nien, they'were bound to' sup- J port, in .'every way. in their power, 1 , the efforts of the_ Minister -in carrying out his : . declared intention of making the' railways pay;- The railway system .of this' country had 'now attained large dimensions, and'it could only be hoped-that it would be placed upon a satis-.! factory basis by adopting business methods free from thp'trammels.of, political influence.and party .wire-pulling. Mr.-Millar was an able and fearless man, and he had no doubt that they, would Join with him in wishing him great'success in' his 'praiseworthy efforts to make profitable the railways of this, Dpniiriion. :.'," .' ' ■'■'.'•■■., The "tightness" or the' money markefcVMr. Bagnall continued, .had been a marked fea-J ture of the finance of tlie past ;year, and it, was,a condition which still continued. The steady : borrowing by tbe' Government .and local bodies in the Dominion, coupled with a largely-reduced return for some of our staple artiales of export, had'the effect of diverting a large proportion of, the available cash from commercial and speculative enterprises. The rate of interest bad advanced,, but it vlas satisfactory to .find that the London mojiey market was more favourable, and that the Dominion.. Government and the larger local bodies were now placing loans-there instead of on the local market...' ;. " . ';. . . . Satisfaction /was also expressed at the re-, cently-phblislied statement that the popula-tion.'-'.of Auckland and suburban districts.:had, now reached over a,hundred thousand.'. '■. ,;-.. Mr. Bart Kent was elected president, and Mr. M. M.M'Caljum vice-president for.the ensuing year.. ; ".,:'::.;-. ■■.'.■'■ : . - : "■'-!••""