"DISTINCTLY ELECTRICAL."

Dominion, Volume 2, Issue 280, 7 August 1909, Page 6

"DISTINCTLY ELECTRICAL."

THE COMMERCIAL ATMOSPHERE.

: FOR PRUDENCE, ECONOMY, AND : ;• \[\:; v- -;-.:■.:, './//'VIGILANCE.' ;■. -/ ; - -.- .-- > '"..' (By [ Telegraph'.—Press A Bsoclation.) : ;/"' f ; . , Dunedln, August 6. HThe president.-of, the Chamber of Commerce, \Mr.< Dugald H'Pherson, in his -. annual: address this, afternoon, said tho coinme'rcial - atmosphere had-been distinctly electrical during the year-.,; The main cause of the disturbance was the financial stringency of the American'market, whiohhad-had the effect of depreciating-the value of wool. was; again; .opera ting,freely .in, the wool -'market. "Our flocks have inoreased and the prospects for. the' future are/more encouraging." l . l '. c ;-::■ . , . , \. 'Regarding-the financial outlook, the chairman continued:. ".We ..were: probably '.the last to :feel :the effects' ofv the 'financial- disturbance/;bn account . of : bur .distance from the centre.,,' Our- greatest inconvenience"' was; felt during thei first quarter of i 909, on account 'of the withdrawal of:'capital from' the Dominion: to/the';great" financial, centre, to bo in readiness, for distt-ibuti6ji-,'to points where 'demands;;Tv,ere' ( most "pressing. . ; -This l.canie /very ■ inopportunely/ for"jiisj ■! for,' we/had', iiot had time to .recover-from!-the effects of,the shortage/iriqur exports::of the previous. season. No/matter' howigilt-edged the security, not be procured: for .either trade ;or;speqnl£itivd'i>urpqseS: 'The above-mentioned .inconvenience, although not quite" passed away' r irnot so acute as,"it Vivas at the period /referred.:.-' t6'.'. ; .'; Bahkins,. arid bther ' -financial institutions:,are., haying' ,a-,'more. comrfor.taye':;{tinie.../,;:We;,;:are-: greatly /indebted .'to: thdm' for ' tlie'.rhamier/i in"', which they acted, f bringing'"' us 'tho i'- crisis •With.-,;sbj r littleVdamage;: x.l\ : do'.'not/look upon/our imparls as -having -.increased put of - • proportion ; to pur exports.';' It is a .yery.ieri-, 'ou's'.caldmityfwhen there;is; a' falling away, in. .any particular.'season in'bur exports;' for the .money lost is lost' absolutely, even' although -.the following^season maymakea'remarkable ■recovery.\ ; /''' N : '•' '■'■■ -.-v'.-. ; -;-v. -.;./.. ■ M'W'ith';. regard to':;our.'iirn'po'rt: trade,"the' same; : doesi:.n6t ..apply .^;shere.is. no-material' loss."'Traders, appear.'inow to be working down;their, heavy stocks','fortas,far 'as I can/ ascertain- there has been no .falling'-off,, in' the distributingHradel;' As/we;,'were;: the'; last ; :to> fp^-the/effecta/of^ I think,fbeen, : jthe';fifst';to'-:experiehce /the' re-' : bound. ; : ; 1908/showed/"aii. .'excess'./'of/over/, a .m illion' i ppunds- , as .compared --with.- the'expqfts, the position is considerably altered;' if tl;e/'iigurc3 ;are;iaken'-iorT'ithe'' /tivplve/' inbritlis ■.- ended ■March, 31,,; 1909, when '-.the/result shows:- "ah s exCess;of/.exports' 1 of ..nearly £200,000. • And if figures for the v :.quarter.-ended 'June'SO available,'- I/am sure'.the-excess would, ,i>e.:still.Vgrea%.:) promising 'fbir-tho,' -current.y^r.; ; ;apd : ; to''farmers;:-'ancl.; ; . flo"ck-6.wners ■ and j. a -better ,tone;'t6'/o'ur /trade and';cbrhmerce. r -By-main-' taining' a proper-balaiioe 1 :-between' our;/'ex-' porta and imports, wet can."establish the un-' doubted prosperity:of\the: Dominion and tho welfare 'of the-wjiqle community. /' At the same .time, the warning -cry" that/was raised a ; fe w ,. month's, agq.requiresto' be; repeated— urging,:prudeiic'eV-;-'ecohb'my, : ';, and//vigilance. ;With the .continued-practice.-bf.these wo',have ', .eyeryV reasoned .hopq thaWthefe-are as.good' times for us'iirthe future as,there'have been in.the past." /..'-.---::-'■/-