CHAMBER OF COMMERCE.

Lyttelton Times, Volume LXV, Issue 7865, 21 May 1886, Page 6

CHAMBER OF COMMERCE.

The quarterly mooting of the Canterbury Chamber of Commerce was held yesterday afternoon j present—Mr G. G. Stead (the President, in the chair) and Messrs W. Devenish Meares, T. Bruce, _S. Manning, J. Fletcher, D. Caro, R. C. Bishop, E. W. Sopor, S. Cameron, A. C. Wilson. John Anderson, junr., J. Gould, H. P.MurrayAynsley, J. L. Scott, Hon J. T. Peacock, M. Gard’ner, Acton-Adams, Bullock, Cooke, P. Wright, J. D. Macpherson, Cunmnghim, Walton, Rhind, A. Scott, and others. nbw members. The following new members were elected:—Messrs T. W. Stringer, H. P. Wigram, and A. E.-G. Rhodes. chairman's address. The Chairman’s address was then read, as follows „ When, twenty-seven years ago, the Canterbury Chamber of Commerce was founded, and met for. the first time in a humble upstairs room in High street, some of ite more sanguine members may have looked forward to assembling by this time in just such a spacious and beautiful hall as that in which we are now met. If in truth there- were many of them gifted with so prophetic vision, they may be stall amongst us, and can speak for themselves ; but I think it will be conceded that, however much the generality of the original members may have believed in the future of Canterbury, they were scarcely likely at that time to have cherished so lofty an anticipation of the progress, of this institution. We can scarcely, it is true, bo said to have advanced “by leaps, and bounds,” but every step in our career has at least been a forward one. After carrying on our deliberations for eleven years in our first meeting-place, and for sixteen years longer in our late rooms in Cashel street, we have at last established ourselves, I hope permanently—so far, at least, as in the constant march of improvement we can look upon the goal we have reached as final—in a chamber fully equal to our utmost requirements. It affords me very great pleasure to meet you for the first time in this magnificent building, and I consider myself singularly fortunate in my term of office being coincident with •ur removal, so that to , me , has fallen the honour of presiding at the opening of our new chamber. No w that we have a “ local habitation ” in every way suited to our requirements, I trust we shall take a now departure, and, if possible, extend our sphere of usefulness by embracing a wider range of subjects for consideration than we have hitherto done. In hoping for and looking forward to increased usefulness in the future, I do not, however, intend to lose sight of the valuable work done in the past; for, certainly, whatever scepticism may at times bo felt as to the value to the general public of certain organisations, I think it must be freely admitted that throughout the whole period of its existence the Canterbury Chamber of Commerce, at all ©vents, has earned for itself a claim to exist. Evidence of this is patent enough on every side, hut I may, notwithstanding, be permitted briefly to refer to some of the work done by us daring recent years. In the interest of commerce this Chamber has always vigilantly watched the Government’s dealings with the Customs tariff, and resisted any alterations it deemed inimical to the trade of the Colony. Similarly it has constantly and closely watched the railway tariff and railway management, on the one hand suggesting alterations where it deemed them desirable, and on the other opposing any retrograde innovations on the part of the Government or its officials. The mail services also from time to time had the Chamber’s diligent attention ; and after prolonged correspondence on the subject with the Government, a system has been set on foot by which the arrivals and departures of all ocean-going steamers and sailing vessels throughout New Zealand are telegraphed daily from Wellington to the principal ports of the Colony. The Chamber has likewise during Parliamentary sessions, watched the course of every measure affecting trading, shipping, bankruptcy and other commercial interests, and has from time to time made suggestions, many of which have been adopted. Nor have the agricultural and pastoral interests been overlooked; on the contrary, they have received every consideration at our. hands. In 1872, for example. Sir Charles Clifford and Mr P. G. Dalgety were appointed to represent us at the Colonial Wool Merchants’ Association in London, when, in the interests of Colonial shippers and wool growers, liberal concessions in charges were arranged for. The Chamber has also acted as a Committee for various Exhibitions, such as Philadelphia, Vienna, Melbourne, Sydney, &c.; and has for some time back collated statistical information, which has been found most useful and been extensively circulated. So also in the early stages of the movement in favour of the East and West Coast Railway, active steps were taken by us to place the proposal intelligently before the public. In all these matters, as well as many other questions of importance, we have endeavoured to take broad and liberal views, and have, at the same time, practically adhered to the rule of excluding politics from our discussions. Whilst the Chamber collectively has thus made its mark in the commercial history of the Colony, some recognition is undoubtedly owing to individual members who have been especially prominent in assisting to further its views, or in initiating measures, which in turn the Chamber has backed by the weight of its influence, and helped to carry to a successful issue. Amongst the former I may mention Mr Joseph Palmer and the late Mr John Inglis, who took an active part in the sub-Committee on the Bankruptcy Law, appointed by the Chamber in 1372, and many of whose recommendations were adopted by Parliament: Mr W. Chryatall and Mr A. 0. Wilson also took a very prominent part in the Conference of Chambers at Wellington in 1882, whose recommendations were practically embodied in the new Bankruptcy Bill. Amongst the latter Mr P. Cunningham is justly entitled to the foremost place, as, to his intelligent forethought in first devising tne scheme for the formation of the Lyttelton Harbour Board, and his untiring exertions in elaborating its details, as well as to the influence which the Chamber brought to bear on the Legislature in establishing it, 1 is in great measure due a work which * should remain for all time a monument toi both the Chamber and Mr Cunningham. To anyone who can remember what the Lyttelton harbour —so-called—was, little more than ten or twelve years ago, and sees what it is now, there is sufficient evidence of the magnitude of the work, which, giving all the credit due to the Provincial Government for their original engineering plana, was in other respects practically initiated by Mr Cunningham in conjunction with the Chamber. The embodiment of the leading features of the Bill then passed for the constitution of the Lyttelton Board in the General Harbour Board Bill, on the basis of which all Harbour Boards throughout the Colony now govern themselves, is also ample proof, if any other were wanting, that we, as a body, have not lived altogether in vain. Turning now to a topic of immediate interest, I think we must admit that, although wo have not yet been able to divest ourselves entirely of the mantle of depression which has enshrouded the commercial world for the past few years, there are many signs which warrant the belief that we are gradually emerging from under it. Prom America wo learn that, the situation in most branches of trade, has improved, and that thousands of business men and bankers are so satisfied with the future, that they are only waiting until Congress has settled the silver and tariff questions to embark in

many new enterprises. From England we learn that it is generally conceded that the bottom of the depression been reached, and in fact the export and import returns for the quarter ending March 31, 1886 strengthen tibia opinion. In Australia, also—at any rate in Victoria —business is sound, while at home in Canterbury we are doing a fair domestic trade, and a moderately good export business to the sister Colonies in cereals, potatoes and dairy produce, so that we may reasonably hope that, as confidence slowly returns, we shall shortly see a renewal of bettor times. Before passing from this subject, it may interest you to consider again the cause of the long-continued and widespread depression. The question is one of so much importance that it has exercised the minds of all economists and financiers in both the Old and New Worlds, but up to the present no economist has been able wholly to account for what has so often been aptly termed the “ wave of depression.” Many writers declare that the appreciation, or in other words the increased value, of gold is the chief cause. Others maintain that it is due in a great measure to monometallism, and advocate a bi-metallic currency as the remedy. Others, again, insist that over-production is to blame. These causes, however, do not appear completely and adequately to account for the simultaneous depression in the trade of the principal countries of the world. For instance, the decrease in the yearly production of gold has been so gradual and slight as to cause grave doubts whether the trifling diminution in its output can have sensibly increased its value, or seriously affected the commerce of recent years. According to the Almanach do Gotha and the United States Director of the Mint the gold produce of the world was:— Average. Oz. I £ 1871 to 1830 ... 5 612,353 or 22,049,412 1881 ... 5,204,176 or 20,816,704 1882 ... 4,949,242 or 19,796 968 1883 ... 4,818,867 or 19,312,463 1884 ... 4,883,750 or 19,535,000 Now, as the loss in weight of gold coin in a hundred years is estimated by Stanley Jevons at only 2 per cent, and the loss by shipwreck and fire at another 2 per cent ! upon the average stock in use, it is evident that, as this yearly supply by far exceeds the waste, the world’s available stock of gold coin is steadily increasing. When also it is remembered that the gold coin of all nations has increased from £174,000,000 sterling in 1850 to £736,000,000 sterling in 1885, it is difficult to believe that the alleged scarcity or appreciation of gold is the chief factor in the widespread depression in trade of late years. It is true that the world’s trade has increased enormously since 1850, and therefore more gold is required now than formerly to facilitate exchanges; but it is none the less a fact that far less gold pro rata does duty now than heretofore. At present the quantity of precious metals sent over sea in exchange for commodities is barely 5 per cent of the value of merchandise, against 12 per cent which was required twenty years ago. It is therefore reasonable to assume that, as the stock of gold in the world has increased both absolutely and relatively more than its commerce since 1850, neither the present depression nor fall in the price-level can be ascribed to a scarcity of this precious metal. Then, again, if monometallism is the cause, it is hard to understand why it should not have affected trade until recently, as a gold standard has existed in England since 1816. If a bi-metallio currency could improve business, why do the Powers which signed the renewal of the Latin Monetary Union at Paris in November last absolutely limit the quantity of silver that can be minted by them. But, even supposing an increase to the currency temporarily stimulated all industries, no permanent benefit would be gained, as true wealth can only be created by labour and productive industry, and any increase in the supply of the metallic or paper tokens, used for facilitating exchange would not permanently increase either production or consumption. There is, lastly, the argument of over-production. Now, a general glut of all productions is in effect an impossibility, as everything obtained or produced by human exertions is distributed and used. We never hear of staple commodities being destroyed in consequence of an over-supply. If the production of every article of necessity or luxury were immensely increased, then, in proportion to such extra abundance, the distribution would extend to a larger circle of consumers. Many causes no doubt tend to disturb the natural equilibrium of supply and demand, and there may be a temporary over-supply of some particular commodity. But it is soon checked, unless, as is usual, it finds a counter-value in some other article, when, of necessity, it is absorbed in mutual exchanges. If the world’s production were multiplied two-fold, the distribution thereof would add to the enjoyment of the masses. The more there is produced the more there is for all; the less produced, the less for all. It is when a few articles are temporarily produced in a greater proportion than all others, that what is called a glut occurs; but, in point of fact, it is the under-produc-tion of the other articles required in exchange as compared with those, which causes the apparent excess. The moment the balance is restored the glut ceases.

There appears to be no doubt that great wars have a tendency to raise prices. It is estimated that the American war of 1861-64 had the effect of raising prices in Great Britain 52 per cent over the level of the previous decade. There was then a steady decline until the Franco-Prussian war brought about another temporary advance, after which we have had a more or lees continuous fall. Peace restores the natural tendency of prices that was disturbed by war, and by fostering scientific inventions and encouraging industry, directly tends to cheapen the cost of production. Steam and electricity also are rapidly binding the world more closely together in its commercial relations, and the drift of the current is steadily in the direction of equalising the distribution of capital and labour. Prices are now directly controlled by the world’s supply of any given commodity, rather than by the existing stocks of any one country. It is now a question of how much can the world produce and consume. Every important transaction is known in every important market within twenty-four hours of its being completed, and a comparatively small number of days is all that is required to transport supplies from any given country to another. Improved and cheapened facilities for transport, both by land and by sea, have also caused a considerable reduction in prices, thus still further benefiting the world by lessening the cost to the consumer. But this reduction in price must be relatively equal in all commodities, or else some portion of the world benefits at the expense of the other, and it is here that we in New Zealand are suffering from the depression in an aggravated form. As I pointed out at our last meeting, our staple exports have fallen in price, on the average, something like 37 per cent, while the chief articles we import have only fallen about 25 per cent, so that the fall in the pricelevel of the world is to oar disadvantage to the extent of the difference. Again, we have to pay interest to our bondholders in gold, and to help to provide this gold we require to produce for export say one and onethird pounds of wool and one and one-third bushels of wheat, where one pound of wool and one bushel of wheat served a few years ago. To aid us to meet this interest more readily, and thus lighten the incidence of the burden, every effort should be made to increase our output of gold, as any increase in the proportion of gold exports would serve to lessen the effect of the obligation to pay our interest on a basis of gold value different from that which existed when the bulk of the indebtedness was incurred. It is, therefore, to be earnestly hoped that the 1 East and West Coast Railway, or, as it is now teemed, the Midland Bailway, will

portly be commenced, as it should certainly, when completed, prove of great service in stimulating and extending the production of gold. Economists, however, although more or less agreed as to the cause of a rise or fall in prices, have not yet, as I have previously remarked, been able to explain satisfactorily the cause of the universal depression ; but it seems probable that the gradual cessation, of the’ expenditure of large public loans has contributed to it. From 1870 to 1880 enormous sums of money 1 were borrowed for the purpose of constructing railways in almost every portion of the globe. During that period over 40,000. miles were constructed in Europe and'. 41,000 miles in the United States, while the world's total railway mileage was increased by 102,064 miles at nil expenditure of .£2,654,000,000. It is needless to say that this enormous expenditure created immense activity in the coal and iron districts, and all products and manufactures in turn felt the influence of the golden era. The result was an immense extension of most manufactures. New mills and new factories, with the most perfect machinery, were erected, and every branch of commerce appeared to bo prospering while the expenditure continued. But the high pressure could not last for ever, and, when the various countries commenced to ease off, the inevitable reaction set in. The public everywhere then began to realise that land, and almostallarticles of commerce, had acquired an inflated .value. As a natural consequence, a general fall in values commenced, culminating in a panic, from which the world has not yet recovered. The labour question and agrarian disputes have also of late years unsettled trade, and thereby aided to intensify the depression. On the one hand, they have destroyed that confidence in the future which is essential before new enterprises and fresh industries are embarked in, and, on the other, an immense amount of productive power has been wasted during the continuance of strikes. These are undoubted wealth-destroyers, as during their continuance the strikers become unproductive consumers. It may be true that properly conducted Trades Unions are essential to protect the interests of the workingclasses, but it would be far better if such bodies would invariably settle their disputes with the employers by arbitration, instead of indulging in “strikes” and “lock-outs,” by which both parties, and therefore the world, are heavy losers. The relative rights, however, of labour and capital involve so many complex questions, that further consideration of the subject may be reserved for some future occasion. But, although in the opinion of many of the highest commercial magnates in Europe and America, there are proofs that trade is on the eve of a revival, we cannot shut our eyes to the fact that the present position of our leading staple—wool—is disappointing. Unfortunately, we find that the price of wool has in the past year fallen to a lower level than has been witnessed since 1848, and the best authorities in England cannot adequately account for the fall. The nearest parallel case is that of the year 1869, when prices suffered a heavy reduction owing to the effect of an enormous and rapid increase in the world’s production. Daring the five years preceding 1869 the clip of wool from the Colonies and the River Plate increased from 440,000 bales to 887,000 bales, and no doubt this gigantic development in production caused the downward movement in prices which then took place; but the sphere of consumption rapidly extended, and a revival in prices was the result. Although, however, there are some points of similarity in the present position, the circumstances are not quite parallel. Taking the five preceding years, 1879 to 1884, we find that the supplies from the Colonies and the River Plate increased from 1,285,000 bales to 1,668,000 bales, or by 383,000 bales, a growth only of 30 per cent against 100 per cent in the previous period of five years to which I have referred. The year 1885 had to deal with an increase of 37,000 bales from the River Plate, and a decrease of 21.000 bales from the Colonies, and no doubt this increase from South America contributed to depress the market. The proportion, however, is not alarming, and, taken in conjunction with the decrease in the shipments, it is inadequate to explain the heavy fall in prices. The reduction in the working days from six to five in important French manufacturing districts, and the partial abandonment of night work in Germany, is supposed to have affected prices. But this reduction in the hours of labour must have been met by the' enlargement of manufacturing establishments and the improvements in machinery, as it is improbable that the actual wear and tear of woollen goods has been diminishing at a time when they are being produced cheaper than ever. In fact, the following figures tend to show that, apart from the Home consumption, the exports of woollen goods from the most important export manufacturing countries in the world have increased rather than decreased

It is true that the English exports for 1885 show a falling off in value of some .£791,000, but when it is remembered that prices averaged about 10 per cent lower than in 1884, it will be evident that the bulk of exports from both countries shows an actual increase. The fashion of recent seasons favouring coarse materials has obviously affected the average value of manufactured goods, whilst at the same time contributing to depress fine merino wool. Even after allowing for the byno means immoderate increase of wool during the past four years, it is generally admitted in England that, each year’s increase having been accompanied by a corresponding fall in prices, there are not sufficient reasons to account for a fresh decline of nearly 20 per cent from an already low level. It is therefore considered that wool has fallen partly from causes within its own circle, but still more from the fact that the price-levels of other staple articles have also been falling. All commerce is in the long run barter, and wool lias had to fall in sympathy with other commodities for which it is ultimately exchanged, and which, directly or indirectly, help to control its price-level. In estimating the prospects cf a rise in price, the position does not appear very encouraging, for the low prices are not abnormal, but in perfect harmony with these of everything else. When the great fall took place in 1869, in consequence of the rapid increase of pro* duction, the disproportion between the supply and demand very quickly readjusted itself, and a rise in price was the result. This reserve of recuperative power, however, seems at present to be wanting, and unless some improvement in general trade takes place, there appears to be very little prospect of the price of wool advancing. The present position, however, is a sound one, inasmuch as there are no great stocks in manufacturers’ hands ; and if the year witnesses the advent of the anticipated trade revival, we may then, but not till then, see a substantial improvement in the price of our wool. We must, however, under any circumstances (excepting, perhaps, a general European war) expect a great increase, as there are permanent influences at work, which must indubitably prevent prices from rising to their old level. The present is an era of saving and making the most of everything, and the lessons of bad times will have been vain if they have not taught economy. The reduction in the cost of production is one of the. principal lessons taught by modern progress. With the benefit of scientific instruction, and with every effort of modern intelligence and ingenuity directed towards reducing

the.,cQ3t.,o£ production, aided. by the cost of transport both, by sea and land being brought down to a point lower than has ever been known before, it would be strange indeed if the markets of the world did not look to us also to lessen our cost of production. This lesson in economy, however, as I indicated at our last meeting, although it has taught the world everywhere to reduce the cost of production, does not necessarily imply that the margin of profit is irremediably abolished; and, therefore, although it is certain that the world's price-level has permanently lowered, we can rest assured that the economic doctrine of supply and demand will, as surely as summer follows winter, adjust profits and leave our wool-growers a fair remuneration in comparison with the profits made by other industries for the labour and capital they employ in the business. Before concluding this subject it may interest you to glance at the relative increase in the production of raw wool in all the countries in the world

It ia, however, estimated that the nominal weight of wool is far in excess of the reality, owing to the presence of dirt and grease, which averages about 20 per cent on Europeean, 30 per cent on Cape wool, 45 per cent on Australian and New Zealand, and 70 per cent on the River Plate wools. Hence the net production in 1883 was estimated at 1,100,000,0001 b, and on the same basis in 1850 it was about G34,000,0001b, so that the actual net increase in the world’s production from 1850 to 1883 is only about 75 per cent, instead of 105 per cent as is usually estimated. I muso apologise for dwelling so much upon the prospects of wool, but the price of our chief export bears so intimate a relation to the immediate future of the Colony, and is, therefore, a subject of such deep interest to us all, that I trust you will not feel that I have detained you too long. The frozen mutton business has brightened up somewhat during the past quarter, prices ia London having ranged from a half-penny to a penny per pound higher than in the previous three months. There is further satisfaction to bo gathered from a perusal of recent advices, which almost unanimously agree in stating that New Zealand frozen mutton generally, and Canterbury shipments in particular, are steadily, but turely, growing into favour with the British public. It is also pleasing to note that the Agent-General, Sir Dillon Bell, has made such excellent arrangements at the Indian and Colonial Exhibition for catering with our mutton, and for otherwise exhibiting it, and there can bo little doubt that his judicious efforts will be the means of still further popularising it. We hear a great deal about the competition we have to meet from the River Plate Republics, and although, doubtless, like oiir own, theirs is a growing trade, the following figures show at a glance that we have not yet been left behind. Imports osFeobbi Mottos ihto Lohdos, j 883-85.

Upon comparing these figures -with the following, it will be seen that frozen mutton bears a very small proportion to the total imports of live, fresh and preserved meats into the United Kingdom, and that there is room for us to increase our shipments to a very appreciable extent before wo need fear glutting the market. KbATS OB ALL KlHra IMFOBVED ISTO TUB TJhite* Kiwidoic 1833-85.

The total values of these meat importations were £28,181,000 for 1883, £25,600,060 for 1884, and £23,990,533 for 1885. We have in New Zealand a grazing country unsurpassed by any in the world, and when we look at these figures and consider that, with all our natural advantages, we availed ourselves of the splendid market open to us in the United Kingdom only to the extent of shipping to it some £370,000 worth of meat in 1885, or about l-64th part of the whole, it really appears as if we were neglecting the opportunities Nature has placed in our hands. Let us consider the item of pork in all its forms, and we find that England imported in 1885 :

Here, then, is a market that absorbs upwards o£ .£10,000,000 worth of imported pork annually, and yet, although pigs sometimes in New Zealand are almost unsaleable, we have made no effort to avail ourselves of the splendid outlet which the United Kingdom offers for them. In New Zealand, according to the census for 1881, there were only 200,083 pigs, or about 40 to each 100 inhabitants ; but in the United States there were in January 1886, 46,092,043, or about 80'to each 100 inhabitants ; and yet I am satisfied,, from my own observations during a recent visit to America, that our New Zealand pigs—and cattle also —are infinitely superior in point of breeding and quality to the average stock' in the United States, and, therefore, ones must be the most profitable and economical to breed from and to rear. Truly, in these times of depression, it is astonishing that we have not endeavoured to avail ourselves more largely of an export meat.'ousiness, seeing that nature aids us in , producing the raw material suitable for / it at comparatively as low a cost, and certainly of as fine a quality, as any other country in the world. Pork, in all its varieties, could be prepared for shipment . Co England, not only in the form of hams and bacon, but as mess and salted pork. Then we might also prepare tierce beef, barrel beef, beef hams, and all the many forms in which it is got up in America. To preserve meat in a sufficiently economical manner to enable shipments to compete successfully with those from America, no doubt the

business would require to be done on a large scale, and, if private enterprise is not yet prepared to undertake it, the desirability of forming a substantial joint-stock company for the purpose might well be considered. A practical measure of this sort would do more to aid in removing , the depression than all our theorizing. The tinning, canning and preserving of beef and pork has helped to make Chicago one of the most flourishing and important industrial centres in the world; and there is no reason why Christchurch, with many similar natural advantages, should not make an effort to gather some of the dormant riches that lie ready to our hands. Cattle, sheep and pigs are cheaper here than they have ever been before, and farmers are learning excellent lessons in economy of production, so that, if they were assured of a sufficient outlet, there would be no difficulty about a supply being maintained. When I addressed you at the last quarterly .meeting, I indicated that the published returns to hand up to that date led to the opinion that wheat had touched its lowest point, and that an upward movement was probable ; yet, instead of advancing, prices have in the interval gone still lower, until they have touched a point not reached since 1760. In fact, as “ The Miller” puts it in February last, “ Wheat and consols seem now running together outside ordinary influences. Whilst stocks were increasing wheat was about Sis per quarter, and, now that stocks are decreasing, the same sample of grain is only worth about 305.” Since this was written a slight improvement can be noted in prices in the United; Kingdom, but still the English market continues comparatively lifeless, notwithstanding that the statistical, position strongly favours the impression that prices must rise more or less before the next harvest is garnered. The following figures show that the available reserve in the United States is steadily diminishing, and that stocks of wheat in England are much lighter than at the corresponding period last year:—

Of this quantity it is expected that scarcely 30,000,000 bushels can be spared for export up to July 1, as this would bring down reserves “visible and invisible” at that date to the minimum quantity of 28,275,000 bushels—a reduction that would leave the position a very dangerous one for sellers of “futures.” The following shows the gross imports of wheat and flour into the United Kingdom from August 31 to March 6,1886, compared with the corresponding period for the preceding year, together with the estimated total sales of English wheat in the United Kingdom for the same period:—

Coming nearer home, we find by the Agricultural statistics just published, that there is a lamentable falling off, both in the area sown with, and the production of, wheat in our own immediate district of Canterbury. By these figures it appears that there is a decrease in the area sown with wheat, as compared with last year of 63,032 acres, and a consequent reduction in the yield of 1,586,295 bushels; and from the following comparative statement for the past five years, it will be seen that both the area sown and the production in bushels have fallen off by more than one half, as compared with 1883, which was our best year;— Province op Canterbury.

With respect to the future, the following figures, extracted from the official report of the Indian Agricultural Department, dated Feb. 12, 1886, confirms the opinion that the acreage sown with wheat in India is considerably less than last year •

With an average yield of about ten foushels an acre, the above decrease in the area sown of 1,783,185 acres means a diminished yield of some 2,230,000 quarters, and, as these are official figures, they leave little room for doubt that, instead of India increasing her exports of wheat during the ensuing season, she must decrease them. From America, also, we learn that their acreage sown with winter wheat is fully 15 per cent below last year, and English advices not only report a lesaeued acreage, but that the recent severe winter is expected more or less to prejudice the yield. With, therefore, reducing stocks and decreasing areas sown with wheat in America, India and England, and with a brisk demand commencing from Italy in order to supply the deficiency in her last crop, it would appear absolutely certain that wheat must harden in price ; but up to the present the fact remains that it continues so low in England that we must look back more than a century to find its parallel. In

spite, however, of the continued depression, and in' spite of the persistently low range of prices that continue to rule in England, I still venture to predict that, before' the years 1885 and 1887. end, we . shall have seen a decided rise in the price of wheat from its. present low level. Summarising the position, I tbinV the period of acute. depression sharp suffering is over, and that our trade has reached a sound, though quiet, stage. And I also trust, now that values have been re-adjusted, and we have, so to speak, attuned ourselves to our altered circumstances, that we shall shortly be able to participate in the revival, which is so generally expected by English and American financiers. BILLS OF BALE. Before passing to farther business, the Chairman referred to Mr Caro’s resolution passed at the last meeting of the Chamber with reference to bills of sale. He had been deputed to wait upon Mr Batter, the Official Assignee, who drafted three clauses for embodiment in the amended Act. The Committee, however, had not seen its way to recommending the proposed alteration. AGRICULTURAL STATISTICS. The Chairman moved—“ That the Government be requested to take steps to have the agricultural statistics completed and published during the month of March, instead of May,” as they are of little practical use to the agricultural community if not published till the latter month. Mr A. C. Wilson seconded the motion, which was carried unanimously. THE MIDLAND RAILWAY. Mr Meares moved—" That this Chamber desires to place on record its satisfaction at the receipt of information that a Company has been formed for the construction of the railway to connect this portion of the Colony with the West Coast.” Mr P. Cunningham seconded the resolution, which was agreed to. Mr Cunningham moved—" That the thanks of this Chamber be awarded to the Bail way League, the Guarantors, and the Delegates through whose courage, energy, and perseverance the present Company has been formed.” - Mr Cooke seconded the motion, which was carried unanimously. THE NRW CHAMBER. Mr Cunningham complimented the Committee on the handsome manner in which they had fitted up the new Chamber. Mr Cooke expressed the hope that many country gentlemen would avail themselves of the convenience afforded by the Chamber. After several suggestions had been made as to further improvements, the meeting closed with a vote of thanks to the President for his very able, instructive and useful address.

Kxpobts of Manufactwred Woollhk Goods. 1886. 1881. 1883. £. £. £. England ... 21,426,003 25,217.000 22,636.000 Franco ... 13,891,440 13,-71,760 12,807,600

m 1830. 1860, 1870. 1885. g Europe ... eso.oco.coo 715,000,000 807,000,000 600,000,000 o o * United States 90.C60.000 112,000,000 131,000.000 208,000,000 S3 Elrer Plate Eepublio... 25,000,000 55,000,000 157,000,000 505,000,000 H O t> ft-uatralia 45,000,000 64,000, 000 160,000,000 846,500,000 o a fM Hew Zea;and ... - 6,665,000 37,000,000 68,000,000 ft ft 1 Cape Colony 48,000,000 6S.000.006 101,600,000 1*2.000,000 836,000, fl 00 1,021,665,000 1,426,000.000 1,709,500,000

418trlia. New Zealand Elver Plato Total 1883—Carcases Tons 1884“ Carcases Tons 1885 —Carcases Tons Total — Carcases Tons 65,733 '.,687 11.745 £,128 0405 < S.679 275.529 7,895 120,893 8,597 412.349 12,031 492,269 14,145 17,'«5 306 108,823 2,426 190,571 4,440 201,791 5,490 632,917 17,586 777,891 21,264 1,025.511 29.7731 316,559 7,172 1,612,599 44,340

; Particulars. Quantities 1883 1884 1886 Animals living— No. No. No, Oxen, cows and calves 474,000 425,502 378,115 Sh ep and lambs 1,115.000 915,043 750,927 Swine i 38,000 26,141 16,522 Tons. Tons. Tons. Beef, salted 14,850 10,599 12,029 Beef, fresh Meat unenumerated— 40,500 43,813 45,119 Salted or fresh 1,800 976 1,508 Preserved ... ... Mutton, fresh, frozen or 11.750 3,202 26,336 otherwise 11,886 25,118 28,532 Bacon ... ... 154,000 137.795 158,422 Pork, salted 16,450 13,917 13,595 Pork, fresh 2,3.50 2,•39 3,978 Hams 30,100 82,651 43,814

Tons. Value. Bacon ... 158.432 £6.427.972 Port, salted ... ... 15,955 522,916 Pork, fresh ... 3.978 183.457 Hams ... 43,844 2,236,393

Stocks of Whbat is thb United States. 1st March, 1st March, 1886. 1885. Bushels. Bushels. Stocks in farmers’hands ... 107/0 '.000 169,000.000 Visible supply 51,275,000 48,000,000 158,275.000 217,000.000 Required fori Home con-i sumption V90.000.000 from March 11 to June 30 J Spring seed ...10,000,000 — 100,000,000 100,000,000 Bushels 58.275,000 117.000.000

1885-86. 1884r85. Qrg. Qra. Wheat ... 5,977,079 6,011,616 Flour (as wheat) ... 1,978,203 2.651064 English wheat ... 5.012,688 5,328,210 12,997,970 13,990,890

Wheat. Oats, Acres. Bushels. Acres. Bushels. 1886. Ashley Selwyu Akaroa Ashburton... Geraldine ... Mackenzie... Waimate ... 17,436 33,737 370 38,534 17,228 1,574 10,646 470.672 822,159 14,315 764,722 500,046 35,780 265,688 18,105 30,222 70 34,165 22,458 1,688 16,138 476,393 691,129 2,265 762.250 754.701 50,568 507,657 119,528 2,873,382 12 1,846 3,244,963 188S.1 Ashley i'olrryn Akaroa Ashburton... Geraldine ... Mackenzie ... Walma to ... 25,512 52,046 280 61,476 26,136 2,113 14,904 631,878 1,250,691 11.350 1,379.5:0 730,808 49 557 405,293 1 ,756 30,22 230 32,196 26,851 2,730 17.148 575,793 886,430 10790 1,008,198 900,253 106,090 670.243 182,560 4,430,677 129,1 2 4.157,766 188*. Ashley Selwyn Akaroa Ashburton... Geraldine ... Mackenzie ... Waimate ... 32,673 63.783 886 81,776 34,614 2,558 21,025 885,585 1,567.216 30,427 2,008,725 937,240 68,250 649.780 16,336 25,848 486 ; 25.427 21,7i'9 2.732 14,186 490,887 709,225 20,637 759.090 737.728 1U7.920 590,904 240,311 6,'47,223 106.724 3,326,361 1883. Ashley Selrrya ,,, Akaroa ... Ashburton... Geraldine 1 Mackenzie ) Waimate ... 30,195 62,977 1,182 90,558 39,254 24,986 851,917 1,575,371 37.920 2.187.035 963,788 710,761 22,208 30.6H2 613 33,041 26.926 20,067 559,904 823,«81 £2,634 917,371 1,010,133 761,842 240,165 6,356,792 136,447 4,085,365 1882. Ashley Selwyn Akaroa Ashburton... Geraldine > Mackenzie 3 Waimate ... 30,406 63,840 1,318 81,500 37.616 22,305 645,482 1,535,373 43 575 1,450,638 965,063 586.750 17,179 24,924 456 19,282 23165 17,346 369.171 509,717 13,961 414,111 667,317 566,314 237,016 5,229,881 102,362 2,540,561 Summary— 1886 ... 1885 ... 188* ... 1883 ... 1882 ... 119,538 182,560 243,315 249,155 237,015 2,873,382 4.456,677 6,147 223 6,359,792 5,229,881 122,846 129,132 106,724 136,-47 102,332 3,244 963 4.167,766 3,326,391 4,085,366 2,540,591

Area Sown in Acres. 1884-5 1885-6 Pnnianb ... 7.381,410 6 717.074 M. W. Provinces and Ondh 5.298,026 4,768.224 Central Provinces ... 3,700.000 3,500,000 Bombay ... 2,670,010 2,500,000 Berars 819,057 850,000 Central India ... 8,6(0,000 3.250,000 Raj put ana 1 ... 2,25 ',000 2,250,000 Bengal 850,000 850,000 Other Kativa States... ... 1.351,740 1,351,740 27,820,223 26,037,038