CHAMBER OF COMMERCE.

New Zealand Herald, Volume XXV, Issue 9027, 13 April 1888, Page 6

CHAMBER OF COMMERCE.

The quarterly meeting of the Chamber of Commerce was held yesterday. Present : Mr. A. H. Nathan (chairman), Messrs. J.: Milne, J. McLachlan, A. Porter, Groom, Bridgewater, E. Withy (M.H.R.), G. P. Pierce, R. Monk (M.H.R.), M. Clark, C. C. Millan, Esam, Connell, Vaile, Clark) Bell, Taifc, Aickin, Vaile, and others.

"The minutes of last meeting were read and confirmed.

The annual report, which had been in the hands of the members for some days, was taken as read. The following is the principal portion of it: —

The North Island Trunk Railway has engaged your Council's earnest attention. Availing themselves of the presence of the Hon. E. Mitchelson in Auckland, your Council waited upon him and pointed out the desire of the Auckland community to have the line formed so as to connect with Taranaki, via Stratford. The Minister informed your Council that the different routes were at present being surveyed, and as soon as the results of such surveys, with their respective costs, were known, the matter would receive the earnest attention of the Government; little hope, however, was held out as to the possibility of such surveys being completed during the present session of Parliament. Your Council will, however, carefully watch the steps that are being taken, and will bring all their pressure to bear upon the Government £o carry out the desires already expressed by Auckland generally. Communication by telephone, &c., between Kaipara and Te Kopuru is now being carried out, and should be completed in a short time. Your Council, at their last quarterly meeting, pointed out the desirability of the mining interest and commercial being amalgamated, so that the two combined would carry more weight in any representation that had to be made for their joint benefit. So far no steps have been taken by the mining brokers to co-operate with this Chamber the mining industry at the Thames make their own representation as to their wants, and do not care to associate themselves with any outside body. Your Council can only in isolated cases bring their influence to bear. Subjoined is an extract from letter received from Mr. E. R. Edwards, through Mr. John Reid, re diamond drill: also, extracts from Mr. J. Aitken Connell re the Council taking up and stamping with their authority as to the bona fides of any mining enterprise proposed to be floated abroad. &c. Your Council leave this matter entirely in the hands of the Chamber, it involving too much responsibility for them to undertake such duties without the consent of the Chamber. Mr. E. R. Edwards says t~" As we are entirely ignorant of the nature of the strata underlying the present workings, the Government should be asked to give their aid by subsidy on the £1 for £1 principle, and, by means of the diamond drill, test the lower formations. The estimated cost of such tests would be about 12s 6d per foot." The committee would point out to you that negotiations are at present proceeding by which the whole of the ground under the 640-feet levels at the Thames will be offered in the London market, with a view to the development of this unworked portion of the field. Pending this, your council think it would be premature to urge upon Government the necessity of acceding to the above. The following embodies the salient points in Mr. Aitken Connell's scheme. Firstly—That the Chamber should, by a well - selected and trustworthy committee, undertake to investigate and decide upon the bona fides of any mining enterprise proposed to be floated abroad. Secondly.— That the Committee selected by the Chamber to attend to this particular work should appoint at least three trustworthy and competent experts, whose special duties should be—(a) To inspect all mining property submitted to them, and to report fully upon all matters on which the success of the enterprise might in any way depend, including, of course, an assay of properlyselected parcels of the ores, facilities of access to and egress from the mine, any natural difficulties or facilities in any way affecting the mining operations, cost of freights. &c. (b) An examination into the state of the capital, the liabilities and assets, and the financial position generally of any Company proposing to re-constitute by disposing of shares in England, our Council are pleased to have to report that the Pensioner Settlement scheme will have the favourable consideration of the Government in the coming session; and as the object becomes better known, and the other facilities offered by the Government for a well-matured scheme of settlement are brought prominently before the home authorities, your Council nave little doubt that the scheme will be carried out to the benefit of both the settlers and the country at large. Every consideration will be given to this important matter, and pressure brought to bear, if necessary, to fully develop it. As the House will soon be in session, your committee will have ready before such meeting such measures as they think will be conducive to the commercial interests of Auckland, and urge upon the Auckland members the necessity of carrying out such measures so far as will be compatible with their duties. A page and a half of the report was taken up with proposed amendments in the bankruptcy laws. Wellington, Christchurch, and Dunedin are also moving in this matter, and the Council thought representation to the Government should be made conjointly to give effect this session to such emendation of the bankruptcy laws as would remove the present anomalies.

The Chairman said that during the interval since the last meeting the Council had not much to report. Business was still quiet, but the state of trade was not such as to warrant want of confidence. The panic had passed over, and traders had settled down to steady business. One great factor had been initiated, and that was that credit had been curtailed. , The wholesale houses had suffered largely from the credit system, and saw the result not only to themselves but to the traders, and were now carrying on business on restricted terms, and so the confidence which bad been lacking was being restored, and it was this lack of confidence which had led so much to the general depression. They saw that shares in the local institutions were being held, although there was no material advance in value, but this must accrue in time, and investments made now must realise large profits. Mr. Nathan then proceeded to point out how the low rate of interest allowed by the banks must lead capitalists to seek other fields for investment. In regard to the present exodus from the colony, it was chiefly miners and mechanics, who were tempted by the prospects and trade of Victoria and Broken Hill, Of course this emigration would not take place if there was sufficient work here, but the accounts recently received showed that working men were no better - circumstanced there than here, and that every avenue was filled to overflowing. Working men would prefer to remain in New Zealand if they could do so. The work of opening up the silver mines in the Thames district would, no doubt, aid, but the principal means of obtaining and retaining a population was the opening up of lands available for settlement. The Home trade for the twelve months, had -been* fairly good, as per the returns of the Colonial Treasurer, and the Estimates had been exceeded. As the Government financial year ended in March, they had not yet received the statistics to guide them as to the increase or decrease in trade. Goldfields matters had received the earnest consideration of the Council, as everyone was now looking in that direction for an alleviation of the present bad state of commerce. Great energy had been shown, and the influx of foreign capital would enable them to develop the resources of the Coromandel Peninsula, He saw that New South Wales had established experimental works for testing and reducing ores, and no doubt in time the Government of New Zealand would adopt similar measures. The timber industry had also advanced, and the project of several of the large companies selling out to Australian capitalists was discussed. The general impression was that the loosening of so much local capital, and the introduction of foreign capital would do much to relieve the depression. In the coming session ' they would have to consider the property tax, which many regarded as -the cause of shutting out. capital, which otherwise would be distributed through the country. ,In regard to the Melbourne Exhibition, their exhibits were not large or representative, but this was due largely to the centralisation of the management in Wellington. Mr. Nathan then referred to the increased confidence exhibiteia in New Zealand stocks, and said that if they could only show good result* for the foreign capital invested they could get what they required for the de. vejopment of their resources,

■ ' *' IHUKE RAILWAY. The items of the report were then dealt with seriatim, and in introducing tbera the Chairman detailed the remit of the interview held with the Hon, the Minister of Works, %nd pointed awfc the necessity for watching closely every step taken with re. gard to the construction of the' North

Island Trunk Railway. 4 . He moved the adoption of the first clause of the report. < * Mr. G. Aickin seconded the motion. Mr. Monk, M.H.R., who was present by invitation, was asked to give some informstion as to the views of the North Island members on this subject, and with regard to the proposed routes, but he said he was not in a position to do so. - Mr. McMillan said he hoped that the whole of the North Island members would —as had been done last year—be invited to meet the Chamber before proceeding to Wellington. The Chairman said it was the intention of the Council to invite the members to meet the Chamber. Mr. Aickin said that there had been a great deal of talk about this matter ; but the real question was that if the central route Was adhered to, it would not be within the reach of the Government. Mr. Vaile moved, "That they should insist that the branch line to Taranaki be taken in band at once." The Chairman said they had urged this on the Minister of Public Works. After some further discussion as to the advisability of taking advantage of Mr. Mitchelson's offer to send a delegate from the Chamber to inspect the routes proposed, it was agreed, on the motion of 'Mr! McMillan, that it be left to the Council to bring up a report. The clause was adopted. GOLD MINING INTERESTS. The Chairman introduced this subject and, after reading the extract from Mr! Edwards' report, said that, seeing that a new company had been formed for the purpose indicated, the Council had taken no steps. In regard to Mr. J. Aitkin ConneU'a letter, to appoint a committee to investigate and report on the bona fides of any mining enterprise to be floated abroad, which meant, he took* it, that they should five a certificate, it was, he thought, hardly within the scope of the Chamber. . Mr. McMillan spoke to the proposal re testing the lower level as proposed by Mr. Edwards, and moved the adoption of that portion of the clause; but the second clause was of such a novel character that he should leave Mr. Connell to speak to it himself. In regard to boring operations, he did not think that they ought to expect the Government to pay all the cost. They should be prepared to contribute themselves, but he thought it only fair, considering the importance of the matter, that the Government should contribute £ for £. Mr. J. A. Connell seconded this motion, and it was supported by Mr. G. Aickin. Mr. Reid moved that all the words from " Pending " (the last paragraph of the report re Mr Edwards'recommendation) be omitted. The amendment was accepted, and the motion was then agreed to, with the addition that the Council be empowered to urge on the Government the necessity for carrying out tests of the low levels by the diamond drilL Mr. Connell read his letter, and spoke &h some length. The object he had in view was to protect English capitalists. Mr. McMillan considered the proposal wholly visionary. These people sent their own .experts. What, he asked, would they care about the opinion of the Chamber or their experts ? The capitalists sent their experts, as in the case of Marototo. The English public and capitalists were able to Erotect themselves, and the best thing the hamber could do was to mind their own business. Mr. Porter spoke at considerable length, showing how well able the British public were to look after their own interests. . After some further remark the letter was referred to the Council to report. bankruptcy. The Chairman said that the Council had gone through the bankruptcy laws, and he moved that the amendments as printed be referred to Government. On the suggestion of Mr. Aickin, it was agreed to defer this matter to a specia? meeting. pensioners' settlement scheme. The Chairman said this matter had been referred to in the interview with Mr. Mitchelson, and the Government was taking it up warmly, and no doubt next session something definite would be done. The Council would contiuue to look after the matter. He moved to that effect. Mr. Aickin seconded the motion, and suggested that a special immigration scheme might be set out for small farmers. The motion was agreed to. PROTECTION. Mr. A Bell said he regretted that nothing was said in the report about protection to local industries. The Chairman said the Chamber could take no stand on that question. It had been previously introduced and spoken of by individual members, but the Council and Chamber had kept clear of it. ... Mr. Bell moved, " That it be one of the questions to be submitted to the members when they met the Chamber," and the motion was agreed to after some discussion, and on the motion of Mr. Aickin, it was agreed, " That the question of taxation, especially as regards the property tax and the tariff, be brought before the Council of the Chamber."