CHAMBER OF COMMERCE.

New Zealand Herald, Volume XXXI, Issue 9442, 23 February 1894, Page 6

CHAMBER OF COMMERCE.

ANNUAL MEETING. RECORD OF AUCKLAND'S < : PROSPERITY. The - annual meeting of the Auckland Chamber of Commerce was held at the rooms yesterday afternoon ; the attendance was not large. Mr. Adam Porter presided, and amongst those present were Messrs. McMillan, A. H. Nathan, W. Winstone, E. Withy, Johnson, Murchie, J. Reid, C. Seegner, Graves Aickin, A. Kidd, etc. COMMITTEE'S KEtfOKT. The following reporb for the past year was submitted by the Committee : — Your Council have much pleasure in presenting their annual report of the subjects that have engaged their attention during the past year. Reciprocity (fiscal) between New Zealand and other colonies was thoroughly discussed, and although no unanimous opinion was arrived at, it was felt that in the near future, the subject would have to be dealt with. There is little doubt that it many of the barriers raised by Custom-houses on all sides were modified, and a purely fiscal reciprocity entered into, a large and beneficial volume of trade would be the result.

Railway management and reduction of rates : Your Council, in accord with the other Chambers, thought that the alteration once proposed to place the control under political control was a step in a retrograde direction. So far as the new appointments are concerned, it would be premature to offer any opinion, j The change m 'Frisco service has not made any considerable difference in its efficiency, although the change was unsatisfactory to Auckland; but we would urge upon our successors to take up and forward as far as possible the Vancouver route. Canada, it is very evident, will do all that is possible to aid its completion, and as America has hitherto taken but little trouble to make their route a thorough success, probably a little competition may awaken them to its value. Purchase of Native Lands: This matter of dealing with native lands has been repeatedly urged upon the Government, and as soon as the new Parliament settles down to business, every exertion will be put forth to get the Government to adopt an energetic policy. Institute of accountants : Your Council, in conjunction with the Wellington Chamber, took the necessary steps to initiate ' the formation of a society for Auckland, in connection with the other Chambers. The rules of such an institute have been formulated, and are now approaching completion. Bills of lading: As this subject is now under the control of the Loudon Chamber, little can be done but make suggestions. Proposed gum duty ; Some talk was current that an export duty should be put upon gum. To do so would be an anomaly, as it would be the only export article subject to such a tax.

The question of receiving poods by Harbour Board: This subject was well discussed, and deputations trora shippers and receivers met to draw up a code of rules for receiving cargo from over-sea vessels. Mueh diversity of opinion existed, and no definite arrangement was come to. The extension of the wharves and increase of shed accommodation has in some measure met the complaints. Your committee beg to draw your attention to the present unsatisfactory financial position of the Chamber. Owiug to a paucity of subscribers they are unable to meet their engagements, and energetic steps must be at once taken to liquidate same either by increased membership or donations. Failing this the Chamber will have to cease its functions. It is certainly strange that in such a commercial centre as Auckland so little interest is taken by the merchants in the proceedings of the Chamber, although in every case of emergency the Chamber is called upon to use its influence by all sections of the community. chairman's adekess. The Chairman, in moving the adoption of the repoit, said:— During the past year the business of the colony has been sound, and this notwithstanding the fact that the adjacent colonies have passed through a severe financial crisis, which, I am happy to say,. has not affected this colony to the extent that was generally anticipated; but no doubt traders have suffered to some extent owing to forcing sales in the commercial centres. When we take into consideration the present financial position of this colony as compared with others, there is every reason to feel satisfied with our position ; for, while there has been a considerable apparent falling off in our exports, this is to a large extent due to a lesser price being obtained for our products, rather than to a reduction in volume. The following table shows the imports and exports for the colony and for Auckland : —

Total Imports ... 1893 ... 6,911,515 1892 ... 6.943,056 Total Exports ... 189.'i .. 8,984,290 1892 ... 9,534,851 Imports, Auckland 1893 ... 1,487,774 189-2 ... 1,642,686 Exports, Auckland 1893 ... 1,256,486 1892 ... 1,217,153 Had the same prices current last year (1892) been continued, the difference in value of our exports would have been comparatively small. I do not know whether the falling off in our imports is to be attributed to a determination on the part ot our colonists to live within their income, or to an increase in the manufacture of articles formerly imported. Possibly both of these causes have operated to some extent in the decrease. We are glad to report that the agriculturalists have had on the whole a favourable year, the price of cattle being very satisfactory ; as also the dairying industry. The Government have adopted a very wise plan in appointing an inspector of our dairy products, who will travel throughout the colony, giving instruction where desired, as also superintending shipment of same, this being most essential to maintain the reputation of New Zealand and its products. We are glad to ■ perceive that the business of imports of frozen meat into the old country has obtained a solid footing, and this colony now has some 45 per cent, of the entire trade. There should be no difficulty in maintaining the position or even increasing it. There is an increase in the quantity of our wools in the London market, as compared with other colonies. New Zealand now takes second place, and bids fair at no distant date to become the premier. Should the United States decide upon abolishing their duties on wool, it outrht to considerably enhance the value of our wools. Our population has considerably increased, but whether, taken as a whole, the immigrants are likely to become good colonists is a question. No doubt the dulness of trade on the other side has sent many to these shores looking for employment. The financial position of the colony still remains in a satisfactory state, but the Banks hare been rather conservative in making advances. Rates of interest continue unchanged in New Zealand, but show a downward tendency, rates having fallen lately in Victoria. The financial institutions report that throughout the year the applications for renowals have heen small, and thab generally a sound business has been carried on.

Banks. TOT.UL ASSETS. Dec. 31, '92. Dec. 31, '93. New ' Zealand Banks.. .. £11,472,000 £11,431,000- £11,000 Australian do. 6,681.000 6,786,000-!- 105,000 £13,153,000 £18,217,000-)- £61,000 COINS. New Zealand Banks .. .. £1,068,000 £999,000 £09,000 Australian do. 1,313,000 1,481,000+ 168,0 0 £2,381,000 £2,480,000+ £99,000 BILLS DISCOUNTED. New Zealand Banks.. .. £1,310,000 £1,374,000+ £34,000 Australian do. 049,000 962,000+ 13,010 £2,259,000 £2,330,000+ £47,000 OVERDRAFTS. New Zealand Banks.. " .. £0,391,000 £0,407,0(30+ £18.000 Australian do. 3,998,00.) 3,920,000 - 72,000 £10,389,000 £10,835,000 £54,000 ASSETS AND LIABILITIES (SURPLUS). New Zealand Banks .. .. £3,077,000 £2,837,000 £240,000 Australian do. 213,000 367,000+ 154,000 £3,290,000 £3,204,001)- £36,000 Bank Returns, 3ist December, 189*, and 31st December, 1893. TOTAL LIABILITIES. a. „ , Dec. 31, '92. Dee 31, '93. Mvmt. x-Jew Zealand u^ k y "A ■■ *8.3»«.000 £8,593,435+ £197,000 Australian do. 0,468.0'J0 6,419,946- 48,000 £14,864,000 £15,013,381+ £149,000 w „ , i TOTAL DEPOSITS. New Zealand Banks* .. £7,663,000f £7,850,000+ £182,00!) Australian do. 6,103,000 0,135,000 28,000 £13,831,000 £13,985,00 £154,000 • Inclusive of Government £376,000. ' 1 v Inclusive o£ Qoverumenti £411,0001

DEPOSITS NOT BEARING INTEREST. New Zealand T Banks .. ... £2,449,000 £2,554,000+ £105, Australian do. 1,223,000 1,284,000 + 61,000 ,■ £3,672,000 £3,838,000+ £166,000 DEPOSITS BEARING INTEREST. New Zealand Banks.. .. £4,842,000 £4,84)2,000+ £10,000 Australian do. 4,940,000 4,861,000 - 89.000 £9,782,000 £9,703,000- £79,000 NOTE CIRCULATION. . New Zealand , • Banks .. .. £678, £677,000- £1,000 .-ustralian do. 279,000 263,000- 16,000 £957,000 £960,000- £17,000 POST OFFICE SAVINGS BANKS. The latest return to hand shows the sum of £2,863,670 standing to credit of depositors. Of this sum, Auckland shows £487,489 to credit of depositors. AUCKLAND SAVINGS BANK. The total amounb to credit of depositors on 31sb December, 1893, was £512,261. LAND SETTLEMENT. Settlement still progresses in the provincial district, 138,446 acres of Government land having been taken up for the year under various tenures as follows Lands alienated from Crown in the Auckland Lin J District from Ist January to 31st December, 1893. sg|l? •> o"m" Tenure. - SotS'igS gggl, = £ ""-SS io'Ss. 55 a> 03 00 Under the occupation with Acres. right of purchase tenure 203 48,465 184 Lease in perpetuity tenure 126 31,780 252 Cash selections .. .. 175 9,370 53$ Pastoral and grazing runs 15 48,831 3,256 570 138,446 Of course, this return does nob show all the settlement, as a large amount of land has changed hands in different portions of the Provincial District. This settlement must help to increase the volume of trade before long. As the holdings are being stocked and cultivated, they will help to swell, our imports and exports. 1 give below the area of each of the Provincial Districts, and the lands still in the hands of the Government and natives in this Pro-. yincial District. As the Government have now decided to carry out the policy that was advocated by this Chamber in 1891, to settle the lands before defining tho title, and divide the moneys when ownership is determined, there is every reason to hope that a large portion of the land referred to will be settled by many of those ab present in the colony, and others who intend to make New Zealand, and this portion of it, the land j of their adoption.

Auckland evidently is intended more for a cattle than sheep district; it is therefore to be regretted that our exports of butter, cheese, and preserved meat are not larger than they have been, as out of 808,439 horned cattle in the colony, of which 305,270 are breeding cows,. Auckland possesses 221,481, of which 73,666 are breeding cows, —being 66,337 more in number than any other of the Provincial Districts. While the number of milch cows in any other province is 15,50S less than in this district, surely, in the face of such figures, the Government will change their mind in reference to shutting up Motuihi as a quarantine station. The increase of sheep in this provincial district for the year, amounted to 70,000. AREAS of land districts. Auckland about 13,000,000 acres. Taranaki „ • 2,430,000 * Hawke's Bay „ 6,000,000 „ Wellington „ 6,000,000 „ Marlborough ~ 2,500,000 „ Nelson . „ 7,000,000 „ Westland „ 3,000,000 „ Canterbury „ 8,778,000 ■, Otajto „ 8,893,000 „ Southland „ 8,600,000 „ Area of native land in the Auckland land district, adjudicated and unadjudicated, 5,284,664 acres more or less. Crown land in the Auckland land district, about 2,000,000 acres, about one-half available for settlement (about 250,000 acres is at present open for selection). KAURI COM. For the first half of 1593 the prices of kauri gum remained at a high range both in Auckland and London, although the New York market had even then shown anmistakeable signs of weakness. But last July in all of these markets a continuous decline commenced, and continues up to present date, and prices both here and in the Home markets average fully £15 per ton lower than eight months ago, and for some time previously. This has, however, not yet resulted, as was anticipated, in any material decrease of production. There is no other work available for thegumdij;gers. The production continues in excess of requirements, and the position is so serious that suggestions recently madeinalocal paper should, in my opinion, be strongly supported by this Chamber to promptly expend a sufficiently large sum of money in road-making and land settlement in the North. This would relieve trade, and doubly repay a prompt and liberal outlay by increased settlement ana by an eventual advance .in r.ho price of gum. The supplies for year ending a Ist December last were 8280 tons, against rt'226 tons, 7970 tons, 7465 tons, and 0980 tons for previous four years. As a general rule for many years past, America has taken aboub five-eighths of our gum, and Europe three-eighths, but owing to the dull trade in America, our exports to London last year were 4274 tons, against •*us9 tons to the States, and this resulted in excessive stocks in London. The exports lor ahe last live years to Europe and America uco »S follow !-'■ lrfj.-i 1 Sill. ISVU. 18S9. Tons. Tons. Tons. Tons. Tons. nniDpea to r,'urop« <i,Sß'.< 3,581 A.'-I V!,"73 lii,. m America .. 4,0 a!? f »,O i 4 i.'.iv 4,62« 0,333 a,3S!» 8,04It .8 believed that/ the Customs returns of | values of last year's exports £510,776, against £503,340 lot previous year, is an over-estimate, -*nd that £450, would be closer free uk ooard valuation for 1893. During the yea*' « inrgv. amount Oi evidence on the guo» industry was collected by a Government commission. Thest, commissioners were not unanimous ■» recommending the. levj J- a., export duty of £b per ton, -nd we maj congratulate this proving on this suggestion having fallen r.hrough, and the proposa. ,ould nave >>u stronger condemnation than the subsequent serious rail in values Even bad the -mount been *' earmarked'' io»- roads i>« -iiir Northern districts, we have in the North Trunk Railway already had an unhappy experience of ' earmarking " and it appears not improbable that money raised by special taxation ui ourselves would only have relieved the general revenue Horn - iair share or contribute to our roada «.nd rt ahuui< never .be >u»n sigh«. oi &) ou« verniers. '.hat *nile the haulage of gum does out up their «.<ads. thw '000 people employed «i the industry Bring to their own doors » market rot oheir produce. The Commissioners state il their report. — Sundry small settlers employ their time in th*, industry in seasons when farming work is slack, and « great benefit conferred on the country by the gum industry is the unfailing; resource which it has provided for those who would otherwise jq without work, and this nut only for the strong and ablebodied, bat for many who, from age and infirmity, could nob make a living from more settled pur suits, by which many have been Kept of the public funds." FLA...

It is to Do regretted the flax trade is not in a more flourishing condition. Nearly all the mills formerly engaged in the produ. tion of fibre for shipment to London and America have been closed down. Only « limited number are ab work, and these aro more particularly engaged in turning out. exceptional quality for use in local binder twine manufacture. How long this flax depression will continue is doubtful, but so iar as one can judge from present appearances, it is more than likely we shall not experience any great activity for some time. Manilla fibre is low in price, and sisal is also low, so that until these fibres take an upward move our flax will not improvo in value, or until such times as we have bettemachinery and a less wasteful and expensive mode of production than that at pro sent in vogue in the colony there can be little doubt that any money spent by way of bonus by the Government would soon bo recouped by an industry which is capable of giving such large employment to thinhabitants of the colony, the exports fo • the year 1893 being £219,375, being in crease of about £5000 over 'hat • ; >ast year. VNjNS Our production o> bullion io mo yet shows a slight increase. This is principally di> to the returns from the Ohinemuri district) where several mines, owned oy English companies, have been producing « fair'

amount of bullion. Dividends are now being paid by the Waihi and Karangahake Gold Mining Companies. There have, been several new finds in "this- district, which, irom present prospects, appear likely to increase the output or bullion during cht> present year, and m largo ate* of ground is now being taken up, and several new mines are being vigorously worked. At th« lower Thames mining has been dull during &h& past year. Mr. Murray, & mining enpert, and goologist of great experience, has been visiting thb lower Thames, to report «*. the feasibility of opening up our mines ►». deep sinking. Up to the present the gentleman's reporb is not to hand, but 1 believe it will recommend that the deeper levels at the Thames should be tested, as rtit.ro is kit* known reason why deep mining should not pay as well at the Thames as it has done in other countries ; and the Government will no doubt help an industry that tins done so much for the colony, by placing a sum of money on tho Estimates, as has been done in the Australian colonies. Should payable gold be found at greater depth it would give an impetus .to trade, not only in this city, but in the wholo colony. Therefore, deep sinking should be considered more a colonial than a. provincial question. It is to be hoped that the members of this Chamber will take an interest in the development of the greab mineral wealth of our provincial district. The dividends paid from various companies during the pasb year amounted to £33,000. WOOL OFFERED AT AUCTION IN NEW ZEALAND. Bales. Bales. 1890-01 season, offered .. .. 75,043 sold 445 1801-92 M .... 79,170 „ 62,762 1892-93 „ „ V. .. 101,008 „ 87,382 1893-94 „ 90,000 „ 82,000 AUCKLAND SALES. 1890-91 „ „ ~. .. 6,642 „ 5,04? 189192 „ . " „ .. 0,218 „ 5,951 1802-93 „ „ .. .. 8,629 „ 8,219 1893-94 „ „ .. .. 7,500 „ 7,000 The Auckland wool sales have annually increased in importance, and representatives of foreign houses are now regularly present at these fixtures, giving a good field of buyers, and ensuring fair market values for the staple. The apparent decrease in the public offerings this year is largely due to the action of one or two operators, who bought privately from growers at the commencement of the season, a practice which cannot be considered conducive to the growers' interest, competition being entirely absent from such transactions. It is gratifying to observe the steady improvement manifested in the growth and general "get up" of our local wools, and without doubt sheep farmers who exercise care in this matter will reap the reward thoy deserve in increased demand and full market rates. No quotable improvement has been manifested during the year in the Oner wools, suitable for American requirements, owing to the continued disorganised condition of general affairs in the United States, and the uncertainty surrounding fiscal matters there ; but there lire now evidences of some settlement being effected in the near future with regard to the tariff, and if wool is included in the free list, a filliD will bo given to the market for such classes of wool. The coarser wools offered locally have shown an advance on the average of the preceding season of £d to £d per lb. The London average per bale during the past five years shows for 1889, £15 10s; 1890, £14 15s; 1891, £13 10s; 1892, £I*2 (the lowest point on record), and 1893, £12 10*. An average advance of about 4 per cent, is thus manifested in ; 1893 values as compared with those of 1892, — not much, but still a movement in the right direction. As a striking comparison, it is worth noting that tho London average ten years ago, say, 1883, was £16 15s for bale, and ten years further back, ; say, 873, it was £24 ss—a marvellous difference An equally striking reversal of figures is shown in regard to quantities, for while in 1873 the total importation of Australasian wool into Europe and America was 571,000 bales, in 1883 ib was 1,054,000 bales, and in 1893 it had closely approached 1,750,000, thus nearly doubling itself in each decade.

SHEEP In the colony at 30th April, 1893, tho latesb complete returns published :— North Island 8,685,361 South Island ... ... 10,695,008 Total 19,380,369 The increase for the year ended 30th April,, 1893, was 809,617, by far the larger half j appertaining to the North Island, and about 63,000 to the Auckland sheep distriob. These figures indicate considerable expansion in the chief industry of the colony. HARBOUR BOARD. As your representative on the Harbour Board, it is necessary I should say something thereon, more especially as last year 1 somewhat) misled the Chamber in reference to accommodation for shipping. I find the accommodation at tho various wharves, and the storage capacity for goods, is at the present moment) much larger than is generally known, as tho following figures will show r—The tota. numbei of sheds now in us», ar% 11, with storage capacity of 16,420 tons. Th* wharves now ereoted in the harbour aftorc berthing accommodation tt tht, extent of some 13,98?" lineal feet, with, depths o» watei varying from 0 to 30 feet at to* <vatei ordinary spring tides, whilt, in th» harbour itself water of irom 30 fcu 45 feet is obtainable in all directions, with c range of tide from Bto 12 reel/. Every attempt ha« been, and is being, maae to keep down tho oxpenses on goods landed, and dues on vessels visiting this port. Comparisons might; be entered upon as to the cost of (undine cargo, and wharfage and labour charges thereupon, at t.he different largo centres in the colony, but the cnarges and methods or treatment) of goods at each port being en entirely different, owing mainly to surrounding circumstances, any ouch comparisons might only lead to error ui confusion. Of one thing, however, our Auckland merchants may rest assured, that) K oudfe «,s a whole are landed, sorted, and uonvoyod to business premises in Auckland at- a less cost for wharfage, labour, and cartago than in any other targe port in the colony During the year a scheme has been adopted yith tho view of bringing the larger class of VnsseL closer up to the town, therebv obviating th« necessity for using long wnarves projecting into the harbour ifc having been touna that, by dredging, ampin aepth of water t& accommodate the largest ocean-going steamers can De obtained much nearer the city This work, or course, car>,my he done when tunas are available The nett revenue tor the year 1893 was £Xi,;in<j I 17a Id, ana although tnis appears a larg. eUDi of money, yet, owing to permanent) charges, th« sum& available, foi work in | an/ year, owing to the largt, expendiCure ow docks and other harboui improve - luonts, is small, and although at 110 distant)' date the Auckland Harbour Boara, with lblarge endowments will be the wealthiest body in the colony, 110 large expenditure cm. be at present incurred unless higher dues are paid by ships and shippers <«f goods, and I am of opinion that there is uu necessity for this being done at the present timu. The Harbour Board have expressed their willingness to grant to this Chamber site in a central position on which to erect a chamber, providing this body is at tiny expense there may be incurred to enable tne Harbour Board to do so legally, and agree within <* reasonable time to erect ijuitablh. buildings thereon. This offer should be at once accepted by our mere tile community, us there can be no doubt it would be of groat benefit in a short time to have buildings of their own in a central position, where merchants and others could meet, and where our various articles of trade and commerce could be on exhibition. SHIPPING RETURNS AND VESSELS OWVKD N AUCKLAND. WARDS. Vessels. Tons. Cre\v. iS92. ... 255 229,338 8,649 1893. ... 246 238,220 8,89^ Decrease — Increase ... **,882 241 OUTWARDS. Vessels. Tons. Crew. 1392. . .. 239 181,349 7,504 | '893 218 178, 7,619 .Decrease ... ' 21 2,4&'" — •ncrease - 115 VESSELS REGISTERED. The vessels owned and registered at the Port of Auckland on December 31, 1882 and 1893 respectively, stand thus Vessels. Tons. ißitt . .237 17,680 1893 225 15,64** decrease .. .. 11£ 2,03* 'Che decrease is owing to rigorous purging of the registry of vessels lost allowed to remain on register, pending more searching information of their ultimate end.

1 The following vessels registered at Auckj land have been employed during the year as under » — - ) fj TH» COASTINW TRADE AND RIVKh SHR VICE. Vessels. Tons. mailing ... 93 3,418 Steam ... . ... 59 4.300 152 7,718 t-AftTLI k >, HOMJ. ANO PARTLY IN fOREIGB TRA.DH. Vessels. Tons. Sailing 8 644 Steam ... .. 1 3*2 * 676 ©NLT IN FOrCEiGN TRAD*,. _____ Vessels. Tons. Sailing; 60 8,546 Steam ... 869 82 iilii Totals 225* 17,809 COASTWISB SHIPPING. The coasting trade compares as under INWARDS COASTWISE. Vessels. Tons. Crevw 1892 6,050 629,708 49,549 1893 6,363 693,893 51,059! Increase .♦ 313 69,190 1,503 OUTWARDS WASTWISK. Vessels. Tons. Crew. 1892 ... 1.. 6,025 667,209 51,210 189 6,310 706,812 51,878 lucrease - 285 39,543 668 INDUSTRIES OF THE COLONY. Value of manufactures of the provincial districts for the year 1892-93. Including output of gold :-*< Auckland £2,396,000 Ofcago ... ... 2,237,246 Canterbury 2,061,921 Wellington ... ... ... 1,412,465 Or excluding the output of gold ! Auckland £2,184,401 [ Otago ... 2,078,356 Canterbury ... ... 2,056,412 Wellington 1,412,465 Other provincial districts ... 1,042,194 Thus showing thab Auckland has 25 per cent, of the local industries in the colony. TRADE. The volume of trade in Auckland for the past year has nob been so greab as that of tho previous year. This, no doubt, is caused to a large extent by the falling off in the prices realised by our staple industries, principally flax and gum. At the sama time business has never been sounder, and trade engagements have been better met than for many years pasb—the renewals and accommodation asked for have been less than for a considerable period. There has been a reduction in the imports, more especially in the soft goods trade, our total imports for the year being £1,487,827, as against £1,642,686, showing a falling off of £154,85&. This, I understand, has been to some extent caused by overstocking in the y eai- 1892, wfiile out exports, notwithstanding a decrease for the whole colony, snow an increase of £39,333 ; and this, notwithstanding the great loss sustained in the gum and flax industries—showing that, if slowly we are surely forging ahead. The Bankruptcies for the year have been about *:> per cent, of the average for the last ten yuan-, showing t> further healthful state of business m our province. IKADS WITH I'IIE ISLANDS, I am happy to say that for the pasb year our trade with the Islands shows a further increase ol £6400, and with care there is no doubt that this trade can be considerably to ore aaerl <fIAHN TRUNK RAILWAY. The question of the Main Trunk Rail- j way is still unsettled, and so far as we are able to ascertain, very little has yet been done in reference to having a complete survey of the various routes which have been suggested; nor does it seem likely that there will be any complete plans roady to place before the House at the nexb session ot Parliament. This is very much bo be regretted, as there can be no doubt that so far as this provincial district, and that of Taranaki are concerned, the Stratford route, or » line connecting Auckland with Taranaki, would mean the opening up and settlement oi much of the good land in these two districts. The Northern Railway League have this matter in hand, and have been working energetically in the matter, and deserve the thanks of this Chamber in their endeavours to have Auckland connected with the other portions of the colony by railway, from which they have been so long isolated. *OTORCA RAILWAY. Another section of this line has been opened since our last annual meeting, and in accordance with promise, tenders have bean called for completion of the line to Rotorua. This, will have a beneficial effect on the tourist traffic of this portion of the colony. RAIL A- *>. The revenue for the year is up to expectations, and the management has given general satisfaction. The Government have deemed it advisable to change two of the Commissioners. What effect this will have on the colony, remains to be seen, but 1 win of opinion that men should be appointed to all positions for their ability, and not for thei» politics for it a man's services and ability art. not to be taken into consideration when every change of Government takes place, then the whole Civil Service will become demoralised, as no oin wilr be sure of his position, and the worst form or Americanism be imported into, this colony, which w*-. would cU well U &''Oia

fIONCLUSION. So many subjects having; engaged oar attention during the past) years, and there being a considerable difference of opinion as to the financial position of the colony and the province, I have deemed it advisable to dilate somewhat upon out- position and products, feeling assured that the data now presented will be scanned with interest not only by colonists themselves bub outside, more especially by English commercial circles. Taking the position of the colony as a whole, I think we have every reason to be proud of our position; and if the Government and the colony decide to continue upon the no-borrowing policy, and honestly determine to live within our present income, there is no reason why New Zealand should nob maintain its premier position in the money market. This is more especially the case with Auckland. As will be scan by the figures we have quoted, Auckland's position as a commercial, manufacturing, and exporting city is increasing yearly, and when our lands are opened and settled upon as in other districts, we may look forward to increased trade and prosperity. 1 have to thank the members of the Chamber for ray election for a third term last year, being, I believe, the firsb time during the existence of this Chamber that the chair has been occupied for so Ion;; a period by any one president. It will be your duty to-day to elect committee and officers, who will I trust work as harmoniously together for the interest of the city and colony as the gentlemen who retire. I have also to thank Mr. Young, secretary, for his zeal and efforts during the past year. (Applause.) Mr. McMillan, in seconding the adoption of the report, said he thought that the idea that had been put forth as to the selection of a piece of land on which to put good buildings for the Chamber, would, perhaps, infuse commercial people with some enthusiasm. Agricultural associations, fruitgrowers' societies, and such, had now to meet in various places. If they could induce sympathy with the objects of country settlers, with the objects of the Chamber, they might do great good, and such associations as he had mentioned might hold their meetings in the new building. Ho hoped the next year of the chairman's holding of office would be distinguished by seeing the erection of a suitable building. The chairman had spoken of the ausstion of settlement. There was no oubt, if Auckland was to make any headway, settlement must be pushed ahead. Unfortunately, they had been very badly treated by the Government in regard to the opening up of roads North of Auckland. The unfortunate settlers who had to make their way through deep mud to get to the various settlements suffered severe hardships—and until the Chamber took upon itself to influence members of Parliament to urge upon the Government the putting upon the Estimates a certain sum of money to construct a main road from Auckland to I Mangonui, with by-connecting roads, he (the speaker) did not think they could expect the Northern portion of the Province to progress in any marked degree. Mr. McMillan then went on to urge that pressure should be brought to bear to get native lands opened up. Large estates in the South were being acquired by the Government from private owners, while teas of

thousands of acres in tho North were utterly unoccupied. The Government was what they called a Southern Government that was to.say, all the money and all the effort seemed to be put forth for the development of the South, while the North was disgracefully neglected. He thought if the Chairman and two or three members of the Committee went to Wellington before the opening of the session, and laid before Mr. Seddon the wants of the North, it would have a most beneficial effect. At all events, it wonld draw public attention to the necessity for energetic measures. As to the settlement of the railway route, the Government would not decide until they were absolutely forced ; thoy would still keep Wellington agitating for the central and Auckland for the Taranaki route. Of course they all thought the latter the better, but he counselled, rather than that there should be any further delay, to let the votes of the House decide which route should be adopted. The Government had not had the slightest intention of deciding the question before the elections because ib would have estranged members. And _if allowed they would pursue the same tactics next session. Tho reporb was then unanimously agreed to. ELECTION OF OFFICERS. Mr. A. H. Nathan proposed that Mr. Adam Porter be re-elected chairman of the Chamber. He could testify that during the three years Mr. Porter hud occupied the chair he had given attention and energy to the duties of his office such as had never been excelled by any. Mr. Graves Aicki>n seconded the proposition. This was carried unanimously. Mr. Porter briefly replied. Mr. Arthur Nathan was then re-appointed vice-president, and the following gentlemen were selected to form the committee : —Messrs. S. C. Johnson, R. Fen wick, R, A. Carr, H. C. Tewsley, G. Aickin, M. A. Clark, C. Seegner, and B. Kent. Mr. Waymouth was re appointed auditor. In was decided to print the report in the usual way. The Chairman incidentally mentioned that he himself had received the promise of eight or ten new members, and two subscriptions of £5 each to the list. The proceedings then terminated.