"AS GOOD TIMES COMING."

New Zealand Herald, Volume XLVI, Issue 14133, 7 August 1909, Page 6

"AS GOOD TIMES COMING."

THE COMMERCIAL OUTLOOK.

SOME HOPEFUL FEATURES.

[BY TEMGBATH.— ASSOCIATION.] Dtjnemn-, Friday. The president of the Chamber of Commerce (Mr. Dugald McPherson), in hie annual address this afternoon, said the commercial atmosphere bad been distinctly electrical during the year. The main cause of the disturbance was financial stringency in the American market, which had the effect of depreciating the value of wool. America woe, however, again operating freely in tho wool market. Our flocks had increased, and the prospects for the future were more encouraging. Regarding the financial outlook, Mr. McPherson 6a id :—" We were probably the last to feel the effects of the financial disturbance on account of our distance from the centre. Our greatest inconvenience was felt during the first quarter of 1909, on account of the withdrawal of capital from the Dominion to the great financial centres, to be in readiness for distribution to points where demands were most pressing. This cam© very inopportunely for lis, for we had not had time to recover from the effects of a shortage in our exports of the previous season. No matter how gilt-edged the security money could not bo procured for either trade or speculative purposes. The inconvenience, although not quite passed away, wag not so acute as at the period referred to. Banking and other financial institutions are having a more comfortable time. We are greatly indebted to them for the manner in which they acted in bringing us through the crisis with so little damage. " I do not look upon our imports having increased out of proportion to our- exports as a very serious calamity. When there is a falling away in any particular season in •our exports it is a very serious matter, and the money lost is lost absolutely, even although the following season may make a remarkable recovery. With regard to our import trade the same does not apply. There is no material loss. Traders appear now to be working down heavy stocks, for, as far as I can ascertain, there has been no falling off in the distributing trade. As we were the last to feel the effects of the disturbance, we have, I think, been the first to experience the rebound. Although the imports for the year 1908 showed an excess of over a million pounds as compared with the exports, the position is considerably altered. If figures are taken for the 12 months ended March 31, 1909, the result shows an excess of exports of nearly £200,000, and if figures for the quarter ended June 30 were available, I am sure the excess would be still greater. This is promising for the current year, and should give encouragement to farmers and flockowners and better tone to our trade and commerce. By maintaining a proper balance between our exports and imports we can establish trie undoubted prosperity of the Dominion and tho welfare of the whole community. At tho same time the warning cry that was raised a few months ago requires to be repeated, urging prudence, economy, and vigilance. With continued practice of these, I have every reason to hope that there are as good times for us in' the future as there have been in tho past."