CHAMBER OF COMMERCE.

Otago Daily Times, Issue 1157, 16 September 1865, Page 5

CHAMBER OF COMMERCE.

A Special Meeting of the Chamber of Commerce was held ia their office at the Athenwum Buildings, yesterday afternoon. Mr G. Turnbuli occupied the chair, and there were present Messrs C. Caldwell, J. Batbgate, J. S. Webb, G. G, Russell, J. Watson, J.-Ilattray, P. C. Neill, Thoneman, W. A. Tolmie, J?. B. Mudie, J. Davie, J. T. Wright, R. M. Robertson, F. Pantlin, and the lion, secretary, M. Sholl. I

THE BASKING- ACTS AND SUB CCttBByCY. The Chaikmax-briefly stated that the meeting had been called for the purpose of considering the provisions of the Banking Acts as affecting- the currency; and the advisibility of encouraging the introduction of Chinese into the Province. Mr Jonx Batihsate said the first of these subjects had been mooted by him, but the motion which he would propose would merely be to refer the subject to a committee for enquiry and consideration, and he would confine himself to stating the grounds upon which he asked for that enquiry. The present system required that each of the Banks had to keep gold in its treasury sufficient to cover all its note circulation, which operated very prejudicially upon commerce, because it had the effect of limiting the accommodation which the Banks gave to the public, more especially in the way in which the system was conducted by the Banks themselve?. They might have one common centre or treasury where all the gold sufficient to meet the requirements of all the Banks in the Colony could be represented. At present, each petty town had its own place of exchange, with the exception of Invercargill, which drew upon Dunedin. If not changed, very recently there was a separate exchange between the Banks in Lyttelton. This system could be greatly modified, if there were—say, three—important points in the Colony, where all the exchanges of the Banks could be made. Managers in the different towns occasionally got alarmed at any sudden demand upon them for gold ; and, in order to protect themselves, they almost invariably kept a larger amount of gold at all the points where their Banks were eslablished than was necessary ; but, according to the present system, it was ncc:ss^ry, became they would find that, although the chief authorities of the different Banks generally acted upon broad and comprehensive views, they could not expect that salaried officers with a few hundreds a year would act in such a spint; and in some cases managers had b.en found who were disposed to take advantage of an accident to their neighboury, such as wben there was a large transaction iv sheep or a cheque for a large amount to pay, and the Bank happened not to have sufficient bullion in its treasury to meat it. Owing to the present system of keeping gold at all the various points, Bank Managers could not part with it, and when <"n accommodati m was wanted they had to refuse. It thus prevented that accommodation to commerce which the gold might otherwise give. Owing to each separate town having its own exchange, there might be gold wanted iv Dunedin and plenty lying in Christchurch. Shipments had then to take place, and the result was

that gold \va3 being constantly shipped from one place to another, and it frequently happened here that one Bank was shipping 50,000 sovereigns, while another was importing an equal amount, whereas all this might be saved by simply exchanging it. The present system might be good for the shipping agents, but it was not so for any other c!ass of the community. He found by the last quarter's revenue returns the total note circulation in the colony was L 657.000, while the gold kept on hand by the Banks to meet this was L 729,000. He could not express any opinion as to the proper remedy to be applied for preventing any waste or extravagance, or making the system more improved for the public benefit, as that would very properly follow upon any inquiry which the Committee, for which he intended to move, would make. In his opinion it went against common sense that the banks here should make a departure from the principles which ruled these establishments, elsewhere. In London, for instance, there was only one clearing house for all the Banks, in whish exchanges to an enormous amount were arranged each day, and the simple balances paid over. But here there was an absurd system by which, on a certain day in the week, the exchange clerks ol each Bank might be seen hurrying about from one Bank to another with bags of gold, whereas the whole affair might be arranged in the parlor of any of the Bank** He would go a step further anJ say, that it would be advantageous to have one clearing house for the whole Colony. Then ai to the currency itself, and the best modes of dealing with if. He had already mentioned that the law required each Bank to keep gold in its coffers sufficient to cover its note circulation ; hut he thought it would be quite sufficient if the Banks, instead of keeping gold, kept securities of some kind. What was there to prevent the Government issuing thtir own Treasury Bills, bearing interest at eight per cent. A number of these could be taken and held by the Banks as securities; the gold could be. used by the Government ; the Banks would have the benefit of the eight per cent.; and the ■ public would be benefited by the Banks being in a better position to grant their accommodation. Tb.3 Government bad to send home their debentures to Bell, whereas if this system were adopted a very large amount of money could be raised within the colony. When he spoke of the Government, he meant the whole people, because what was for the benefit of the Government was for the benefit of the entire community. Another reason against the keeping of gold at all the seap&rt towns was, that in the event of war any privateer coiU4 run. along the coa,st end seize it all \ whereas, if it was coUected' at one spot it could be protected by an ironclad, or <me Ql W Majesty's, frigates, la

Dar «3in alone there was a quarter of «~ million of gold, and who bad they to protect it in case of'war? It was true that they had the City Gearils and No. 2 Company. — (Laughter.) These were the grounds upon which he asked the Chamber to name a Committee, to> enquire into tliia matter, before which the details conld he more properly discussed. Upon a careful investigation, he had no doubt that a remedy would be found. He moved—" That s Committee be appointed to enquire and report upon the law regulating the currency of New Zealand, with a view to remedy any defects which may exist' therein."

Mr J. S. Wj:nn said he would second the motion pro forma, in order that the opinion of the meeting might Ee~ takea upon it. At the same time he waS of opinion that the matter as stated by Mr Kathgate was not a subject in which the Chamber should interfere. He had stated his subject in two parts—first, as to" the exchanges of the Banks and its inconvenience; and second, the desirability that instead of gold certain Government securities or Treasury bills might be held by the Banks. A3 to the first objection, it' appeared to him that the question of settling in gold was a private affair between - the Banks themselves,- and" as to the second, it was very undesirable that the Banks should hold any security except Kpld for the notes which they circulated. That was his opinion, and he believed it to be the opinion of the majority of men in the commercial world. He thought the Chamber was hardly able to cope with a subject which had engaged the minds of many active men on the other side of the world without result. If the motion had, been seconded, it was his intention to have moved an aaiendment affirming that the present banking laws were satisfactory. Mr J. Batiigatb said there was no appurent disposition on the part of the meeting to discuss the matter or to ask for enquiry into it, and he thought the proper course would be for him to ask leave to withdraw the motion. Leave was granted, and the motion was withdrawn. CHINESE IMMIGRATION1. Mr Toi.mik said he had previously brought before the Committee of the Chamber the advisability of introducing Chinese into this Province ; and it was at his suggestion that the subject was now brought before a special meetinz of the Chamber. He moved—" That it is desirable that the immigration of Chinese into this Province be encouraged." He would simply state that, judging from the present appearance of the Province, it was necessary that they should have a population of some kind, as we were not likely to retain the population which we have, he thoughfe that some inducements ought to be offered for the introduction of Chinese. His experience of the Chinese in Australia was that they made very vnluablc colonists; were a well-behaved class, and produced large quantities of gold, and were large consumers. Mr KoiiKßTsox seconded the motion* He spoke from experience, when he said that the introduction of Chinese into Victoria had done much good to that colony. For his own satisfaction, lie had that day asked the opinion of Mr Justice Chapman on this subject, and he had spoken very favorably of the Chinese. He said that, " when it was proposed in the Victorian Assembly to tax opium and rice, Mr Ilaines complaiced that the Chinese did not contribute to the revenue, because they did not drink." That was true, for they were a very sober race. They were also a very orderly population generally, and did not swell the criminal trials in a greater proportion than Europeans ; they were seldom connected with great crimes, their principal ones being those which were connected with cunning and cheating, and they were clever at making spurious gold, rhey also labored hard—were content with a small result, and were very frugal in their expenditure. He believed the :ommon impression that the Chinese were juilty of nameless offences, was a great a'.umny. That was the opinion of a person who was in a position to form a sorrect estimate, and he believed it was a. rery just one. Mr J. Hatthay supported the motion-. Fie had been informed by several Gold .•"ields Wardens, who had experience of the Chinese in Victoria, that on the majority of he Gold Fields here there was work for Chinese where Europeans would not work. Dheir organisation and manner of life^ mabled them to find gold in sufficient [uantities to pay them, where Europeans ould not work for it. If the Cainese rere introduced, many parts of this Proince, which were now lying waste, would ie worked and made to pay. Us had eason to believe that the Chinese were .•ell disposed, and anxious to come over lere if the Government would give theia ome guarantee that their lives and pro>erty would be protected. Mr J. Bathgatb was decidedly opposed 0 this motion. He had no objection ta ny countrymen coming here in. the •rdinary way, putting themselves under he protection of our laws, and followng their pursuits in a lawful manner; ut he did object [to the impor-» ation of hordes of Chinese. The scheme ppeared to him to ha fraught with; anger on several grounds.—First: liey were not wanted, for there was much nemployed labor in the market at pre:nt. It would be doing an injustice ta ht-ir fellow-countrymen if they brought !hinese here to labor at a lower rate, to ne injury and detriment of the working lass. There was scarcely a week passed, ut he had applications; made to him by ■orking-men "for leave to toil," as Burns lid. Another undoubted consequence rhich would follow the introduction of ac Chinese would be to lower the tone oC lorality of the population; and he '.ought that any m»n who had the least >ye for the country in which he lived, lould rather strivj to elevate the populaon than to lower it. The Chinese had ot the same ideas of. morality as Euroeans had, and their introduction mast aye a very prejudical ctfect upon the immunity at large. Another element ot* anger was the importing of a large numer of persons, who lived separate from the iber portions of toe community. The iniuesi: did not come here to mingle with, ie population^ but to remain as 3 sepaite class, governed by their own laws and. aje&, and, ia fact, idolators. He should ke to h,eor anyone assent that such a state r thing's was productive of anything ut danger. It was admitted that'thft hinese did not come here for the purose of settling- What was wanted aer&

was permanent settlers, who by their labor would create capital for the general benefit. The Chinese -would only be here for a lew yearp, and would then take away with them what money they had madr, and spend it in another .country. ■ He did uot eec the necessity for, bringing people here to dig up our gold and carry it away, leaving the country only so much the poorer. And for all this the only practical answer he had heard given wa.», that the Chinese were great consumers. Was it a reason that, in order to enab'e the mercantile ir.cn to cell more pork and baprs oi rke, all classes of the community should suffer, and the tone o':' their morality lowered ? He opposed the motion strongly. Messrs Ewa:.' and Cai,dwem. spoke very favorably in support of the motion. It was then put to the meeting, and carried, Mr Batbgate alone dis^cntin^. Mr Ev/an moved—•' That a Committee he appoiiited to wait upon the Government to urge the Executive to give an official letter or notice to the effect that the lives and property of any Chinese corning into the Province will be protected. The committee to consist of Messrs Tolmie, Turnhull, ll'.ibertson, Caldwcll, Watson, Itussell, anrl the mover."

Mr Watson seconded the motion

Mr Batikjate expre.-Eed his opinion that it would te very wrong lor the Government to grant r.ity such guarantee to a body of men who came here with the avowed intention of not settling. Mr i-'wAN- said tiny were not risking the Government for money.

Mr Bathoatr thought that money was asked for in^irccily, when a large number of police would have to be employed. Mr Evan expected that the Chinese would be tixcd for their own protection.

Mr Bathgate would tax all diggers,

After a short discussion, the motion was carried, Mr BaUuraU-'s being the only hand held up "on the contrary." The Chamber adjourned.

At the last diplomatic reception at the TuiJeries, 'he Emperor, having observed the new Turki-h Ambassador, whom he had not seen before, went up to him and addressed him in a few poliiu words. Alter the first compliment the Amhnssudor bowed low, but did not answer, mid the Emperor continued his flattering speeches without clicking a word of reply or acknowledgment. At last some one explained tiie mystery by whispering to hi-! Alajestj' that Safvet Pacha does not -p.ak French.

A Fj'.encji ExiicuTio.N. —There lias been a public execution, by ;>nillotinc, at Orleans; 10.000 perrons, but very few women, were present. Houdebine, the murderer, had been convicted and pardoned twice before; and now convicted again of murder only, he asked for pardon to satisfy the requirements of the Jaw. "Yet how cau the Emperor pardon me ?" observed Ilou'lebine; "he hxs done so twice already. Tin's time, however, I am not guilty." The priest gave him absolution, which he barely accepted, and a tister oi ciian'fy a tumbler of mulled wine, which he refused ; then there was a rushing sound like the cut of a cavalry sword, a. thud i:i the bsskeat, and the 10,000 returned to their work. Italy now possesses a fleet of 08 vessels, 74 of which arc ships of the line, and 2-1 are transports. The ships of war consist of 18 iron-clndr, 21 screw steamers, 25 paddle-wheel steamers, and 10 nailing vessels. The nominal power of the engines in the war skinners is 23,140 horses ; they reckon 12G0 cannon, and '20.H53 men. In the transport service the engines are of 4350 horse-power, a:id the ships are provided with 43 cannon, and manned by 1882 seaiiKii.

The Ktuike Mama in Fjiance.—There Lave been some rather serious strikes at Lyons, leading to pcvenU arrests. The lacemakcrs have Iji.ch on strike ior some time, and the " Courrier de Lyons" says that in some quarters their conduct had been very bad, and that several men aie to be prosecuted ior threats and violence towards their brethren who were desirous to return to their worlc. The dyera' strike was thought to be nearly over, but according to the latest news from Lynns, these operatives arc standing out wish greater determination than ever. They do not ask for higher wage?, but demand that the working day be reduced from 11 hours to 10 ; that apprentices shall o.ily be allowed in the proportion of one apprentice to 10 workmen, because it has been found that in the dead season too many apprentices throw mtn out of work ; th.it no more extra hands th^n absolutely necessary to work the machinery shall be employed in the dyeing workshops, and that ior extra work 75c! an hour shall be paid. The masters firmly refuse to accede to these terms. Madame Tcpliskow, wife of the Russian general of artillery of that name, has just been burnt to death at Kief, from the accidental setting on fire of her clothing by the ashes of a cigarette which she was smoking. The Unita Cattolica of Turin sent to the Pope, oa the occasion of the Whitsuntide holiday?, a sum of !)0,000f., us well as a casket of jewellery and other valuable objects. The discarded ends of cigars arc carefully collected in Paris, ground and sifted, and then used in wine shops, where any person taking a glass of wine has the privilege of smoking any amount of tobacco graits. It is stated that it will cost the French Cab Company 2,J00,000f. a } ear to comply with the dtniruuls of the cabmen.

A joke which has great succe:-s on the Paris' boulevards is, that tho next strike will be a strike of the army, all ihe soldiers in France refusing to do duty unless they get higher pay. A Letter from Mazziai recommends the Italian question " to be put before that of Home," and preaches " immediate war upon Austria." Several Belgian journals mention that 300 volunteers have offered themselves to replace in Mexico their countrymen who fell at Tacamburo. A correspondent writes:—"l am rather surprised that no one his yet pointed out the source from which the exciting news of the defeat of the Russians in Central A>ia was obtained, especially as that news has been subjected to so much severe criticism. Let me supply this omission. The intelligence is taken bodily from the Levant Herald of the 7th instant, where it appears in the form of a letter ' from a correspondent,' and is unnoticed in the editorial columns." ._ Pulmonic consumption is said to be more prevalent in Vienna than in any other city of Europe.