THE OTAGO DAILY TIMES FRIDAY, AUGUST 22, 1924. THE CHAMBER OF COMMERCE.

Otago Daily Times, Issue 19257, 22 August 1924, Page 6

THE OTAGO DAILY TIMES FRIDAY, AUGUST 22, 1924. THE CHAMBER OF COMMERCE.

In a thoughtful and logical address at the annual meeting of the Dunedin Chamber oi Commerce last evening the retiring president covered a somewhat wide field. Mr Barr’s speech embodied a groat deal of instructive comment and shrewd criticism cn topics that are of outstanding interest both to the local community and to the dominion as a whole. His references to the Exhibition, which is to ho opened next year, may ho cordially commended to the attention of the general public. Tliev place the Exhibition project in the prominent position which it should occupy unchallenged in tiie outlook of this city and of Otago. Too much emphasis cannot he placed upon the value —indeed upon the necessity—-of local enthusiasm as a means of bringing the project to the successful consummation

that is anticipated. As Mr Barr has observed, the time for doubts and questionings is past. Tlic project is under way, and ‘‘for the credit of the dominion and not merely that of our own city we must make it a huge success.” Energy, allied with confidence, manifesting itself in the extension of practical support to the undertaking by the citizens as a whole, should he perfectly capable of bringing to realisation Mr Barr’s inspiring view of the possibilities of the enterprise. We welcome the emphasis placed by him upon the urgent need of a settlement among the local bodies concerned with respect to the question of the highway to Logan Park. The importance of this matter in the interests of the city and of the Exhibition is patent, and the delay that is attending the negotiations between City Council, Harbour Board, and Education Board, which must be brought to a satisfactory conclusion before loan proposals for the construction of the highway can be placed before the ratepayers, has been as vexatious as it has been unprofitable. Upon the question of the need for improvement in the shipping services available to this part of the dominion the Chamber of Commerce shows itself, as heretofore, fully wide awake, and it is not for lack of endeavour on its part that the handicaps arising from a very unsatisfactory state of affairs have not been to at least a considerable extent eliminated. A generation is growing up in Otago which will have no appreciation of the extent to which we wore served in the past in respect of regular shipping communication with the rest of the dominion and with the Commonwealth. Amelioration of a situation which is prejudicial to the interests of Otago, and of concern to the South Island generally, is not to be expected, apparently, until agitation in the matter has assumed a still stronger phase. Referring to the question of taxation, Mr Barr expressed satisfaction at the degree which the conclusions of the recent Commission are in harmony with representations of the Chambers of Com merce. We would lay stress upon Mr Barr’s estimate of the importance of a reduction in the weight of taxation concerning which matter the Commission stated that it was “essential in the interests of the future prosperity of the dominion that the weight of taxation should be reduced as rapidly as possible.” It seems to be extraordinarily difficult to wean some people from the erroneous view that remissions of direct taxation simply mean remissions of class taxation. This view involves a failure to perceive that taxation imposed directly upon any section of the community—upon individuals or companies —must affect the community as a whole. That taxation is almost'unquestionablypassed on by those upon whom it is directly impased, and thus the burden of it is widely distributed. Accordingly, any remission in the weight of taxation is a- remission the benefit of which is shared by the whole community. Mr Barr’s allusion to the Mortgages Final Extension Bill, now before Parliament, was pertinent and instructive. It has an effective critical application to the utterances of Mr Wilford and Mr Holland in the Lower House in respect to the question of the termination of the moratorium. Mr Barr’s observations ou this question are certainly not entitled to the less respect because he is able to point out that the lifting of the moratorium will uot cause any serious trouble in Otago and Southland. For, though the difficulties existing in the nortli are admittedly more considerable, the arguments in favour of the removal of restrictions which are delaying a return of normal conditions are uot on that account robbed of any of their practical cogency. The portion of Mr Barr’s speech that was devoted to the subject of preference shares and company debentures will be read by a number of investors with an interest bom of an unfortunate personal experience. His observations concerning the matter were frank and very much to the point. The excitements of boom trade, expansions of business, and glowing prospectuses inviting advances of money at highly attractive rates of interest now servo to point a moral and adorn a tale, but they have led to the creation of a position the commercial aspect of which is distinctly to be deplored.