CHAMBER OF COMMERCE.

Otago Witness, Issue 2006, 4 August 1892, Page 15

CHAMBER OF COMMERCE.

ANNUAL MEETING. j The annual meeting of the Dunedin Chamber of Commerce was held in the hall of the chamber on Friday afternoon. The retiring president (Mr A. S. Patersou) occupied the chair, and there were also present : — Messrs K. Ramsay, H. Rose, A. Burt, R. Wilson, J. T. Mackerras, T. R. Fisher, P. J. Sargood, G. Fenwick, T. W. Kempthorue A. C, Begg, G. L. Denniston, M. Joel, J. H. Morrison, W. Cuningham Smith, J. M'Rae Gallaway, M. j Finker, R. H. Leary, H. Guthrie, and W. Gow. \ An apology was received for the absence of 'Mr T. K. Harty.

ANNUAL REPOUT.

The Chairman, moved the adoption of the report in an extremely exhaustive and interest- , ing speech from which we make the following , extracts : — j

OTAGO CENTRAL KJILWAY. j This question is allied to the previous one [that of harbour board matters, and imports J and exports], because of its presenting the only leasible way of replenishing our import and expoit trades by increased settlement and production in a district which our port virtually commands. I believe it is to that district we must look, and that the first essential stop toward settlement is the railway. This chamber have repeatedly pronounced in favour of the railway, but unfor- j tunately we have not been unanimous. I think, > however, most of us are satisfied that the district could, with railway communication and settlement, turn off very large quantities of . stock and a good amount of grain also, and , that it would compete successfully with other districts for settlement were the railway made. I am aware that the chamber have been ' greatly blamed for supineuess as to this great work, and niost of us would probably admit that we might have done more to help it forward. But we will also agree that the time ' for indiii'erence is over. It is very satisfactory tD see that the community is practically at one about the matter. I hope we are approaching the state of feeling that obtained in Canterbury when a certain gentleman said with respect to the Midland railway : "We must have the railway or ' bust.' " We are not going to talk about "busting," but we must have the railway. I hope we all belong £to the Railway • League. If we do not we should. Mr Leary will be glad to enrol us. lam very glad that the league has been formed ; but we ought again to give out our voice as a chamber, anda resolution will be submitted to you to-day in that direction.

We do not for a moment believe that this is mere clamour for local expenditure, or I am sure that this chamber would lend it no countenance. We believe it is a legitimate demand for a work that should have been constructed long ago, and where delay has been a serious injury to our district and city. I belie\ eit to be a reproductive work, and while not adopting all the rosy pictures drawn of the country, 1 believe it to be lit for settlement, and the natural direction which settlement in this provincial district should now take. As to the money required for the railway, I do not think we would desire the colony again to appear in the - London money market as borrowers. Nor is there any necessity. Nothing is more certain than that the money can be borrowed in the colony on reasonable terms. And the moral effect of this course •would be excellent in illustrating to our London creditors our resources and self-reliance. I say nothing against the plan for which our Otago members have apparently pronounced of allocating 25 per cent, of the district land revenue to the payment of the line. Its merits

depend on whether it means prompt construction or a continuance of that snail's progress which has characterised the line in the past and been so grave an injustice to this provincial district. i),i Uiis point lam without information, but 1 L'l.nk the Railway League and the public should in-ist on provision being made for pushing thu w ork on by a special loan, repayable out of the proposed allocated revenue, so that waiting for revenue will not delay the construction.

IMPORTS, EXPORTS, AND PRODUCTION.

Owing to the frequent exhibition and discussion of the trade statistics of the colony in the press, it is difficult to present them in any new light. Besides, they are not varying much of late, and I propose to pass them over somewhat lightly — indeed to avoid formal statements of statistics altogether — and to refer you for this class of information to the appendix that will soon be published as usual along with the report. They are generally of a satisfactory character, and a few items may be noted, the comparison being of 1891 with 1890. The increase already mentioned of L 243.32- in the colony's imports brings them to the highest level reached for five years, ami suggests that increased purchasing power is arising out of the increased production that has been manifesting itself for some years past. Indeed, I think we may regard this as the turn of the tide, for the first half of 1892 as against the same period in 1891 shows an increase of L 268,059. lam confident that as this year advances we shall see a further development in the same direction. Indeed, I have just seen a statement from a reliable quarter (although I have not verified it) to the effect that if we take the year ended June 30, 1892, as against that ended June 30, 1891, the increase is LBOO.OOO. I think we can look with gratification on this statement. Leb us note that this expansion has no connection with loan moneys, as our previous experiences of expanding imports had, but is a pure instance of trade development. Indeed, 1 hope that we have now left behind us in New Zealand for many a day what has beeu called •• development by finanae," and entered on a period of " development by labour." I say advisedly development by labour, for our increased production represents a larger amount of work done by many hauds, and many brains, although it may be more correct to call it development by the combiabd employment of labour and capital. I note the colony's exports for 1891 decreased by the same amount as the imports increased — about a quarter of a million. I am sure, however, this is a mere accidental turn in the figures, for it was more than half made up in the first quarter of 1892 ; and that it will be more than regained in the figures of 1892, when complete, there is every reason to expect. CROPS. We have had an increase of 63,122 acres of grain crops, representing an increased yield, as compared with 1891, of four and a-half million bushels wheat, one million bushels oats, and over half a million bushels grass seed, with 4-40,270 acres of feeding grasses ; and all this against a trifling decrease in barley and potatoes. WHEAT. In view of these large crop figures, the disappointing condition of the bulk of the wheat crop, and a continuous fall in the London market, aggregating since January fully Is per bushel, are greatly to be deplored, representing, as the fall in the market alone does, a decline of half a million on our wheat yield. But I would like to note the encouraging circumstance that the gradual approximation in value of our wheat to Australian in the London market, which has been going on for some time, has culminated in the sale of a cargo of Canterbury wheat at higher than the value of the day for Australian. But there is reason to fear that some cargoes now afloat will give a

very different account of themselves owing to condition at shipment ; and also that much of what remains is unfit for shipment, and its realisation will be a lingering and disappointing process, largely reducing the value of our bumper crop proportionally to its quantity. The unexpected collapse of wheat just when it was thought to be reaching a permanently higher level has created much discussion. As usual, America is responsible for the pressure on the market, and yet their best authorities place the time when their export must cease and importing begin in 1895 or 1896. "Without presuming to give an opinion as to the event, I will say that their reasons seem as forcible as any colonial wheat-grower could wish regarded as arguments. I confess to being one of those who expect that we will yet gather wealth from our wheat-growing, and compensation for past years of unremunerative, and in some instances ruinous, prices. OATS. Our oat crop, on the other hand, was well saved, and has been realising iucrcasiugly good prices over since harvest, which must mean much to our southern farmers. We have to thank the short European harvest for keeping our outlet there open much longer than might have been expected, and it has beeu by no means proved yet that there is a regular outlet there for us at remunerative prices to the grower. Yet the opening has come at a most opportune time, when the Victorian market has beon practically olosed to us by tariff and the prooess of closing Now South Wales by the same method has begun. Indeed, with tariffs against us in all the Australian colonies now, I look for a steadily diminishing outlet there for our oats until the days when federation or intercolonial freetrade shall arrive. I, do not share the idea that these colonies must have our oats in quantities as heretofore, duty or no duty. Only our politicians believe that. wool. Although the export of this important staple shows a trilling decrease in value of L 20.913, there is a gain in quantity of 3,370,0001b weight, and it contributes 4-3 per cent, of the total value of our exports, so that it well maintains its po-sition as our loading product. Values have beeu somewhat fluctuating of late in the London market, and are now o\i a level but moderately remunerative to the gio^vers. lam indobtod to a compilation by Messrs Murray, Roberts, and Co. for showing that the quantity sold iv the oolony for the past season (iB9l-92) was 60,019 bales, as against 53,107 bales in 1890-91, and 54-,393 bales in 1889-90; also that Dunedin maintains its lead in this class of business, selling 17,4-40 bales ; and that the destinations of the whole quantity sold were probably as follows :—: — Bales. For America ... ... 1,670 For Yorkshire 28,575 For Continent of Europe 820 For sale in London 9,75)0 For Scotch mills 335 For local manufacture 11,737 For scouring and ultimate resale in London 7,052 Total 60,019 This considerable portiou cf our clip sold in the colony may be considere ' to be well sold, in view of the course of this London market since. I would only add, without attempting to prognosticate the course of the market, that prudent judgment favours modest expectations as to future values, in view of the facts that the Australasian wool production has multiplied by nine times during the past 30 years, and is, at its present rate of growth, doubling itself every 12 years. In an article less closely connected with human needs, we might be rather apprehensive at these figures, and it

is an example of how rapidly markets open to increased production that wool moves off as it does.

FROZEN MEAT,

A prominent place must always bo given, in reviewing the trada of the colony, to the frozen meat trade, and I will trouble you with a few observations upon it, although I confess that it has been discussed in the press during the past year almost ad nauseam. Yet we must be glad that the fullest disoussion is given to so very important a matter. First as to its volume — availing ourselves of the latest compilation of figures by Mr P. Cunningham, of Christohurch, we fiud that for the year ended 30th June there has been a decrease of sheep and lamb equal in weight to 156,000 sheep, but an increase in beef equal in weight to 17,000 sheep, or, taking all together, a3 we usually .do, a net decrease equal to 139,000 .sheep. This is but a trifling decrease of between 7 and 8 per cent. ; but, unfortunately, there is another falling oft" in connection with the trade — namely, in the quality of the mutton shipped —that is of greater importance. Abunbanb evidence has been adduced in the rooont discussions to show that the quality has been deteriorating. The exact form which it takes is sending Home large quantities of second-rate and third-rate mutton, in the sense that it falls short of the standard required for high-class trade in England, either in quality, weight, ov condition. This has been a natural enough mistake. We have lately had a surplus both of freezing power and of freight, both seeking emplo3'ment. Neither of these existed in the earlier years of the business. There has been an open door to the growers to obtain London price for inferior sheep as well as for the best. The result has been to lower the reputation of our meat just when we should be struggling up into a higher class of trade. Now, the advent of a much larger export from Australia, and the threat which attaches thereto that the English market will be overdone with lower qualities ol' colonial mutton, is a very clear admonition to us that our advantage lies in exporting our best quality of mutton only, which will be as far as possible removed from a level of quality with the Australian, and will be the better able to command a higher olass of trade. Evidence is abundant that we have already suffered much from the export of second quality, and the continuance of such a course will, I think, be more than ever injurious when we have to face a market overdone with Australian mutton. That such is a certainty will be seen from the facts that although the present volume of mutton export from New South Wales and Queensland togother is only 335,000, yet this will double before the year expires from works now existing, while new works are projected in every direction, backed by their 60 millions of sheep in New South Wales and 20 odd millions in Queensland. Another blemish in our meat trade, which has been well exposed, is the shipment of so many lambs and young ewes as to lower the stamina and productiveness of our flocks, and our ability to keep this export business going.

Let me call two witnesses on fciiia subject — one from Christchurch and the other from London. Says Mr J. T. Matson, of Christchurch, an undoubted expert : —

Year after year New Zealand stockownors hay been selling the best of their flocks, and they have been systematically reducing the weight of their sheep by persistently selling their best maiden ewes and lambs. It requires but little foresight, says the Canterbury Press, to see what must be the result of this suicidal policy. Every breeder will admit that the earliest lambs are the best constitutioned and be3t calculated to keep up the stamina of our flocks. It can only be a question of time— and that not very remote — when such a course generally persisted in must inevitably lower the quality of the sheep stock of the colony.

Indeed, this is actually what is taking plan to-day.

Says a London correspondent of the same gentleman : — We wish you could see the Queensland, Sydney, and River Plate mutton that is now coining forward ; you would be surprised at its quality More, as a New Zealander, you would bo apprehensive. My firm opinion is, if you go on as you arc doing, your mutton will not top the tree very long. Your qualities are all on the downward track ; these other countries are on the upward and improving one, and the result is a foregone conclusion.

I believe those witnesses are true, and with all emphasis contend that every shipuer should take care that he does not bear a hand in perpetuating these two weak points in our export trade as at present conducted, although the result should be that we will not increase, bub possibly diminish, volume for a year or two. I am glad to notice a decrease of lambs shipped, even although only equal to 20 per cent, on the previous year's figures. While thus expressing the opinion that the impending* greater competition from Australia should influence our course with respect to shipping mutton, I regret to add that I think Queensland will eventually drive our boef from the Loudon market, being able to take a lower price than we are, and having a practically unlimited supply.

When I mention that I estimate our frozen meat trade has from the first furnished to our flookowners considerably over L 4-, 000,000' for meat and over L 2,000,000 for skins and byproducts, I think you will conolude with me that the contribution it has made to the colony's prosperity can hardly be overstated. But when we consider how vigorously our lead in exporting meat is to be followed by the other colonies, we are bound to ask, Is forward movement possiblo on our own part ? Well, I have indicated that for some time we cannot increase quantity. Can we reduce charges ? The principal item is freight. Smaller quantities are being carried from New South Wales at the same rate as we pay, and Queensland has obtained a lower contract, the meat being to some extent actually carried via New Zealand. We hear much of a low freight market and a poor outlook for shipping all over the world. So I think we may confidently look for a substantial reduction when our present contract expires 18 months hence.

The next important ifcem is insurance. The present rate of 3^ per cent, for " all risks " has been stationary for some time, while other charges have been coming down. It is within my knowledge that fome shippers who have taken their own risk regularly have gained largely by doing so, and that other very large insurers have had but insignificant claims against very large amounts of premiums. It is therefore to be hoped that we are on the eve of some easement of rate s which will advantage the prodiioer. I may add that insurance rates have been complicated by the introduction of clauses covering store risks, both in the colonial freezing works and the London stores, as well as further store mks after distribution over the United Kingdom, s iy, for three or four months in all. I suggest that the elimination of such extraneous hazards from the ot-ean cover would facilitate the granting of just rates, as their inclusion must be very objectionable to marine insurance companies.

Among the endless suggestions njade for the improvement of the (rude at the other end I select three as worthy of special attention. (1) The inclusion of other ports than London as discharging places for the steamers carrying our meat. Several of the great seaports and inland towns in the United Kingdom have large populations of the exact class who chiefly consume our meat, and although systems of distribution from London, have been organised to a much.

larger extent than is generally understood, still it is a huge drawback that towns like Sheffield, Leeds, Rochdale, and Warrington should be supplied from London when Liverpool is their natural porb, not to speak of Liverpool itself, with Newcastle, Cardiff, and other ports which take direct shipments of our grain, and would do so of our meat if they could get it. In this matter Queensland is going to be ahead of us, for Liverpool and Havre are arranged to be included in their discharging ports. This is therefore an important question for us, requires strenuous attention. In this connection I regret to hear of the withdrawal of several of our freezing sailing vessels from i'lo tra.de, for I think they might have been made to answer admirably the. purpose of tiilnng our meat to such ports as I indicate. But, on the face of it, one would say that if it is worth while for our steamers to call at five or six ports for their meat cargoes, as they sometimes do, it should also be capable ot arrangement that they discharge (when required) at a second port. Vested interests, however, have to be overcome, and they are very p >v. erf ul oometimes.

Theothtr points I wish to mention in connection with the handling of our meat at Home lvlate to the discharge from the. steamers. This is done partly into lighters and partly in waggons, according as the meat is destined for up-town warehouses, dock wawhouses, or transit to the provinces. This involves the finding of different consignees' mark--, for them as they come from the hold, and a consequent sorting into lots that can ha very imperfectly done in a ship's hold, and ut gre.it inconvenience, and wich much handling and knocking about of the carcases. The result is the not infrequent wrongful delivery, of which every now and again some very gross case occurs, besides deterioration through handling and delay. The remedy, I think, is a cold-air sorting shed at the discharging barth, into which the meat must all go, and thence to its proper destination by insulated cars only, the sending to town by lighter being entirely stonpe.l. It in risky, owing to the length of time, a lighter has often to wait for her mirk--. 1 believe this reform is mnoiig the brht suggestions of the recent dis-

When I last uddiessod the chamber on this t:\i<lc I staled th.it l'J i>i r ec-nt. of the sheep consumed in England tvac-hi'd il. in :i frozen iMMiliti.'in. I sco it ii(i\v stated that til", lirol..jrl!ou hut risen to 20 per cent , ii.ii* 1 ii-r.^t s> joii I:ij 25 t).-r tvtil. 'I'liis is surest i\e, and isi:i'ios me :is>k hew lunch iutther eau it ('•> !J! J 1 ilun"t thiiik .injoH" 0:111 t'-il, but il guts without M:\ing tint further j.rogns? must be a t-n-wil thing, ami gained oiily by low j.riei's, an<l the tfiutlu'r we go the tendency to lo.vcr price*- will it|(.*ri.'if>o mm h more than pioporliunaliy. I am, th'-tvfui'P. appioheiixmi th.\l thu course of price-- must b.; towards lov.ir level-s us quantity ijicrci-t'-s. It is well, th< refoie, that in spite of :ill the grumbling we hear we ran tako lower prices and yet do Vi ry v.ell out of the trade SETTLEMENT,

Our commerce is so clost-Iy ccnijc-ctr-d ■.vith the settlement of the country that I must neeesbinily touch on this. It is difficult to gel at the truth on this subject, and it seems the chosen ground on which politicians handy contradictions at each other. We know, however, that settlement is really proceeding. In several districts in the North Island this is apparent at a glance, and it goes far to account for the growth of busiuess there as against the South Island. Indeed, the rvorth Island is now enjoying the progress of that kind which we enjoyed from 10 to 15 years ago. I have culled a few particulars of the general progress from the census returns of last year compared with those of five 5 ears earlier. I find that the average size of holding has decreased from 470 to 4-33 acres, or by 5J per cent. The increased number of holdings in this period is 7292, or, if «c eliminate altogether those under 10 acres, 5348. This increase in holdings is 20 ptr cint , as against 9 per cent, increase in population. Thrre is, therefore, a jirocess of settling on the soil going on. Taking the different sized holdings, they increased as follows : —

In connection with these figures a holding means a freehold or a leasehold other than a pastoral leasehold from the Grown. In connection with settlement, I am sure we all deplore, that it does not progress more rapidly in thiisland. The reason appears to be that the available land is in second hands, chiefly in th~ hands of companies and mortgagees, who want to sell, but require a price proportioned to their cost or their advances, as the case maybe. They do not meet with buyers, however, and are waiting till they do. Let me ask the question if we are taking proper steps to find buyers either for our Government or private lands. I think we can hardly b n said to be seeking buyers at all. They are not to be found in the colony, and no effort is being made to bring- them from without. We have good laud on all hands, and plenty of it. We want farmers with sufficient means to come ar.d purchase it, settle on it, and assist by their capital and energy to develop our glorious colony. Well, what steps are we taking to get them ? Almost none. We know that farmers aie leaving the Old Country for many lands eveiy year with the noedful skill and the needful bit of money. We expect that somehow or other they will hear of New Zealand, its reasonably-priced laud, its frozen meat trade and grain tr.\de, and, deciding to plant their future home here, take ship for our shores. Is this a reasonable expectation ? Is that process going to people our colony with substantial settlers ? I say it not. If we were to conduct our businesses on that plan, or want of plan, we should go to the wall. No, we must consider the British tenant farmer that we want to come here much more closely than we have ever done. We must go to him with particulars of our land, tell him honestly its quality, its situation, its price, what it will grow, what it will cost to fence it, to break it up, to put a steading and house on it as may be required ; we must break the information down to him, rub it into him, be prepared to sell to him or lease to him on the spot, before he leaves his farm at Home ; and give him an agreement that will satisfy his " man of business." Then if all this be fairly and honourably done, we may be surprised if he does not come. At present we must be surprised if he does. I have heard all this laughed at before, and may again ; but I am satisfied a colonisation scheme on these lines will have to be devised, or New Zealand must be settled with farmers born in the country and not with farmers from Britain ; and few of us will see in our day any very marked progress made, from simple want of buyers. But I believe, from the pressure of sheer necessity upon companies anrl mortgagees, we shall see something of the kind attempted soon if Gov< rnment do not take it up. I am glad to see that the Agent-general's office is becoming something of

what it should have been all along — a superior emigration agency ; and perhaps it may be led on by logical sequence to something of the nature I have just hinted at.

TAXATION.

While nob forgetting the non-political character of our chamber, I cannot pass over a subject that has so direct a bearing on our commerce as the new taxation. First, I think that in getting rid of the property tax we got rid of a tax that was commercially objectionable, inasmuch as it taxed business capital of every kind, altogether irrespective of whether it were profitably employed or nob. Unfortunately business people in New Zealand of late years have been very generally loaded with "dead horses" to a considerable extent. Unremunerativo buildings, unremunenitive stocks, long outstanding accounts— all these had to pay and to keep on paying to tho Property Tax Commission, ryoar after year. No doubt we gob accustomed to it, whicli only shows that you can get accustomed to anything. It scarcely requited argument that it is a great relief to pay on the profits of a business rather than on its capital. Indeed the taxing of actual profits can rarely bo a hardship, bub the taxing of unprofitable investments must always be so. Wo cm, t herd on:, only call the income tax a relief as compared with the property tax. As regauls the laud tax, I will express no opinion on the abstract question whether land should be specially taxed, which is politics ; but, again, I think il must be conceded that while much of the taxing of laud must come under the condemnation of tixing "dead horse," yeb, broadly speaking, the prosperity ot recent years has been among the landowners wore than the traders, and in tho country more than in the towns. For the revenue from laud has greatly increased, us shown by our imports, while commercial revenue has not. And from this aspect I think tho change has been a relief to commerce.

This may be the proper place to suy that as to the change in taxation causing withdrawals of capital from the colony to any haimful extent, I have made wide inquiries, aud do not believe that such results have taken place, or are likely to. Ido not say there have been no withdrawals, but I believe they are less than when the propexty tax was introduced, and quite harmless. It seems true that one loan company is withdrawing, aud there have been rumours of others doing so, but they lack confirmation. I attribute withdrawals, howewr, whether actual or threatened, more to the lower lutes of inlere-l ruling in the colony destroying the margin of profit — a state, ot t!iin;;M which is undeniably indicative of the e-' .lony's f-tabili'y. if not of its rapid de\elo;>uieiit. I would liko to add that, in speaking of the taxation as i hive done, I jis-.umo tho good faith of the Premier's original assurance that there was to be no double taxing of companies, for saeh :i course would have mi unfairness that would be far-reuching in its datn.igiug effects ; and il is to be regretted th:it an uneasy fueling has again been cause;! on tho point I now draw to a close by naming a number encouraging features in our position and outlook which 1 have not been able to cover in detail. The dairy produce export is going surely ahead, if somewhat more, slowly than could be wished. There is much yet to be learnt, but those interested are applying themselves to it. The Dairy Association are doing excellent work, the Government are assisting in an excellent spirit, and the shipping arrangements are improving. It will nob be long before, we increase by many times our present contribution to the London import, which at present is 1 per cent, both in butter and cheese. Here is an open door for enterprise as good as ever stood before any colony.

The Government have taken a wise and much-needed step by inaugurating an Agricultural department, aud JVIr Ritchie has started upon work which one day will be second in importance to none done in this country. The Agricultural Conference at Christchurch was a good start in its way. Our railway earnings keep up well allowing for the influence of bhe small harvest before last one. So do our gold and our co si exports and our savings bank returns. Our farmers have stopped borrowing to enlarge their holdings, and set themselves instead to pay their debts. Mortgage loans not now in default give no apprehension, for wo are. on the up-grade. Of defaulting loans, many are purchases, and not loans, from the beginning ; but many defaulting loans are coming out good, and will yet ba paid in full, although in some cases the borrowers have meantime become bankrupt. As many farms are finding buyers as we could expect with a< nearly nonincreasing farming population.

Last, but not least, our Colonial Treasurer realises a surplus for the year, and finds our finances manifesting some elasticity in his hands.

We are creeping up hill, and the outlook is expanding aud brightening.

TICK LATE SJtt H. ATKINSON',

I shall close with a word of reference to one who more than any other made it possible to speak of New Zealand, as is being done to-day, as the colony which pays its way an-1 has squarely faced the problem oi making revenue. aud expenditure meet year by year. It was Sir Harry Atkinson who did this, not wh.-n it seemed easy as it does now, but when things were so critical that one does not know wh.it condition wo should have reached but for his strong,' manly, and honest handling of our disorganised finances.

Mr G. L. Dknniston, in seconding the motion, said he thought the chamber was under an obligation to the chairman for the exceedingly long aud exhaustive address with which he had favoured them that day. He did not remember ever listening to a speech by a chairman of the chamber which contained so much information. He had much pleasure in seconding the adoption of the report.

The motion for"- the adoption of the report was then put aud carried unanimously.

HARBOUR CHARGES,

Mr Keith Ramsay said: The rosolution which I would ask this chamber to agree to is as follows :—": — " That this chamber endorses the action of their committee in their recommendation to the Ofcago Harbour Board to endeavour to secure the co-operation of the other harbour boards in requesting the Government to introduse a bill imposing a primage duty of 1 per cent, on all imports into the colony, the amount so collected at each porb to form a portion of the revenue of the local harbour board."

Mr Rvmsay spoke at some length in favour of the resolution, which was seconded by Mr A. C. Begg, and after a lengthy discussion,

The motion on being put was carried, 10 voting for and four against it.

THE INSURANCE PROPOSALS,

Mr G. L. Denniston moved — " That in the opinion of this chamber the scheme now proposed by the Colonial Treasurer in Parliament of compelling insurance companies to pay large sums of money into the Treasury is unjust, impolitic, and unnecessary, and that the chamber sympathise with and endorse the resolution passed at a full and representative meeting of insurance managers and agents, lrcal aud foreign, held in Dunedin on the 25th iust." He could not imagine any argument in favour of the Treasurer's proposal, which was simply confiscation,,

Mr Keith Ramsay seconded the motion, which was carried.

THE OTAGO CENTRAL RAILWAY,

Mr J. T. Mackerras moved—" That the dalay which has taken place in the construction of the Ofcago Central milw.iy has greatly retarded settlement and hindered the development of tho .natural resources of this provincial district ; that this railway will open for settlement a largo area of agricultural land still in the hands of the Crown, and which cannot be profitably occupied until access by railway to the sea-board is supplied ; that successive Governments have recognised the necessity of completing this line, and funds having been from time to time voted by Parliament for its construction, this chamber agaiu impress on the Government the duty of now prosecuting the work energetically, so that the benefits that will accrue from its completion may be realised." In speaking to the motion, Mr Mackerras said as regarded the delay that had taken place on the construction of the railway, they would remember that as far back as 1370 the then Minister for Public Works included the Obago Centnvl in his schedule of railways to be constructed, iuid that Parliament that year voted L 55.000 towards its construction. The people of Otago then entertained high hopes that tho railway would be proceeded with with energy, and that before long ib would be opened as far as Clyde. It was of no use to say who were the parties that were to blame for this delay. lie thought, however, that they had good grounds for urging upon the Government to make some amends for the injustice which had been done to this provincial district by postponing the completion of the line for so long. lie proceeded to refer to the quantity of agricultural laud that would be opened up by the completion of the line as far as (Hyde, and stated that the late Mr Blair, district engineer, estimated that the area would be 480,000 acres. Only & small portion of this area hid since been alienated from the Crown. Mr M'Kerrow the late Surveyor-general, when examined before a committee ot the House in 1877, stated that the completion of the line as far as Clyde would render 1,200,000 iutcs available fur settlement. Of th.it aiv.i he reckoned 403.000 acres as agiicultural :\nd thebatancoas p.istoral l.uid. Hr M'Kerrow also estimuted that L 600.000 could be realised by the s.ile of this land. ILo (the hpcakei) might, however, state th.it s nnc time ago lie went to the •■urvijy ii:Hc here for the pnrposv of checking the 'inures which wore givuu by the Lite Mr lli.ur, and he found that they were strictly correct— that was to say, that 480,000 acres of l.md would .bo opened up by tlie construction of tho railway. They could not, therefore, estimate the extent to which settlement had been hindered by this serious delay iv prosecuting the railway. He hoped the chamber would pass tho resolution unanimously, so that the Government might bo again urged to make all the amends thiy could for the injury this province had suffered in the past

Mr Wilson had great pleasure in seconding Mr Mackerras' motion. He thought nothing would do Dunedin more good than getting the railway finished would. It gave him great pleasurS to see that on this point all their members were for once unanimous, and it also gave him pleasure to see that the people of Ota go were unanimous. He had often blamed the people of Dunedin and of Otago for having been so apathetic in looking after their interests. A great many things might have been done if they had all pulled together, but there had always been such a difference of opinion and such apathy.

The motion was carried unanimously. Mr Morrison asked whether the chamber should nob support the hands of the Otago members by indicating that the proper course to adopt was that on which the members had agreed, that 25 per cent, of the pastoral rents should bo applied year by year to making the line. He moved in that direction.

Tho Chairman* inquired what the amount of tho percentage of pastoral rentals would be.

Mr Morrison said about LIE, OOO a year. The Chairman: And is ib the proposal to spend Lls,oooayear and make two miles of railway ?

Mr Sargood : No ; capitalise the amount,

Mr Leary said that the Hon. Mr Fergus had explained at the public meeting held under the auspices of the Otago Central Railway League that tho proposals of the Atkinson Government wore that a certain proportion of the pastoral rents should be set apait, and on the security of that a sum should be borrowed to enable the lino to bo continued without delay. If that were tho view of the members, he thought the chamber should endorse it, aud with that under.-tanding ho had no objection to second the motion.

Mr Bixuf said the rents from the pastoral lands were coming to a vanishing point, according to the statement of Mr Ballauce that a large number of pastoral tenants weie uuder 12 months' notice of tho, teiminatiou of their tenancy.

Tho Chairman was under the impression that the cancelling by tho Government of present leases was with the intention of obtaining lanjer rentals from the tenants to follow. Mr Bi:«(i : That may be the intention.

The motion, proposed by Mr Mackerras, was carried in the following form: — "That in the opinion of this chamber it is of the greatest import-UK c that, in order to admit of the speedy prosecution of tho Otago Central railway, 25 per cent, of the pastoral rents in the district/ to be served by the line be set aside as a guarantee fund for the purpose of raising the necessary funds for the work ; and that in the event of such proportion of rent being reduced below the sum of L 15.000 per annum, then an equivalent be set asijie from the rents of other Crown lands for the purpose."

ELECTION Or OrFICE-BEAHERS.

The Chuismvn said that the nominations had been received of a sufficient number of gentlemen to fill the vacancies in the election of office-bearers, and all that he hal to do was to ask the members to turn those nominations into elections. Ib was customary for the president to propose his successor, and he conformed to the custom by proposing Mr Keith Ramsay, who had acted as vice-presidenb for the last year, when he had topped the list for attendance at committee meetings, as he always did, and it was nob only in that respect that his efforts topped those of the others.

Mr Fisher seconded the proposal for the election of Mr Ramsay.

The motion was curried unanimously. The Chairman then proposed the election of the following gentlemen to the remaining offices: — Vice-president, Mr A. C. Begg; auditor, Mr John Davie ; committee — Messrs M. Finker, W. Gow, J. T. Mackerras, J. M. Gallaway, A. Burt, A. Todd, and A. S. Paterson. He said the committee had endeavoured to combine a continuance of old members with an infusion of new members in their number. The nominations were unanimously accepted.

COMPLIMENTARY.

On the motion of Mr Burt, seconded by Mr Morrison, a vote of thanks was accorded tS v the retiring president and committee. The meeting then terminated,

1 to 10 s 10 .. 50 50 ii ICO 100 ii 2CO 200 ii 320 320 n WO 640 ii 1,000 1,000 i. 5,000 5,000 ii 10,000 10,000 it 20,000 SiU.UUJ ii oU.IKA) acres holdings by l.Slt -. 1,392 ii !>•.)!) ii !>:>'. .. 755 ■I ms v 341 .. 270 H 2.3 n 1!) ii 11