BUNEDIN CHAMBER OF COMMERCE,

Otago Witness, Issue 2058, 3 August 1893, Page 14

BUNEDIN CHAMBER OF COMMERCE,

The annual meeting of the Dunedin Chamber of Commerce was held on Friday afternoon and attended by Messrs K. Ramsay (president), J. M'Rae Gallaway, W. Gow, J. T. Mackerras, A. S. Paterson, F. R. Chapman, R. Wilson, T. K. Harty, A. Lee Smith, W. E. Reynolds, Arthur M'Donald, Henry Mackenzie, G. Joachim, L. Mendelsohn, W. Patrick, John Roberts', W. L. Simpson, G. L. DennistoD, J. Davio, R. Maris Clark, A. C. Stronach, Walter Hislop, C. B. Griorson, and R. H. Leary, A letter Of apology from Mr T. R. Fisher was received.

ANNUAL EBPORT AND BALANCE SHEET.

The President, in moving the adoption of the report (which has been already published) and balance sheet, said :— Gentlemen,— ln, offering some remarks on the work of the Dunedin Chamber of Commerce for the year': ended 30th Juno last, and on a few matters of general interest to the mercantile community of Dunedin, I have first to congratulate you on the large increase to your membership. For some years past the outgoing committee has made an appeal for increased support, but not till last year has anything like a reasonable response been made, and it gives your committee much pleasure to .announce that 34 members have joined during the" year, representing nearly all classes engaged in the business of this city. The membership of the chamber no w stands atBB, and although we are not yet at the top of the list, the reproach of being nearly at the bottom, so far as the number of our membership is concerned, Las been removed. The increase in our membership has, as a matter of course, greatly improved our finances, which show a credit balance of £199 6s 6d, as against £71 Is 9d for tbe previous year. In the couree of our canvass for new members there was a very generally expressed opinion that the annual subscription of £3 3s was too high, and your committee having ascertained that, with one exception, our annual subscription was the highest .paid in the colony, have resolved to recommend-this meeting to reduce it to £2 2s, in the belief that the reduction will mean not only tho retention of the present members, but a still further increase in the number, and a consequent larger and* more representative interest being taken in our commercial affairs.

It will be necessary, if you agree to our recommendation, to alter the articles of association, which in several other particulars require amendment, and special meetings will have to be held for the purpose. This is merely a formal matter.

OTAGO HARBOUR BOARD.

The question of dues on goods and shipping, in Its relation to the 'trade of this port, has again occupied the attention of the committee, and to a greater extent perhaps than results jeem to have warranted. We again affirm that tne high rates, and the injudicious application of them, have done much to seriously hamper our outside trade, on the maintenance of which the prosperity of Dunedin bo largely depends. At a special meeting of the chamber, your committee submitted proposals which are set forth in detail in the report, the leading feature of which was the fostering of the outside trade of Dunedin ; and, notwithstanding the fact that they were rejected by an overwhelming majority, I am convinced that the principle embodied in them is the correct one, although I admit that in several details the proposals are open to amendment. The arguments used by Mr Walter Gow in support of the committee's scheme were sound, and, so far as I know, have not yet been replied to. The alterations made by the board in their tariff ot charges in order, as they allege, to improve their financial position, are a mere trifling with, an important question, which ought to be squarely faced at once, and dealt with in an intelligent and comprehensive manner. The reduction of the dues on grain imports, &c, from 3s to Is per ton, is a step in tho right direction, and should yield a larger revenue than the Ijoard received from the former prohibitive rate ; and, if the finances of the board warranted it, no one would object to the reduction of the duc3 «n grain exported by 9d per ton, although nobody «xpects that so small a reduction will materially increase the export of grain from this port. The addition of 9d per ton on a class of goods already heavily burdened, was an unfair and impolitic step, and will not, I confidently predict, result in improved receipts to the board. In the press lately prominence has been given to Otago Harbour Board matters, and to several schemes proposed by the board's secretary, having for their .object the improvement of the board's financial position, and the reduction— and in some instances the removal— of charges which all now admit have in the past seriously hampered the trade of pur port. All Mr Gillies's proposals are worthy of consideration. Mr Gillies proposes that, in order to abolish all export dues and berbhage charges— which everybody desires to' see done— an ad valorem duty of 1 per cent, should be substituted for the import dues at present levied. Au extra 1 per cent, added to the cost of goods consumed in our own district would not perhaps be a burden very heavy to bear, but I am afraid it would seriously interfere with tbe outside trade of the city, and in many instances •would so seriously handicap our merchants as to drive certain classes of business away from them altogether. 1 •.'• - To levy a direct rate over the producing districts, tho outlet of whose produce is Duuedin, is a solution of. the Harbour Board difficulty, which lias already commended itself to the members of this chamber and-to many others ; but I fear that in trying to, Kiys\. effect to it we will be met by insuperable.difficulties. ' I am not oftlite sure that «yen in Dunedin and suburbs we would not Teceive strenuous: opposition ; and we all remember the* reception .the. proposal met in the country districts not so long ago. There was not much, season, I admit, on the objections raised, and I "believe most people would be more than recouped the smalladditiojial levy on their properties. The proposal thai the Government should guaxantee alMiarbour,board loans in the colony, and bo enormously reduce the interest paid by the several boards, is '.well worthy the serious consideration of\ our legislators, and I am glad that our own frbard has taken steps to bring the matter prominently befojre Parliament and the Government. TJiere may % be difficulties in the way in the case of the boards which have, unfortunately, been unaible to m^pr their engagements, but they should not .be insurmountable. A reduction of nearly £90Q0'in our.little annual bill for interest •would be a 'most Acceptable windfall, and would enable the board -sto remoye the dues on all exports, and modify charges in other directions. OTAGO BO'ctf TRUST AND CO-OPERATIVE WORKS. As your representative on the Dock Trust, I have been, able to attend the meetings of that Tjody with regularity ; but, with the exception of tine matter of importance, the proceedings during any year of office, '^ave not been of great public interest} v j' ■ The matter to which I refer is the reclamation 'work, on which the trust has been' engaged for some time. I felt it to be my duty to oppose this expenditure as being, in my opinion, unnecessary, and I also opposed * n6 .co-operative plan adopted T»y the trusfc'for carrying on' the work, on the ground th«t it was no parb of the trust's duty to get the work done otherwise than on the best possible terms ( and' that was by public tender in the usual, way. are all aware that the Government have endeavoured to establish the principle of the co-operative system in the carrying on of the varioujj public works throughout the colony, and there is much to be said in its favour. 'Theoretically, the idea is good, aud I am sure we •would all be glad; if it could bo given effect to •without injury to the public interests. There is not one of us who. does not heartily admit that every man is entitled to a fair day's pay for a fair day's work, and that the claims of the aged and the weaker amongst -us deserve quite as much consideration as those of the young and the strong.

It has not, however, been made manifest, so far as I can learn, as the experience of the Government system of co-operative works, that these ideas have been reilised. It is a fact, I believe, that in many cages workmen have earned far more than tho current rato of wages, and in others, far less— Rood workmen in both instances. Have tho strong helped tho weak, or have the interests of tho latter been much, if at all, benefited by the experiment? I have been in-

formed that the Government system of co-opera- 1 tivo works, as carried on throughout the country, has been the cause of much annoyance and loss to many of our country settlers, and that it has been no uncommon thing for men to leave constant and well paid employment for "relief" works carried out on the co-operative plan, where they could earn better wages. „ „ In the Port Chalmers case there were evidently no aged or infirm people to find employment for. In fact considerable difficulty was experienced in getting a sufficient number of able-bodied local men to do the work. All other than' local men were rigidly excluded. A tender, on the co-opera-tive principle, from an outside party at a shade less than schedule prices was set apide on the plea that it was wrong on the part of any public body to encourage sweating I I wonder if my publicspirited friends are as generous over the disposal of their own money as they were over the funds of the Otago Dock Trust. The average daily earnings of the men (actual time at work) were 9s sd, the current rate of wages for similar work being 7 s per day. I do not grudge the men their 9s 5d per day, and am quits willing to believe that they earned it. I j understand they worked very hard, much harder, ,] possibly, than under a contractor ; but my contention iB that the proper course for the Dock Trust to have followed was to have called for tenders in tbe ,u3ual way, and I have no doubt that the men employed would have been paid the current rate of wages, and that the trust would have had a better return for their money.

OTAGO CENTRAL RAILWAY.

In response to the invitation of the Executive of the Otago Central Railway League, your committee cordially resolved to co-operate with them in their efforts to promote this work, and I have pleasure in referring to a successful meeting held in thiß room in May last in furtherance of the more energetic prosecution of this undertaking. It was, perhaps, as representative an assemblage as ever gathered together in Dunedin for such a purpose, and we all confidently hope that there will be no further unnecessary delay in carrying on this important work. Personally I have no knowledge of the country, but if one-half that has been said of the capabilities of the land to be made available for settlement by the construction of the railway be true— and I have no reason to doubt it— it Beems a shame that the prosecution of the work should have been delayed so long. Possibly we have ourselves to blame somewhat. There have been differences of opinion amongst us, and our representatives in Parliament— some of them, at least— have neglected their duty. Dunedin is far behind Invercargill, Oamaru, Timaru, and Christchurch in the matter of railway communication with the interior. We have practically none of any moment, and to this want may fairly be attributed, to a very large extent, at any rate, the unsatisfactory position Dunedin occupies, contrasted with other towns, in the export trade returns of the colony.

RAILWAY MANAGEMENT.

The report of the commissioners for the financial year is a very satisfactory document, and they are to be heartily congratulated. Over 3 per cent, for the year on the actual cost is very good indeed. • >

When we consider the difficulties the commissioners have had to contend against, the miles upon miles of railways that cannot possibly be worked at other than a loss, and the, comparatively speaking, Bmall population of the country, the results of their management should be exceedingly gratifying to the community. The consideration of the question of the return to a political control has been forced on us by the Government, who, notwithstanding the overwhelming testimony of those who use the railways most against a change, seem determined to effect it. Your committee are unanimous in their opposition to the proposed change, and trust that their opinion will be endorsed by you to-day, either by special resolution, which you are invited to propose, or by the adoption of their report. It is no sound a r gument to say that, because the business of the Post and Telegraph department is successfully carried on by the Government of the colony, that they can as successfully manage pur railways. Our experience is that the political control of the past was a failure, and that the present system has proved a success. Why go back to the upsetting and disturbing interference in the conduct of one of the biggest businesses in tbe colony, of men who, however honest and capable they may be, have no expert knowledge, and who are not free from outside influences of a kind that do not as a rule conduce to the successful management of agreat mercantile concern.

IMPORTS, EXPORTS, AND PRODUCTION. The imports from Great Britain, Australia, and foreign ports show an increase.for the year 1892 of £439,207, of which Dunedin contributes £51,892. The value of the exports from New Zealand has decreased by the sum of £31,544 for the same period. I shall now refer briefly to our exportswool, frozen meat, grain, and dairy produce.

WUUIi. • From the interesting returns published the other day by Messrs Dalgety and C0.,-we find that the export of this article for 1892-93 from this colony exceeded that of 1891-92 by 36,766 bales— Dunedin's share in the increase being 3885 bales ; and from the tables of the exports of Australasia for the year 1892, prepared by Mr H. H. Hayter, the Government statist for Victoria, and published in the Argus of May 6 last, it is gratifying to learn that New Zealand stood second in tbe list among the Australasian colonies as an exporter of wool, Queensland and Victoria following in the order named, the great mother colony of New South Wales standing prominently forward as the exporter of fully as much wool as the colonies of Victoria, Queensland, South Australia, Western Australia, and Tasmania combined.

It is instructive to consider the returns of Australasian wool exported to Europe and America during the period 1885 to 1892, both jears inclusive, and to notice the marked increase year by year in the number of bales sent away from these colonies. In 1885 the number was 1,094 000 bales, and in 1892 it had increased to 1,835,000-a difference of 741,000 bales. There is a considerable fall in prices from the year JBSS to 1892, the average value of the bale in the earlier year being £14, and last year only £12 ; but when we consider the enormous increase in tbe consumption of this staple during the period named, and the small likelihood of an increase to any great extent in Australasia of the export for some time to come, there seems good reason to hope tbat our wool growers are justified' in looking forward to an early advance in prices. )

FROZEN MEAT.

The export for 1892 showed a falling off from 1891-namely, 97,636,6571b against 110,199,0821bbut as this way simultaneous with the stockingup of a large amount of new country in the North Island, it can only be looked upon as a temporary check in the growth of the export.

The export of the first six months of tho year shows an increase as compared with last, but not such as to lead to the expectation that the decline in export will be recovered this year. % There can hardly be said to be any new feature in the business of the past year, except that freezing on hire is steadily giving place to purchasing by the freezing companies of the farmers' stock, at a price per head; and this is evidently the direction in which the whole business is tending. It must be admitted to be beneficial to the producer, who gets competition for his stock in -a way that was unknown in the earlier history of the business. It also tends to the elimination of all colonial middlemen's profits from the business, for the buyer reduces the carcase into its various products, and markets them each as he finds most profitable. The inclusion of this varied business under one head with the freezing, must mean a more economical working of it, and a gain, therefore, to the producer. As regards prices of this most important item j)i our produce, the London average of the year j£92— 4}d per lb— is the lowest on record. Ihe present year opened well, and cable sales, at improved prices, were easy in the early months of the year ; but values have rapidly declined in London, under the influence of the European drought,' forcing stocks on' the markets, and the London price of the year promises to be a low one again. However, with the lower charges and better organisation of the trade 1 in many ways, it is still a remunerative trade, to the producer— probably more so, on the whole, than the years when London pricos were higher.

The yield of wheat and oats, as per official

estimates, say 8,000,000 and 10,000,000 of bushels respectively, show a falling off from the bumper cropß of last year, and there is reason to think that the threshing mill returns will reveal a further shortage. As regards' oats, the better prices ruling will go far to reinstate the money value of the crop. This very welcome advance in price has been chiefly owing to the dry spring in Europe causing a most unusual shortage of feed stuffs. The actual shipments to Europa are not, so far, of great volume, but considerable engagements of freight thither have been made. In the case of wheat the light yield, combined with very low prices, makes it but a poor-paying crop. There is, however, as compared with the former badly saved crop, and even with the average, little or no leakage, as tho whole of the grain is prime-conditioned,, and fit for shipment to any market.

The surplus is quietly finding its way to Europe, aided by moderate freights, and in spite of the poor prospect there.

DAIRY PRODUCE.

Tho cheese export for 1892 was 2070 tons, as against 1988 tons for previous year, showing that this item is somewhat stationary. This is rather to be wondered at, seeing that our make has attained a goop position in the London market, and that many of our farming districts have not yet begun to attend to the manufacture. The increase in butter, however, from 2000 tons, value £150,258, in 1891, to 2700 tons', value £227,162, in 1892, shows that the development of our dairy industry is runniDg upon that article." The figures of the present year will show a good increase in butter, bringing up the total value of butter and cheese to probably £400,000. Yet alongside of the fact that Victoria, which is much younger than ourselves at 1 the dairy export business, and with a very much shorter season, will this year excel that figure in butter alone, there is room for hope that we may witness a more rapid expansion, of our export in the next few years. Without saying, as many do, that this item of export will one day rival our frozen meat trade, it is safe to assert that it is capable of a very large increase, and indeed that it is the item to ■which many look for our next notable development of export. A friend has kindly handed me the following interesting and instructive contribution to the consideration of this most important industry :— ' " With reference to the condition and prospects of the dairying industry, the results of last season's operations have been 'disappointing to exporters, and would point to the fact that producers will have to accept somewhat lower rates for both, butter and cheese in the future. As is well known, the prices of butter in England have been from 10s to 15s per cwt lower than last yejr, and the market for New Zealand brands has been very much damaged by the short-sighted policy of producers and exporters who have sent Home large quantities of very inferior stuff. New Zealand butter, from climatic condition?, should, if proper care were taken in manufacture and shipment, easily lead the Australasian colonies ; but carelessness in manufacture and shipment has allowed it to be still second to Australian, where the natural advantages for production are not in any way equal to ours. " Cheese has also suffered from the same cause. There has been a good deal of what has been called Aay'-milk cheese exported, much of it very poor stuff indeed; and although good New Zealand cheese is appreciated in most quarters in the old country, it is probable that the decline in value of from 3s to 4s per cwt experienced this year is to some extent due to so much graded cheese being placed on the market. '

"The arrangements for carrying cheese on board the ocean steamships are still capable of much improvement. While some vessels have landed their cargoes in London in prime order— notably the Waikato, which took the largest shipment of cheese from Port Chalmers which ever left the colony,— some steamers have delivered their cheese in London melted, while showing by their thermometers a temperature during the voyage in the cool chamber not exceeding 45deg. Of course this has not been an honest record, and points to gross carelessess or inefficiency on the part of the engineers. In view of the importance of the industry and its very rapid expansion, the Government might assist by reducing the railway rates for cheese to the shipping ports. From the nature of the industry, factories must be in the country disstricts, and the railage to port of shipment is a large item of expenditure in the working of some of them."

LOCAL TRADE.

While the customary complaints as to shrinking returns and narrowing profits have continued, the general soundness on which we have to congratulate ourselves for some years back also continues.

Trade payments have been almost uniformly well met throughout the year, and the item of bad debts was never an easier one than it is now.

BANK RETURNS.

There is no feature of any moment to take notice of under this heading beyond that for the year a fair increase has taken place in both deposits and advances— the former (taking the March quarterly returns) having increased £1,357,495, and the latter £1,055,574. The coin and bullion held for the came period shows alsoa.satisfactqry increase. In this connection it may be desirable now to make a brief reference to the banking disasters and other financial troubles that have befallen our fellow colonists in Australia. I shall not refer to the details of this unfortunate business, as we are all, from various sources, more or less familiar with them. My object is more to express our profound sympathy, and our earnest hope that prosperity will soon again come to our sister colonies. At the same time we cannot forget that it has taken this colony, many years to recover from the depression which followed our "boom" of former days, and it may take our friends quite as long a' time. We in New Zealand ought to be thankful that we have a country richly endowed by Nature; that we have a people willing and able to develop our resources 4 as they have done and are still doing ; and that at the time of pur sorest need we bad at the head of our affairs a man who determined that New Zealand's public expenditure should not exceed her public revenue, who had the courage and ability to do it, and who lived to see more than that accomplished. It is to the development of their almost boundless natural resources and to the prudent management of their national finances that our friends across the water must look for real substantial help in their present trouble, and we all hope that they may speedily find it.

CABLE RATES,

Thanks to the efforts of the Hon. Mr Ward, a large reduction has been made in the cost of Home, intercolonial, and foreign cablegrams. The reduced late came into force on the Ist January last, with the gratifying result of a very much larger increase in the number of messages than was anticipated. I heartily thank the mercantile community in Dunodin for the liberal response made to the request for a guarantee against the possible loss to the colony from the reduction in the cable rates. It is to be hoped that the Hon. the Colonial Treasurer may see his way to relieve the guarantors of their liability in connection with this matter altogether. It should be remembered that those who reap the benefit of the reduced cable rates contribute largely to the revenue received by the department from the telephones and from the ordinary local telegrams. I will conclude my reference to this subject by expressing what I believe to be the general opinion of the mercantile community of New Zealan d: that the Postmaster-general is entitled to our best thanks for his management of the Postal and Telegraph departments of the colony, and I am sure we all congratulate him on 'his deserved promotion to the Colonial Treasurorship.

SETTLEMENT.

The occupation of the land by bona fide settlers is so intimately associated with the prosperity of this country, that no part of the policy of the present Ministry is so closely and jealously watched as their land administration ; and while all of us cannot see eye to eye with, them in mauy matters, it would be ungenerous on our part did we not recognise the good work done by the present Minister' for Lands in the settlement of the country. At the same time, I -would be sorry if anyone thought that we did not as fully appreciate the land administration of his predecessor— the Hon. G. F. Richardson. Both gentlemen have done excellent service to the State as Ministers for Lands, and deserve our hearty thanks. The total increase of holdings over one acre in extent

for the year is 1514, made up as follows :-Freehold, 886 : rented, 385; and part freehold and part rented, 273.

reciprocity. , ... . „ Most of us will be glad to learn that this allimportaut question has engaged the attention of our Government, and that, as the Treasurer assures us, "with some of the colonies the prospects of intercolonial reciprocity are found to be decidedly encouraging." .... , . ' It is impossible to over-estimate tne advantage to New Zealand which a free interchange of Australasian products among the colonies would bring, and it is gratifying to be able to believe that a desire for a mercantile federation or the Australasian colonies is growing stronger and stronger, not only among our own' people, but throughout Australia. THE FINANCIAL POSITION OF THE COLONY AND THE SURPLUS.

Accepting the figures of the Colonial Treasurer in his Financial Statement to the House on 4th July last as correct, I think we may fairly congratulate ourselves on the splendid surplus of £283,780, the disposal of which has proved one ,of the great questions of the day. ' Some time ago, in reply to a circular letter from the Canterbury Press, I unhesitatingly gave it as my opinion that it should be spent on useful public works in promoting the settlement of the country. I have read and heard a good deal since in opposition to this view, but my opinion remains unchanged. Some advocate that the surplus be devoted to the reduction of taxation, but are not at one as to the direction which the reduction should take, the most taking cry being reduced duties on the necessaries of life, such as tea, sugar, &c, and I much regret to add that many of those who take this view of the case indicate their desire that the country should again go a-borrowing. I sincerely hope that we shall do nothing of the the sort, we have now got the finances of the country into a position which commands the respect and trust of the outside world, and we should do nothing, in these days particularly, to disturb such a satisfactory state of affairs. And I f cci confident that an application to the London money market, or a new loan floated locally if it could be done, would shake the confidence of the public creditor at the present time, and do an immense amount of injury to the position this colony occupies to-day. We have no right to seek to increase our indebtedness, and there is absolutely no justification for Buch a step. The determination not to borrow may delay the prosecution of public works which we would all like to see more vigorously carried on, but better that than fresh borrowing. With reference to the question as to whether it is better to devote the surplus to useful public works than to the reduction of taxation, I advocate the former in the belief that it is more to the advantage of the community generally. We have, unfortunately, I the unemployed difficulty, in serious form, with us throughout the length and breath of the land, and the evil has been intensified this winter by the distress in Australia and the consequent arrival of many needy ones from there. Employment must be found, as far as possible, for men able to work. No one can be allowed to starve. The finances of the local bodies will not admit of much help from them in finding work for the unemployed, and all the burden of providing for them cannot be thrown on the charitable institutions of the colony or on the charity of private individuals. It would be wrong to do so from any point of view from which you -may wok at the question, and I know of no better object to which the surplus can be applied than in grrag employment to deserving people on necessary public works. I am pleased \\ the prospect of another handsome surplus at the end of the current yeaj 1 , and there is good reason to believe that the Treasurer s estimate will be exceeded, if he would be content to leave the present taxation, direct and indirect, as it is. It seems to me to be a great mistake to alter it in any way. Better drop the 'exemption of improvements" and the proposed increase of "graduation land tax." Most people improve their property m order to increase their income, or that they may derive greater comfort and enjoyment in their possession of it. In either case it seems to me that there is nothing unreasonable in "improvements' bearing their fair share of direct taxation. And ,as regards the proposed increase in the graduated land tax/there is something pitiably mean in this continual girding at and putting ' one more turn of the Bcrew" on a class who, surely, were not guilty of a crime when they became possessed of land for which they paid the market value, and who, I believe, have in most cases done more good to the colony than they have done for themselves. I beg to move the adoption of the committee s report. \ — (Applause.) Mr R. Wilson said : I have great pleasure in seconding the adoption of the report and balance sheet. I think the result of the year's working must be very gratifying to the # chairman and committee. They have increased the membership by nearly one-half, and I think they have attended properly to all the matters that have been brought before them. I was glad to hear in Mr Ramsay's remarks that bills have been very well met during last year. I may state that I have been 32 years in business, and during last year I have had less renewals and less dishonoured bills than I have ever had ; but unfortunately, in consequence of the bills being all paid and in consequence of the fact that a great many people who formerly gave bills now pay cash, I find that there has been a very great loss to the merchants. You will think that strange, but I have gone into the matter lately, and I find that when merchants were getting bills at three months for their goods they were making more money than they are making now — (laughter) — for this reason : that more than half of the customers pay in cash, and they have nearly two months' credit, and they get ,2£ per. cent off, instead of giving bills at three months, and in this way you will find that there is a loss of nearly 2 per cent. That accounts for the merchants not making so much money as they used to, so that it ia not such a great blessing after all to got cash.— (Laughter.) I do not know that I have much to say— Mr Ramsay has gone fully into all matters— but I am very glad to see that things are gradually and steadily improving, and I think that if the merchants were only to put their heads together and get a little more profits we should all be more happy.— (Laughter.) There is one little matter I do not like in the report, and that is the falling off in the shipment of frozen meat. I cannot understand how we have come to be so far behind other places. In Canterbury the freezing works have paid, and in Southland also ; in fact I have not heard of any works which do not pay but those at Dunedin. I do nob know how it is — there must be some reason for it ; but I hope that next season will bring better things to us. With these few remarks I have much pleasure in seconding the adoption of the report. — (Hear, hear.) Mr John Davib said: It seems to me, sir, that there is a very great reluctance on the part of members to enter into a discussion on the numerous subjects brought under notice in the chamber's annual report. I think you are fairly entitled to be congratulated upon the admirable review you have just given of your period of office as president of the chamber. — (Hear, hear.) I think, sir, that the committee have also to be congratulated upon the gpod and serviceable work which they have performed during the past year, as set forth in the printed report. I notice, sir, that in the printed report reference is made — and reference was also specially made in your address — to the harbour dues. Now, I should like to be permitted to say a word or two on this subject, and I do bo on the plea that, along with the late Mr Robert Gillies, yourself, and others, I was one of the committee appointed at a public meeting of citizens in 1873 to consider the subject of deepening the harbour, so that large, eea-going

vessels might be brought up to Dunedin. • That committee went into the matter very fully and brought up an exhaustive report on the subject. That report ■ initiated the movement which ended in the constitution of the present Harbour Trust. Again, sir, I was deputed by the members of that committee to represent their views in the Provincial Council. It so happened that I was the only member of the committee who had a seat in the Council at that time, and I used there any, little influence ' I then possessed to persuade the Council to pass the ordinance constituting the trust with all its relative endowments. We succeeded, but, we had a hard fight ; and, sir, I was a member of the first Harbour Board, and so .when I say that I have taken a deep interest in the work of the Harbour Board from those days down to the present time, you can readily' understand how it comes about. Not long ago we had brought under the notice of this chamber a scheme designed by a committee of the chamber with a ■ view to meet an anticipated deficiency in the revenue of /the Harbour Board. That scheme was fully discussed in this chamber, and after the discussion a vote was taken, and the result of that vote was that the scheme was not approved. Personally I did not regret that result, because that scheme contained some features which, in my opinion, were of a defective character. At the same time we had) another scheme before us, and it emanated from a committee of the Harbour Board. That scheme has, I believe, been allowed to remain in abeyance, and 1 do not think there is anything ,to regret on that score, because I do not think it was very much better than the other; It would probably be ont of place for me now to take up the time of the chamber, in' endeavouring' to point out wherein the defects of the respective schemes lie. Suffice it for me to say now, and I say it in all deference, that the two schemes were sufficiently defective in many respects to warrant the fate that happened to them. At all events, I am satisfied of this, that neither of these schemes was likely to be. the ultimate and permanent basis upon which the revenue of the Harbour Board would be raised. Sooner or later we should have to- apply to Parliament to legislate' in this subject— (hear, hear),— and whether ' legislation took the direction of ff local rate or the direction of the Government taking -over this trust and all the other harbour trusts of the colony, and administering their affairs, thereby effecting a very considerable saving in the matter of interest, I am not prepared to say, but I have a shrewd suspicion that when' legislation d^es come — and come it must — it will take one or other of these directions.— (Hear, hear.) Repeated alterations of the dues are neither good for the Harbour Board nor satisfactory to the traders. — (The Pbesident : ••Hear, hear.") My idea would be this : Leave the dues alone for the present, as they are, and rather encourage the Harbour Board in their present, praiseworthy effort to see how far they can make up the anticipated deficiency in the direction of judicious economies in the administration of their affairs and also in the direction of adjusting 'manifest inequalities in the present tariff, and if it is found that in- these particular directions they cannot make up what is required to meet' the deficiency, men deal with the dues, .but only as a last resource, and deal with them lightly, and then go to Parliament. You cannot go this session— it is too late— but go to Parliament next session and ask Parliament to legislate on the subject and fix, once and .for all, how_ the cost of maintaining these harbour .works^ is to be provided. In this way, by giving a feeling of permanency, you thereby confer a benefit not only upon traders but upon debenture-holders and all ' concerned. I should like with your permission, sir, to lay on the table a copy of the original report with reference to harbour improvement. Even at this day I think it- might prove instructive reading to some of the younger members of this chamber. — (Applause). Mr Arthur McDonald said : I have listened very attentively to your address,! Mr President, and I have only one or two words to say with reference to your remarks as to prices. In my, opinion you have only treated the subjeot from the commodity end, and I don't think you have considered the other and more important end — the money end. I am not going to make a speech 'on bimetallism-iQaughter)— but will simply say it is the duty of this chamber to consider the currency question. I think it is a subjeot that should be brought forward throughout New Zealand ; and while I hope that your anticipation that trade will improve later on will be fulfilled, I am very strongly- of opinion that no improvement can' take place until the currency of the world is placed on a more satisfactory basis. The motion for the adoption' of the report and balance sheet was then put and carried. , ELECTION OF OFFICERS. _„ ' The Pbesident moved the^ election of the following office-bearers for the, ensuing year :— President, Mr A. C. Begg ; vice-president, ,Mr Walter Gow ; committee— Messrs Alex. Burt, J. M. Gallaway, J. T. Mackerraa, A:' 0.-Pater-son, Thomas R. Fisher, P. R. Sargood, and K. Ramsay ; hon. auditor, Mr John D^vid. Mr J. Robbets seconded the motion, which was carried. / Mr Gallaway moved— " That the committee be instructed to take the necessary steps to alter the regulations of the chamber as follows .—Regulation 8 : To enable the committee to admit candidates for, membership. Regula- . tion 11 : To abolish the entrance fee to^provide special annual subscriptions for partnerships, banks, and joint stock companies. ' Regulation 16:. T0 modify the provisions relating , to the election of officers of the chamber where there is no competition." ,

The motion was seconded by Mr R. H. Leabit and agreed to. Mr G. L. Denniston, in moving a vote of thanks to the retiring officers for their 'services during the past year, said he thought it must be a great satisfaction to the chairman that he had added very substantially to the membership since he was elected to office, and that tho dhamber was in' such a satisfactory financial position as it was to-day. The motion was carried by acclamation, and the President having returned thanks on behalf of the committee, the meeting terminated. - -

The Wellington Commissioner of' Crown Lands informed the Land Board that the totara on a 35-acre section, Mangahao, belonging to the Crown, was worth £1200 at the royalty of 2s per 100 ft.