CHAMBER OF COMMERCE.

Star (Christchurch), Issue 4165, 26 August 1881, Page 3

CHAMBER OF COMMERCE.

The annual general meeting of the members of the Canterbury Chamber of Commerce was held yesterday afternoon at 3 o'clock. There was a very numerous attendance of members, and Mr A. 0. Wilson, President, ocoupied the chair. NBW MEMBEB3. The following new members were eleoted: — John Evans Brown, D. G. Holmes, John Holmes, Frederick Banks, W. Vincent, Archibald Scott, S. Sinclair, Isaac Gibbs, C. A. Fritchard (re-joining), and Alfred Thompson. ANNUAL BALANCE-SHEET. The annual balance-sheet waß read. It showed receipts to the amount of £442 2s 7d, and disbursements to the amount of £351 17s 6d. The assets were stated at £643 5b 2d, crediting the Chamber's land at the original cost price only. The liabilities were stated at £11 Is lid.

commixtbb'b bbpoet.

The following report was read by the President : — Your Committee, whilst presenting their report for the paßb year, are unable to point out any great or important results as the outcome of their labours, and of the time spent in the endeavour worthily to represent the Chamber. One of the first subjects that engaged attention, attracted therato by the wreck of the steamship Sorata, was the important one of the form of average bond to be signed by consignees of goods on the occurrence of a shipping disaster. The form ultimately adopted is attached hereto, and is almost verbatim a copy of one agreed to by the Sydney Chamber and forwarded to the Underwriters' Association, London, for approval. Circulars wore received during the past year to tho effect that an International Exhibition of wool and woollen manufactures and their allied industries, would be held at the Sydenham Crystal Palace during the month of June. The fact was freely advertised by your Committee in the local papers, and offers made to dospatoh exhibits to London free of charge to shippers, in order that settlers might have an opportunity of showing to the best advantage the various kinds of wool produced in the distriot, notwithstanding which no appreciable response to these invitations was made by the woolgrowers. In the fuco of this apparent apathy it is still to be hoped that specimens worthily representing New Zealand wool may have been exhibited, more especially as the Government had applied for 1500 ft of space for exhibits from this Colony. Two seßf)ionß of an International Conference have been held — one at Melbourne, the other at Sydney, the chief subjects of discussion being — A Federal Council, a Federal Court of Appeal and a uniform tariff. New Zealand, although represented by a member of the Ministry, does not appear to have played a conspicuous part in the proceedings, while Victoria was, on moat subjects, found voting alone, except as regards the eradication of the vine disease and the evasion of the law by debtors. The International Exhibition held in Melbourne has proved a success, inasmuch as many visitors have been attraoted to the Australasian Colonies and New Zealand, but it would require much boldness to assert that the comparatively small visible result is commensurate with the heavy outlay incurred by tho taxpayers of Victoria. One of tho results consequent on the above Exhibition was the visit of some representatives of the Indian Empire to Melbourne, and meetings were hold to further the trade with Calcutta and other ports of Hindoßtan. Mem bora are aware that for some years past direct trade between Lyttelton and Calcutta haß existed, and is annually increasing, and if left comparatively unfettered by legal enactments, will gradually embrace such commodities as tea, sugar, linseed and rice in addition to goods manufactured from jute. The Dominion Board of Trade of Canada communicatod with this Chamber some time Bince with tho object of arranging a mooting of iho Representatives of tho various Chambers of Commerce in London. It is a matter of regret that New Zealand, as a whole, \va3 not, represented at tho meeting. Canada, Australia, tho West Indies and the

Capo appear to have pent delegates. Although South Australia, owing to its geographical position, haß a considerable advantage in competition with Canterbury in point of proximity to the market, the trade with South Africa has continued to develop. The United States of America still continue to impose a heavy duty on Colonial wools, and the time is impatiently awaited when counsels more advantageous to the woolgrower may prevail. Industrial Exhibitions of local and other manufactures have been held, with more or less success, in Dunedin and Ashburton, and have shown considerable progress in various directions. The visit of the Lincolnshire delegates, Messrs Grant and Foster, does not appear to have been productive of any practical benefit to this particular district. In October last considerable excitement was occasioned through this district on the publication of a new railway tariff, which was found to preßß unduly on various industries and products. A special meeting of the Chamber was held, to discuss the report of your Committee on the changes proposed. Public meetings in various country districts were held, condemnatory of the rates pro* poeed to be levied, and the agitation had the effect of leading the Government to revise the obnoxious tariff. The suggestion of the Chamber, that a Board of Control for each Island should be appointed, and the railway management dissevered from any political department, has hitherto been fruitless. The heavy guns, imported at much expense for the protection of the harbour of Lyttelfon, are still suffered to remain in store — unmounted and useless. The attention of tho Government should be drawn to the fact by the incoming Committee at an early date. An improved plan of the harbour, containing the latest additions, has been prepared for the information of members. During the year the eleotion of two representatives on the Harbour Board took place in accordance with the Act, and resulted in the return of Mr Turner and the Hon J. T. Peacock. Mr Wright, the member for Coleridge, in the supposed interest of his constituents, haß endeavoured to deprive the Chamber of one of its representatives on the Board. The general good sense of the House, it may reasonably be expected, will prevent the success of this ill-judged attempt to deprive importers, shipowners, and the mercantile community in general, of that share of representation hitherto ungrudgingly accorded them. The financial aspect has been brightening for many months past. Money is cheap and abundant, and business appears sound ; notwithstanding which no great aotual revival of trade appears to have been anywhere experienced. The local railway authorities have throughout the year performed their difficult duties with promptitude and zeal worthy of recognition, while the heavy grain traffic has been ably organised. During the year 1877 a site fronting on Oashel street and Bedford Bow was purchased by the Chamber, and in August of that year the then retiring Committee recommended to their successors the consideration of building a suitable hall and offioes for the purpose of the Chamber. Since then, the subject has occupied much time of many Committees, and at a special adjourned meeting of the members held on June 23 it waa resolved— " That this Chamber is of opinion that the time has now arrived for the erection of a permanent building on the site belonging to the Chamber, fronting on Cashel street and Bedford Bow." And further, it was resolved—" That the Trustees of the Chamber in whom the land is vested, be empowered to borrow a sum not exceeding £5000, for the construction of a building on the above Bite." The members in response to applications and circulars from the Committee, have agreed to take up the Bum of £2175 in debentures, to assist in erecting a building, whioh it is hoped will be a credit to the body to whioh we belong, and an ornament to the City for many years to come. The Committee feel greatly indebted to those from whom promises of assistance have been obtained, and especially to those who have received the representatives of the Chamber in a generous and liberal spirit. During the past year eight members have withdrawn, one has died, and three new members have been elected— leaving 97 members now on the roll. Nine members are nomi> nated for election to-day, making the total of members 106.

PBBSIDBNT'S ADDEBBB. The President addressed the Chamber aa follows :—

In accordance with the annual custom adopted by this Chamber, it falls to the lot of your retiring President to .address you finally in that capaoity. The period that has now elapsed has seen a most remarkable change come over these Colonies of Australia and New Zealand, a change that, radiating from the Metropolis of Great Britain, has, with rapidly- widening circles, embraced nearly all the English-speaking communities of the globe. The change to which I allude is the change in the value of money. A short time since even, some of the wealthiest colonists were able to obtain loans only at such high rateß as 8, 9, or even 10 per cent per annum for a term of years, whereas at tho present moment capital is so abundant that borrowers are almost urged to utilise money at the rate of 6 and 6£ per cent per annum. Consols have long been above par, and their conversion into 2J per cents may be looked forward to at any time. A level similar to that lately current has not been seen for 27 years. The United States bonds, to the extent of thirtynine millions of six per cents, have just been converted into bonds bearing interest at the rate of 8J per cent per annum, and a further sum of about ninety millions of 5 per cent bonds is being rapidly absorbed into a security bearing an equally low rate of interest. The New South Wales 4 per cent loan of two millions wab eagerly taken up at a premium of £3 8s lid per cent. Even the youthful Colony of Fiji has taken a step in imitation of her elder sisters, and haa succeeded in obtaining a loan of £150,000 at the interest rate of 4} per cent at an average of about £99 10s. The rise in the price of Colonial securities haß bean most marked, The rate of interest has now a tendency to assimilate itself through the world, and it is very doubtful if former high rates will ever again exist in the Colonies. It is a pleasing fact also that the Treasurers of nearly all, if not all, these Australasian Colonies have been able to report a surplus of revenue during the past year. New South Wales exhibits a surplus of £1,610,000, Victoria £553,000, Queensland £288,600, South Australia £179,000, and even the New Zealand Treasurer, with the aid of £32,373 from the Land Fund, claims a surplus balance of £26,706 upon the actual transactions completed within the year. Every bank, Loan Company, or other financial institution, has its coffers full to overflowing of loanable capital. The deposits in the hands of all the banks in the seven Australasian Colonies, including New Zealand, bearing interest, and those not bearing interest, for the period ended Maroh 31, 1881, amounted to the grand total of £58,933,163, while the total advanoes amounted to £58,542,458. The share of the total of these deposits claimed by New Zealand amounted' to £9,293,497, while the advances equalled £11,504,861. The increase in the deposits hold by all the banks in New Zealand during the period ended on the same date, amounted to £1,191,163, while tho advances decreased to the extent of £866,612, On June 30 lash the deposits in the banks, in New Zealand, amounted to £9,126,094, while tho advances were £12,254,616, tho banks themselves having a paid up capital of £5,450,000. Financial authorities now speak of the vast natural resources of New Zealand, while a few months ago they could only refer to tho large total of her indebtedness, and the eagerness with which her financiers borrowed million after million. It is quite unnecessary for me to produce proofs of the unprecedented ease of the money market. A period such as this, when fortune seems to smile, and signs appear to betoken returning prosperity, our manufactures gradually increasing in number and improving in quality, when great opportunities are offered for taking up loans at a low rate of interest. In times like these the seeds are often sown of ruin and disaster. One of the most conspicuous dangers that such a state of tho money market induces is self evident. CapiUl too easily obtained is often-times too heedlessly expended. Tho term for which loans are obtained, but too rapidly terminates, and the golden shower ii past. The loan matures, and the time comes when perchance similar borrowing facilities aro not readily available. Bad times can seldom bo very far distant, so that we shall do well to boar in mind tho searching lessons loarnt in adversity. How sovero these lessons wore in the caso of tins district will best bo learnt by a porußal of tho tables attached, showing tho full particulars connoctod wil l» tho Bankruptcy Division of tho Supreme Court at Christchurch during tho past four or five years. The total amount of tho liabilities may .thus

be stated:— lß76, £104,957; 1877, £119,454.; 1878, £98,549 ; 1879, £564,255 ; 18 £315,038 ; 1881, £103,105 to 30th June. The total amount of assets are stated as follows :- -1876, £90,872 ; 1877, £82,525 ; 1878, £72,252 ; 1879, £552,434; 1880, £258,168; 1881, £74,353. The largo totals of thcso figures tell their own tale, and the amount of liabilities for that fatal year, 1879, viz., £564,255, is simply stupendous, while tho total liability for the whole of the Colony, for the same year, amounted to £1,489,000. With regard to the total amount of the assets as shown by the statements filed, your experience will lead you to value them at their true worth. Assets in bankruptcy, as is proverbial with riches of all kinds, take to themselves wings and vanish into space. A new Bankruptcy Bill has been introduced into the House of Commons. Whether tho pressure of other business will admit of the passing of an amending Act on this important subject, remains to bo seen. As Bills of this description are generally very severely mangled in their passage through any Legislature, I will not weary you with the details of the measure proposed, a digest of which has been prepared by the Board of Trade. It is greatly to be desired that when an English Act is passed, it may be drawn on such lines as to be a pattern to all Colonial Legislatures to adopt.

A former Minister of this Colony once turned his thoughts to the establishment of a kind of South Sea Trading Company, but New Zealand has long since ceased to cast covetous eyes on the islands forming the Fijian Group. An annual increase in the rolume of trade with Fiji may bo looked forward to with certainty. A large amount of capital having lately been invested in sugarrefining maohinery— one Company alone having already expended the smn of £200,000, largely increased supplies of suear from that quarter will bo forthcoming to compete with the productions of Queensland and Mauritius. An ordinary knowledge of the commercial requirements of the New Zealand markets and regular steam communication, are necessary to develop the interchange of commodities. A Committee consisting ot ten members of the House of Representatives has been appointed to report upon the subject of direct ■team communication with England. In these days of severe competition and great activity in the steamship building yards of Great Britain, at a time too, when not only British but also French and German lines of steamships, to sail with regularity, are desirous of ministering to the requirements of theßO Colonies ; when, moreover, every three or four months Borne new Steamship Company iB reported as perfecting arrangements to enter upon the Australian trade route; at a time suoh as this, to ordinary minds it would appear, that if direct steam communication is considered a necessity, only one straight businesslike course* of action is open for adoption, namely, the ver«r simple ono of calling for tenders for the work demanded, and freely advertising in the English and Colonial newspapers, the conditions under which theeerrice is to be performed.

During the past year experiments on a considerable scale have fully proved that meat frozen by certain processes can easily be conveyed to any distance, and reach its domination in first-class condition for consumption. This alone opens up a greatly improved prospect for the grazier, and adds an additional value to every acre of land. Movements have been initiated in various centres for the special purpose of meat refrigeration, and although no steps have hitherto been taken in Canterbury in this direction, the reason of the delay is not to be attributed to the want of perception of the advantages to be derived from the adoption of the newly discovered process, but rather to the high values ruling for fat sheep for some time past, proving that the supplies of mature stock existing in the district are not more than sufficient for our present requirements. Time alone is necessary to enable as to avail ourselves of the full advantages of the new system, and so Boon as this district is prepared for the export of stock, capital will, doubtless, be speedily forthcoming to reap advantage of the experience, gained at considerable expense, in other countries. The thirsty plains of Canterbury are about to receive a priceless boon. Skilful irrigation now leads fertilising streams of water from the mountains to the sea. There is no need to enlarge on the advantages to be derived from the successes already obtained in this direction.

The past year cannot be looked upon as one specially profitable to those engaged in mercantile pursuits. The clip of wool was abundant, and rates, although not equal to those sometimes obtained, have been fairly satisfactory. The crops of grain have been heavy, while the quality of the wheat has never been surpassed in Canterbury. Farmers, however, in face of large American supplies pouring into Great Britain, have been unable to realise such prices as could have been desired. Some little consolation may be derived from the fact that the cost of growing, harvesting, and conveying grain to market has of late years been materially reduced. A large acreage of grain has again been sown in a favourable season, and our numerous flocks and herds are free from disease. While the husbandman tills the soil, and the shepherd tends his flock, the collier in our deepening mines brings to light annually increasing Bupplies of fuel, as these figures show :—

The yield of the coal mines in Canterbury appears to bo gradually increasing. The quantity of coal imported into Lyttelton from New South Wales for the year ending June 80, 1879, was 56,547 tone, of the value of £73,685 ; 1800, 54,001 tons, value £79,772 ; 1881, 46,727 tons, value £69,220. It is much to be desired that the whole of this large sum could be retained in this locality, assisting to maintain in our immediate neighbourhood, within fifty milea of Ohristohuroh, a hardy, industrious race of colliers. The importation of New South Wales coal into Port Chalmers for the period ending June 30, was :— 1879, 35,099 tons ; 1880, 18,187 tons ; 18S1, 10,564 tons ; any further fuel required having been made up from Native coal. So that Dunedin, with its larger population, its more numerous manufactories, its colder climate, imports not one-fourth of the coal from New South Wales that Chriatohurch demands. Our Southern frienda show us indeed a bright example in supporting one of the most important industries at their gates, instead of exporting their sovereigns to nourish a large population in a rival Colony.

Attached to those papers is an improved plan of the inner harbour at Lyttelton, showing wharves, Ac While we are disposed to think very highly of the dock in Lyttelton, now nearing completion, it is as well to glance round and note what some of our more active neighbours are planning. Wellington demands a dry dock forthwith : Auckland, if all accounts are true, is about to accomplish great things, and if money is forthcoming, will endeavour to throw Lyttelton into the back ground, having learnt experience from a former comparative failure. Port Chalmers, not content with the existing dry dock, desires to excavate another, 600 ft long, and otherwise superior to our own. Sydney, for whom nature and art have done bo much, is si ill unsatisfied, and contemplates a new dock, for which the money haß been already voted, 600 f tlong and 120 ft wide, with a depth on the sill at low water spring tide of 27ft. The difficulties to be overcome in the excavations in Sydney Harbour are probably inferior to those experienced in tho removal of the rocky strata at Lyttelton. From the eager deeiro exhibited to possess dock accommodation at these various seaports, it would appear as though large returns might with certainty be expected from hundreds of thousands of pounds invested in dry dooks, but such is far from being tho case. 'Iho revenue to be looked for, except under special circumstances, cannot possibly recoup much moro than the actual working expenses, leaving all principle, interest and sinking fund to bo a heavy drain on tho resources derivable from ordinary harbour dues. Thus a seaport not posseßßed of a dry dock will be in a position to impose lighter burdens on importß, oxports and shipping than one where suoh a oostly luxury has been introduced.

The report of the Committee juat read alludes to the great discontent prevailing in Canterbury on the publication of tho railway tariff in October last. It must not bo supposed that discontont at existing railway rates of freight is peculiar to thiß Colony, complaints on tho same subject are heard from every quartor of tho Globe, and under every form of Government. From tho United States, from Germany and from England — countries where lines havo been built under every variety of condition. In some, vast sums havo been spout per milo, such as in the United Kingdom, whore the total length of railways

in 1879 amounted to 17,696 miles, constructed at a total capital cost of £717 : OO3,OOO, while the cost per mile in the same year reached the sum of £40,518, and notwithstanding this enormous outlay, the net earnings may be said to amount to about; four per cent per annum. New Zealand can only point to its total of 1287 miles of linos at work, constructed r.t a total cost of about ten and a. half millions sterling up to March 31, 1881, made up as follows : —

»,., Cost of Miles. Working. 435 North Island lines £3,572,609 71-36 per ceat (■Middle do ... 5,863,700-) 852 i Outrbury Prov do 731,759 f-600Oper cent LOtago do do ... 372.52 a) 1287 miles £10,540,590 Thus showing an apparent cost of £8190 per mile. The total expenditure on the Canterbury lines, say from Hurunui to Waitaki amounts to £2,594,527. It may provo of interest to quote some data as showing the great importance of the traffic of the Canterbury linea to the success of the railway system in the Colony generally. The Public Works Statement informs us that the railwayfl of the Colony roturn £3 8s 3d per cent on the cost of construction, while other tables show that the Canterbury lineu return over 7 per cent (733 per cent). The returns show that in 1876-77 the cost of working the Canterbury lines wbb 73-48, in 1877-78 it was 6732, and during the past period it was reduced to 51*88 per cent of receipts for all the branch lines in Canterbury. During the period which I have not given, the accounts as gazetted are amalgamated with those of the Southern division. The working expenaes of the London and North Western for the year 1880 amounted to 51 per cent. A list of sixteen of the chief railway lines of the United Kingdom is in my possession, showing the working cost of each line. The average cost of working amounted to 52 per cent of the receipts. The two lowest, viz., the London-Brighton and South Coast at 47-00, and the South Eastern at 474, are both above the working coßt of the Christchuroh main line which, according to the Gazette of May 20, was worked during the past period at the exceedingly low rate of 4584 per cent of the receipts. Xhe grain carried during the six months ending 30th June, 1881, amounted to 141,592 tons, aa againßt 149,553 tons carried during the six months ending 30th Juno, 1880. This season a larger quantity of grain probably remained in store along the line and in farmers' hands after the 30th June than was the case the previous year. I cannot withdraw from the post of President of this Chamber without an expression of my thanks for the honour conferred upon me in having been permitted, for the past year, to occupy the position of chief representative of you? body. The list of your Presidents contains many an honoured name, and takes us back to the year 1859, before the district had been settled ten years. The merchant of those days required more of the spirit of entorprise than is necessary in these times, when correspondence from England arrives almost weekly, and the cable unites us with every city in the world. "The progress since made could not possibly havo been looked for by those early pioneers. The harbour, if such it could then be called, was cut off from all the agricultural and pastoral districts of the Province, and wool was the only article of export. How changed is now the position ! The facilities available in the harbour are not to be surpassed in any Colonial port. The railway and the telegraph pierce the country in all directions, and even the telephone unites the offices in the city. The steady continuous advancement of this Colony, possessed of such a climate and suoh a coil, if left unretarded by the devices of self-seeking and spendthrift politicians, each eager to obtain for his own petty locality a portion of the wealth out of the Treasury, regardless of the welfare of the titate, cannot be doubted. Finance is the key to the position, and should any Government obtain power that neglects this in the slightest degree, the results to the credit of the Coloay mußt be serious. Increased population is one of our chiefest wants, and our aim and object must be to obtain a fair proportion of that mighty stream of voluntary emigrants, possessed of some resources, that is daily setting to the shores of North America. Why should they not come ? Our climate is less severe, our lands equally waiting for the plough, and facilities abound for carriage and shipment of produce, added to whioh no alien flag demands allegiance. The Australasian Colonies, possessing an area of 3,103,903 square miles, with a population already amounting to over 2,700,000, and a total trade of imports and exportß aggregating £100,000,000, must in the early future be destined to play an important part in the history of the British Empire and of the world. Tables are attached, showing the population of the various Australian Colonies, according to the census taken in April last. The numbers for the year 1871 are also given, for the purpose of comparison. The advance made by this Colony is at once apparent. Lest in the contemplation of our progress we should overlook the extent of our indebtedness, a statement in an adjoining page shows the total of the debt of the Colony. My best thanks are due to the Vice-President, to the Committee and many others for much assistance rendered during my term of office. I beg to move that the report and balancesheet be adopted, printed, and circulated amongst the members. The_ address was listened to with great attention, and the President, on resuming his seat, was loudly applauded. Mr Chrystall : I have much pleasure in seconding the adoption of the report and balance shoer. The statistics which are aunexed to the report I think will be regarded as showing a satisfactory state of things respecting the trade of this district. The total value of New Zealand produce exported from Canterbury shows a considerable increase, while the excess of the value of exports over imports, for the whole Canterbury district, is greater than it was last year. There is, however, in regard to wool some falling of! as compared with the export for the previous year. It was estimated, I believe, at the time of shearing, that the clip would not be quite so heavy as the former one, but the apparent deficiency, I think, will prove to be more than was anticipated ; and the falling off is not to be accounted for by smaller receipts coastwise, for the returns show that there were actually 900 bales more for 1881 than for 1880. The value of Foreign and Intercolonial exports of wool at Lytteltou was-' — 1880. 1881. , Lbs. Value. Lbs. Value. Lyttelton— Foreign and lutercol. 15.777,665 £683.046 14.257,948 £081,497 Coastwise 89,200 3,340 18,000 675 Tim urn — Foreign and

Intercol. 17,600 660 361,200 13,545 Coastwiso 3,919,800 146,996 3,652,600 136.980

19,801,365 £834,012 18,289,918 £812,697 The value of the total export of wool from the Canterbury district was thus £812,697 against £834,042 for the previouß year. Turning to grain, the export figures for tho paßt year disclose one important feature which has occurred for the first time in the hißtory of this district — namely, that tho export value of grain and' breadstuff's from Canterbury has exceeded the value of the wool export by about £100,000. The following are the figures for the three staple articles : — Wheat. Oats. Barley. Bush. Bush. Bunh. Value. Ljttolton— Foreign and Intercolonial 2,013,265 951,448 389,512 £541,880 Coastwiso 206,092 119,844 20,776 60,68t> Tiinara — Foreign and Intercolonial 518,581 135,335 25,826 112,362 Coaatwiso 278,925 190,251 20,701 69,081 3,105,863 1.399,881 456,815 £786,995 Valuo £584.000 £123,000 £80,000 The value of the total export by the same process for 1880 was £632,189, thus showing for wheat, oats, and barley, together, an inoreased value of £154,806. Tho value of the export of other cereals, and products of othur cereals, was, beans £8864, grass seeds £22,459, malt £12,422, flour £62,476, bran and sharps £10,939, and oatmeal £2931— in all, £120,091; and, adding this total to that for wheat, oats, and barley, it will be seen that tho valuo of the export of grain, and grain products, from Oanfprhii'v, fo- t!i« East j ear, amounted to iJU07,806. Other inds of Now Zealand produce shipped from Canterbury to foreign and Intercolonial ports, and coastwise, show a total export valuo of £189,277, which sum, in nddition to the figures for wool and grain, raises tho export of Now Zealand produce from Canterbury to the largo uggrogulo of £1,909,060. I have thought it might be of bouio interest to urrivo at figuros showing tho approximate relation botween imports and exports as affecting tho wholo Canterbury district, and I have thorcforo ondcavourad to make an abstract of tho wholo trade to and from tho ports of Lyttel-

ton and Timaru. The figures fur all the items are based on Customs' returns, excepting in the case of the value of goods imported at Timaru coastwise, and ex warehouse at Dunedin, and for theso I have been obliged to make an estimate. Ihe result t-f the compimson is as follows : — EXPOETS. Increase T.yttelton— 1880. 1881. for 1881. foreign and Intercolonial £1,237,456 £).34>V r 9 £46,353 Coa&twiße £141,778 £195,2:9 £53.601 Timaru— Foreign |aud Inter. coonial £67/04 £liOß7> £73 368 Cvr.£,twise £224,742 £2-20 frO £1,368 £1,731,480 £1,009,060 £177,580 IHPOBTB. Increase Lyttelton— 18S0. 1831. for 1881. Foreign and Intercolonial £1,184.145 £1,2G2,f>31 £78,389 C.u-twiso £165,858 £2n.581 £47.723 Tiiuaru— Po>ei?n, Intercolonial, and Coastwisu £237,000 £250 000 £13,000 As umed total for Co istwise and ezWarehouse at BunedinandWelliugton, including actual returns by Cns'ome £1,587,00* £1,726,1 I<J £139,112 Fxcess for exportß, 1880, £144,47(5 ; 1881, £182,944. If, therefore, my figures be correct, and I think thej will be found suffi* ciontly approximate for the purpoao of argument, the exchangeable value of the New Zealand produce raised and exported from the Canterbury district has been, for the past; year, £183,954 in excess of its value of the imports ; and this reßult, I think, must be regarded as proving that the district is not only one of large productive capability, but that it is at the same time in a sound and piocperous condition. The considerable balance in favour of exports, I think, may also be regarded as pointing to two other conclusions of a satisfactory nature, namely, that greater economy is being exercised, and that the development of local industries i» having some appreciable effect in reduoing our annual expenditure for imported goods. An analysis of the imports would seem to show that the increase for the paat year has been to a considerable extent made up by building materials ; and those when imported may fairly be regarded as assets of a more or leas permanent character. With regard, however, to the domestic trade of the distriot, it ha* to be confessed that the experience of the past year has been in some respects disappointing. The local demand for manufactures and other goods has not, I t hint, been so great as might have been anticipated, in view of the late good harveit. But this state oi things has not been without its satisfactory eide. The amount of money lost in bad debts during the year has been comparatively small ; and the hand-to-mouth eharaoter of business, and the apparent determination to keep stocks low, would seem to indicate that credit is being confined witbin otfe limits, and that capital is having something like its legitimate place in trade. The motion was put from the chair, and carried unanimously. OFFIOKBS TOE THE BKBUING TBAB. The following members were deolared to bare been elect ed to hold office for the ensuing year :— Fir-oident, Mr W. Cnrystall ; Vice-President, Mr W. D. Meares ; Committee —Messrs Cook, Wilson, Cunningham, Inglis, Stead, Cuff, Cooper, Peacock, and M'Pheraon; A uditors— Messrs Carrick and B. S. Harley. KBW BUILDING. The President brought before the meeting the recommendation of the Committee with reference to the erection of a building upon the Chamber's site—" That the Committee reoommend to the members the ereotion of » hall and offices similar to the plans exhibited, and on the estimates given by Mr Armson, to occupy two-thirds of the section fronting on Cashel street."

Mr R. Allan moved— '« That the recommendations of the Committee be adopted." He believed that the time had arrived for the Chamber to have premises of their own, and considered that the thanks of the meeting were due to the Committee for the trouble they had taken in the matter.

Mr Aiken seconded the motion, which was agreed to unanimously. Mr Allan a«ked if the £5000 included tho debenture mon v

The Preside . said that there would be no need to borrow nore than £2600.

Mr Inglis ret inded the meeting that there was nothing to prevent tho whole amount being borrowed.

Mr Turner asked if the statistics included in the report were to be printed in pamphlet form.

The President replied that it was intended to publish the report as usual, with a map of the Canterbury plains, a plan of the Lyttelton harbour, &c.

Mr Harley hoped that a sufficient number to meet the demand would be printed. Last year no copies were to be had shortly after the annual meeting. The President said that 800 copies had been printed last year. Perhapß members would, before leaving the meeting, state what number each would require. Mr Day moved a cordial vote of thanks to the retiring President, Vice-President and Committee. In doing so he warmly panegyrised the retiring officers. Mr Hargreaves seconded the motion, which was unanimously agreed to. The President, and .Mr Chrystall briefly acknowledged Die vote.

Mr M'Phersin moved a vote of thanks to the auditors.

Mr M'Dougall seconded the motion, which was carried unanimously.

Mr Harley briefly acknowledged the compliment.

Mr Cunningham moved a vote of thank* to the scrutineers.

The vote was duly seconded and agreed to. This ooncluded the business of the meeting.

Coal raised in Imported from th« Colony. N.S.W. Tons. Tons. 1878 162,218 174,148 1879 231,218 158,076 1880 299,923 123,298