CHAMBER OF COMMERCE.

Star (Christchurch), Issue 5272, 31 May 1895, Page 3

CHAMBER OF COMMERCE.

QUARTERLY MEETING. The quarterly meeting of the Canterbury Chamber of Commerce was held at 3 p.m. to-day. The president, Mr G. Humphreys, occupied the chair, and there was a large attendance. Messrs E. C. Cox and L. B. Hubbard were elected members of the Chamber. CHAIRMAN'S ADDBEBB. The President delivered the following address :— The past quarter's work of your committee* has not been marked by any question of great public interest, although considerable time has been taken up with matters of more or less importance to j memberß and to the trading cooimnnifcy I generally. Amongst other subjects claim- J ing the attention of the committee during the period under review, may be mentioned the question of certain Co-operative Associations working under the Industrial and Provident-Societies Act. Under this Act members or shareholders of these Associations are permitted to withdraw their capital at any time without retaining any liability whatever in the event of the Association winding up. The result has been that in cases where a Co-operative Association thus constituted has been found to be in an unproaperous condition the capital has been withdrawn by memberß just previous to the Association going into liquidation, and the creditors have thuo been deprived of assets that they have relied upon when giving the credit. The injustice of such trading under false appearances is manifest, and it i.s the intention of your committee to move for some legislative remedy during the coming session of Parliament. Another question affecting the security of trade that has been under the consideration of your comaiitteo is the assignment of book debtß by a debtor to a creditor without registration. A number of cases in this connection have recently come before the public, showing the absolute insecurity of creditors under the preaent system of a debtor being allowed to quietly make away with his assets in this way on the very eve of bankruptcy, and his creditors being kept entirely ignorant of his action. Recognising the great danger to trading as the law now stands in the matter, your committee purpose bringing this question also before the Houae, with the view of getting the assignment of book debts put upon a similar footing to that of goods or chattels— that ip, the assignment of book debts shall not be valid unless registered. I have to report the resignation of Mr. Charles Louiaaon from his Beat on the committee owing to hia visit to England, and to state that Mr William Eeece has haa been elected to Mr Louieson's place. I will now, with your permission, Bay a few words on some commercial matters of general -interest. 16 is satisfactory to notice that, although showing no signs of expansion, trade still continues in a sound condition. Certainly a few failures of some magnitude have lately taken place, but the circumstances surrounding these failures are such that the consequences will not be seriously f elt by the community generally. Money is plentiful and cheap, ao far aa for investment on mortgages is concerned, but the reverse is the case as regards money for trading purposes. The stringency exercised by the banks for some time past has gradually been increasing until at the present moment the pressure in this respect is having a marked effect upon business generally. It is probably from a pohcy of extreme caution that this course is being pursued, but it is a question whether it is not being carried out to an unnecessary extent— at least so far a3 this part of the colony is concerned. It however speaks volumes for the soundness of our traders generally that they have hitherto been bo well able to stand the strain of this severe financial contraction. Turning to public finance, the colony is to be congratulated upon the great success attending the recent floating of our three per cent loan of .£1,500,000. A great part of this success was no doubt due to our able Colonial Treasurer, whose presence ia London has not only favourably affected the floating of the loan, but has no doubt helped to increase the confidence our Home creditors have shown in this colony for some time past. It is to be hoped this public confidence will favourably reflect upon the commerce and industries of the country generally. Our great staple trade in frozen meat still continues ia an . unsatisfactory state so far as prices are concerned, bub the volume of exports (at leaßt from this district) is still maintained, and it is ■to be hoped a decidedly upward turn in prices will soon set in and instil fresh encouragement into our sheep farmers, whoße lot of late has not been at all a happy one. It is pleasing to note from cable advices of the past few days that these hopes are in a fair Way of being realised. Wool, although somewhat slightly disappointing in the London sal£s now just closed, evinces decidedly more encouraging signs for the near future. Viewing the many influencee at work affecting wool I cannot help coming to the conclusion that a substantial and permanent' improvement in this, our greatest staple, is at hand. Tallow also seems to be waking up from its long-continued depression. It is refreshing to be able to notice one decidedly bright spot in our commercial horizon in the great advance in the price of wheat. The limited production of the past season and present small stocks prevent the great benefit such an advance would have brought our farmers and grain merchants in former years. Still we should be grateful for small mercies j and as the improvement has every appearance of laßting at least for a considerable time, it is . to be hoped our grain-growers will be encouraged to greatly extend their wheat sowing area beyond what it was the past season, and we can only sincerely hope they will be fully rewarded by both good crops and good prices. In view of a possible export trade in live cattle the thanks of our graziers and the colony generally are 'due to the Government for their prompt action in the case of the diseased Queensland cattle in the ship Perthshire. This country cannot be too jealous of the clean record it enjoys in the freedom from serious disease amongst its flocks and herds, and the course the Government took in this matter must meet with general approval whether a live cattle trade be feasible or not. I would like to say a word in connection with the West Coast Railway. I have always contended this is a work of great i importance to the colony generally, but T am mo«t firmly convinced of the magnificent results that would be derived from this railway by the districts more directly concerned, viz., Canterbury and Westland. It ia much to be regretted that the relations between the Government and the Railway Company have become bo attained, but it is to be hoped that full justice will prevail in this serious dispute, and that the present crisis in the history of the railway will lead to a speedy prosecution and completion of the work. This Chamber in the past haa taken a great part in this undertaking, and I have no doubt it will continue to use its influence until this railway uniteß us to our friends on the other aide of the rangeß. At our last quarterly meeting I ventured to express my convictions that we were in sight of better times ; and viewing the present upward tendency in prices of nearly all our staple productions, combined with other circumstances, I think we can now safely say that the long looked for revival is at last at hand, and I believe the colony will very soon be able to congratulate itself upon having unmistakably entered upon a long period of solid prosperity. Mr Booth congratulated the President on it being his lot to sound the first note of hope that had been heard in that Chamber for Borne time, and hoped his remarks would be justified. He did not think the matter of the address given by Mr Frewin on Bi-metallism should be allowed to bo forgotten. He called attention to the fact that there waa no record of the meeting in the books of the Chamber. The President undertook to see that a report of that meeting was inserted in the i minute-book. . i Mr W. Beece wished to brmg up again

j the matter of arbitration, which be thought j the committee should take up for facilii tating the settlement of trade disputes. He j had received a copy of the arbitration rules j now in nae in Birmingham. He found i these provided for the appointment of technical men aa arbitrators in every branch of trade or profession. He moved : "That the committee be requeafcedto take i up the question of forming an Arbitration ■ Chamber on the Jines of the Birmingham ; one, and to report at next general meeting." Mr Booth, in seconding the motion, j pointed cut the advantage of having men j i with a thorough knowledge of the branch , of trade upon which they were called upon !to adjudicate. A proposition of the kind ; waa now before the Employers' Aaeocta--1 tion. i The motion was carried nem con The meeting then closed.