CHAMBERS OF COMMERCE.

Ashburton Guardian, Volume IV, Issue 1037, 1 September 1883, Page 2

CHAMBERS OF COMMERCE.

CHRISTO aUKCH. The Christchurch Chamber of Commerce yesterday elected Mr Macpherson President and Mr Cooke Vice-President. The number of members was stated to be 12 1. The report was a lengthy one. It referred to the East and West Coast railway, rolling stock, railway rates, the Bankruptcy Bill, the Colonial Exhibition in London, delays in discharging ships, bills of lading, the grain trade, Customs, the state of trade, the Conference of Chambers of Commerce, and arbitrations. The President, in moving the adoption of the report, dealt in detail with the same subjects. He complained that Canterbury merchants were handicapped as against Dunedin to the extent of 27 per cent.., or L 5,000 per annum, with a further tax of Is 61 per ton, or L 1,095 per annum, on goods landed ex steamer or put into railway sheds, for Customs examination or bonding. He thanked Mr Wright for calling attention to the General Manager of Railways inferring erroneously that the Canterbury grain traffic left a loss, lie praised the General Manager and Mr Back for the reforms they had made, and their anxiety to meet the

wishes of the mercantile community. He deprecated the appointment of a Minister of Railways. He complimented the Railway League on the virtual abandonment of the East Coast railway line. He believed the colony was opposed to a borrowing policy, and that such questions as loans i and important railways should be dis- I cussed by Chambers of Commerce, who ' should endeavor to return to Parliament 1 men of sound commercial views. The < Bankruptcy Bill, thought not perfect, was an improvement, but much would depend i on the manner in which it was administered, He thanked Mr Wynn-Williams for the trouble he had taken in connection with the new Act. He recognised the value of direct steam communication which was due to the pluck of the New Zealand Shipping Company. An alte ation in the American wool duties might lead to an export trade with Boston or New York. He anticipated a revival in gold-mining exports from the colony. He advocated the extension of local industries. The frozen meat export trade promised great results, but it must not be rushed ; it must be gradually developed. -o far moat companies had been so careful that prices had improved on nearly every shipment. The causes of the present depression in trade were (1) the facilities afforded people of little or no capital; (2) the undue proportion of the unproductive class ; (3) public and private extravagance; (4) insufficiency of population to meet taxation. Notwithstanding all this, he looked forward hopefully to an improvement in our commercial and industrial position in the immediate future. I)UNBDXtr. The annual meeting of the Chamber of Commerce was held yesterday. A telegram was read from the Hon T. Dick to the effect that he intended to carry out the recommendation of the Telephone Committee. This reduces the rate to Ll2 10s, and present subscribers are to have, in addition, a refund of L 5 on first year’s rate. A motion was carried that each member of the Chamber receiving this refund should subscribe one guinea of it to the reduction of the Chamber overdraft, which amounts to LBO. Mr G. Bell, proprietor of the Evening Star, was elected Chairman for the ensuing year. A resolution was passed, expressing satisfaction at the promise of the Minister of Public Works to open the Otago Central 1 line to Sutton in two years. The outgoing Chairman (Mr R. Wilson), in his address, made the following reference to dull times:—ln my former address I touched upon the depression that had existed in business circles. Trade has not improved since that time, and I am sorry ■ to say that I think it is worse. The i Treisurer, in his Financial Statement, drew attention to the large increase in our imports as one of the disturbing causes. That is an evil which will cure itself. Already the published statement 1 shows a decline, and from enq aries I have made I look for a great diminution in our imports during the next financial year. 1 We must not shut our eyes to the changes ! that are working against us. ■ Large .joint stock companies are gradually absorbing > or extinguishing the middle men. Merchants individually are passing away and r their places are being taken by joint stock . companies possessing largo capital bor- ! rowed in the London market, at half the [ rates of interest our bankers charge for ; the use of their capital. Against this no b private enterprise can successfully com- , pete. The profits are not spent in the colony, but go to support a class of ab- , sentees, whose only interests in the i country are the dividends they are receivi ing from it. Whether or not mercantile i companies of resident shareholders will i meet these new conditions of trade is as yet an untried experiment. Another cause of the present dnlness is, in my , opinion, due to the comparatively sudden [ changes in the value of laud. This is partly owing to the competition of the banks and loan companies when capital 1 was abundant to advance on mortgage of ; landed security. Speculation was i then encouraged, and largo purchases were made in the expectation of realising i large profits by selling in suitable alloti menta for small farmers. The action of : the Government in throwing an extensive i area open for selection on favorable terms L for settlement has closed the door to land i speculation, and instead of disposing of their purchases, as they expected, they still remain on the buyers’ hands, and the 1 money thus advanced remains locked up [ and unavailable for c immercial purposes. I If we look at the amount of the mortgage i indebtedness of anterbury, Otago, and [ Southland, collectively amounting to u!4,899.251, on which upwards of L 1,000,000 has annually to be paid in ■ interest by a population of 260,000, I think you will agree with me, therefore that the general e’epresdon is due not to over importation alone, but to the prei seace of those Joint Stock Companies amongst us who have aided and stimulated an unwise speculation in landed estate before we had a population to develop the resources of the country. Mr Wilson also advocated the early formation of a Customs league with the Australian colonies. by which the natural products and manufactures of each colony may circulate freely between each State without the obstruction of Custom-houses.