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LOOKING AHEAD

AFTER THE WAR THRIFT AND SELF-HELP URGED CHAMBER OF COMMERCE MEETING The annual meeting of the Wellington Chamber of Commerce was held yesterday. Following the custom of more recent years, members met at luncheon, and the business was taken afterwards. Mr. C. W. Jones, president, was in the chair. . President's Address, _ The on moving the adoption of the annual report, trade a brief review of the financial and commercial situation. "Since I had the 'pleasure of moving the adoption of our 50th annual report in May of last year," he said, "events of the first magnitude have occurred—events which have profoundly affected the world's outlook financially and commercially, and of ■which'the future outcome and results are by no means as yet revealed to us. Less than twelve months ago I was able to express an opinion that after a period of finanoial stringency there was going to bo an adequate supply of capital available in the London market at moderate rates to enable us to carry on the legitimate development of the country. It shows how unwisa it is to enter the field of prophecy, even for a president of a Chamber of Commerce; for three ,-months afterwardi there was no such supply of capital available for development purposes at rates which could be entertained.

Self-help Our Motto. "Capital, I need, hardly remind you, consists of savings, and the world's savings are at present going up in smoke at an appalling rate. Whatever the outcome of tho war, there must ho a period of years while that loss is being replaced during which, capital ij likely to be comparatively scarce, and, . therefore, able to command a high rate of interest. During such a period of constriction what is likely to be the position of New Zealand ? At present wo occupy in this conflict a very favourable position. AH, or nearly aU (for 1 regret that hemp has not participated), our exportable natural products are bringing higher prices owing to the war. For the year ending September 30 last our exports amounted to nearly 2$ millions more than tie imports; and the Prime Minister gives us to understand that at the period ending March 31 the figures were still more striking. The banking _ returns 'also show that those institutions are holding an unusually large amount of 'call money.' 1 'flrii all means that an unusual supply of capital has been, flowing in our airectioa.owing to the der v mand for our>products, and I venture to put forward • the opinion that this extra capital should ho applied to our local development. We cannot look to London for <i long time in all probability, and l our motto will have to be selfhelp for some years. I think it would be patriotic in-those who control this extra capital to show a dlspoition to invest- some of it ih local loans, and to he satisfied with something moderate in the way of interest. Wo lately read of a farmer who gave £1000-to a war fund, which he. said was extra money brought him by the war. I am sure that his is not an isolated instance of such a public spirit,, and that ; if it is realised that we are thrown on oiir own resources for 'local development, those who have money "to invest will be willing to devote it to local, requirements. Twelve months ago I expressed an opinion against local loans for development purposes, but since then circumstances are so radically altered that I ?hall hardly be accused of inconsistency. The Virtue of Thrift. "There is another national virtue, the exercise of which is being strongly urged upon us by the war, and this is the virtue of. economy. It does not needa prophet to foresee that this country will need every penny that it can save to meet a period of stagnation, which history teaches us follows in the wake of war. We no doubt possess great powers of recuperation, but one of the great factors in recuperation is economy in living and avoidance of waste. This is at present our national duty. Trade Within the Empire. "Recent events have also forced us to notice with unusual attention the extent to which foreign countries, especially Germany, have been establishing themselves in trade which we might have done with Great Britain. In the report you will find a list of our prin-cipal-imports from Germany and Austria. and, as you are aware, there is a growing sentiment among the colonial members of our Empire that we ought to be buying all those things from Britain in preference. We are all agreed upon that; but there are differences of opinion as- to the methods to be employed. Some boldly advocate complete exclusion- of German goods; but as our Empire as. a whole depends largely on foreign trade, and will no doubt depend still more on foreign trade in the future, it will probably be found impolitic, if not impossible, to maintain a boycott against • any one nation. Others .favour a preferential tariff, which exists already, and has no doubt had a great effect: but we must not forget that we are only taxing ourselves by such a tariff. It means that we pay more for things than we otherwise would. It may be patriotic to do so, but I think the best solution is to be found in the methods now being used by the British Trade Commission in the various parts of the Empire; that is to promote closer relations between British manufacturers and colonial consumers and importers; to keep the former fully and constantly posted as to the kinds of goods wo want, and to urge them to study our needs and meet them, while we on our part assure them of a loyal desire to deal with them, Tather than with anyone else. Abnormal Trade. "As to trade generally during the last twelve months,'the position has been so abnormal, so many disturbing causes have been at work, that any comparison with ordinary years becomes of littlo value, and difficult to make. Take for instance shipping. Tho demand for ships both here and in Australia., a.nd in fact all over the world, the disappearance of enemy ships, the numbei 1 of vessels that have been required for transport of troops, the fact that Wellington has been the port of departure for our troops, and the consequent concentration in Wellington, the necessity which has arisen for limiting, or prohibiting, the export of certain lines of produce, and of actually importing wheat from abroad for ourselves, the diversion of passenger traffic which has increasod_ in some directions and diminished in others; all these causes have produced a situation bo far removed _ from the ordinary course, that it, is useless to compare this year with other years, or one port with another. Our annual report which has been carefully compiled in the usual way, and contains information supplied by thoso most interested in the various''departments of. trade, gives figures, hub it is not easy to make any satisfactory deduction from them. International Law! "During the year a large amount of extra work has devolved upon the sec-

retary in connection with enemy merchant vessels interned in neutral and British ports. In this respect the Chamber has, I trust, been found of use to its members. The position of these vessels with Now Zealand cargo in their holds which have been interned in ports in various parts of tho world- calls for serious public attention. The captains of most of these boats, acting possibly in accordance ivith German law, or with the consent of their owners and Govornment, or perhaps, with complete disregard of international amenities which have been so widely manifested, have refused to deliver those cargoes, much of which has long ago been paid for by consignees here, except on_ exorbitant terms of general average, insisting that the whole expense of diverting the boats to a neutral port, together with tie cost of transhipping and forwarding the cargo, must be a charge on the goods._ Very early in these lengthy negotiations we made strong representations to the Government hero that, at anyrate in the case of boats interned in British ports, all this expense should become a chargo on the ship itself, and that the liquidation of that expense should be insisted upon before the boats were restored to their owners. The reply was to the effect that under international law this oould not be done, and that at the end of the war these boats must bo simply handed back to the owners. International law, centlemenl Is thore such a. thing iust nowP Or, if .there is. is it not all on one side? No doubt we must follow Imperial guidance in such matters, as they are of an international character. But we ought unitedly to urge as strongly as we can upon our Government to represent to the Home authorities that ; .when terms of peace are arranged, ;t should he made a condition of handing the boats back that they should recoup our merchants for the losses they have sustained. It has also, been suggested, and not I think, unreasonably, that diplomatic pressure might be brought to bear on neutral countries to _ give us their support _in the same direction. I may mention that these claims are now being, laid before the Foreign Office and the Board of Trade at Home, and I strongly recommend your incoming council to take up the matter again with the Government here.

The Board of Trade. "You will notice that a movement has been set going by the Industrial Associations in favour of establishing in New Zealand a Board of Trade. So far the exact constitution, functions, and duties of such a board have not, I think, been put before us with sufficient clearness to enable a sound opinion to be formed. Is it to be a new Government Department? If the Government are going to finance it to any considerable extent, a Government Department it will be, and under political control, which is not necessarily an evil, but a thing to be avoided all the same. And if a Government institution, it would become but a branch of . the already existing Department of Industries and Commerce. That Department would, I think, be much strengthened by such an introduction of commercial knowledge and ability into its proceedings. Then, as to the duties of such a Board of Trade. Its say that they should consist of investigation and the piving of advice. If 'investigation' means merely the collection and supplying of trade information, such as statistics of production, the state of the market, the best souroes of supply, and so on, it could do excellent work/ But if is also to include the power ot_ inquiring into details of private_ businesses, then the matter will require • extremely careful handling! The question has not yet been before .your. council for consideration, and I think further information will be necessary before we can come to any conclusion. Railway Matters. "Turning to the matters of local interest. I would mention the report to Parliament of the General Manager of Railways. Extracts wjll be found in our report, from which it will be seen that plans are now prepared for'a new central railway station for passengers and goods. The complete plans involve large reclamation work along the waterfront between Thorndon and Kaiwarra; and as the total cost is estimated to be £475,000, and the time of construction live years, we have still to exercise patience before we can see this necessary work achieved. The General Man. ager's report also admits the necessity of the Rimutaka deviation, but the condition of the loan market will no doubt bo pleaded as an excuse for_ further postponement of this long-desired improvement.

"Gentlemen! in resigning the chair, I would like to express the pleasure it has given me to occupy it, and my regret, that I have not been able to give more attention to the duties than I have done. '• My thanks are due to the secretary and the members of the council for the assistance and support they have always accorded me." (Applause.) Settlement and Progress, Mr. James Macintosh seconded the motion to adopt the report. • One was struck, he said, in reading 'the report of the Chamber from year to year to note that our exports were almost wholly the -products of the land. Of tha whole twenty-four millions' worth of our annual exports, less than three millions' worth, consisting of gold and kauri gum; were produced otherwise than by farmers. In view of this, he believed that no effort should be spared to -expedite settlement. There was a great deal of undeveloped land in New Zealand, and he did not think sufficient inducement was offered to men to go into the unsettled areas to bring into productivity these undeveloped lands,. The cry was rather for the cutting up of large estates, of land already productive, on which conditions of life would be easier. He believed the effort of the Government should be to make thqse waste lands productive, and bo to increase the wealth of the community. He hoped the incoming committee would see to it that the Rimutaka deviation was not lost sight of, and also that the extension of the railway into the East Coast country which was an adjunct of the deviation scheme ivould also be given continued attention. Another matter to which the new committee might give their attention was the reduction of the grade 011 the railway leading out of Wellington into 'the Manawatu. A Debt We Owe. Mr. fl. W. Foster said he thought one thing had been forgotten by the president—thtS debt we owe to Belgium. (Applause.) "I have not the slightest doubt," he said, "that the prompt and brave action of Belgium .accounts for niany of the good things that the president has told us of. (Applause.) It, is a principle of this Chamber, I think, that if we can't pay our debts, wo should at least recognise them. I think we ought to record our sense of what we owe to Belgium's action." (Applause.) Some Things Omitted. Mr. J. G. Harkness said that he was a friendly critic. Mr. Jones had, he thought, lost a golden opportunity of referring to the struggle in which we, as part of the Empire, were engaged. The president had said it was not wise to prophesy, but it would certainly bo wise if we thought a little more. What was to be the outcome of the war? Were we to emerge from it a greater nation, or were we to go down P These and kindred matters, ho thought, could ha.ve been discussed with advantage at the meeting. He believed it would have been wise for the report to have made reference to the imminent imposition -of fresh taxation. The? mitkt

have discussed reasons for, say, reimposing the duty of half-penny a pound on sugar- This had been given away a few years ago, and a bounty of £200,000 a year given thereby to the Colonial Sugar Company. There had boon no reduction in the price of sugar. Mr. G. Shirtcliffe: Surely, you are wrong.

Mr. Harkness referred to other possible taxation proposals—whether the land, or incomes, or imports should bo taxed, or whether all should be taxed, nr to wlint extant they should bo taxed. He regretted that the report contained no reference to the opening of the Panama Canal. ' He was afraid the Chamber was not doing all that it should as representing the business community of 'Wellington, certainly not so much as it had done in some past years. For this he did not altogethei blame the council, but the members of the Ohanibor, who did not seem overready to bring matters of interest to business men before the council. Mr. F. W. Manton also complained of the lack of interest taken by the business men of Wellington in their own Chamber of Commerce. As proof of this he instanced the small attendance at the meeting. More should be done by the business community and the Chamber to boom the port of Wellington, which, he considered, would become the national port of New Zealand. He also put in a plea for the baftkblocks settlers, and expressed a hope that the new council would sot up a Roads Committee of the Chamber. Price of Sugar.

Mr. G. Shirtcliffe said he certainly did not agree with Mr. Harkness's trenchant criticism of the president's address. Bather ho thought it was an excellent address, covering a lot of ground without undue verbiage. He deprecated the dismal references to tho supposed decadence of tie Chamber. It had always been difficult to get members to attend the annual meetings of the Chamber, hut this did not mean that the Chamber was not doing good work for the commerce of the country. He would like to correct Mr. Harkness's statement that tho price of sugar was not reduced when the duty was taken off. Sugar had fluctuated in price, like other commodities, but investigation would discover that the' price of sugar in Australia -to-day was higher than the' price of sugar here by the amount of the duty in Australia. He referred to the war also. He had no doubt as to the result. "I believe the Empire is going' to win through/' ho said. "I know the Empire is going to win through." '(Appiauso.) Wherefore, he continued, there was no need to discuss what we might do in the event of the Empiro going down. He did not agree that the meeting ought to discuss such a matter as the imposition of war taxation, because he dia not see how that could be done without introducing politics, and he hoped politics would never be imported into' the business of the Chamber. Th<j incidenco of taxation was eminently a political matter. Mr. T. Ballinger said he thought it was a great pity Mr. Harkness, as a member of the council, did not bring some of the matters he had mentioned before the council, instead of leaving all to the president. He also challenged the president's statement that industries in New Zealand were not worth consideration. President In Reply. Mr. Jones, in reply to Mr. Harkness's criticism, said it might interest that gentleman to know that he had written several sheets of matter about the war, but had torn them up, for the reason that he had reflected and was going to speak to a purely commercial body. He had avoided reference to the Panama Canal because he had said all he could eay last year on that subject. He had purposely avoided reference' to the incidence of taxation, especially in regard to tariff. He had strong opinions on the subject, being a Free-trader, but he did not consider that he was entitled to thrust his .views upon tho Chamber. He referred jocularly to the fact that Mr. Harknesß and he were rival candidates for the chairmanship of the Wellington Harbour Board, a fact which Mr. Harkness had perhaps unconsciously allowed to influence his judgment The report was adopted. Election of the Gounoll. The election of the council resulted as follows: —Messrs. T. Ballinger, W. S. Bennett, W. J. Bridson W. T. Cuthbertson, D. A. Ewen, J. G. Harkness, C. \V. Jones, James Macintosh, James M'Lellan, T. W. Manton, W. J. Thompson, and It. W.. Waterhou;-:e. These were the only nominations, so that no ballot had been taken. Messrs. C. P. Powles and F. W. Haybittle were re-elected auditors.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19150421.2.76

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 8, Issue 2441, 21 April 1915, Page 9

Word count
Tapeke kupu
3,270

LOOKING AHEAD Dominion, Volume 8, Issue 2441, 21 April 1915, Page 9

LOOKING AHEAD Dominion, Volume 8, Issue 2441, 21 April 1915, Page 9

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