CORN EXCHANGE.

Globe, Volume XXI, Issue 1821, 22 December 1879, Page 3

CORN EXCHANGE.

A special general meeting of the shareholders of the Corn Exchange was held last Saturday afternoon. The Chairman of Directors, Mr T. Bruce, occupied the chair, and read the circular convening the meeting. Ho said in connection with that circular he would read the following report, which would put them in possession of the facts which they had met to consider. Report. Christchurch, Dec. 20th, 1870. Gentlemen, —You have been called together in terms of the notice which I have read to you. Before proceeding to the business of the meeting, it is my duty to submit to you the financial statement with respect to the monetary position of the Corn Exchange. The subscription list shows that 307 members have been enrolled during the current year. The statement of the accounts stands thus Dr. £ s. d. To secretary’s salary 150 0 0 To rent ... ... ... ... ... 150 0 0 To expenses, stamps, printing, stationery, &c. ... ... ... 41 10 6 To rent to provide for, -CSO ; gas, .£5 55 0 0 .£399 10 6 Cr. £ a. d. By cash received on account of subscriptions 260 6 0 By entry fees, &c 128 0 0 By balance to be provided 11 4 6 .£399 10 6 As these figures now appear there is a balance of .£ll4s 6d, short of making full provision for all the liabilities in connection with the manageii ent of the Corn Exchange for the current year. To provide for this balance, there are forty subscribers iu arrears, out of which your directors consider there will be collected ample funds to meet this obligation. Your directors have had under consideration several sites, which have been recommended for erecting a Corn Exchange upon, but no action has been taken in this matter.

Having placed before you the interim financial statement, it is my duty now to call your attention to the more important point for your reflection, and that is—How do yon propose to conduct the Com Exchange for the future? It is, ns you are well aware, universally admitted that the principles which regulate the business of the Corn Exchange are of paramount importance in sustaining the position of such an institution. By this means the farmers would be enabled to obtain, not only reliable, bnt important informasion with respect to the ruling of the local market rates as well as other intelligence with reference to the values outside in distant parts. It is clear, on the one hand, that if those interested in agriculture and pastoral pursuits do not come to an understanding with regard to this vital matter by making most strenuous and determined efforts to support the maintenance of such an establishment by which great power and facilities are so directly afforded to them, the fault is theirs. Neither can they expect such a valuable, and I may say necessary, adjunct as a Corn Exchange to be of any use, unless unremitted support, pecuniary and otherwise, is bestowed.

You are well aware that, at the termination of last year, the footing upon which the Com Exchange was started by Messrs Henry Matson and Co. was rearranged, with a view of meeting the wishes of tho larger buyers of grain and produce, the object being to obtain their presence as purchasers. It waa contended by some of tho former subscribers that the large local buyers had shunned the Com Exchange because as it was alleged tho interests tbe then institution was too much bound up with that of the influential and original promoters. You will. I think, all agree with me in regard to the large attendance of the large local buyers that the expectations have not been realised. It is therefore for you to consider whether it would not be a prudent step for you to take in these circumstances, to place yourselves, as grain producers, in a more satisfactory and independent position. It is clear from the past year’s experience that the Com Exchange, as now constituted, could not be carried on with that success which wo could wish to see.

Of course you are all aware that a number of those who took a lively interest in supporting the Corn Exchange became responsible to Messrs Hy. Matson and Co. for the lease of these rooms : that arrangement will now be terminated on the 3Ut of this month.

Some of the farmers interested have suggested that, if grain conld be shipped to the home markets through the Corn Exchange, that greater facilities could be afforded to the farmers generally thau they can now possess, and that at the same time the accrued profits, instead of, as at present, supporting the intermediate men, in Regard to business which might more profitably be managed through the agency of the Corn Exchange, directly go to the growers. Such a course would ensure to the farmer the highest market price for the grain ; and, by this means, the Com Exchange, it is expected, would be self-supporting, and thus place the farmers in a more independent position, in the event of the prices offered here being not considered satisfactory. I have asked several of the present members of your Corn Exchange to kindly submit to you their views respecting the important suggestion I have ventured to mention to you. It is clear that unless a more spontaneous effort is made by you for the more general promotion of your interests, that the great advantages expected to be derived by means of this Exchange will not be forthcoming. There seems to be a general feeling that the important class—the agriculturist—is solely dependent upon the local buyers for his market. Therefore, if you are resolved to confine yourselves to the local buyers, as hitherto, I am afraid that the medium of the Cora Exchange will not suffice for your requirements, ns the attempt to induce the large local buyers to attend has failed.

The chairman said ho might supplement the report by stating that the Exchange numbered 307 members, of whom forty had not paid up their guinea'subscriptions, which left a small deficiency to be collected, and the time was now getting very short, as the occupancy of the rooms would terminate with the year. They had been offered various sites, more or lees eligible, on which to erect premises of their own, but the prices wanted were not within their means, and unless greater energy was shown by the farmers, he for one could not see the advisability of involving themselves to the extent of the purchase of a site. As it was they had to guarantee the rent, which was in arrear to the extent of £ll, but he hoped that the subscribers who had not paid up would see the expediency of promptly doing so.

Colonel Brett referred to the interest he had always shown in the establishment of a Corn Exchange, and was of opinion that if an appeal was made to the shareholders subscriptions would come in, which would enable them to carry on at least for another year. Ho would himself gladly give his sovereign or two sovereigns rather than the Corn Exchange should cease to exist. Mr Paterson moved the adoption of the report. Mr Leadley seconded the resolution, which was carried unanimously. The Chairman said before they proceeded further they should fix a day for the annual meeting, as the tenancy of their present rooms would germinate with the current year. He would also suggest the appointment of auditors to audit the accounts.

It was moved by Mr M'Beatb, and seconded by Col-mel Brett —“ That the annual meeting take place on Saturday, December 27tb.” The motion was agreed to. Mr Bourn suggested the advisability of securing their present rooms for another year if possible. He for one was willing to continue the necessary guarantee for tbe rent, and he could say he had not only derived benefit from the Corn Exchange, but could speak to the conveniences obtainable, and to the oourtesyof the secretary.

The Chairman said he believed ho waa in a position to say that they could have the rooms for another year on the same terms as present, unless the Messrs Matson had altered their minds since he had spoken to them. Mr Henderson said as a matter of fact ho had been informed by Mr Matson that if the association did not secure the rooms at once, they had another tenant offering for them. Colonel Brett said the difficulty of renewing the rental of the same rooms was in the matter of obtaining cash advances. Mr Bourn could see nothing to prevent the farmers shipping their grain through the Corn Exchange. Any of the Banks would be glad to make advances if the Corn Exchange were firmly established. It was moved by Mr Henderson, and seconded by Mr Bourn —“ That Messrs Banks and Saul act as auditors to the Corn Exchange.” The motion was agreed to. The secretary, Mr Bateman, said he had put his ideas on paper for the sake of being better understood, and with the permission of the meeting ha would read the following statement:

The few remarks which I wish to submit for your consideration I will endeavor to make as briefly as possible. You are well aware that the successful establishment of farmers’ clubs and corn exchanges tend to promote the general interest of agriculturists. But, considering that capital invested in land and that eviployed in tilling the soil does in countries holding the foremost position in the world far exceed that employed in railways, mines, iron works, canals and gas works put together, is it not strange that agriculturists, who represent such immense wealto, are, as a rule, singularly apathetic in regard to the promotion of their own interests ? The supineness evinced on the part of the farmer is so very marked that it is not at all a difficult matter to illustrate it. For this purpose, I will, with your permission, refer to the origin of the Corn Exchange here, as well as its present and future position. You are, 1 think, all well aware that the origin of the Canterbury Com Exchange was due to private enterprise, and conducted under such auspices for the first twelve months. At the expiration of that time, there was a growing feeling that it the management of the Corn Exchange could not he altered so as to adjust matters wi’.h a view of inducing what was categorically termed “the large buyers ” to join and meet the sellers at the Corn Exchange, for the purpose of transacting sales—success could not follow. Was it not an admitted fact ) that by such a system time would be saved, both to the buyers and sellers, and that the foreigner would have greater facilities given him to enable him to meet the local buyer cn the same level ?, Was not this your aim ? You may remember, perhaps, that one of the views expressed by some of the subscribers was that, if certain prejudices, supposed to be held by the large buyers, were not removed, they would not attend, and therefore, in order to remove this strongly rooted feeling, the constitution of the Corn Exchange was remodelled, and it was hoped by this means the institution would wax strong. The formation of the Com Exchange, under such premises, was deemed to be a sapient point in its success, because great stress was laid upon the ract that the settlers were so dependent upon the buyers, and that if the latter were not induced to attend the Corn Exchange would be an utter failure. Some of the large buyers did attend the meeting twelve months ago, after a considerable amount of soliciting, and how have you fared? I leave yon to answer this problem. From the records of the books cataloguing the corn sales I do not think you will find much evidence that the large buyers, whom you were so desirous of meeting, have been yonr saviours. I have now laconically placed before you the origin and present position of your Cora Exchange. As you well know, we have met here on this occasion for the purpose of either renewing the existence of the Corn Exchange or allowing it to subside. The latter course is one easily attained, but if you are resolute upon carrying out the former, you will, in my opinion, have to make up your minds to be purely selfreliant, for nothing more or less will benefit you in respect to your joint interests. What I mean by being self-reliant is this—to take advantage of your leading position as men who_ are connected with an interest which is second to none, so far as importance and wealth can measure it. The middlemen, who you generally look upon as the large local buyers, are more dependent upon yon for their living than you are on them, because, from the very potent fact, they live by yon and gain by purchasing from yen. Considering you have the world’s market open to you for your corn, and that there are no intricate channels in your way to get at it, there seems to me to be only one simple course open to you, viz., to negotiate through the Exchange. Do not the middlemen who traffic in your corn and produce attend regularly to their “ Chamber of Trade?” And in the race of the world, if they did not, they would be out distanced. In the face of this, there seems to be only one safe path open to you; and that is, if you mean business, and are at all desirous of going straight at it, to constitute your Corn Exchange solely upon principles tending to advance yonr own interests. Have you not equal means at yonr command to find markets for yonr corn and other produce as the middlemen have ? Besides, it may be fairly contended in your favor that, as a constituted “ Farmers’ Corn Exchange,” you conld get far greater advantages for handling your grain and other produce than you have now, as well as for shipping it to Eng’and—even far greater than you could as individuals. To carry out this position it will be necessary for you as farmers to act collectively, and to take up and maintain that stand of independence which you are entitled to. Having agents to act foryou through yonr Corn Exchange yon would he enable 1 to get the highest ruling price for your produce. You would thus obtain iu tbe great consuming markets as good a value for your commodities as the men who yon now think you are dependent upon, viz., those you categorically term as “ the large local buyers,” while your expenses for realising would be at a minimum. To gain this, a farmers’ corn exchange is the only instrument you can use, and which should be supported by the various farmers’ clubs in your province. As a body you would ba placed upon a footing second to none in New Zealand, and in the end the buyers would gladly come to yon, with a view of transacting business. Then you would not only be yonr own controllers, bnt you would also maintain yonr ground against the local corn buyers. The great market you both supply is the regulator of values. Once you can place yourselves in this form, your will be masters of your interests, and not until then.

In the world’s race the circumstances I have pictured to you will be forced upon you, sooner or later. The farmers in one of the other colonies are now agitating among themselves the very plan which I have suggested for your benefit, and they have already proved this, that they can get their business dose as a body more advantageously than they can as isolated individuals They are now propounding a scheme by which they can ship their corn home to England through undoubted and free agents on the most favorable terms, and so it will be for you to do, if yon aim at obtaining the most that is to be had for the results of your labor. Until some such a principle is properly enunciated here the farmers cannot obtain a stand of independence, and to which yon cannot look forward whilst carrying on a perpetual straggly, as you now are, against natural and artificial barriers to your progress. The remedy is in your own hands. ' Colonel Brett said he differed frem the opinions of the secretary, as the same condition of things did not exist here as in the old country, on which his views had been based. After some further discussion it was moved by Mr Banks, seconded by Mr Bourn—“ That the Corn Exchange be carried on for another year under the same auspices as last year.” The motion was agreed to.

Mr Matson said he was quite willing to let the Association have the rooms sgain on the same terms. His firm derived advantages from the existence of the Corn Exchange which amply repaid them for foregoing any pecuniary advantages from letting the rooms to higher bidders ; but rather than see the Corn Exchange go to the wall ho would almost give the Association the rooms rent free. [Hear, hear.] Sir Craoroft Wilson said ho had derived benefits in a small way from the Corn Exchange, although he did not deal largely in grain. Mr Bourn endorsed the remarks of Sir Craoroft Wilson, and he considered the Exchange a great convenience. Mr Leadley said that through the Exchange he had made 2d a bushel on 800 bushels of oats, which ho considered a substantial advantage. A vote of thanks to the chairman and directors being passed the meeting adjourned