CHAMBER OF COMMERCE

Globe, Volume XXIV, Issue 2622, 1 September 1882, Page 3

CHAMBER OF COMMERCE

The annual general meeting of the Canterbury Chamber of Commerce was held at 3 p.m. yesterday. The president of the Chamber, Mr W. Ohryatall, occupied the chair, and there was a good attendance. Messrs W. Wood, Bamfield, Bulliok, Humphries, Bhind, Browne, J. B. Fisher, B. Puflett, A, M, Ollivitr, J. Ward, and D. B. McLaren were elected as members of the

Chamber. The report of Ihe committee was read by the president. The report, which was a lengthy one, dealt with a variety of matters. In regard to the direct steam service, the committee expressed satisfaction at the action of the Government. Speaking of the railway management, tha report endorsed the recommendation of the Bail way Commission in 1880, that the constructed railways should be placed under the control of a Board of Directors, having the same powers as the directors of au English company. After brief reference to the subjects of tfae Bast and West Coast railway, the United States duty on wool, law reform, and the bankruptcy laws, the report went on to give some statistics as to tho state of trade for the year, which appear very satisfactory. It was also noted the aggregate amount involved in declarations of insolvency during the year was less than in any year since 1878 The new industries of meat freezing, and manipulation of linseed and European flax wore also referred to as subjects for congratulation, and reference was made to the late International Exhibition. After speaking of the incorporation of the Chamber, tho proposed new building, and the harbor accommodation and defence at Lyttelton, the committee recommended the adoption of the following with regard to tho load line of ships, viz.:—“ That the Underwriters’ Association and Chamber of Commerce should est blisb a rule that first class iron vessels, when loaded, with all stores, anchors, and cables on board; should have a clear side, at the lowest point of sheer, of not lees than inches to the foot depth of hold; second-class iron vessels, 2f inches; and wooden vessels, 3 inches. This load-line should be stipulated in charter-parties, or contracts entered into; and all vessels, before and after loading, should be inspected by a competent surveyor, who should have authority to measure the load-line, and mark it accordingly.” The Secretary, Mr J. A. Bird, read the balance sheet for the year, which showed tho receipts to be £548 5 s 91, and the disburse ments, -£382 12s lid, leaving a balance at the Bank of £165 12» 101. There was also stated as being at credit of debenture account, £937 12s sd.

The fallowing gentleman were elected sa officer* for the ensuing year, vi* : —President, Mr W. D. Meares; vioe-preiident, Mr J, D. Mecpheraon; committee, Meain Peacock, Oooke, Ohryatall, Wilson, Stead, Inglis, Watt, Gould, and Cunningham ; auditor*, Messrs Harley and Henaerson. The President then read : The President then said—ln moving the adoption of the report that has jnst been read to yon, I would wish, with your permission, to bring under your notice some matters affecting the trade of this district and the colony j and 1 would first refer to the following tables, which I have compiled from the Customs returns, showing the exports of New Zeeland produce from the Canterbury district, at the ports of Lyttelton and Timaru: —

Comparative Esports, 1830-81. Value. Bushels. £ Wheat ••• ..I ... ... 3,106,8b3 684,0 0 Oats 1,399,881 123,000 Barley 456,815 80,000 4.963,559 £787,000 Against 1881-82 ... 4,428,802 £935,114 Total Eitobt from Cakterruet. “ 1880-81. 1881-82. Lyttelton— £ £ Foreign and Intercolonial 1,343,809 1,587,062 Coastwise 195,279 151,155 Timarn— Foreign and Intercololonal ... 140,873 92,670 Coastwise... ... ••• 229,100 307,198 £1,909,060 £2,138,085

An analysis of theao figures shows that the exports of produce from Canterbury for the past year consisted of— Woo valued at 873,237 Wheat, oats and barley ... £935,114 Other grain and grain products 111,841 Other New Zealand produce ... ... 217,893 Total £2,138,085 The whole of the produce representing this value was actually raised in the Canterbury district, of which the population is 111,024, excepting a small quantity of wool and other articles, of the aggregate value of £50,067, received from other parts of the colony for transhipment. Tho value of the exports for 1881-82, it will be seen, shows an increase on the figures of the previous year of £229,025, or about 12i per cent., and this result cannot, I think, but be regarded as very satisfactory, and as affording tho promise of still bettsr results, os the large estates become subdivided, and when frozen meat and dairy produce are added to tho articles of farm produce that can be profitably exported. With regard to tho Canterbury imports, it is impossible to arrive at approximate figures, owing to the fact that there is no record kept at the Customs of duty-paid goods that are received at Lyttelton and Timaru from other parts of the colony; but, as the imports at Lyttelton are almost entirely from foreign and intercolonial ports, the returns for these msv be taken as sufficient to indicate the approximate relation between the value of the total imports and that of the exports. I find, therefore, that tho value of the foreign and intercolonial imports at Lyttelton for 188182 is greater by £286, 746 than for the previous year. There is, however, no reason to believe that tho increase in this instance can be traced to any growing extravagance on the part of consumers, for all articles in tho nature of luxuries have been as difficult to sell as they have been at any time since tho reaction of 1879. The increase in the value of the imports, I find, is mainly made up by iron, cement, and other building materials j by cornaaoks and woolpaoks to the extent of £40,000, and exhibits and materials for the Exhibition amounting to about £4C,000. The local trade has been very quiet throughout the year, but there have been comparatively few cases of insolvency involving any large amount. Stocks of some articles-have shown a tendency to accumulate, but this feature has been less perceptible here than at other parts of the colony. Turning to the foreign trade of the whole colony, I find that for the year 18S1 the exports amounted to £6,060.866, and the imports to £7,457,015, showing an apparent balance against the colony of £1,396,179 The value of imports'deolared on Customs entries, however, exceeds tho actual cost to the colony. To cover commission and exchange the Customs regulations call for the addition of 10 per cent, to the amount of the manufacturers’ invoice, but in many instances goods that are ordered are not chargeable with exchange, and where manufacturer* ship d’reot, without the intervention of a buying apent—a practice that is yearly becoming more common—there is no charge even for commission. Consignments, o_i the other hand, of which the value is also declared plus 10 per esnt,, not only do not as a rule realise the declared value, but may be taken as showing a less of at least 10 per cent, on the manufacturers’ invoice. It may, there--1 fere, be assumed, I thick, that the value of imports shown in the Customs returns exi ceeda the actual cost to the colony by at least ; 10 per cent, on the average, but e.tter making this allowance, it will be seen that there is etill on adverse of bal® of £650,000 for

lost year By the same process the trade for 1880, when imports were abnormally small, showed a balance o£ £806,882 in favor of exports. With the exception of 1880, the foreign trade has shown an adverse balance for every year since 1871, aggregating for the ten years about £7000,000, after making the allowance of 10 per cent, for oyer statement of rains of imports by the Customs, and in view of this, together with the fact that wa have a considerable sum (now about £1,600,000) to pay annually for interest on fercign loans, ic bus been argued by some people that the colony is not prosperous, that its expenditure is in excess of its powers of production, and that it is paying interest out of capital. But on examination this view is found to be a lupeificial one, lam aware that there is a theory of political economy to the effect that a nation which is indebted to foreign creditors for borrowed money can only be in a prosperous state when the annnnf excess of the value of its exports over imports amounts approximately to the sum that ithaa to pay for interest. This principle may be, and I believe is, applicable to a country that has in a comparative sense attained its maxi* mum dfrelcpm nt, but it is evident that it cannot be strictly applied to a colony like this in the earlier stages c£ its progress. The relation between the value of onr imports and exports is undoubtedly a most important index of the measure of onr prosperity, bnt an excess of the value of imports over exports does not necessarily prove that we ars sot prosperous. In the case of a colony like thia 'there are several abnormal elements that disturb the abstract theory of the political economist. It hes first Go be considered that o largo proportion of our import* consist o£ materials that are not consumed, but remain as tangible assets, and have the effect of enhancing the value of real property and of increasing the productive capacity of tha colony. _ Ttis fact, together with the influx of population and new capital, produces a large yearly increment in the value of real pro* party, an increment that apparently largely exceeds the yearly adverse balance of trade, together with the interest on foreign loans. In proof of this I would adduce the following figures, which X have collected from recently published statistics, with the exception of the values of unsold Crown lands and property of individuals under £SOO, which are assumed approximations, confirmed by persons well acquainted with the subject:— Heal property, taxable value £39,323,000 Personal property „ 25,160,000

(Including the £503 exemptions) ... £64,183,000 Add one-sixth of £39,323,0X). for property of individuals nnder £SOO ... 6.553.833 Joint Stock Companies, taxable amount 16.501.C00 Bail ways, actual cost open and unopened lines 10,973,930 Miscellaneous Government works and buildings 4,338.735 Crown lands, 21,000,000 acres (excluding 9.0 0,(00 acres barren land), at an average of 7s 6d per acre 9,000,000 Insurance Companies’ assets nntaxed 1,000,000 £113,150,508 Deduct— Public debt £27.630.293 Mortgages under Land Transfer Act 19,000,000 Mortgages under Deeds Eegistry Act 9,000,000 Total approximate unen- i ■ 55,680 3££ cumbered value of pro- ' perty in New Zealand ... £57,470,215

The population of New Zealand on 3rd April, 1881, wag 489 933, exclusive of 44,090 Maoris, who have a large estate of their own, not dealt with in the foregoing statement. I should add alio that the amounts for mortgages have not been taken from exaot statistics, as none have been recently published, but I have obtained the approximate figures from trustworthy sources. The returns for taxation may be taken ac being less than the actual value. I have not included harbor or municipal loans, as the relative works in respect of these may be regarded as worth the money expended. Tbit considerable balance in excess of liabilities of £57,470 215 therefore proves conclusively that there has been a large and rapid aconmmnlation and increment of wealth in the colony, notwithstanding the apparent yearly adverse balance of trade and expenditure for interest on loans, and it proves further that the foreign creditors of the colony have a large margin of eeomity on the money that they have lent it, The value placed upon the aggregate estate of the colony is however only a reality at present, in so far as it is represented by a concurrent power to produce, and I thick it must be admitted that the yearly exchangeable value of onr products is scarcely keeping pace with the estimated yearly increment of wealth. This is no doubt accounted lor to some extent by the fact that money spent in the improvement of estates and on railways and other public works does not show an immediate proportionate return, bnt I believe the main reason why the marketable products of the colony do not increase iu the same ratio as the value of property is that so ranch ef the good land is in the hands of a few individuals, who ore looking more to the prospective increment in the value of their properties than to an immediate adequate return on their existing values. The question of increasing the exchangeable value of the exports of the colony grows in importance with its increasing yearly Kahili'y ia respect of interest on borrowed capital. The providing of money to pay this interest may causa little or no perceptible inconvenience owing to the constant influx of new capital, but the process of settling cur adverse balance nevertheless involves a withdrawal of capital that would be obviated by an equivalent excess of experts over imports. The great importance of this question calls for the special attention of the Legislature to the matter of judicious settlement on the land, to the affording of proper facilities for the transport of produce, and to the encouragement of immigration. While the expenditure of money on railways and public works has greatly advanced the general interests of the colony, I do not think that the effect upon its productive capacity has so far been quite so marked ae might have been reasonably expected in view _ of the amount of the expenditure and the **■ extent of the railways. The natural inference from thi/s would seem to be that some of our railways have not been constructed with a very strict regard to economic result*. It i* indeed hat too evident that in some few instance* railways have been constructed to satisfy the selfish purposes of small communities, or even of a few individuals, without any reasonable prospect of the benefit to the colony at large from uch railways being in any degree commensurate to the cost tc the colony of finding the capital for their construction. And a further inference may be drawn, thatyhe management of railways when finished has probably not been sufficiently elastic and discriminating to effectually meet the diverse conditions of the traffic ments. In Canterbury, for example, wa are, as you arc aware, at issue with the Government on several distinct questions relating to railway management. The first is with respect to a reasonable and unanimous re quest for a reduction in the exorbitant rates ior grain and farm produce, a reduction which would probably result in little or no loss, and perhaps in increase of revenue, while additional encouragement would be afforded for the prceocution of an industry which is really the main interest in the oolouy. Another question has reference to the policy of adopting differential or local rates generally on the Canterbury lines. The general manager in his last report argues that the railways, being common property, the smaller cost of one line as compared with another should not therefore operate ia fixing rates. In this I don’t agree with the general manager, and indeed the general manager does not agree with himself, seeing that notwithstanding hi* statement to the contrary he doe* allow the higher cost of certain lines to operate, as for example the Rimutaka. But passing for the sake of argument the cost of construction, there still exist* concurrently with the working of the railways the varying cost of haulage, Ir is a well understood principle that those who use the railways should pay for them, and in proportion to the cost of the service rendered. It is therefore unreasonable that the settlers who use the railways on the p'aine should hr.ve to pay precisely the same rate* as those who are served on steep gradients at a largely increased cost to the department for haulage. A third grievance arises from the anomalous conduct of the Government in declining to modify the tariff, so as to compute successfully with the water carriage on the coast cf this island, by which, competition a certain considerable increase of revenue cculd be secured and t’aa transport of merchandise and produce greatly facilitated. The general mansr, in his ant.ual statement, takci credit lor having, as he says, “improved the traffic on the Picton section by diverting the wool and merchandis e between Blenheim and Wellington, to meet which special rates had been framed ” It is difficult to account for the curious fact, that the general manager who w -, B vi 9 to foresee this small improvement on the"Picton line (which even now only pay* li per cent, over working expenses), had still failed to perceive the hand*ome promt

that would remit to live Canterbury section from the fixing of inch special ratee os would divert to the railway the produce and general merchandise that are being daily carried by water up and down this coast. I would not desire to say that the present Government is better or worse than any previous administration. On the whole, it is probably doing M well for the colony aa any administration that has preceded it. But it is abundantly evident that an efficient and Just management of the railways is incompatible with the conditions nnder which a Government usually holds office in this colony. Bailway affairs afford too strong temptations to any Government to make free with the public interests in one part of the colony in order to make political frianda at another. A« all other means have so far failed to secure an equitable management of the Canterbury railways it remains for the Canterbury constituencies to see that redress is obtained in a constitutional manner through the influence of their representatives in Parliament. Agitation should also continue until the working railways are placed under the management of on independent Board of competent men. While thus freely criticising railway matters, it is proper to add that much economy in expenditure and many departmental improvements in the working of the railwsys'hava been effected during the last two years, and for these reforms the Government and its officers deserve credit. The total estimated cost of opened lines on 31st March last was £9,443,000, and the return for last year was a fraction less than 4 per cent, over working expenses, exclusive of interest. The Hurnnni-Bluff section, which cost £5;611,0j0, returned 5$ per cent., or - £287,798 of the total sum of £368 926 earned last year by the whole of the railways over expenditure. The Christchurch section taken by itself returns nearly 8 per cent, (actually 7.95) over expenses, and shows that the Canterbury lines have contributed over onethird of the whole railway earnings of the colony. A late Native Minister begrudged the other day a subsidy for a direct steam service because it would, as he said, chiefly benefit Lyttelton and Dunedin. He evidently did not reflect at the time that nearly the whole of the yearly discrepancy between the earnings of the New Zealand railways and the interest on their cost arises on the North Island lines. The aggregate cost of the railways in the North Island, including the Nelson, Pioton, Qreymcuth, and Westport sections is £3,833.000, and the earnings only 2» per cent, over working expenses. The cost to the colony for interest on capital borrowed to construct the railways is about 6 per cent., so that, taken as a whole, the service, notwithstanding the drawbacks to which I have alluded already, shows results that fall short to the extent of only about 1 per cent, of the interest on the cost of construction, On this occasion I feel it to be my duty to refer to the extraordinary proposal of the Legislature to proceed with railway works involving the nltimate extension of the Middle Island Trunk Line for the whole distance between Waipara and Blenheim by what is known as the Coast route. The works immediately contemplated extend only from the Waipara to the Waian going north, and from Blenheim to Flaxbourno coming south, and are estimated to cost respectively £IBO,OOO and £90,000, according to the schedule of the Loan Bill that has recently been passed j but the contemplated ultimate completion of the connection will, with the two sums mentioned, involve a total estimated expenditure of at least £1,200,000. A proposition involving such a palpable waste of public money, and so opposed to the interests of the colony as a whole, has naturally excited an unanimous feeling of surprise and concern throughout this district. As you are doubtless acquainted with the facts it will be unnecessary for me to recapitulate the reports of eminent engineer.', proving that the soheme is not supported by any justifying condition, either from a local or national point of view. There is top much reason to fear that this action of Parliament has disclosed a serious defect in the operation of onr representative system ; bat, fortunately for the colony, its continued prosperity is assured by natural conditions that cannot be more than temporarily neutralised by a legislative anomaly such as is here exhibited. In view of the extent to which the interests of the colony would suffer by the expenditure of money in the contemplated extension of the Middle Island trunk fine, I hope that the Chamber will pass a resolution expressing its disapproval of the scheme, and urging upon the Government the advisability of abandoning it. If the Chamber should decide that the time is opportune for making a recommendation to Government 47 respecting the extension of the Middle Island trunk line in the direction of the West Coast, it has before it the substance of the valuable report made by Messrs Inglis, Beaumont, and Mcllraith on the commercial features of the proposed line to Beefton, y way of the Ada Pass. As to which of the two routes —this to’ Beefton or that to Blenheim by way of the Bast Coast—is the better in the interest of the colony, there can be no question. In the words of the Commissioners referred to, the proposed line to Beefton would traverse districts “where untold wealth lies, waiting development,” whereas Mr Blair, the Government engineer, reports respecting the proposed extension to Blenheim, “ that the resources of the country traversed, and the importance of the districts immediately connected, do not alone warrant the oonstrnction of a railway .in any direction.” ihe only question for the Chamber would seem to be whether the time has yet arrived, when, having regard to the existing population on the two coasts, and other conditions, the working of a railway to the West Coast would be likely to give results that would warrant the oonstrnction of a lino at the expense of the colony. As to the wisdom of borrowing more money at all at present for the construction of railways, there is much diversity of opinion. My own - view is that it would be better to defer contracting a farther loan, unless the contemplated works are certain to yield an immediate adequate return, or give reasonable promise of securing such important collateral advantages to the colony as would justify the expenditure. To borrow money to construct what are known aa political railways is a thing the whole colony should protest against. This Chamber has taken considerable interest in the question of a direct steam service ~ -‘‘between England and the colony. The Government has now wisely decided to take steps to induce the establishment of a mercantile and passenger line, and by a resolution of the House the payment of a subsidy of not exceeding £20,000 for a monthly service has authorised, I think, however, that a two-monthly service would probably meet all the requirements' for some time to come, and, from ail that has been published oa the subject, a bonus of £2OOO for each trip would probably be sufficient to attract the necessary steamers. In any event, the collateral advan—tagQS_to~4he colony will greatly outweigh the payment of a subsidy of even £20,000 per annum. Four companies have been already formed, and two more are in course of formation for the preparation of frozen meat and dairy produce for shipment, but, owing to the great difficulty of obtaining sailing vessels to carry the (sheep that stockowners are impatiently offering for conversion, operations aro in the meantime much restricted and considerable profit loet. For example, fat sheep are now selling in the Addington yards at the eqniva«2Jd per lb, including the fleece and lereas with opportunity for shipment; larcaie would be worth at least 2Jd er lb for export. The equivalent of d per lb is thus being lost by stock- □ the absence of shipping facilities, return for the meat shipped by the from Fort Chalmers amounted to lb. With regular means of shipment' available farmers will at once turn their attention to the fattening of stock, and in view of the vast possibilities which the climate and soil of this colony afford for raising feed for stock, there is opened to farmers and to the colony a new source of wealth that will be capable of a large development aa time advances. And shipping facilities that will open the trade in frozen meat will do the ■ame for dairy produce, the opportunity for the regular and profitable export of which will further consolidate and give security to the farming interest. A direct steam service is, moreover, of great importance in view of its bearing upon immigration. Owing to the absence of direct communication with England by steam, this colony is being practically starved in the matter of voluntary immigrants. We hear of thousands of persons leaving Groat Britain for America, and even for Australia, while our population, so far as any influx from Europe is concerned, has been practically at a standstill for many months past. The advertising in England of direct steamers for New Zealand by energetic agents would doubtless induce many people of the class we need most to avail themselves of the quicker and better m means for coming hers. In proof of this it

is only necessary to examine the passenger I lists of the 'Orient steamers to Australia, I With respect to the amendment of the bank- 1 ruptcy laws, as the copies of the new Act referred to in the report of your committee were only received yesterday from the Minister of Justice, there has been _ no time to thoroughly examine its provisions, but from a hasty perusal of the Bill I find that it substantially gives effect to many of the more important suggestions made by this Chamber, and by the conference that was held at Wellington at the instance of your committee. It is, however, very disappointing that the consideration by Parliament of au important measure like this should be deferred until another session, especially as so much time during the present one has been devoted to questions of comparatively small moment. Xhe main evil of the present Act is that there is so little in it of a deterrent character. It is very necessary that the case of honest, unfortunate debtors should be considered and provided for, but it is equally necessary to consider the hardship that arises from too easy laws, that in their operation admit of dishonest acts being committed with impunity by unscrupulous persons. 1 do not, however, believe that it will be possible to ever gat anything approximately perfect in the matter of bankruptcy laws. In England the history of these laws has been the history of repeals and amendments, and it seems to be generally admitted there that the existing laws are as far as ever from meeting the difficulties of the case. Experience would seem to indicate that trading communities and society generally would be no worse, and perhaps better, off without bankruptcy laws at all. Their worst tendency is to weaken the moral obligation of the payment of a debt. I believe the commercial morality of this district and this colony is on the whole as good as that of any community in the world 5 but even here any one who engages actively in business will not fail to meet with instances where the payment of debt is regarded chiefly in the light of expediency or policy. With regard to the giving of credit, I find that very various views prevail iu the minds of some people not engaged in trade, and extending even to some Judges on the Bench. When an unfortunate creditor has found that his confidence has been misplaced, he is not unfrequently told that he had no business to part with his goods until he received payment in cash. In trade the seller doubtless does in many instances omit to consider sufficiently the surroundings of the buyer, and take all reasonable precaution to ascertain that he is worthy of the credit asked ; but to say that credit should not be given at all, betrays ignorance of the special circumstances of the colony and of the question in its general aspects. In New Zealand, in particular, capital has not had time to accumulate in the various ’ trades and industries, and merchants and capitalists who make it their business to find honest men and give them reasonable credit 1 are in a very important degree advancing the

interests of the colony. What is required is, that credit shall he given with due discrimination, for legitimate purposes, and with a strict regard to the position and general merits of the persons who want it. In the report your committee has drawn attention to the desirability of resorting to arbitration for the settlement of mercantile disputes ; and there is additional reason for this in the non-appearance so far this session of any measure to effect tbe much needed reform in the procedure of the Law Courts. The arbitration of disputed points by independent and unbiassed experts is undoubtedly the surest way to obtain just decisions with tbe smallest possible expense and delay. There is a matter in connection with our grain trade to which I think it right to draw attention. It is the by no means remote contingency that the present state of things involves—of the sale of a whole cargo being prejudiced by the presence in the ship of a comparatively small quantity found to bo in faulty condition. I am doubtful if the Government would, if asked, appoint officers to give certificates descriptive of the quality of each parcel of grain as shipped, or that snch an arrangement wonld be found altogether workable if introduced; but in view of the great importance of the trade to this district it is most advisable that every care should he taken to prevent anything that might interfere with its successful development. The matter is not merely one that involves loss to individuals immediately concerned. The whole community is interested in maintaining in the importing markets the reputation of tho quality of the Canterbury grain. The following figures, extracted from the report of the Under-Secretary for Mines, show a very satisfactory development of tbe New Zealand coalfields Baisod in Colony. Imported. Tons. Tons. 1878 ... 162,218 ... 174,148 1879 ... 231,218 ... 158,076 1880 ... 229,932 ... 123,298 1881 ... 337,263 ... 129,962

The successful prosecution of coal mining in the colony is of special interest, in view of its bearing upon other colonial industries and enterprises. Tho New Zealand railways now use no other coal than that raised in tbe colony. I beg to move that tho report and balance-sheet be adopted and printed.

Mr W. D. Mearcs seconded the adoption of the report. They ought to feel pleased at the hopeful tone of the remarks of the president, begotten by the experience of mercantile men during the past year. The depression which they had passed through had, he believed, taught them a lesion which wonld not be forgotten. Another thing was that the private bank deposits were £518,000 over those of last year. In respect to the question of railways, he thought the president expressed the opinion of the Chamber In saying that they wore not favorable to borrowing for railway extension, bnt that if tho money was borrowed it should be for works returning a fair amount of return. As regarded the question of railway reform, he thonght that if they persisted they would get what they required in this direction. It was most satisfactory to find that the Canterbury railways were psyiug so well, and he hoped that there would be no attempt to construct railways that wonld interfere with that. He hod now the pleasure of seconding the adoption of the report and balance sheet. [Cheers.] The motion was then put and carried. Mr Hargreaves moved a cordial vole of thanks to the retiring president, paying a high tribute to him for the zeal and efficiency with which he had discharged the duties of tho office. He had conducted tho work of the Chamber during the year in a manner reflecting credit on himself and the Chamber, and also in a way which had merited the high approbation of tbe mercantile community. [Cheers.] Mr Pavitt seconded tbe motion, which was carried unanimously, amid acclamation, Mr Ohrystall responded in a few words. Mr Banks proposed a vote of thanks to the retiring committee. Mr Fletcher seconded the motion, which was carried unanimously. The President said that the next business was the consideration of the question of the new building. The committee had obtained from the architect amended plans, which were now submitted to the Chamber, There were three alternative tenders for the erection of the building, with certain deductions, so as to bring the cost within the amount at the disposal of tho Chamber. The committee, after careful consideration, had determined to recommend the acceptance of the tender for £6391, a sum which could easily be financed by mortgaging the land and using the money supplied by the debenture subscriptions. In reply to questions, The President said he thought that the rental of the space cot required by the Chamber would amount to some £520 per annum. Their current expenses now wore £2BO per annum, exclusive of the salary of the secretary. Mr Stead moved—“ That in the opinion of this meeting it is not prudent at present to proceed with the ereolion of a building for the Chamber.” Mr W. I). Meares seconded the motion.

Mr B. D. Thomas supported the motion, and pointed out that if the land could be let for £2OO per annum, they could obtain very excellent accommodation well within their means.

Mr Onff supported the motion. Mr A. C. Wilson opposed tho resolution, because to carry it would be to stultify the Chamber, which time after time had expressed the wish to build on the site. Mr Inglis spoke, urging the referring back of the report and plans to the committee with a view of remodelling and revising the same.

Mr H. A. Watt supported the motion. Mr Cameron moved as an amendment “ That the Chamber erect a building at a cost, including fittings, architect’s fees, interest, &0., not exceeding £6OOO, and that the committee be requested to bring up plans in accordance therewith flt the next quarterly meeting/'

Mr E. Cunningham seconded the amendment, 'and said that Mr Cameron sot the other members of the Chamber an example, as the Chamber had been humbugging about the matter for years. Besides, they by shelving the matter, were doing an injustice to the people who had bought land there. [Hear, hear. J Mr Hargreaves and Mr Cuff also spoke against the amendment. Mr Cooke suggested that competitive designs should be called for. Mr Cameron agreed to the addition. Tho amendment was put, and lost by 9 to 8. , Mr A. O. Wilson moved as a further amendment—" That the whole matter he referred back to the committee, irrespective of any conditions.” Mr Cunningham seconded tho amendment. On the amendment being put it was oasried by 10 to 7. A vote of thanks to the President closed the meeting.

Export of Wool. Lyttelton— Foreign and Intercolonial ... Coastwise Timnrn— Foreign and Intercolonial ... * Coastwise 188.Ibs 14,257.948 18,000 361,200 3,652,800 81. Value. 661,497 675 13,545 136,980 1881lbs. 15,712,-87 12,500 Nil 4,127,200 82. Value. 699,574 610 Nil 173,023 18,289,918 812,697 19,851,987 873,237 1881-1883. Lyttelton— t Foreign and Intercolonial Coastwise Timarn— Foreign and Intercolonial ... Coastwise Bushels ... ... ... Value Wheat. Bushels. 2,742,800 129,040 347,258 358,111 Export Oats. Bushels. 252,034 110,681 73,525 169,538 of Barley. Bushels. 184,257 20,308 10,504 21,743 Value £ 684,169 52,774 90,950 107.221 3,577,209 614,781 236,812 - £805,283 82,370 47,461 935,114 1 * Shipments to Lyttelton deducted. t Shipments from Timoru to Lyttelton deducted.