CHAMBER OF COMMERCE.

Taranaki Daily News, Volume LV, Issue 65, 3 August 1912, Page 5

CHAMBER OF COMMERCE.

AX AGGRESSIVE SPEECH. By Cable—Press Association—Copyright. ■Sydney. August 2. At the annual mooting of the Chamber of Commerce, the president, Mr. Braddon, in his address, referred to the late drought, and said it was likely to result in a decrease of 150,000 bales of wool, of a value of £1,875.000. Touching the financial position, he said that when caution was particularly needed, the Government expenditure was needlessly lavish. These things did not tend to create confidence. At the back of all. the Federal land-tax made a bad impression on the British investor, who stipulated for the withdrawal of British capital, and foreshadowed a period of possible monetary stress. In ten years (he taxation in New South Wales had grown from £•> 4s 7d per head to nearly £5. Mr. Braddon declared that it woti'd be very generally conceded that compulsory arbitration for practical purposes has been demonstrated to be a failure. He suggested that it sbould.be dropped, as it was impossible to apply the measure to employer and employee alike.