WELLINGTON CHAMBER OF COMMERCE.

Wairarapa Daily Times, Volume XV, Issue 4893, 4 December 1894, Page 3

WELLINGTON CHAMBER OF COMMERCE.

Quarterly Meeting.

The quarterly meeting of the Wellington Chamber of Commerce was held yesterday afternoon. Thero were 21 membors present. Mr J. McLellan (president) occupied the chair, and in the course of his speech said;— The unprecedented low prices of produce was the first and cssentinl factor that inllncnced their trado. Wheat had reached a price that it was impossible to produco it profitably. The flax industry was absolutely crippled, throwing hundreds of men out of employment. Wools were lower in price than they had over been before, and frozen meats were not selling at a price that would prove satisfactory to the producer. Other important factors were the late banking collapse on the other side, New Zealand's experiences in that respect, and the legislation alleged to be necessary for the requirements of tho Bank of New Zealand, but most important of all was the want of confidence, audi want of enterprise, which those in business and private capitalists felt, consequent on the scare they had had from the legislation of tho past two years.

Our imports for tho year owling September Inst were £0,188,860, This was a falling off fiom the prcviousycar,whioh stood at £0,491,364, and for the year 1891-92, £6,764,574. These figures showed a steady decrease during the last three years of close on £u'oO,ooO. This had resulted from thocurtailmont of bank accommodation. This, with the extreme caution of those who were not affected by the action of the banks, bad no doubt played an important part in the contraction of imports, and the shrinkage may in a small measure have resulted from the lessoned values of goodß imported. Our exports for tho year ending 30th September also exhibited afalling off, the amount for 1893-4 bcjng given as £8,851,066, 1892-3 as £9,120,203,1891-2 as £9,285,884, or over £430,000 of a decreaso in tho tbreo years. With a falling market, thcoxport figures are subject to pome very severe reductions, They would /jud the exports had apparently been over-yalued by one million sterling. Witbouj, wishing to imply neglect to anyone ho djd n/)t think tliat sufficient care was taken ;n accepting valuations for export. ■ In. returning thanks, the l'resw dent in conclusion said that be had no gloomy feelings as to the future of the Colony, because do wl#Ji tfmj\ would.it would not sink, and- was boßfldtogoahwd,