page 27

Comparative Statement, showing progress of New Zealand in Insurance,

Colony of New Zealand, Comprising Six Companies.

Age of Co.	Capital.	Reserves.	Rate of Div.	Div. Paid.
21 years	200,000	159,000	15%	30,000
9 years	100,000	80,000	10%	10,000
8 years	50,000	102,000	20%	10,000
7½ years	75,000	15,000	—	Nil.
4 years	75,000	43,000	10%	7500
2 years	50,000	16,000	10%	5000
Total	£550,000	£415,000		£62,000

Colony of South Australia, Comprising Five Companies.

Capital.	Reserves.	Rate of Div.	Div. Paid.
50,000	53,000	10%	5000
50,000	105,000	10%	5000
22,500	13,000	15%	3375
31,800	59,000	20%	6374
7500	11,000	10%	750
Total, £161,800	£241,000		£20,499

Colony of Victoria, Comprising Six Companies.

Capital.	Reserves.	Rate of Div.	Div. Paid.
50,000	98,000	100%	50,000
10,000	Nil	10%	1000
21,000	Nil	Nil	—
40,000	100,000	—	11,800
10,000	Nil	Nil	Nil
50,000	51,000	10%	5000
Total, £181,000	£249,000		£67,800

Colony of New South Wales, Comprising Eight Companies.

Capital.	Reserves.	Rate of Div.	Div. Paid.
14,000	Nil	Nil	Nil.
24,000	33,000	—	3,400
10,000	4,000	Nil	Nil.
6,250	35,000	—	3,885
50,000	52,000	15%	7,500
20,000	24,000	15%	3,000
25,000	44,000	10%	2,500
40,000	13,000	10%	4,000
Total £189,250	£205,000		£24,285

Colony of Queensland, Comprising One Company.

Capital	Reserves.	Rate of Div.	Div.	Paid.
18,000	12,000	10%	1,800

The above Tables refer to Fire and Marine Companies only, the dividends being for the last year.

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page 30

At the half-yearly meeting held in February last, the following address was delivered by the President :—

Gentlemen,—In accordance with the rules of the Chamber, this meeting is called together to give a short resumé of the proceedings of the Committee during the last six months; to elect a member of the Chamber to the Harbour Board; and to ask the sanction and co-operation of the members in the erection of an Exchange and Hall of Commerce. Members will have fresh in their memories that at the time of the election of the present Committee, this part of New Zealand, like other parts of the Colony, was suffering from the effects of a very severe crisis—unequalled in severity and intensity by any previous depression and collapse of trade ever experienced hitherto, within an equal period of time, by even the oldest inhabitant. At the time referred to the banks were fast gathering in and hoarding up their coin, new business of the safest nature was declined, genuine mercantile bills were cautiously looked at—until at length honest and bona fide trade seemed to rebel at being crippled within unwholesome limits, when restriction gradually gave way to a more hopeful and better state of things. Confidence is slowly but surely returning. Fresh capital from Britain and some of our sister Colonies has not been slow in relieving our money market of any undue tightness that existed. Money can now be borrowed freely at 7 per cent., whereas a few months ago it was difficult to secure at 10 per cent. The abundant clip of wool and high percentage of lambing which the season has brought round will together assist most substantially to strengthen that restoration of confidence to which I have referred. The extremely bountiful harvest now being cut and gathered throughout this island must of itself point, within a reasonable time, to a still further cheapening of money and an improvement in values of other commodities, and a benefit to trade generally. Agricultural lands are already engrossing more attention daily by inquiries that are made for them, and although sales of land made recently are not yet numerous, evidence is not wanting to show that a great number are waiting to invest in land suitable for settlement; and knowing of the earth-hunger that naturally exists in mankind, we must not be surprised to bear witness, at no distant date, to the value of good land becoming higher than ever known before in this Colony. I have to refer to the exertions of the sub-committee in their efforts to secure the carrying out of the Otago Central railway. Notwithstanding the many adverse criticisms that have ap-peared in reference to this railway line, I believe that I shall express the views of most members of the Chamber when I state, in my opinion, the work to be one of great utility, and therefore necessity, in opening up the valuable interior of Otago. That it is rich and valuable there can be no doubt, and whether to be developed in minerals, metals, or good land, is of equal importance to our commerce and the growing trade of our port. I hope the works will not be allowed to remain much longer at a standstill, as a large sum of money already spent will remain unproductive; page 31 and, moreover, the line must ultimately become the main one to the west coast of this island. The Harbour Board Borrowing Powers Bill.—The Chamber has given much assistance to the Board in obtaining the sanction of Parliament to increased powers in that respect; and, although the limit has been fixed for the present at a much lower figure than asked, I have sufficient faith in the Board to believe that before the new loan has been spent many of us will have an opportunity of seeing more than one of the larger intercolonial boats steaming up the new channel to the Rattray-street Wharf in the city of Dunedin. The Chamber has also co-operated with other Chambers in this Colony with the view of bringing about a reduction in the excessive rates levied on New Zealand wools imported into the United States of America; and although I feel by no means sanguine that any beneficial change will shortly take place, yet I believe if the question is persevered in the ultimate result will be satisfactory. Members will be aware of the efforts made for the repeal of the property tax, and that a substitute would be found by a diminished expenditure, a re imposition of the tea and sugar duties, and also school fees. There can hardly be two opinions of the harm done to the progress of this Colony by the imposition of the property tax. Such a species of class tariff is far more apt to discourage than encourage settlement. It is therefore to be hoped that when Parliament meets measures will be devised by which this Colony will be relieved of the noxious burdens under which it staggers but cannot walk. Sufficient taxation for all wants of the Colony can be found through the Customs tariff, which is most willingly paid and most easily collected. The Chamber have urged that an alteration be made in the existing law of bankruptcy, and although a reform is much needed in this direction, the matter must stand over for future legislation. In the question of the Fire and Marine Companies Bill nothing further has been done, and in the absence of specific information showing its necessity, the Chamber unanimously objected to the Legislature dealing hastily with it. The Chamber have recently been in communication with the Christchurch Chamber on the question of general average, with the view of affording a better protection to the interests of consignees where ships become disabled and cargo damaged, and it is hoped that shortly reasonable and equitable terms will be agreed upon for fairly and quickly disposing of such cases. The Chamber will be aware that the question of railway tariff has been much discussed both here and in Christchurch—the latter putting forth claims for exceptionally lower rates over the lines in Canterbury than we enjoy in Otago, to which this Chamber have been unanimously and strongly opposed; and it was deemed advisable, in order to show the unfairness of such claims and to enter our protest, to wait upon the Hon. Minister of Public Works, which was accordingly done by a deputation of the Committee. Another subject of some importance has been discussed by the Chamber in connection with the Victorian tariff, in the recent enactment by its Government to levy a heavy duty on grain imported from this Colony. In an interview with the Hon. the Colonial Secretary the Committee brought the matter under his notice, and urged advantage should be taken of the Conference held in Melbourne and Sydney with the object of remedying the evil by an agreement of reciprocity or other page 32 wise; and the Hon. Colonial Secretary's recent visit to Sydney may perhaps prove to have been the first step towards that end, or even free trade in the natural products of each Colony one with another. If we could commence by sending over our good grain and beer free of duty to Australia, in exchange for Colonial wines being received here free, we should have accomplished that small and coveted beginning from which very great and lasting beneficial results would most certainly follow. A welding of rival interests and jealousies would be a firm and sure step between any two colonies of Australasia toward the federation of the whole group. The Chamber have long since been of opinion that a proper and suitable new building for a Hall of Commerce in this city, commensurate with its commercial importance, had become a necessity, and in September last a sub-committee was appointed to consider and report upon the best course to pursue to procure a central and permanent site on which to erect offices for the Chamber. After many meetings and much consideration it was thought that the only practicable way to raise funds towards the building of a new Chamber was to ask not less than twenty gentlemen to subscribe, each to the extent of £100, to give the scheme a start. You will be glad to learn that this plan proved successful. There are already twenty names on the list, and ere long I have reason to believe they will increase to nearly double that number. It is now proposed to form a limited company, with a nominal capital of £5000, in 50 shares of £100 each, and members are asked for their co-operation in a scheme which, to my mind, seems to promise to our commercial interests generally much usefulness. I may here mention that an excellent site at the corner of Bond and Liverpool-streets has already been secured by the Committee on favourable terms. Mr. Cargill, who, with Mr. John Roberts and Mr. Robert Wilson, took an active part in the negotiation, will explain more particularly its details. Among other subjects that have engaged the attention of the Committee in connection with new offices are telephone and telegraph systems to meet the growing wants of the community as the use of such facilities may be required. The important question of exporting frozen meat, butter, &c., to Great Britain has also been discussed by the Committee, and I trust that the time is not far distant when a practical beginning will be made by a shipment of such cargo from our ports. It is a mistake to suppose that, as I noticed in a paragraph in Wednesday's "Times" the process of freezing destroys the cohesion of the tissue of the meat, and that when the meat is thawed it shows a tendency to decompose rapidly. I can now tell you one fact in opposition to that theory : A friend of mine in London recently purchased a quarter of frozen beef on its arrival there, and sent it up to the North of Scotland as a present to a small family. The good lady of the house, fearful of the capacity of her household to consume the whole as fresh meat, lost no time in salting down the greater part of it; and I have been assured on indisputable authority that the result was most satisfactory. In short, the Australian fresh beef sent by chance to the North of Scotland to be salted and cured proved an unqualified success. In conclusion, I may remark generally for your satisfaction that the Customs receipts and the land fund receipts of the Colony have increased, and exceed the Hon. the Treasurer's Estimates; page 33 while the cost of administering our railways has economically improved, and the efficiency of management has not been impaired. Before closing my remarks, I desire to call attention to what might be termed neglect on the part of our mercantile community in not having sought for new outlets for produce. Look, for instance, to the Colonies of Queensland and South Australia, the Islands of Fiji, and others surrounding them, where British people are fast making homes and connections. Surely a trade could be opened up with these Colonies for some of our products that cannot from climatic influences be produced by them; and why, gentlemen, in this enterprising commercial community, in this year of grace 1881, should we find ourselves without sugarworks of our own? unless it be in the cause of sweet philanthropy to enrich our friends who may be interested in the rich harvests to be gathered annually by the Sydney and Melbourne sugarworks. Gentlemen, with these remarks I move the adoption of the report.

Mr. R. Wilson said : Gentlemen, I have much pleasure in seconding the adoption of the report, and I have to thank the Chairman for the very able manner in which he has addressed us. (Hear, hear.) I think he deserves very great credit for the pains he has taken. He has gone into everything so minutely that he has left very little for me to say. I am very pleased indeed to see that things have taken such a turn. Anyone travelling through this country at the present time cannot help being delighted at the grand sight he can see in the shape of crops, and if we can only get a market for our grain we have very little to fear. Another good feature is that, as I saw in a sub-leader in the "Times" to-day, our wool produce is 10 per cent, more than it was last year, and I believe the prices are higher, so that will give us a very large return. Our gold return is also greater; in fact, everything seems to be prospering. No country in the world, I think, could have experienced a more sudden change for the better than this has done during the last twelve months. Mr. Cargill was to be here to say something about our new Hall of Commerce. Mr. Larnach has just mentioned that we have got that almost arranged for. However, we shall be very pleased if we can get a few more names; and I am sorry to have to complain of the apathy shown by a few of our merchants in not coming forward to support us in this matter. It has been the old story over again—that the Chamber has always been log-rolling, and that we have done no good. I may say that I have been connected with the Chamber for many years, and have been on the Committee for nearly seven years, and during that time I have seen no log-rolling; but we have done our duty—we have done the best we could for the welfare of the citizens, and it is our intention to do so still; and if we cannot get a few more gentlemen to come forward and help us, we have twenty names already, and will be able to carry it through without them. I think that the building will be an ornament to the city, and will be the means of cementing together the commercial community, whose members will have a habitation of their own to meet in. By this means I think we shall be able to do away with the petty jealousies that now exist. I think it is high time that we all put our shoulders to the wheel and moved in many matters that would be for the page 34 welfare of the place. For instance, sugarworks, as Mr. Larnach has just said, would be a very great acquisition to us, and I believe a great source of profit. There is a good deal of spare capital here just now, and anything of that kind, I think, if it was shown that it would give a good result, or that a fair interest on the money could be got from it, it could be floated at the present time very well. I do not know that I have anything more to say at present, but I assure you I am very much pleased indeed to see the turn things have taken, and I hope when we meet at our annual meeting we shall be able to report more favourably still.

The Chairman : In the notice calling the meeting it was mentioned that one of the objects of the meeting was to elect a representative to the Harbour Board. I may state that the notification was made through some oversight. It is found that the election can only be made on the second Monday in February. By the Act giving the Chamber power to send a representative to the Harbour Board, it is provided that the election shall take place on the second Monday in February, so that nothing can be done to-day.

Mr. R. Wilson thought they should nominate a representative now they had a full meeting, and let a quorum of members meet on Monday to elect him.

Mr. T. T. Ritchie : I think it would be more satisfactory if we now nominate a gentleman, as that will do away with the necessity for a full attendance on Monday. If that meets the views of members present, I beg to propose that Mr. Larnach, the chairman of the Chamber, be elected the representative of the Chamber at the Harbour Board. I have no doubt that the duties of the office may entail some little degree of self-sacrifice, but doubtless Mr. Larnach will willingly take upon him to follow in the steps of those who have previously so ably represented the Board.

Mr. Matheson : I have great pleasure in seconding the nomination of the Chairman. I do so with greater pleasure because I am the preceding member. Though I was only called to represent the Chamber by filling up the balance of time allotted to a former member, still I found the duties such as to demand too much of my time, and, as you are all aware, I had given intimation that I would not stand for re-election. The office of a member of the Board is no sinecure, as you, sir, will find when you come to sit at the Board; for besides committee meetings there are other duties that demand a good deal of time. It is fortunate that the Chamber should select a gentleman who can give a large amount of time without infringing upon his resources in any way. At the time I joined the Harbour Board it was not in very good odour with the public, because it was poor; its funds had run out, and the prospects of a further loan were rather problematical. It is gratifying to find that the loan passed Parliament, and we hope soon to hear of its being placed on the London market at a very fair premium. You have already in your address expressed the hope that within twelve months we shall have the inter- page 35 colonial steamers coming to the Dunedin wharves. I hope that expectation will he fully realised, and we have the Engineer's opinion—indeed he has pledged his professional reputation that within that time the steamers at all events will come up, and these, which will bring commerce a little nearer to our doors, will, I hope, be the forerunners to opening up the larger dock in the northern part of the sea margin. In connection with this matter I hope, sir, when you take your seat at the Board, you will give your attention to the principle that the Harbour Board having expended a large amount of money upon the harbour, that every possible convenience shall be afforded to the commercial public for access to these wharves, and that we shall not be threatened, as we have been, that to Rattray-street basin, which for a good many years to come will form the principal receptacle for the shipping, there will be but one access—viz., by Rattray-street—but that the Government will in its wisdom see its way clear to give a second access by way of Jetty-street. I have much pleasure in seconding the nomination.

The Chairman replied as follows : Gentlemen, i thank you for the remarks offered on my behalf, and while I am averse to accepting any new office, I am also averse to do anything in the way of not obliging my fellow citizens. I shall, if elected, give the office a trial, and if I find that my time will not permit me to accomplish the work I am called upon to do, I will come back and say so to you; because I should be sorry to hold office if I could not attend to its duties. Gentlemen, I thank you.

Mr. J. Bathgate said: Mr. Chairman and gentlemen, I rise to express the great pleasure I have had in listening to the clear and hopeful remarks made by the Chairman in his opening address. There is one point to which he alluded that I think deserves a little ventilation, because I find a great misunderstanding exists concerning the point, not only here but also at Home. It is this : He has placed his finger upon the true cause of our depression—our commercial depression—that was the sudden, and I have no hesitation in saying, the undue restriction on the part of our monetary institutions, the banks. It is the fashion of some amongst us here to decry the country in which we live. I would recommend all those people who find fault with the country and its sources to ship themselves home at the first convenient opportunity.—(Hear, hear, and applause.) But a feeling of that kind is not limited to the Colony; we find it existing at Home, and we find that we have been actually traduced and slandered by the leading newspapers in England. Now there is no denying that commercial depression exists—(A Voice : Has existed)—but when I know the real cause of that depression I am not surprised at it; but I am perfectly surprised that widespread ruin was not the result. I find, from statistics, that in one year the banks in this Colony restricted their accommodation to customers from £14,000,000 to £11,000,000, calling upon a small community of 450,000 people to fork out £3,000,000 sterling in the course of 12 months. Why, gentlemen, it is no marvel that depression ensued. I am perfectly surprised that there was not a complete disorganisation of page 36 credit and commerce. To my mind the fact that we, as a whole, were able to meet that sudden and extraordinary demand on the part of the banks, satisfies me more than anything else of the stability of commerce of this Colony.—(Hear, hear.) I feel grateful to the Chairman for having brought out that fact, for even the newspapers approach it "gingerly," for what reason I do not know; but none have taken the bull by the horns and said, "Your banking institutions are the great and immediate cause of everything that has happened to prejudice the commerce of the Colony." Let us be thankful that that is is all past now, and that capital is again flowing into the Colony. Before I sit down I wish to repeat what I said before, that I had great pleasure in listening to the hopeful anticipations of the Chairman, and that I can say conscientiously that I join in them most sincerely.