State of Trade.

In referring to the trade of the Colony for the past year, your Committee cannot refrain from expressing their disappointment that the hopes indulged in at the last Annual Meeting have not been fulfilled. You are, however, aware that the past two years have been exceptionally trying all over the world, and, in common with our neighbours, we have been unable to escape suffering more or less; unfortunately the depression here has been aggravated by the comparative failure of two consecutive harvests. But notwithstanding these drawbacks failures have been comparatively few, and for the most part involving only small amounts. The importing and distributing trade of Canterbury has for some time past been conducted with extreme caution, and there is every reason to believe that it is now on a fairly sound footing. From the exporter's standpoint there are signs of brighter times, which lead to the hope that we have reached the turning point. Our frozen meat industry, although it has not realised all that was at first anticipated for it, is steadily developing, and has already benefited the farmers to a very considerable extent. Reference to the tables appended hereto, shows that the exports of wool from the colony increase in volume, and as invention after invention is adopted by our farmers to increase the quantity, while decreasing the cost of their farm and dairy products, we may very fairly hope that an upward movement has commenced, and that ere another year is over we shall have emerged from the state of stagnation and depression which at presents surrounds us.