An Interesting Commercial Address.

Gisborne Standard and Cook County Gazette, Volume IV, Issue 486, 29 July 1890, Page 2

An Interesting Commercial Address.

Dunedin, Saturday. Mr Ritchie, at the annual meeting of the Chamber of Commerce yesterday, delivered an exhaustive address, in the course of which he said The past year cannot be described otherwise than as an excellently good record of progress, a year in which probably most of our friends in the Old Country looked upon the Colony as still in the throes of financial distress and in which we have had no accession of population and a large leakage of foreign capital. Wo cannot view the enormous excess cf exports over imports for the year, amounting to over three millions of money, as other than an indication that we are quickly paying off our debts, both interest and principal. It must follow for 1889 that we have made a very large additional reduction in these heavy private burdens which, in my opinion, mainly tended to paralyse our enterprise for the past two years, and which amounted in 1888 to the sum of 47 millions. In the triennial period (1888) our total exports increased by less than one million, but for one year (1889) they jumped about one and three-quarter millions, and the excess over imports from two millions in three years jumped to three millions in one year of 1889. If we are able to pay off our debt here and at Home to the extent of five millions on the triennial period named, we must have doubled our reduction last year alone. At this rate the burden must soon be brought within comfortably sound limits, and I fully believe it will be sooner than we would have imagined. Referring to the frozen meat export, he said “ there was practically no limit to the progress of this industry so long as the London price pays, and with the reduced charges, I believe the minimum of price which has ruled for some time now in London (say 4d per lb) will pay, and induce a continued expansion of production. The produce of our meat sales must for some time to come be our chief standby, and by far the most important of our native industries. ' Nevertheless, we should not overlook our manufacturing products, and it is very encouraging to find these are increasing. The increased export of £286.000 for 1889 is a highly satisfactory record. In that year the total export of .£569,899 is £lOO,OOO more than the total of the three previous years, and is more satisfactory because our manufactures are for local wants more than for our export. It shows the healthiness of our industries, and will, no doubt, be cause of congratulation to the Protectionists. If they can maintain a like progression in exporting they will show they have a more solid foundation for their operations. With regard to trades unions, I do not grudge these powerful organisations the advantages their successful exertions have brought. I believe that general improvements in the conditions of existence for everybody do harm to no one, and can do harm to no one, though there mav be some pinching while the change is being brought about. I also recognise that while this organising is in process an almost inevitable position may be developed which it is hard to reconcile with the idea of justice and English fair play; bub with all this it can be nothing less than suicidal for unions to frighten capital and enterprise, to exceed what is reasonable in their demands, to force matters instead of winning their points by reasonableness and patience. They have no inexhaustible wages fund to draw upon, nor will any amount of unionism increase production. If not wall and prudently guided the tendency may be in the opposite direction, and my belief is that for the good of all concerned, to prevent strikes and to forward an amicable adjustment by arbitration, a similar organisation is necessary among employers in order that both may meet on equal terms, and it may be rendered possible to discuss and settle disputes without resorting to arbitrary me tsures on either side. I strongly appose legislative interference wi'h labor difficulties.” He said in conclusion, with regard to borrowing: “Unless we can spend on works which will bring in fully 4 per cent, further borrowing only means more taxation until the revenue provides a real surp'us by a natural process. Further public borrowing has the inevitable tendency to encourage private borrowing, and we are not yet recovered from the excess of the latter. Imagine what effect it would be if we paid up our arrears and could balance, or nearly balance, our exports by our imports, using our money to a large extent for our enterprises, aud only borrowing when we saw our way clear to make a profit by doing so. This we shall assuredly come to if we go on as we have been doing for the past three years, exercising public and private economy, developing our natural resources and our industries, and settling our lands on the most liberal terms possible to all those who make their homes updn them I have every reason to be sanguine and cheerful as to the future, if we only remember and take warning by the past, and I shall yet see New Zealand the most attractive and popular of all the colonies, as it deserves to be, and as it is to every one of us who have had the good luck to live in it for the beat part of our