Central powers and the Allies was unquestionably one of the big constructive developments of the past year. The resuits, while not yet visible, will be far reaching indeed if carried out in the same spirit that animated the proponents of the plan. But of greater importance, perhaps, was the fact that the political leaders abroad permitted business men to determine and settle a business problem. Business triumphed where politics and militarism had . failed. A change in the attitude of France toward Germany was also a very hopeful sign. "Another factor which might be lost sight of in the foreign situation, but which is nevertheless very favorable, has been the disposition on the part of several of the former warring nations to balance budgets and practice economies. For a long time, after the war no particular attention, apparently, had been paid to the matter of bringing expenses to a figure relatively near income. During the coming year it is possible that France will make some definite arrangement with regard to her debt to the United States, and, this is encouraging. "The world wide shortage of wheat during the past year was of tremendous help to the American wheat grower and was one of the chief contributing causes to the revival of business last fall. With more than 45,000,000 people in the United States living and working on farms (and a majority of them growing some wheat) an idea of the increased buying power of this vast army may be had when it is considered that wheat, within a year, advanced from around $1 a bushel to $1.75 a bushel. It was the inexorable law of supply and demand, working overtime, perhaps, which produced these high prices and not legislation enacted by a farm bloc. "The world's wheat crop this year will be probably larger for two small crops rarely follow in succession, and it is hoped that American farmers, particularly those in the Northwest, who specialize in wheat, and during the past few years have undergone unusual hardships, will follow the advice of leading agricultural authorities and diversify their crops. The cotton growing districts in the South are giving intelligent attention to diversification to their advantage. "The railroad situation during the past year showed a decided improvement and while earnings were by no means record breakers, the year, as a whole, was one of the best since the government returned the properties to the carriers. There has been a more friendly and sympathetic interest, too, on the part of the public towards the roads and their problems and if any legislation, during the next four years, is passed affecting the roads, it is reasonable to believe that it will be constructive and helpful legislation. "The coming year from present indications, will be an active one for the carriers and may witness some rapid developments in the way of mergers and consolidations. Better service for the public through increased accommodation and operation will likely result. With favorable crops, earnings ought to be good. "The cotton crop was better than anticipated, the yield being above 13,000,000 bales last year, the best crop in four years. While prices remained around 24 (twenty-four) cents a pound as against 30 (thirty) cents and above a year ago, the average cotton planter received more last year (1924) than he did when the higher prices prevailed. This was the first year since the war that the boll weevil pest did not increase its ravages and to the south, this is indeed a blessing. "The steel, automobile, oil and other large industries, while not operating at capacity and high prices, are in a sound condition. There has been little unemployment, no inflation and money, comparatively, is cheap. The banks are in splendid shape." STATISTICAL As in former years, the statistical tables published in Part Second appear with very few changes. A few new tables have been added and some old ones slightly enlarged, owing to the increased public interest in the particular subject covered. MEETINGS During the period from May, 1924, to April, 1925, inclusive, which constitutes the business year of the Chamber of Commerce of the State of New York, the Committees of the Chamber and active executives were occupied as usual with the many problems which confronted the Nation and the community of the City of New York. According to custom, a brief statement is herewith made of the proceedings of the various meetings held during this period. The regular monthly meetings of the Chamber are held at noon on the first Thursday of the month. The special meetings are held according to the requirements of the emergency at hand. During the summer months of July, August and September, no regular meetings are held. May 1st. The annual meeting of the Chamber and election of officers occurs at the May meeting. The meeting this year represents the 156th since the foundation of the Chamber. Mr. IRVING T. BUSH, having served two years as President, was succeded by Mr. FREDERICK H. ECKER, who had been Chairman of the Executive Committee. A report was adopted commending the many public services of Mr. EUGENIUS H. OUTERBRIDGE, who had just resigned as Chairman of the Port Authority. A report was also adopted presented by the Committee on Foreign Commerce and the Revenue Laws which opposed a Congressional bill providing for the compulsory labelling of articles containing wool. An honest merchandise bill, however, was favored. This bill, modelled after the British Merchandise Marks Act, was aimed to protect the public against fraud in commodities and merchandise in general. The Committee on Foreign Commerce and the Revenue Laws presented a report upon the enforcement of Section 28 of the Merchant Marine Act of 1920. The Committee reached the conclusion that putting into effect of Section 28 at that time would not in fact be of any real assistance in the upbuilding of an American Merchant Marine, but, on the contrary, would lead to a degree of chaos in the export and import trade of the United States that would be deplorable, and would undoubtedly invite reprisals from other nations. The annual report of the Committee on Arbitration was presented. June 5th. A report was unanimously adopted opposing the abolition of the Railroad Labor Board and the establishment of new machinery to handle labor grievances. A measure known as the Howell-Barkley Bill to accomplish this end was before. Congress. The Right Honorable WILLIAM MORRIS HUGHES, P. C., ExPrime Minister of Australia and Mr. MICHAEL MEAGHER of Sidney, Australia, were the guests of the Chamber. The ExPrime Minister made a short address. October 2nd. A special meeting was held at 11.45 immediately preceding the regular meeting of the Chamber to elect a Pilot Commissioner. At the regular meeting a preamble and resolution was unanimously adopted congratulating JOHN AIKMAN STEWART, upon the celebration of his 102nd birthday. Another report was adopted urging the members to encourage in every way all classes of citizens to register and vote at elections. The Committee on Internal Trade and Improvements presented a preamble and resolution which was unanimously adopted asking the members to use as much as possible the air mail service in order both to assist directly in strengthening the foundation of national security, and to obtain the advantages which should accrue to business and commerce from the more extensive use of the air mail service. The Committee on Public Service in the Metropolitan District presented a report calling attention to a previous action upon the evils of smoke, and urging the municipal authorities to immediately take steps to insure the abatement of the smoke nuisance, and to return to the former strict administration of the law. The Committee on Conservation of State Waters, Lands and Forests presented a report with the following resolution which was unanimously adopted: Resolved, That the Chamber of Commerce of the State of New approves of the proposed referendum which is to be admitted to popular vote on November 3rd, 1924, authorizing a maximum issue of $15,000,000 of bonds for increasing the parks of the State of New York and for carrying out of a comprehensive and unified state park plan, under the direction of the State Council of Parks. November 6th.-The Executive Committee presented two reports which were unanimously adopted. One welcomed the Southern Exposition which fourteen Southern states were planning to hold in the City of New York; the other urging the members and citizens of the city generally to assist the Bureau of Public Safety by observing caution and carefulness, especially with regard to street traffic, and to co-operate in every way possible with the efforts made to lessen the number of accidents in the streets of the city. Mr. OSCAR RYDBECK of Stockholm, Sweden, Vice-Chairman of the Stockholm Chamber of Commerce and the Swedish Bankers Union, was a guest of the Chamber and made an address following the proceedings. November 13th.-The One Hundred and Fifty-Sixth Anniversary Banquet of the Chamber of Commerce was held at the Waldorf-Astoria on Thursday evening, November 13th, 1924. Six hundred and ninety members and guests were present. It was a particularly interesting affair in view of the high character of the addresses, the large attendance of eminent men of affairs, the quality of the menu, and beauty of the hall and table decorations. President FREDERICK H. ECKER presided and his address and remarks as toastmaster met with considerable applause. Grace was pronounced by the Right Reverend WILLIAM T. MANNING, D.D., Bishop of New York. Musical selections were played during the service of the dinner by the orchestra and on the pipe organ. Mr. ERNEST K. SATTERLEE, a member of the Chamber, served as organist. At the close of the service of the dinner a toast was drunk to the President of the United States, and a message was presented from him axpressing his sincere regret at being unable to accept the Chamber's invitation to be present. The speakers of the evening, in addition to President ECKER. were Brigadier-General HERBERT M. LORD, Director of the Bureau of the Budget; Doctor CHARLES H. JUDD, Director of the School of Education of the University of Chicago, and Major-General ROBERT LEE BULLARD, Commanding the Second Corps Area of the United States Army. December 4th.-A minute was presented in memory of CHARLES S. FAIRCHILD who had been a Vice-President of the Chamber from 1898 to 1902, and was a well known banker in the City of New York. Mr. FAIRCHILD died in his 83rd year. The Committee on Foreign Commerce and the Revenue Laws secured unanimous adoption of the report and resolution urging prompt passage of legislation to reduce to a nominal sum the fees for passports issued to citizens of the United States and for vises to citizens of other countries. The Committee on Internal Trade and Improvements, after considerable debate, secured the adoption of the following preamble and resolution upon child labor: Whereas, The Chamber of Commerce of the State of New York wholeheartedly and earnestly favors continuous improvement in the conditions under which children shall develop, but holds that such conditions are matters for local determination and to be left within the control of the citizens of each of our States; therefore, be it |