My position of chairman to your chamber this year has betn the means of causing me to assume the presi-

dency of tho exhibition, and, while the duties

attaching to this new position are extremely onerous, I trust that my modest endeavour to make the venture a success will be productive of good to our city in particular, and to the colony at large.—(Applause.) Progress of the Colony.—The general progress of the colony is, I believe, satisfactory, although during the pant year a considerably amount of financial disturbance hits been experienced, ami many firms and individuals have during that time been compelled to seek refuge in the insol vent court. This process is fast altering ;h ---position of private indebtedness in the colony ; and while it is a most painful experience on th« part of those immediately concerned, still it cannot fail to work good in the long run. Popu lation has not increased to th« extent tbr.t it ought to hay« dove daring the past year, as wi find that the increase has only been 5212, includ ing the natural increase by births. We have li«t close on 10,000 of our population hj emigration during 18S8, who seem to have gone to other countries to seek employ ment. Under the circumstances it cannot b<" wondered at that this should happen, seeing that tbo public works expenditure has to it very large extent ceased. Daring many years past, when large sums of money have been spent on railways and other works, there has been a con siderable population employed in the prosecu tion of these works. Immediately the stoppage in borrowing took place it was to bo expected that a very considerable number of our labourers must either find work iv other pur suits or leave the colony. It could not be expected that outlets could be found in private enterprise which would absorb sudduuly this labour which was thrown on the market, and the exodus which has taken place duriug tho past two years is notning mare than could hive been reasonably expected under the circum stances. At we havo time to gather our energies together again, I hope era long to sea a return of many of tbosu who tmve already left our shoreii to pursuits of fl more permanent nature tht.u the occupations found by the public works policy. 