Mr John Eoeerts' presidential address to the Chamber of Commerce reviews the commercial situation succinctly and shrewdly. His first reference is to the loss sustained by many of our i farmers through refusing to sell their wheat for the Sydney market last April, the result of yhich was im portations from California, which have disorganised the market. This bad management is no doubt by now bitterly regretted by the sufferers, who were advised, in Mr Roberts' last address from the same chair, to make hay whilst the sun shone. Their recent experience will, howey.er, pro bably incline them to concur with his; present opinion that "producers should, " as a rule (especially if there is a " profit), realise promptly oh the spot, <: keeping themselves free from the dis " traction of speculating and watching " markets." Fortunately there seem to be signs of a slight recovery in the grain market, and it should not be forgotten that existing prices leave fair profits, so that all that is to be regretted is a reduction of profits,. not the difference between a profit and. a loss. The next topic alluded to is the proposed Commercial Congress, the successful .carrying through of which should be of considerable benefit

to this city and the colony. In this connection we would express our grati fication at the appointment of Mr J. M. Ritchie to the presidency of the Chamber for the most important year in the annals of Otago. In his hands we are confident that the commercial interests of the community will be worthily represented, and that the arrangements for the Congress will be prosecuted with vigour. It is not too much to say that Mr Roberts has re organised the Chamber, and Mr Ritchie takes office under conditions which give him every opportunity of largely increasing its influence and improving its position. Of the Exhibition Mr Roberts speaks with almost an excess of modesty, laying special stress upon the moral effect of its self-reliant basis. 