428 TiMEHRI. 



present struggle for existence on the part of our sugar industry 

 they may have to work six days to earn what in more prosperous 

 times they could easily do in three. Gentlemen, we all hope 

 and believe there is a silver lining to every cloud, and that although all 

 looks dark at present, the dawn of a brighter outlook for our staple 

 industry may be near at hand. But when this dawn arises we must not 

 stand still ; satisfied with things as they are. If we do so other countries 

 will be pushing ahead and adopting every device and assistance to 

 enable them to produce sugar cheaper, and when a severe period of 

 depression comes again, as come in the natural course of events it 

 must, we shall be inevitably crushed out. From my point of view it 

 appears certain that large central faftories, capable of manutafturing 

 not less than 20,000 tons of sugar per annum, must be erected, the 

 interest on capital necessary being guaranteed by Government for a 

 certain period, as has been done in other countries, and notably recently 

 in Queensland. Such faftories, complete with the most modern and 

 approved appliances, would extraft more sugar from the cane than can 

 be done at present, for a lower expenditure on labour, fuel, sala- 

 ries, &c., and would be able to pay the cane grower a much higher 

 price for his canes than what their present value represents to him. 

 The agricultural and manufafturing operations would then be entirely 

 separated, and people with small capital would be in a position to grow 

 canes and sell them to the central factory at a price agreed upon, and 

 regulated by the market value of sugar. The proposed faftories should 

 belong to Limited Liability Companies, and the cane grower should 

 be given the opportunity of becoming a shareholder in them. 

 If a properly equipped central faftory could, in addition to ex. 

 trafting more sugar from the canes, produce sugar for an outlay 

 of £1 per ton less than is done in a well-arranged Demerara 

 Faflory to-day — and thi?, I assure you, is well within the mark — 

 it would pay a very handsome dividend on the capital necessary for 

 its ereftion. But, gentlemen, I have digressed considerably from the 

 mere review of the Society's affairs during the year now closing, and 

 with your permission, will now return to that subjeft. The Society's 

 roll of members shows an increase of five, there being 535 on the roll as 

 against 530 on January 1st, the losses by death, resignation, departure 

 from the Colony and non-payment of subscriptions being 91, and the 

 new additions 96. Among those who have died, I may especially 

 mention : A. Barr, L. B. K. Collins and M. R. O'.Maley, whilst amongst 



