Report of Society's Meetings. 177 



the many shortcomings, the frequent errors, which I am 

 all too likely to make in dealing with subje6ls of such 

 magnitude and importance. I do not propose to go at 

 length into figures and returns of the past twelve months 

 or to forecast therefrom detailed estimates for the year 

 we have just commenced. We all knew, at the beginning 

 of last year, that a period of grave depression in our pro- 

 ducing powers, or rather in the returns which our pro- 

 du6ls were likely to yield, had set in. But what we did 

 not know, though in my humble opinion I believed it 

 possible, was that the storm would be weathered in the 

 creditable and sturdy manner the year's record shows. 

 Turn your memories back to the early days of January, 

 1895, and think again of the dread that was hanging 

 over us, of the lack of confidence which was, I might 

 almost say paramount, of the paralysis in all branches 

 of trade and commerce which seemed to have overtaken 

 us. Remember the fears, and they were very real ones, 

 of a much more wholesale abandonment of valuable 

 estates than has taken pbce. Think of the gloom which 

 had settled down upon everyone alike — Financier, Plan- 

 ter, Merchant, Gold Producer, Employer, Employe, 

 Master and Labourer — and then look at to-day's position, 

 to-day's outlook ; and congratulate yourselves, as I most 

 heartily congratulate you, on the change for the better 

 which we see around us. I beg, however, that in these 

 words you will not think that I am arguing from a fool's 

 paradise. I would not have you imagine that the time 

 has come for any of us to think we are relieved from 

 the battle ; I would only ask you to go into your new 

 year's work with the confidence which is so necessary, 

 and which is justly yours : I say due and already here 



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