Sir A. RoMt, who presided at the Conference of the
Asso- ciated Chambers of Commerce, which met at Newport, Mon- mouthshire, on Tuesday, in the course of his opening address declared that the prosperity of the past had given way to " a wave of wide and deep depression." Our imports in the past eight months had only increased by three and a half millions, chiefly food-stuffs ; our exports had decreased by fifteen and a, quarter millions, or over 9 per cent., while at the same time the traffic returns of the railways were falling off, and the bank- ruptcies were increasing. The Trade Unions, too, reported 5.12 per cent. of their members unemployed, as against only 8.28 last year. After stating that it would probably have been better to have let the Barings go under, the President dealt with the labour problem, and declared that people should be taught "that there was no true political, ranch less social, economy in the labour of underpaid, ill-fed, or over-worked or unhealthy men, women, and children ; and, above all, by proclaiming, not only from the house, but from the counting- house top, that honesty was still the best policy." The Conference, we are glad to see, refused to pass a resolution in favour of commercial union with the Colonies on a fair-trade basis, though they would not go so far as the Free-traders desired.
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