A long and conscientious investigation of the question of relieving the freight congestion on the North River waterfront. Action approving the plans of the United States Army Engineers for the deepening of the East River. Participation in the action before the Interstate Commerce Commission for the removal of the differential railroad rates which have so long discriminated against the Commerce of New York. Promotion of the cause of international arbitration. Development and organization of the Chamber's new method of settling mercantile disputes by arbitration and conciliation. A largely attended special meeting was held in August protesting against the passage of the proposed new city charter. Discussion of the problem of improving the city pavements by the Chamber's Committee on Internal Trade and Improvements and the President of the Borough of Manhattan, the Honorable GEORGE MCANENY. A valuable study and report, by a special committee, of all the problems involved in the question of the conservation of state waters, lands and forests. Adoption, after a spirited debate, of resolution in favor of Panama Canal tolls so arranged as to protect American interests by making the tolls on vessels in the coastal trade not over one-third those on vessels in the foreign trade. Adoption, after a thorough debate, of a report in favor of free ships as the only practical means of reviving the American merchant marine. Action in favor of promoting that diplomatic and consular efficiency which is so essential for the extension of our foreign trade. Participation by the Chamber in the conference at Washington for the organization of the Chamber of Commerce of the United States. Appointment of delegates to the International Congress of Chambers of Commerce to meet in September. Adoption of resolutions favoring the creation of a Federal Commission on Industrial Relations. Approval of legislation providing penalties for the making of false statements and false entries for the purpose of obtaining credit. Report on the conservation of railroad credit, in the making of railroad rates, adopted and extensively circulated throughout the United States. Action favoring the widening of the Oswego-Mohawk section of the State Barge Canal. Address by Governor Dix on the developing of port facilities, the removal of differential rates and the completion of the Barge Canal. Action favoring legislation to eliminate from compulsory sale such stock securities as were held by life insurance companies prior to the law of 1909. Action favoring the amendment of the Corporation Tax Law whereby it shall be made permissible for corporations and companies to make returns as of the close of their individual fiscal years. Unveiling in the Hall of the Chamber of a portrait of former President CLEVELAND with an address by FRANCIS LYNDE STETSON. Unveiling of a bronze tablet of the building. Address by Justice VERNON M. DAVIS on the value of a system of mercantile arbitration. Notable addresses at annual banquet by Ambassador BRYCE, President NICHOLAS MURRAY BUTLER, Rabbi WISE and Governor O'NEAL of Alabama. Action favoring the Nicaraguan and Honduran Conventions. Appointment, on Comptroller PRENDERGAST's request, of a subcommittee to examine the accounting system in the Finance Department of the City. Resolutions commending the Panama-Pacific Exposition to be held in San Francisco in 1915. Action in favor of an international commission on the cost of living. Correspondence with the Secretary of Commerce and Labor relative to the question of the certification of commercial documents by the Chamber. Report in favor of greater safeguards against the admission of feeble-minded immigrants. Appointment of a special committee to inquire into the subject of the maintenance of the National Guard and its more efficient protection of public order. Memorial action on the death of CORNELIUS N. BLISS. Reception to the French Champlain delegation. PORT PROBLEMS. The two municipal problems of greatest importance to the future development of the City of New York are, the problem of urban transporta tion in the building of subways, and the problem of the comprehensive development of port facilities. With the solution of these problems the Chamber of Commerce has for many years been closely identified. The existing system of subways is due, indeed, to the inspiration of the Chamber, which first suggested it, and which during the long period of negotiation and promotion, steadfastly supported the public authorities in its development. The adoption of the dual plan of new subway extension, covering practically the whole city, is a notable event of 1912. The problem of port development is, however, still in the process of solution. The first essential is the adoption of a consistent and comprehensive policy and plan, and to that end the Chamber, through its Committee on the Harbor and Shipping, acting in co-operation with the Dock Commissioner and other public officials, has labored throughout the past year. This committee, at the January meeting, presented a report in which it went exhaustively into the more immediate need involved in the problem of port development, namely: the remedying of traffic congestion on the North River front of Manhattan Island. In its report the committee called attention to the fact that from the beginning, the expediency of the moment has been the controlling factor in the development of the port, but that now the increasing demands of railroads and shipping called for a constructive and comprehensive policy so that there may be a thorough development of every part of the port for the great commerce of the future. This report was, on motion of the committee, laid temporarily on the table to permit of further conference with a committee of the Board of Estimate in order, if possible, to secure an agreement upon points at issue. It was finally adopted at the June meeting. The problem. is, at this writing, still in the state of negotiation, but important progress has been made, and public opinion is being aroused to the necessity of prompt action in order that the Port of New York in all of its terminal facilities may be adequately developed on scientific lines, so as to be able to meet the pressing competition of other seaports. The port problem, indeed, may be said to be of larger moment to the city than even the rapid transit problem, for the City of New York depends for its welfare upon the maintenance of its commercial supremacy and its commercial supremacy depends upon the adequacy of its harbor and its docks, for the growing size of marine construction and the rapid expansion of international and domestic trade. The appointment upon recommendation of the Chamber of Commerce of a Joint Commission representing the States of New York and New Jersey to consider the problem of pier extensions clears the way for unity of action on that subject. INTERNATIONAL ARBITRATION. Further action has been taken by the Chamber in favor not only of the general principle of international arbitration, but also of the ratification of specific treaties of arbitration, as proposed by the TAFT administration. In doing this the Chamber has simply confirmed its line of policy running back many years, for it has long been a consistent and persistent advocate of peace between nations. The action taken by the Chamber was not only communicated to the President of the United States, but also to the British and French Ambassadors, from whom most gratifying replies have been received. The British Ambassador declared that the action of the Chamber tends to further the purpose which both the government of the United States and that of His Britannic Majesty have at heart. The French Ambassador declared that he would forward the resolutions adopted by the Chamber to his government which would highly appreciate the friendly and humanitarian sentiments which inspired them. The action of the New York Chamber was communicated to the London Chamber of Commerce and the American Chamber of Commerce in Paris, and steps were taken to secure from the leading commercial organizations in those two countries expressions of opinion in favor of the proposed treaties. The London Chamber of Commerce, on motion of Sir ALBERT K. ROLLIT and seconded by the Chairman of the Council, adopted a resolution in which cordial congratulations are offered to the New York Chamber upon President TAFT's proposals in favor of the treaty of arbitration. A letter was received from President MACKENZIE of the Dundee Chamber of Commerce inclosing a copy of the action taken by that Chamber in favor of the ratification of the proposed treaty. COMMERCIAL ARBITRATION. An interesting and significant incident of the Chamber's business during the past year was the arbitration of an international dispute under its system of commercial arbitration. The first case to be tried under the auspices of the new Committee on Arbitration was a dispute between two parties neither of whom were members of the Chamber, and one of whom was a foreign concern. Nothing could illustrate better the advantages of a system of arbitration such as the Chamber has established. The first year of the work of the Committee on Arbitration has been largely that of developing the machinery of arbitration and making it better known to the members of the Chamber and to the commercial community in general. The establishment of the system by the Chamber has been the subject of wide interest. There has been extensive comment upon it in the leading newspapers of the country and a number of other important commercial organizations have followed the lead of this Chamber in taking steps to establish similar committees. The fact that the Chamber had a Committee on Arbitration excited the special interest and surprise of M. LOUIS BARTHOU, one of the members of the French CHAMPLAIN delegation, who has returned to his country with the feeling that similar arbitration systems might well be established in the commercial bodies of France. |