THE SECRETARY'S REPORT.

GENTLEMEN OF THE BOARD OF TRADE:

It is now nearly sixteen years since this Board was incorporated, for the purpose of promoting trade and commerce in the city of Boston and its vicinity. Similar institutions had been or were being established in many of the leading cities of the country; to-day they are found in almost every place of commercial importance. If, at one time, they were considered an experiment, and their objects vague or undefined, this has ceased to be the case, and they are now generally regarded as hardly less than a necessity. They bring together the business men of a city, for consultation and for action; they concentrate public opinion upon commercial questions; they disseminate statistical and other information; and they supply an eligible means of communication between the mercantile community and the government. Perhaps no one of these ends could be attained equally well by any other agency.

The membership of the Boston Board of Trade embraces every branch of business; the doors are opened by the constitution to "merchants, manufacturers and [all] those whose avocations are directly connected with the commerce, trade, or industry of

the country, and who are residents of the Commonwealth of Massachusetts." The purposes of the Board, therefore, are somewhat more general than those of organizations which have been brought into existence to serve the convenience specifically of a particular trade or industry, such as the Corn Exchange, the Cotton and Woollen Manufacturers' Associations, and the Leather Manufacturers' and Dealers' Association, which last has just been formed, and to which, as representing a most important interest, the Board would extend its friendly salutations. With all these it is in full sympathy, and is glad to co-operate whenever opportunity offers; their members also are generally its members, and participate more or less in its proceedings. Its action, however, proposes a somewhat wider scope than theirs, and its meetings supply the occasion on which they may all meet on common ground, and unite their efforts for the general good.

The annual meeting of the Board presents a fitting opportunity for passing in review the commercial history of the city for the year just closed, and for considering the present condition of our trade, both domestic and foreign, the movements in progress for its advancement, and such topics relating to State and National affairs as have received more or less of the interest and attention of the Board. We shall thus be able to survey the work attempted by the Board without repeating the details which have appeared from month to month in the reports of its meetings by the daily press.

THE MUNICIPALITY, ITS EXTENT AND VALUATION.

The past year has been one of marked activity in the city of Boston, and at no period in the past have there been manifested more indications of vitality, or more grounds of encouragement for future growth. The area of the municipality has been nearly doubled by the annexation of Dorchester, and now comprises between nine and ten thousand acres; and the population within the city limits is more than a quarter of a million. Improvements upon an extended scale have been carried forward by both public and private enterprise, twelve millions of dollars having been invested in buildings alone, and various projects are in contemplation for multiplying the facilities of communication in and around the city, and for still further beautifying the suburbs. The united valuation of Boston and Dorchester, for 1869, was about five hundred and seventy millions of dollars, against about five hundred and nine millions in 1868. The valuation of Boston in 1860 was less than two hundred and seventy-seven millions, gold value.

THE GENERAL TRADE OF BOSTON.

The unsurpassed advantages enjoyed by Boston as a centre for the manufacture and distribution of textile fabrics and other domestic products are conceded by all, and the influential position attained by the city in this regard cannot be called in question. It is estimated that of the nearly seven millions of spindles in the cotton mills of the United States, five millions are to be found in New England, and these

are mainly controlled here. Of the woollen manufacture, a smaller proportion, probably one-half, is similarly connected with Boston. The production of boots and shoes for the whole country is stated to be two hundred and forty-six millions of dollars; that of Massachusetts for 1869 was about one hundred and eight millions, and for 1870 is expected to be equal to the whole production of the United States in 1860. These three great interests make Boston an important market for cotton, wool, hides and leather, and there is no reason why it should not become the leading market in the country for each of these articles. The total sales of merchandise of every description in the city are estimated to be from. nine hundred to a thousand millions of dollars annually.

OUR OCEAN COMMERCE.

The unsatisfactory condition of our ocean merce has, during recent years, furnished the single and conspicuous exception to our general prosperity; and this has resulted not merely in sympathy with the depression of the shipping interest throughout the country, but by the operation of local causes, the responsibility for the existence of which rests very largely with ourselves. These causes have been discussed in the late annual report of the Board, and need not be dwelt upon, further than to say that the chief and underlying difficulty on the subject has been a want of confidence on our part in our own position and advantages. We have allowed our commerce to leave us by default. One-half the spirit and energy in local concerns put forth by the enter

prising citizens of Portland, had it been in general exercise in Boston, would have led to the most gratifying results. But the opinion has too much prevailed that we ought to be satisfied with our manufacturing industry and with our New England trade, and that we had no right to expect to participate to any considerable extent in foreign commerce; and the effect of this opinion has been far more widespread and more hurtful than has been supposed. It has paralyzed the efforts of those who have had a different conviction, and who have endeavored to establish permanent means of communication with Europe. It has had its influence also upon the railroad management of Massachusetts, which, whatever its defects, we may presume to have reflected the views and wishes at least of the capitalists who hold the stock. This worse than apathy, this mistake, as we cannot but regard it, although honestly entertained, will, we think, explain, to a good degree, the condition of our ocean commerce, as we have had occasion to deplore it.

There is evidence, however, that a change in public sentiment among us has been going forward, which encourages the hope that when in due time the restoration of American navigation interests shall come, as come it will, Boston will be thoroughly prepared to claim and to receive its full share of the ocean trade in which the nation is assuredly destined to participate. Our hope in this direction is founded, not so much on what is said, but, what is much better, on facts accomplished or in progress. Hundreds of thousands of dollars are being spent upon our harbor, and we are told on good authority that the expenditure is making this one of the best harbors on the