THE SECRETARY'S REPORT.

GENTLEMEN OF THE BOSTON BOARD OF TRADE:

I have the honor to present the twenty-first annual report of the Board, for the year ended December 31st, 1874. The year now closed has been especially noticeable for great dullness and depression in nearly all branches of business throughout the country, the natural effect of the panic of the fall of 1873, which destroyed confidence, and disarranged all interests to a great extent. While the condition of trade is at present very unsatisfactory, a spirit of hopefulness pervades the community, that the worst is over, and the indications are that the new year will bring desirable improvement, and restore a fair portion of former activity with consequent prosperity.

Frequent meetings of the Board have been held. Among the subjects discussed probably the one of chiefest interest and importance was that of

TRANSPORTATION.

The high price of provisions, and the want of cheap transportation from the West, as well as proper terminal facilities at this port, attracted very great attention, and the members of the Transportation Committee of the Board, early in the summer held a series of conferences culminating in two public meetings at Faneuil Hall, on June 4th and 5th, which were well attended by interested citizens. Able addresses were made by Messrs. J. W. CANDLER,

E. R. MUDGE, HENRY MAYO, JEROME JONES, EDWARD KEMBLE, CHARLES HALE, G. W. WARREN, W. B. SPOONER, H. J. NAZRO, C. W. WILDER, J. WILDER MAY, and others, and resolutions were adopted declaring that the commercial interests of Massachusetts imperatively demand the early completion of a line of railroad from Boston through the

HOOSAC TUNNEL

to the Hudson River, and the West; appealing to the Legislature not to adjourn until a bill for the perfection and operation of this additional line of communication had been passed; appointing a Committee of twenty-five to cooperate with the Transportation Committee of the Board in investigating the whole subject of the Tunnel route; advocating the most practical plan for a through line to the West, and urging such other action as will best promote and facilitate the transportation interests of this State.

The Committees held daily meetings, and the immediate results of their labors are shown by the passage of an Act (Acts 1874, ch. 403,) by the Legislature creating W. B. WASHBURN, C. F. ADAMS, Jr., P. A. CHADBOURNE, S. M. CROSBY, and S. B. STEBBINS, as corporators of the Boston, Hoosac Tunnel, and Western Railroad Company, with instructions to make certain investigations, and report in January, 1875.

The early completion of the Tunnel promises a new route to the West, and to the coal fields of Pennsylvania, and as it has been constructed by the money of our whole people, so the benefits to accrue from it should be for all, and not for the special advantage of any corporate bodies.

There is one question which cannot be too persistently urged, or too often pressed upon the attention of the public, and that is the great and indispensable need of more trunk lines of railroad to connect Boston with the great producing sections of the country. At the present time, the great railroad systems which connect the West, Southwest and Northwest sections of our country with the Atlantic seaboard, are those of the Baltimore and Ohio, Pennsylvania Central, Erie and New York Central Railroads.

Of these, Boston has close railroad connection with but one, the New York Central, and bulk freight cannot be transported to our city over the other systems, without reshipment at intervening points.

Tais fact not only causes discrimination in rates of freight unfavorable to our city (the nominal rate being five cents per one hundred pounds more to Boston than to New York, but owing to paucity of communication, the actual rate is from five to fifteen cents per one hundred pounds,) but what is of far greater importance, it dwarfs and restricts our facilities for business. It is not competition alone that we need, for with adequate means of communication, we can reasonably expect such, according to the ordinary laws of trade, but it is actual and necessary facilities for transportation of freight, the present connections being entirely inadequate.

In connection with this question of trunk lines of railroad to the interior and the West, is the one of terminal facilities in our city, and on this point, the scheme of Mr. EDWARD ATKINSON for a line of railroad to connect the existing lines of roads with tide water at South Boston, and the erection at that place of elevators and warehouses, is an important

one.

This plan has been explained to our merchants, by Mr. ATKINSON, and a Committee of the Legislature has carefully considered the matter during the recess, and it is understood, will present a very thorough and exhaustive report on the subject in January.

The great and pressing want of transportation during the past year has been thrust upon the attention of our merchants and capitalists by the rapid progress in business which has been made by a sister city- -Baltimore- and what she has accomplished, shows us plainly what we can do.

This apparent need of our city has led to the presentation of several propositions and schemes, one of which was laid before our merchants in July last, by Mr. W. R. HIBBARD, of Canada, who desired assistance in the construction of a line of railway from Boston to Lake Superior, by way of Ottawa, and Georgian Bay, and a Committee reported that such a connection would undoubtedly be of great value to our city.

Hon. H. G. EASTMAN and others, of Poughkeepsie, also presented a plan looking to a close connection with the Pennsylvania Central, Erie, and Baltimore and Ohio Railroad, via the New York and New England Road, and Poughkeepsie.

It is proposed to build a bridge across the Hudson at Poughkeepsie, and the line seeming a feasible one to establish, the subject was referred to a competent and reliable Committee, who will presently visit the section, and report in regard to the actual situation and advisability of such an enterprise.

The question of transportation has steadily grown in interest and strength during the past year, and its importance to our whole people is incalculable, for, with increased facilities, the cost of breadstuffs, provisions and coal, will be largely reduced, thereby