WHEAT
' Sir, —“Food is Life” wants to know how farmers went bankrupt during ; the slump. Financiers of the world decided to deflate and freeze credit, world wide, irrespective of political labels of any government. The New Zealand Government had nothing to do with it. Export prices of all produce fell 57 per cent.; all storage capacity was packed with goods. Farmers had no market, no sales, no income except at prices under cost of production for dairy produce. Farmers with liquid assets were able to hold on; those without who could not borrow went bankrupt. The Labour Government came in on the rising tide of pros-perity-and had more than £40,000,000 of sterling funds, which it spent; and only the war saved this country from a greater holocaust .than ever before. What would the Labour Government nave done to meet the position when the country’s income was cut in half? —Yours, etc., T , HIRAM HUNTER. June 11, 1946.
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Press, Volume LXXXII, Issue 24899, 12 June 1946, Page 10
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157WHEAT Press, Volume LXXXII, Issue 24899, 12 June 1946, Page 10
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