RURAL RANK PROPOSAL
Farmers Reject Plan
(N.Z. Press Association) WELLINGTON, June 23. After a three hours’ debate today farmers’ representatives decided not to press for the formation of a rural bank. Instead, the annual meeting of the meat and wool section of Federated Farmers decided the federation should review extension of rural lending of the State Advances Corporation and examine other sources of rural finance of the economic position of farming. Delegates claimed trading banks had difficulty in dividing finance and found “middle-man” finance undesirable.
I Mr M. P. N. Jurgens, In a Waikato remit, suggested either a consortium of the existing trading banks or the formation of a development commission. Funds for this should come from the Government, banks, farmers and 40 per cent from overseas borrowing. This remit was withdrawn.
Mr A. C. Begg said New Zealand was “well endowed with lending institutions, but the big problem is shortage of finance.”
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Press, Volume CVI, Issue 31094, 24 June 1966, Page 3
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153RURAL RANK PROPOSAL Press, Volume CVI, Issue 31094, 24 June 1966, Page 3
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