Farm-loan measures encourage Minister

Press, 7 February 1986, Page 25

Farm-loan measures encourage Minister

PA Wellington Farm lenders’ efforts to hang fire on forced sales vindicated the Government’s decision not to include handouts for struggling farmers in its December economic package, says the Minister of Agriculture, Mr Moyle. Mr Moyle indicated their self-help approach could rule out the need for the farm relief he promised before Christmas he would try to secure for hard-pressed farmers.

Banks and stock firms were co-operating to prevent a spate of mortgagee sales that would depress land prices further and yield them little money. Mr Moyle said he was encouraged, but not surprised, by the measures lending institutions were adopting to keep their more competent farmer clients afloat He said this was happening as a result of the economic package. Rather than handouts, the longawaited measures included escape routes for hard-up farmers, unpopular tax changes and slashed Import duties.