QUICK RELIEF

Evening Post, Volume CXIV, Issue 124, 22 November 1932, Page 5

QUICK RELIEF

FOR THE PASTORALIST

MR. M°LEOD'S STATEMENT

- A reply to statements made at the ' meeting of importers yesterday was issued last night by the Hon. A. D. McLeod, Government member for Wairarapa. "I have read the various speeches made at the Chamber of Commerce Hall to-day," said Mr. McLeod, "and I am afraid that, speakers displayed more ignorance than knowledge in pointing a way whereby the people of New .Zealand may be extricated from the extremely critical position in which they find themselves. On this occasion I am speaking on behalf of no one but myself, and I will say quite frankly that I am not enamoured of a high pegged exchange as a'solution of the farmers' problems if some i ■better method can be formulated. j "Of one thing I am certain, however, and it is that if 30me quick I and substantial relief is not found for pastoral farmers a erasn will shortly eventuate which will leave few solvent men in New Zealand—farmer or any other. All sensible men know of the over-mortgaged position of muchof the farm lands as well as city lands; tut lam afraid that an effort is being made' to compel pastoral farmers to carry not only their own over-mortgaged position but also the over-mortgaged position of many of the city lands and businesses. SOMETHING RADICALLY WRONG. "According to Government valuation figures,, tho.;.farm■'.lands of New Zealand, with improvements, aro set down as being worth £345,000,000. If stock thereon be added the value should at least amount to. £375,000,000. Mr. Salmond, a-t the meeting, said: — 'The Government,was getting its income taxation mainly from the trading and professional communities.' Surely this, discloses something radically wrong in regard to an industry represented as being worth £375,000,000, and of which certainly more than one-half is capital invested ■by the holders of farm lands and upon which no income tax can be paid: \ "The farm lands of' New Zealand carry improvements valued by the Gov-ernment-at over £135,000,000, . and those financing the pastoral industry will say. without hesitation that over the past two years the industry has not earned 6 per cent, even on the cost of improvements and stock. ' "What ■then, is the use of men who know nothing, of the industry talking': of . excessive mortgages? ; 3ILI. FOE FUTURE GENERATIONS. . "Mr. Hislop showed that he had •not Kept- himself familiar with Australian happenings when he, said that the Commonwealth was lucky enough •to have had a loan falling, due when it reborrowed at such an; advantageous interest rate. . Had he any knowledge at all of Australia he would have ■known that:the banks there have just underwritten an. £8,000,000 internal loan "(half for public works): .at 3f per cent,, at par. Had he-also ; known, more : . about Britain's doings tie, would, have . known that Labour, in Britain brought about a crisis by borrowing, up to £100,000,000 to. pay a dole; yet- he says" it would not be very, serious for New Zealand to borrqw1- some: millions, to pay what amounts to a dole to pastoral farmers, leaving future generations to foot the bill. "The plain fact of the'position ■is that. if a national crash is to be : avoided. some method onust bo devised almost immediately to spread as equitably: as possible over tho whole com.'innmtyj^ir^fNewrZealand:-; a>-greater^ share.vTpf, a load which the pastoral• farming industry cannot much longer continue to carry. The meeting cer-' tainly did not endeavour in' any way to show- the Government how .this was to be' done. It was simply a scramble to save each other's interests oblivious of the fact that it is only through the pastoral industry that all or any of them can be saved." _