AMERICAN ITEMS.
AUSTRALIAN AND N.Z. CABLE ASSOCIATION. 'FARMERS GOING BANKRUPT. WASHINGTON, Jan. 23. President Coolidge, in n special message to Congress states the economic conditions are serious in certain of the north-west wheat growing districts. A considerable number of hanks there have failed recently, due to frozen credits and the districts are rapidly approaching a state where the growers’ equity in their farms will he wiped out. ' The greatest need of the growers is diversification, hut they are sunk so badly in debt that they cannot secure' adequate funds to reorganise for general farming instead of wheatgrowing alone. The President asks Congress to pass legislation authorising the Federal authorities to co-operate with the banks railways, and mercantile establishments •t,, remedy the stuation. which seriously threatens the very life of an inmortant agricultural industry. The President, however, emphasises that the Government cannot undertake to make large loans for Agriculture, but he believes that a scientific economic plan, under wlueh the old debt of the wheat growers can he funded, will make possible a recovery.
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Hokitika Guardian, 26 January 1924, Page 3
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173AMERICAN ITEMS. Hokitika Guardian, 26 January 1924, Page 3
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