INTEREST & WAGES

Hokitika Guardian, 8 October 1931, Page 6

INTEREST & WAGES

EFFECT ON FARMERS. PALMERSTON N., October 5. The recent cut in wages and the question of interest on loans was the subject of comment at a meeting of tfie Manawatu provincial executive of the Farmers’ Union at Levin on Saturday. The Government has overruled the awards of the Arbitration Court, and that is quite right, said Mr J. Boyce in contending that..war. debts, too, should be subject to alO per cent. cut. Mr Boyce also contended that the Government should reduce interest rates and thus make money cheaper. Mr 0. P. Jensen said that the Government was responsible for the loans that it had raised and must pay back the interest for which it had contracted. “Once'it is tet out at a certain rate they must get it back at the rate,” he said. “People with Government loans are getting cheaper money than those without, and I agree that this is not a fair thing. It all comes back to the farmer. If we could get a 10 per cent, cut right through we would be working on better lines. We cannot repudiate our interest debts and interfere with existing loans.” “We have been living in too much luxury, and it is time the local bodies also reduced their spending,” said Mr H. Bond. “I think it is time we let people know our feelings. We cannot afford to pay 5 per cent, interest amd we cannot go on spending money.”