FARMER’S BURDENS

Hokitika Guardian, 23 November 1932, Page 8

FARMER’S BURDENS

A SPEEDY SOLUTION ESSENTIAL

WELINGTON, November 21:

A declaration that he was not enamoured of high pegged exchange as a solution of farmers’ pioblems if some better method could be formulated was made to-night by Mr A. D. McLeod, organiser of the movement which has been making representation in favour of a high rate. “One thing, however, I am certain of,” kaid Mr McLeod, “and that is that' v ft < *§tim%' and substantial relief tP’-ffotLiftfund for pastoral farmers a -crash eventuate’* which will leave few solvent men in New Zealand—farmer or any other.”

Mr McLeod said ho was afraid an effort was being made to compel pastoral farmers to carry not only their own over-mortgaged position, but also the over-mortgages of city lands and businesses. Farm lands in. New Zealand, with improvements were valued by the Government Valuer at £315,000,000, and if stock were added the total would come to at least £375,000,000. Farm lands carried improvements valued at over £135,000,000, and those financing the pastoral industry would say that over the past two years that industry had not earned 6 per cent even on the cost of improvements and stock.

FARMERS’ SUBSIDY, PROPOSAL. Discussing the suggestion that a subsidy should be paid to farmers, Mr McLeod said that the Labour Government in Britain brought about a crisis by borrowing up to £100,000,000 to •iay the dole, yet the Mayor o? Wellington, Mr T. C. A. liislop, said that it : would not be very serious for New Zealand to borrow £45,000,000, which he surely meant to be £5,000,000, to pay a, dole to pastoral farmers, leav.ng posterity to foot the bill. The plain fact of the mattter' is that if q. national crash is to'be avoided some method must be devised almost ittineciiately to spread as equitably as possible, over the whole of the community a, greater share of the load which the pastoral farming industry cannot mu h longer c ontinue to carry, said Mr 'McLeod. The meeting held in Wellington to-day certainly did not endeavour in any way to show ' the Government how this vras to he done. It was simply a scramble to save each other’s-interests, oblivious to the fact that it is only through' the pastoral industry that all or any of, them can he saved.”

“TOWNS WILL SUFFER MOST.”

The Minister of Labour,, the, Hon. Adam Hamilton, made his position perfectly clear to-night, when discussing a possible rise in the rate of exchange. ; V . “It' is the towns which will suffer most if the rate is not increased,” said Air Hamilton, who is well known as an advocate; of high exchange.- “All the farmer will get will* he a reduction in his indebtedness, but money will be‘circulated in the towns. The farmer’s costs are still far too high, and if he gets no relief through exchange rates then the only other thing to be done will he to reduce wages by another 20 pfer 'cent.”