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Hauraki Plains Gazette, Volume XXXIV, Issue 4519, 24 January 1923, Page 2

There is no doubt that the troubles -J of many farmers in New Zealand today are due to over-capitalisation pure and simple, and not to the slump. How many farmers have gone under whose farms were really their own, or whose mortgages were ptily a modest fraction of the total value ? It is not that class of man who-has gone through the Court or walked off his fann, even in the worst of the degression.- Accommodation was avail’ able for the map who owned this own property or was at any rate much -the / ’ Senior partner in it. The fact is that the wave of prosperity flrom 1895 to 1920, which lhad only one set-back , worthy of the name, destroyed most ‘ people’s sense of value and produced a generation of farmers who never ;| had to face their responsibilities. •*J Foi.ty years ago 20 per cent, of the? ■ valuation was a considerable gage: to-day it is quite common find properties in whidh, the equfl&M of the so-called, owner is not 20 cent.—"Wairarapa Age.”