The Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. WEDNESDAY, DECEMBER 30, 1885. CHEAP MONEY FOR FARMERS.

Manawatu Standard, Volume XI, Issue 1595, 30 December 1885, Page 2

Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. WE DNESDAY, DECEMBER 30, 1885. CHEAP MONEY FOR FARMERS.

The member for Hokotuii, Mr C. Cowax, was one of the speakers at a meeting m Invercanjill on Saturday to consider the agricultural depression. The question, he said, was one of momentous concern to the district lie had the honor to represent. The object of the meeting was, he understood, to devise means for the assistance of the farmers, an object which ho took a great interest m, and which he i'elt it his bounden duty to support. As moat were aware, the country was indebted to Mr Jas. Macaniwew M.H.U., for bringing this matter before Parliament last session, and, as a result of his so doing, a committee was appointed of which he (Mr Cowan) had been a member, to enquire and report. He described what had been done m the House m regard to the question, stating that the Government claimed to have done something m the required direction by affording the deferred- payment settlers increased facilities for capitalising on their holdings so that they had only to pay five per cent, on the \alue. It was further shown that the Insurance Department had a large amount to invest, some i' 900,00 0; aid were prepared to nuke advances on first securities of land at six per cent. — m fact advances on these terms were now being made. The committee became divided as to the propriety of the Government going further than this, some of them thinking that the Government should borrow money m the London market at four per cent, and lend it to the farmers at five per cent., while the others, the majority, considered it would he unwise to pledge the credit of the country m such a way. He was, he would frankly admit, ono of the majority. In his opinion the Government should assist the farmers by enabling them to increase the productions of their land?, and the best way to accomplish that would be to advance them money for drainage and other similar purposes. The investigations which had been made showed that a large proportion of the New Zealand holdings were already encumbered, while the committee were unanimously of opinion that any advances made by the Government should be made on first securities. He thought it would be to the interest of present mortgagees to allow the Government to take precedence, for the drainage, etc., done with the Government advances would greatly increase the value of the land and improve the relations between mortgagors and mortgagees. When the matter came before the House great opposition was shown to it, but he had hopes that some legislation m the required di rection would be given effect to, -although not immediately. The Parliamentary machinery was somewhat cumbrous, ami it took along time after the introduction of anything to bring it to a successful issue. He thought, however, that ama jority of the members would favor a scheme such as he had indicated.