RELIEF FOR FARMERS.

Shannon News, 6 December 1921, Page 3

RELIEF FOR FARMERS.

SHORTAGE OF MORTGAGE MONEYS

At the recent Dominion Conference of the Chambers of Commerce, the following remit was moved: “That this conference, through the execu tive of the Associated Chambers of Commerce, communicate with the executive of the Farmers’ Union ; with the view of holding a conference to urge upon the Minister of Finance the very serious financial position of farmers owing to the fact that there is an acute shortage of mortgage money for country investments, and the benefits that would accrue if the Government would forthwith borrow a sum of, say, three millions and ad' vance this money as first-mortgages on farms showing two-fifths margin on a valuation made for mortgage purposes by a Government valuer.” Mr C. B. Buxton, in moving the remit, declared that' excessive internal borrowing by the Government heavy taxation, and the moratorium, had reduced the country to a state which made urgently necessary some scheme such as was proposed. Mr A. C. Holms (Levin) seconded the motion. Mr J. B. Richards moved that the remit be amended by deleting the references to farmers and in akin g it applicable to all mortgagors. This was agreed to. . Mr A. G. Lunn (Auckland) agreed that the present state of affairs was unsatisfactory, but doubted whether the proposal would meet the difficulty. The president pointed out that the conference had already advocated Government economy. If it passed the remit it might possibly be charged with inconsistency. He did not think that the conference should put it forward otherwise than &s a single suggestion. Mr Buxton having replied, the remit, with Mr Richard’s amendments, was put and lost»on the voices by a large majority.