FARMERS SCEPTICAL REGARDING RURAL CREDITS

Sun (Auckland), Volume 1, Issue 53, 25 May 1927, Page 2

FARMERS SCEPTICAL REGARDING RURAL CREDITS

POSITION TRIFLED WITH Ctrom Our Own Corresponded ,

WHAXGAREI, To-day In the course of his presidential / dress to the provincial conference the Farmers’ Union at Whancarei w m E ht Mr. C. C. Munro declared there were strong signs throughout \\ oild of an awakening among farmed to the necessity for intensive organs tion in order to combat the of those factors which were samae, the vitals of their industry. coup they as a community continue to rake their standard of living and incrW their period of living indefinitely Wtt out causing hardship to some section.' If they could then by all means let them go and bring farmers into lice with the rest. But if the modern man thought he could build himself h house of glass to ensure perpetual sunshine, and ignore the ability to throw stoned at those who were locked out, he was making a great mistake, and would be well advised not to drive the farmers too far. Optimism was a word much used in these days, but they must not forget that they were optimists who created the land boom, and later the city boom. The return of the Agricultural Banking Commission made farmers hopeful of gaining some relief from the financial stringency which was tying them up. But what disillusionment when the Government handed the report of the commissioners over to the tender mercies of a select committee of the House, which hacked it to pieces and left only the one useful clause which empowered the Government to sell bonds against the security of farm mortgages. The Farmers’' Union, although hopeful, was always sceptical of the intentions of the Government to make anihonest attempt to deal with that question, but now it was very apparent from the report of Mr. Poison, and the reply of the Hon. W. D. Stewart, that the Rural Credits Bill was likely to be strangled in its birth, and the blame was replaced on the shoulders of the farmers and their representatives on the board. The Bank of New Zealand long-term loan scheme was likewise trifling with the job and the money raised for the purpose of lending to farmers was being used for the ordinary business of the bank. It was claimed that £25,823 had been lent in the first quarter, but they had it on very good authority that existing overdrafts were being converted into long-term mortgage?. It Seqmed that the time had arrived when the Government should decide whether it should turn the Bank of New Zealand into a State bank or sell out its share and put an end to toe extraordinary position of a Government sharing the profits of one of the greatest proprietary profit-making institutions.