N.Z. BANKS CRITICISED

Sun (Auckland), Volume IV, Issue 1001, 18 June 1930, Page 12

N.Z. BANKS CRITICISED

DISCUSSION AT FARMERS’ • UNION NOT HELPING AGRICULTURE WELLINGTON, Today. A general criticism of the policy of : the New Zealand banks was made at tile Farmers’ Union today when an j Auckland remit came up asking that j steps be taken to amend the banking i system to prevent combined action by j the Associated Banks. The trend of the criticism was that the banks did not operate in the interest of the primary producers. They were not friendly to the small-man interest, and their rates were too high and they were giving big profits back to their shareholders. They were also investing their profits abroad instead of giving the benefit of them to the people of New Zealand. The remit was carried. An Otago remit that the Government before proceeding with any land settlement scheme should take into consideration the cost, of farming such land was carried with the amendment that before the final purchase the Government should sum bit the proposal to the Land Board of the district. A Hawke’s Bay remit for the amendment of the Soldiers’ Settlement Act was also carried providing for sub- ' division taking place and mortgage i liability being apportioned according j to the sub-divisions made, j An Otago remit asking for the ; amendment of the Arbitration Act in j the direction of providing for com- ; pulsory conciliation and optional arbij tration was carried. The Court was j strongly condemned by several j speakers as having placed a millstone on industry. I A North Canterbury remit that agri- ; cultural producers. through their i organisations, should be allowed to I place evidence before the court in any i dispute having a close bearing upon industries was also carried as well as | a mid-Canterbury remit concerning j freezing disputes.