DAIRY FARMERS.

Taranaki Daily News, 21 January 1922, Page 3

DAIRY FARMERS.

AND THE FINANCIAL STRESS. STATEMENT MADE BY UNION. The Dairy Farmers’ Union has issued a statement on the subject of farmers’ finances, which contains a suggestion that a commission be ’ set up in connection with the adjustment of mortgages for farmers who are financially embarrassed. The manifesto states: “A large percentage of the farmers at the presenttime are in financial difficulties, and in scores of oases have left their farms. For these men to cease producing and the land to fall, back into the hands of

the mortgagee, who will not farm the land, will be detrimental to both the individual and the State. With reference to the Valuer-General’s visit to the Waikato regarding an enquiry into tU* farmers’ financial position—in vieiy ofthe fact that the overwhelming evidence forthcoming by written statement and personal interview with the ValuerGeneral shows the drastic position of 80 per cent, of the farmers’ financially embarrassed —the farmers have stated that unless the Government pass legislation at once to keep the mortgagee from selling them up on account of non-payment of interest, they would be forced to leave their farms. All they ask is time so as to adjust their interest and moi -gages with the mortgagee, who has already, in many cases, reduced their mortgages by several thousands. The farmers are prepared to work for years without- profit so as to retain their holdings. The Dairy Farmers’ Union feels "that all proceedings in connection with foreclosures should be stayed until March 31, 1923, to allow time the tribunal to investigate each case of distress. “To obviate this trouble, the Dairy Fatrmers’ Union recommends that a commission be set up representing the Government, mortgagee and mortgagor, two farmers in each district to be gazetted as arbitrators, and arrangements madfe that 'where mortgages are unusually high, brought about by land speculation and in many cases unpaid, prihcipal or purchase money, the mortgagee be approached to reduce the amount of his or her mortgage and also the rate of interest to what a farmer can reasonably be expected to pay. “Where a farmer is holding more land than he can farm after the mortgages are adjusted, we suggest that he divide the farm in two or more parts and lease with a compulsory purchase clause to the incoming tenant, the mortgagee to divide his or her mortgage in equal parts, and thus relieve the. farmer of half of his liabilities. Legislation should be passed at once so as to give the Government power as the third party to settle any dispute that will arise between the parties concerned. Necessary surveys in connection with subdivisions of property and the necessary legal expenses in connection with transfer and readjustment should be. conducted by State Departments at the lowest possible cost. Seeing that in many instances incoming men will only have available a limited capital, we would suggest that a means be devised where’by the State Advances or sortie such department advance an amount up to, say, £3OO on a pound-for-pound basis at current rates of interest.

“By this means the production of the Dominion will be increased, and the burden of the farmer will be lightened, thus stablising the finances of the country, placing mortgages on a sound footing, and inducing confidence in the farmer, who is anxious to carry on and face the present critical position.”

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