POSITION OF FARMERS.

Taranaki Daily News, 31 January 1922, Page 7

POSITION OF FARMERS.

IN THE NORTHERN' DISTRICTS. The,, position of farmers in the Waikato and Te Awamutu districts seems to be more serious than in Taranaki. Mr. E. H. Fear, the chairman of the Farmers’ Union, has taken upon himself to.bring before the Government the appalling conditions that obtain in that district. The farmers are absoluely unable to pay the interest on the mortgages, which average three per farm, showing that there has been, speculation of the worst kind. In one case the third mortgage was over £9OOO. while the first mortgage was just over £4OOO, and the first mortgage about represents the true value of the farm.

The mortgagees seeing their securities depreciating are bombarding the unfortunate debtors with letters from lawyers, and some farmers, rather than tolerate the worry, are leaving their farms with just what they stand up in. The position is a very cruel one, and unless something is done the position will be very serious next spring. If the land is neglected it will soon deteriorate, and then it will take a good deal of money to restore them. The second and third mortgages in most eases are not represented, in the values of the faems. They have to be written off, am l this knowledge is making the mortgagees frantic. The Government is to be asked to declare a moratorium for twelve months in respect to the interest on the mortgages.