MONEY FOR FARMERS.

Taranaki Daily News, 9 November 1922, Page 5

MONEY FOR FARMERS.

RURAL CREDITS SYSTEM. NOT GONE FAR ENOUGH. By Telegraph.—Press Association. Wellington, Last Night. At the meeting of the Dominion executive of the Farmers’ Union, Mr. Polson (chairman) expressed grave disappointment that the Government had not gone further in the matter of agricultural banks. He would sooner it had not touched the question at all than have the Bill which had now become law, which would be absolutely useless to farmers and prejudice their position. He said the fact was the Government wanted to extend the State Advances Department till it became an agricultural bank. This was desirable but it was not what the farmers wanted, and it could not provide insurance against financial troub’e in 1924, when the moratorium ceased. He complained of want of support, and that producers generally were not backing the movement up as they should. Parliament was quite ignorant of the principles of agricultural banking, and a great deal of prejudice and suspicion was displayed.

All the members endorsed the formation of banks. One member suggested that if two thousand were in favor of the project they should put down £2O a year for ten years, .and so produce a capital of £400,000.

A resolution was passed expressing disappointment and urging that unions keep the matter prominently before their members with a view to amending legislation next session.