A NEW ZEALAND BANKING STORY.

Temuka Leader, Issue 1164, 12 April 1884, Page 3

A NEW ZEALAND BANKING STORY.

There was, not ao many years ago, e cruel time with the farmers in the Middld Island of New Zealand. Not one coul| carry through till harvest, and the loca manager set hia face as brass against any appeal for accomodation. ‘ I have 200 acres of wheat,’ said one farmer ; ‘ surely I can get £2OO. You can advance it or you can discount my bill.’ ‘ There is a mle of the bank against discounting farmer’s bills’ was the reply ; ‘but if you could obtain an endorsement it could be done.’ ‘My neighbors will endorse.’ ‘No; that would be farmers’ business still.’ ‘The storekeepers then!’ ‘No, most of the storekeepers are too far overdrawn already ; but there is the firm of X and Z—you might try them.’ X and Z were general agents, strangers from a far city. Z was an absentee partner ; X had a nose. X said to the farmer!, ‘ Yes, but we must charge you ; you know the blight might come, or the fire come, or the hot wind might shake out the grain,’ ‘Well, what will you charge?’ ‘For three months just 5 per cent.’ The 5 per cent, was paid, and many and many a fanner passed into the parlor of X and Z and got the endorsement, and thence to the bank and obtained the cash. At the rate of 33 per cent per annum they paid for the little accomodation, and nothing was] suspected till somewhat later Mr Z came down, at whom Mr Banker did not look witlpa friendly eye ; and when Z put it jocularly, ‘ Yy, shouldn’t the women be friendsh together in a small place?’ the banker, being sore in spirit or troubled in body, replied, 4 We must draw the line somewhere.’ ‘Ye must, eh, .sir ! Ye didn’t di'g.w jt at dividing commissions,’ The fat was ail in the fire then ; and Mr Inspector coming round shortly after, the township got rid of its manager; but X did not get so many bills in future. There may be no similarity between that 'and the Adelaide business ; but if the banks would advance direct to the fanners instead of to the wheat buyers, it is probable that a difference of about 9d « bushel might be made in the price of wheat, and without any alteration in the price of bread.—Sydney Mail.