SIR JULIUS VOGEL'S LATEST SCHEME.
The proposal of the great Trismegistus of finance to establish a system of monetary aid to farmers on a Government guantee is not so new as some of our contemporaries would have us believe, but it possesses the ' merit of novelty to many who now hear of It for the first time. Without going at any length into the details of the scheme, I may
say at once that I do not believe it would be successful, or that it would effect any general improvement in the progress of the Colony. Its ultimate effect would be to drive capital from the country. Admitting that it were possible for money lent on a State guarantee to bring down the general rate of interest, capitalists, who at present lend money on mortgage at 7, 8, and even as high as 9 per cent., would simply remove with their capital to some other place where the ruling rate of interest is higher than 4-2- or <sc|- per cent. This seems to me to be a fatal objection to the scheme.
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https://paperspast.natlib.govt.nz/newspapers/TO18850328.2.4.4
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Observer, Volume 7, Issue 237, 28 March 1885, Page 3
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182SIR JULIUS VOGEL'S LATEST SCHEME. Observer, Volume 7, Issue 237, 28 March 1885, Page 3
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