COMPENSATED PRICE

Waikato Times, Volume 122, Issue 20492, 7 May 1938, Page 10

COMPENSATED PRICE

TECHNICAL SIDE REVIEWED COLONEL CLOSEY'S ADDRESS An explanation of the technical aspect of the compensating price scheme, and the manner in which it had been investigated, in other parts : of the world, was given at the monthly ; meeting of the Waikato sub-Provincial executive of the Farmers’ Union yesterday bv Colonel S. J. E. Closey. A welcome to the speaker was extended by the president of the executive, Mr G. T. Crawley. The farmer certainly had a grievance, said thd speaker, and he had recently been convinced of the fact. Owing to the criticisms that had been voiced, the supporters of the scheme had been precipitated Into the technical side of finance and had made an effort to discover the reason for the gap between the primary producer’s income and his costs. The crisis experienced by the farming communities in Canada, America and South Africa, due to the gap, were traced by the speaker. It was in Australia, however, that the most thorough investigations had been made. The tariff problem had been tackled by the Australian Tariff Board, as it had been considered that the tariff burden was one of the chief bases of the trouble.

Several quotations from various financial publications were read by the speaker, who also gave detailed explanations of the surveys that had undertaken In tlie different Australian States.

New Zealand’s wealth came from J primary prr<iuction and it was neces- j sary to strengthen the foundation of j that Industry, continued the speaker, j Money spent on the primary Indus- j tries would go the furthest, as it 1 would pass * through many more I ! channels than if spent in other direc- j j tions. I “We are not blundering along in ; I an experimental fashion.” said Colonel j i Closey. “We have accurately measured the gap and we have the benefTt I ! of many of the experiments in other j | countries. We are also in a position s j to meet the criticism of anyone, and ■ we wish to present to this Dominion j ' a financial system which will meet j : the demands much more satisfactorily ! | than at present.” j i A number of questions dealing with j ! various aspects of the scheme were j answered by the speaker, who was ! accorded a vote of thanks for his ad- \ dress. J Mr. Crawley gave notice of his in- * j tention to move at the next meeting i ! of the executive that a donation of ! ! £25 should be made to the funds of j : the compensating price campaign. » l